Loans

HFF Arranges $8.3M Acquisition Loan for Two-Building Portfolio in Midtown Atlanta

by John Nelson February 11, 2015

ATLANTA — HFF has arranged $8.3 million in acquisition financing for Midtown West, a portfolio of two industrial warehouses and an adjacent 3.2-acre parcel in Midtown Atlanta. The borrower, a joint venture between Stream Realty Partners and a private joint venture partner, plan to convert the two buildings, which total 75,000 square feet, and the adjacent parcel into loft office space. The properties are located at 1460, 1494 and 1510 Ellsworth Industrial Blvd. N.W. Stream plans to reintroduce the project as Ellsworth in June 2015. The conversion will create speculative office studios ranging from 1,500 to 6,000 square feet at 1494 Ellsworth, while 1510 Ellsworth will be marketed for single-tenant use. Travis Anderson, Gregg Shapiro and Cory Fowler of HFF negotiated the financing on behalf of the borrower.

February 11, 2015

Delaware Loans Multifamily Northeast

KeyBank Secures $24.8M for Two Delaware Apartment Complexes

by Amy Works February 10, 2015

NEW CASTLE COUNTY, DEL. — KeyBank Real Estate Capital has secured $24.8 million in Fannie Mae early-rate lock loans for two apartment complexes located in subdivisions of New Castle County. A $20.8 million loan was secured for Hampton Walk, a 366-unit apartment complex located in New Castle Hundred. The property was built in 1952 and renovated in 2008. The financing was used to pay off an existing Fannie Mae loan, which was scheduled to mature in 2018. KeyBank also secured a $4 million loan for Driftwood Club Apartments, a 60-unit apartment complex located in Christiana Hundred. Built in 1966, the property was most recently renovated in 2013. The undisclosed sponsor plans to use the financing for future investment opportunities. Jeannie Johnson of KeyBank’s multifamily team arranged the financing for both properties.

February 10, 2015

Industrial Loans New Jersey Northeast

HFF Arranges $10.5M Financing for Media Printing, Production Facility in New Jersey

by Amy Works February 10, 2015

ROCKAWAY, N.J. — HFF has arranged a $10.5 million loan for the sale/leaseback of an industrial printing and production facility located at 100 Commons Way in Rockaway. The borrower, The Hampshire Companies, received a seven-year, fixed-rate loan through Ocean First Bank for the acquisition of the property. The 352,461-square-foot facility is fully leased by North Jersey Media Group. The three-story property features 150,756 square feet of production and printing space, 57,116 square feet of industrial warehouse and distribution space, 20,765 square feet of office space, a data center, a cafeteria, a parking garage and an on-site post office. Michael Klein, Jon Mikula and Michael Cerulo of HFF negotiated the financing and represented the borrower.

February 10, 2015

Loans Massachusetts Multifamily Northeast

Greystone Provides $52.5M Fannie Mae Loan for Quincy Point Apartments in Massachusetts

by Amy Works February 9, 2015

QUINCY, MASS. — Greystone has provided a $52.5 million Fannie Mae loan as part of a $66 million total financing package for Quincy Point Apartments, a 640-unit affordable housing complex in Quincy. Greystone worked in conjunction with MassHousing to provide a financing structure that included a $66 million MassHousing conduit construction loan with a 17-year Fannie Mae-backed permanent loan and the use of low-income housing credits to help finance the acquisition and rehabilitation of the property. 1000 Southern Artery Renewal Development Limited Partnership, a partnership between Quincy Point Congregational Church Homes Inc., and the National Foundation for Affordable Housing Solutions Inc., acquired Quincy Point Apartments. As a result of the loan structuring, a minimum 90 percent of the apartments will remain affordable to residents earning at or below 60 percent of the area median income for at least 30 years. The owners plan renovations for the property, including exterior improvements, the installation of Energy Star-rated windows and sliding doors, a new fire alarm control panel, high-efficiency boilers and chillers, improved LED lighting throughout the property, and upgrades to the common areas and resident amenities. Individual unit improvements include new kitchens with Energy Star-rated appliances, new high-efficiency baseboard heaters, new bathrooms …

February 9, 2015

Loans Multifamily New York Northeast

HFF Closes Sale, Arranges Financing for The Montrose in Manhattan’s Murray Hill

by Amy Works February 9, 2015

NEW YORK CITY — HFF has arranged the sale of and financing for The Montrose, a multifamily building located in Manhattan’s Murray Hill. Gaia Real Estate Investments LLC purchased the property for an undisclosed price. Located on 308 East 38th St., the 22-story building offers 97 residential units, a 24-hour attendant, a sundeck with views of the Manhattan skyline and East River, a fitness center and tenant lounge with billiards and a flat-screen television. Built in 2001, the building is currently 100 percent leased. Andrew Scandalios, Eric Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller, while Steven Klein and Christopher Peck, also of HFF, arranged the financing for the transaction.

