Loans

Houlihan-Parnes Arranges $1.5M Acquisition Loan for Apartment Building in the Bronx

by Amy Works March 22, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in acquisition financing for the purchase of an apartment building located at 2075 Haviland Ave. in the Tremont section of the Bronx. The five-story walk-up building features 27 apartments and four retail units. The nine-year loan was provided by a local New York commercial bank. Jim Coleman of Houlihan-Parnes Realtors secured the financing. Anthony Simari of Smith, Buss & Jacobs represented the borrower in the financing transaction.

March 22, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $15.2M Construction Loan for Metro Orlando Apartment Community

by John Nelson March 22, 2016

SANFORD, FLA. — NorthMarq Capital has arranged a $15.2 million construction loan for Residences at Seminole Commons, a 175-unit apartment community in Sanford, a northern suburb of Orlando. The property will be situated on Rinehart Road south of West 1st Street, near the extension of the SunRail subway line. Will James of NorthMarq’s Atlanta office, along with Bill Hardman of the firm’s Orlando office, arranged the three-year, interest-only loan through Synovus Bank of Orlando on behalf of the borrower, Inland Atlantic Development Corp.

March 22, 2016

Loans Multifamily Texas

BMC Capital Provides $2.1M Loan for Apartment Property in Orange

by Haisten Willis March 21, 2016

ORANGE, TEXAS — Tony Talamas of BMC Capital’s Houston office has arranged a $2.1 million non-recourse loan for the purchase of Cypress Cove Apartments, a 104-unit apartment property built in 1975 in Orange. The loan featured a five-year term with a 4.2 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.

March 21, 2016

Loans Midwest Missouri Multifamily Seniors Housing

Love Funding Provides $15.3M Refinancing Loan for Christian Care Home in Missouri

by Christina Cannon March 21, 2016

FERGUSON, MO. — Love Funding has closed a $15.3 million loan for the refinancing of Christian Care Home, an assisted living and skilled nursing senior community in the St. Louis suburb of Ferguson. Christian Care Home offers 178 beds in 92 units and is one of only two nursing homes in the area that provides on-site dialysis services to its residents. Christian Woman’s Benevolent Association owns the facility. Robyn Cunningham and Adrian Hartman of Love Funding’s St. Louis office secured the financing through HUD. This is the second time in less than three years that Love Funding has refinanced the property’s debt. Love originally financed the construction of the facility under HUD’s Section 232 program in June 2009.

March 21, 2016

Courvoisier Centre Brickell Key Island Miami

Florida Loans Office Southeast

KeyBank-Led JV Arranges $106.5M Loan for Courvoisier Centre in Miami

by John Nelson March 21, 2016

MIAMI — A joint venture between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC has closed a $106.5 million loan for the recapitalization of Courvoisier Centre in Miami. Built between 1986 and 1990, the two-building, Class A office complex spans 343,000 square feet and features an upscale retail arcade and attached structured parking. The property is situated at 501 and 601 Brickell Key Drive on the upscale Brickell Key Island, a 23-acre manmade island. The loan was arranged on behalf of the borrower, Orlando-based Parkway Properties Inc. KeyBank originated the 10-year loan, which carries a fixed interest-only rate of 4.6 percent through maturity and a 60 percent loan-to-value ratio. KeyBank will service the loan through maturity. Masaveu Corp., a Spanish investment company, bought an 80 percent stake in the asset from Parkway Properties for roughly $175 million, and Parkway Properties still retains a 20 percent interest in the property. Parkway Properties bought Courvoisier Centre in April 2014 from Tishman Speyer for $145.8 million.

