REBusinessOnline

NYLREI Provides $131M Loan for Multifamily Tower in Jersey City

JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the

BMO Harris, Wells Fargo Arrange $200M Loan for Seniors Housing Redevelopment in Brooklyn

NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The …

FMF Littleton Receives $63M Refinancing for 385-Unit Apartment Community in Metro Denver

LITTLETON, COLO. — FMF Littleton has received $63 million in financing for HiLine at Littleton Commons, a multifamily property located within the Highlands Ranch/Lone Tree submarket of Littleton, south of Denver. Josh Simon of HFF secured a five-year, 4.15 percent fixed-rate loan through a life company lender for the borrower. Loan proceeds were used to recapitalize the property and refinance existing construction financing. The loan features a full-term interest-only period, with flexible …

KeyBank Secures $43.2M in Financing for Workforce Housing Development Near Spokane

AIRWAY HEIGHTS, WASH. — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment has provided $43.2 million in financing for the development of Salish Flats Apartments, a workforce housing community located in Airway Heights. The borrower is TWG Development. Key's Community Development Lending and Investment Group provided a $21.2 million KeyBank construction loan, and Key's Commercial Mortgage Group originated a $22 million forward commitment through Freddie …

FM Capital Originates $5.4M Loan for 280,000 SF Office Complex in Colorado Springs

COLORADO SPRINGS, COLO. — FM Capital has secured a $5.4 million bridge loan for an office complex located in Colorado Springs. The undisclosed borrower purchased the asset through the Ten-X platform. FM Capital originated the loan within seven days of acquisition. At the time of sale, the 280,000-square-foot asset was home to two Fortune 500 company call

Citi Real Estate Funding Arranges $80M Refinancing for Multifamily Portfolio in Metro Detroit

DETROIT — Citi Real Estate Funding has arranged an $80 million CMBS loan for the refinancing of a five-property multifamily portfolio in metro Detroit. National real estate investor and developer Lightstone was the borrower. The properties total 1,179 units and are located in cities such as Royal Oak, Canton and Livonia. The garden-style communities include a mix of one-, two- and three-bedroom units. Amenities include clubhouses, fitness centers, yoga studios, outdoor pools, business centers …

Walker & Dunlop Arranges $53.6M Bridge Loan for Acquisition of Multifamily Portfolio in Jacksonville

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged a $53.6 million bridge loan for the acquisition of a five-property multifamily portfolio in Jacksonville. Alex Inman of Walker & Dunlop arranged the cross-collateralized financing on behalf of the borrower, S2 Capital LLC. The Walker & Dunlop team also negotiated special release provisions that allow the borrower to sell individual properties if desired. The 1,104-unit portfolio includes Eagle Pointe I & II, Arlington …

Avison Young Secures $32M Acquisition Loan for Shopping Center in Metro D.C.

VIENNA, VA. — Avison Young has arranged a $32 million acquisition loan for Maple Avenue Shopping Center, a 111,810-square-foot retail property in Vienna, roughly 17 miles west of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the loan through PGIM Real Estate Finance on behalf of the borrower, GRI Maple Avenue LLC. Giant Food and CVS/pharmacy anchor Maple Avenue Shopping Center, which was fully leased at the time of sale. The retail …

PCCP Provides $168.5M Loan to Refinance Luxury Apartment Building in Manhattan

NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St. The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied. Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield …

Cornerstone Realty Capital Secures $7.5M Refinancing for Multifamily Community in Boston

BOSTON — Cornerstone Realty Capital has secured a $7.5 million refinancing for a four-building, 64-unit multifamily community in Boston. The properties are located on Pleasant Street in Melrose, approximately 8 miles north of Boston. Cornerstone secured a fixed-rate loan through a correspondent lender with 24 months of interest-only payments followed by a 30-year amortization. The borrower was

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