February 9, 2015

Delaware Loans Multifamily Northeast

Colliers International Arranges $18.3M Loan for Two Multifamily Properties

by Amy Works February 9, 2015

WILMINGTON, DEL. — Colliers International has arranged $18.3 million in financing for a two-property multifamily portfolio in Wilmington. The properties, Limestone Terrace and Mill Creek Apartments, offer a total of 292 residential units. The 12-year loan features a fixed term and a 30-year amortization schedule. The loan features an 80 percent loan-to-cost ratio and a rate of 4.64 percent. Kris Wood, John Banas, Dean Costalas and Alex Hails of Colliers negotiated the non-recourse loan.

February 9, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Secures $31.3M Loan for Apartment Complex in St. Paul, Minn.

by Danielle Everson February 6, 2015

ST. PAUL, MINN. — Dougherty Mortgage LLC has secured a $31.3 million Fannie Mae loan for the refinancing of Victoria Park Apartments, a 215-unit multifamily apartment property located in St. Paul. The 12-year loan includes a 30-year amortization schedule and three years of interest-only payments. Dougherty’s Minneapolis office arranged the loan for the borrower, Victoria Park Communities LLC. Victoria Park Apartments include one-, two- and three-bedroom options. The units feature open concept floor plans and high-end finishes, including gourmet kitchens with granite countertops, designer cabinetry and energy-efficient appliances. Property amenities include outdoor swimming pool with terrace, club room with bar, fitness center, tech lounge, underground heated parking, yoga room, free bike rentals and concierge services.

February 6, 2015

Loans Multifamily Texas

RED Provides $8.9M Loan for Apartment Complex in Metro Dallas

by Haisten Willis February 6, 2015

ALLEN, TEXAS — RED Capital Partners LLC has provided an $8.9 million balance sheet construction loan to Dolce Living Communities Residential (DLCR) for the construction of Bella Terra at Twin Creeks, a 374-unit, Class A apartment complex in Allen, a suburb of Dallas. The $51.3 million construction project will be capitalized with a Fifth Third Bank first mortgage, equity funding arranged by Nebo Capital with Mountain Capital Partners along with the $8.9 million in mezzanine debt provided by RED Capital Partners. RED retains the exclusivity on permanent financing for the project.

February 6, 2015

Loans Multifamily New York Northeast

Greystone Bassuk Group Closes $140M Refinancing for Apartment Tower in Brooklyn

by Amy Works February 6, 2015

NEW YORK CITY — Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of The Dermot Company and Lowe Enterprises Investment Management LLC. The financing was structured with $90 million of 2010 Series A low-floater, tax-exempt bonds; $9 million of 2015 Series A low-floater, tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing for 66 Rockwell Place in Brooklyn. Loan proceeds were used to repay Dermot’s existing construction loan and reduce the developer’s equity in the project. Located on the corner of Flatbush Avenue and Rockwell Place, 66 Rockwell is a 42-story apartment building featuring 326 residential units, 7,000 square feet of retail space and 40,000 square feet of garage parking.

February 6, 2015

Connecticut Loans Multifamily Northeast Seniors Housing

Capital One Bank Closes $52M in Refinancing for Seniors Housing Community in Connecticut

by Amy Works February 6, 2015

NORTH BRANFORD, CONN. — Capital One Bank has closed a $52 million senior secured term loan for the refinancing of Evergeen Woods, a continuing care retirement community in North Branford. The property features 227 independent living units, 22 assisted living units and 50 skilled nursing beds. The Shelter Group and affiliates of Herbert J. Sims & Co jointly own the facility. First Niagara also participated in arranging the loan.

February 6, 2015

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