March 21, 2016

Features Heartland Feature Archive Loans Top Stories Uncategorized

Chicago Mortgage Banker NorthPoint Capital Leverages Strengths to Enhance Market Penetration

by Christina Cannon March 21, 2016

When CEO Keith Volgman made the decision a year ago to expand his loan origination business, NorthPoint Capital, the Chicago-based mortgage banking operation began the search for the ideal candidate to spearhead that effort. Volgman’s objective was to leverage NorthPoint Capital’s highly competitive, long-term correspondent lending relationships to benefit a larger number of Midwest property owners. Charles Krawitz, who has more than 25 years of experience in commercial real estate finance, turned out to be the perfect fit. After all, Krawitz had a proven track record of boosting deal volume based on jobs he previously held at KeyBank, LaSalle Bank and elsewhere. Last May, Krawitz officially became COO of a new entity, NorthPoint Capital Funding. Operating from the company’s office in downtown Chicago, Krawitz oversees the expansion and training of the loan origination staff. His charge is to grow the scope and scale of the firm’s lending relationships across the commercial and multifamily landscape. While there is no shortage of lenders chasing product in today’s market, money doesn’t flow evenly, observes Krawitz. “It doesn’t necessarily flow into neighborhood assets the way it flows into the institutional space. It doesn’t flow into the rural markets the way it flows into the …

March 21, 2016

Loans Multifamily New York Northeast Retail

Eastern Consolidated Arranges $83.8M in Financing for 65,700 SF Tribeca Development

by Amy Works March 18, 2016

NEW YORK CITY — Eastern Consolidated has arranged $83.8 million in total financing for Cape Advisors for the construction of a retail and residential condominium project in Tribeca. The financing package consists of a $19 million mezzanine loan from Terra Capital Partners behind a $64.8 million first mortgage from Bank of the Ozarks. Located at 30 Warren St., the 12-story, 65,700-square-foot property will feature 23 apartments in one-, two- and three-bedroom layouts, and 10,858 square feet of retail space. On-site residential amenities include a fitness center, attended lobby, children’s playroom and storage. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated represented the developer and borrower in the transaction.

March 18, 2016

Loans Multifamily New York Northeast

Meridian Capital Group Secures $46.5M in Acquisition Financing for 125-Unit Multifamily Portfolio in NYC

by Amy Works March 18, 2016

NEW YORK CITY — Meridian Capital Group has arranged $46.5 million in acquisition financing for Sugar Hill Capital Partners for the purchase of six contiguous multifamily properties located at 471-476 Central Park West in New York. The three-year loan, which was provided by a mortgage REIT, features a floating rate and interest-only payment for the full term. The semi-vacant multifamily properties total 125 units. Ronnie Levine and Shamir Seidman of Meridian Capital Group negotiated the financing for the borrower.

March 18, 2016

Colorado Loans Multifamily Seniors Housing Western

Zeigler Arranges $44.2M in Bond Financing for Seniors Housing Community in Colorado

by Nellie Day March 18, 2016

COLORADO SPRINGS, COLO. — Ziegler, a specialty investment bank, has arranged $44.2 million in fixed-rate bonds for Sunny Vista Living Center, a skilled nursing and independent living community in Colorado Springs. Sunny Vista features 110 skilled nursing beds and 50 one-bedroom independent living apartments using Section 8 subsidies through the U.S. Department of Housing and Urban Development (HUD). The bonds will fund the addition of 38 assisted living units and 28 memory care units on a 4.8-acre site. The expansion will comprise 55,500 square feet. In conjunction with the financing, Sunny Vista merged with The Villa at Sunny Vista. The two communities were separate entities previously, but were affiliated and shared a CEO. The two facilities will now be a single, consolidated campus. The financing is composed of $42.3 million of tax-exempt bonds and $1.9 million of taxable bonds.

March 18, 2016

Loans Retail Texas

Eastern Union Arranges $8.8M Refinancing of Tulsa Promenade Mall

by Haisten Willis March 18, 2016

TULSA, OKLA. — Eastern Union Funding has secured an $8.8 million loan for the refinancing of the Tulsa Promenade, a 424,633-square-foot enclosed regional mall in Tulsa, Okla. Abe Kolman of Eastern Union arranged the non-recourse, five-year loan on behalf of Tulsa Promenade Realty Management LLC, a New York-based borrower. Ready Capital Structured Finance was the lender. The loan includes future tenant improvements and leasing commissions that will be used to address lease rollover at the property, which was purchased in a short sale more than two years ago for $12.3 million. Situated on 22 acres, the mall is anchored by Dillard’s, Macy’s, JCPenney and Sky Fitness & Wellbeing. Regal Promenade Palace Stadium 12 is also located in the mall.

March 18, 2016

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