Loans

HFF Brokers $98.3M Sale, Financing for Greenwich Village Apartment Building

by Amy Works February 26, 2015

NEW YORK CITY — HFF has arranged the sale of The Nathaniel, an 85-unit residential building located at 138 E. 12th St. in Manhattan’s Greenwich Village neighborhood. The firm also arranged financing for the $98.3 million acquisition. Wafra Residential Value Invest I, a fund managed by Wafra Investment Advisory Group Inc., purchased the asset from YYY Third Avenue LLC, a joint venture affiliate of Joy Construction Corp. Designed by Karl Fischer Architect and built in 2014, the nine-story, 49,741-square-foot property features 10,000 square feet of ground-floor retail space, 8,000 square feet of below-grade retail space, floor-to-ceiling windows, a 24-hour doorman, resident lounge with TV/media center and billiards, rooftop reflecting pool, sunset terrace, fitness center and bike storage. Andrew Scandalios, Erin Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller in the transaction. Steven Klein and Jennifer Keller, also of HFF, arranged the acquisition financing for the borrower.

February 26, 2015

Loans Multifamily New York Northeast

Oak Grove Capital Arranges $82M Loan for Manhattan Apartment Building

by Amy Works February 26, 2015

NEW YORK CITY — Oak Grove Capital has arranged $82 million in refinancing for 33 West End Avenue Apartments, a 211-unit apartment building located on Manhattan’s Upper West Side. The floating-rate loan has a 20-year term with a 35-year amortization and a one-year lockout. The 25-story apartment building features a variety of amenities, including 24-hour concierge services, a fitness center, a tenant lounge, shuttle services to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace. C.W. Early of Oak Grove Capital arranged the Fannie Mae loan for the borrower, Atlantic Development.

February 26, 2015

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Arranges $28.1M Financing for Eleven80 in Newark

by Amy Works February 26, 2015

NEWARK, N.J. — Cronheim Mortgage has arranged $28.1 million in financing for Eleven80, a 37-story residential property in Newark. The three-year loan features a floating rate. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower, an affiliate of KBS Capital Advisors. Located at 1180 Raymond Blvd., the 418,797-square-foot building features 317 units. Originally built in 1929 as an office building, the property was converted in 2007 into an apartment building. The building also includes 7,567 square feet of retail space, which is occupied by TD Bank and a convenience store. Eleven80 features a 24-hour doorman, shuttle service, bowling alley, billiards room, library and 8,000-square-foot fitness center.

February 26, 2015

Loans Multifamily New Jersey Northeast

MMCC Arranges $6.5M Acquisition Loan for New Jersey Multifamily Property

by Amy Works February 26, 2015

WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.

February 26, 2015

Loans Mixed-Use New Jersey Northeast Retail

CBRE Group Brokers Sale of 70,400 SF Mixed-Use Facility in New Jersey

by Amy Works February 25, 2015

SPRINGFIELD, N.J. — CBRE FAMECO, a retail division of CBRE Group, has brokered the $5.5 million sale of the former 6th Avenue Electronics store, corporate office and warehouse facility at 22 Route 22 in Springfield. The undisclosed buyer plans to convert the 70,040-square-foot property into an 85,000-square-foot Metro Self Storage facility. The climate-controlled property will feature state-of-the-art security, two sets of elevators, four drive-in loading bays and an office component. Steven Winters of CBRE FAMECO represented the undisclosed seller, while Ed Horne of HK Commercial Realty Advisors LLC represented the buyer.

February 25, 2015

Loans Mixed-Use New York Northeast

Trevian Capital Funds $22M Loan for Mixed-Use Property in Tribeca

by Amy Works February 25, 2015

NEW YORK CITY — Trevian Capital has funded a $22 million first-mortgage bridge loan for a five-story, 17,247-square-foot building in the Tribeca neighborhood of Manhattan. The loan was used to pay off a matured first mortgage and to fund the conversion of the upper floors into four full-floor residential condos and reconfigure the ground-level retail cellar and sub-cellar. Terms and details of the transaction were not disclosed.

February 25, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $15.5M Loan for Multifamily Property in New York City

by Amy Works February 25, 2015

NEW YORK CITY — Meridian Capital Group has arranged $15.5 million in refinancing for a multifamily property in New York City. The seven-year loan, which was provided by a local savings bank, features a 3.37 percent fixed-rate and interest-only payments for the full term. Located at 1380 Riverside Dr., the 19-story property features 138 residential units and views of the Hudson River and George Washington Bridge. Isaac Filler of Meridian Capital’s New York City office negotiated the transaction. The name of the borrower was not released.

February 25, 2015

California Loans Multifamily Western

Pair of Lyon Communities SoCal Apartment Properties Receives $166.6M

by Nellie Day February 25, 2015

SANTA ANA, CALIF. — A pair of Lyon Communities’ recently constructed multifamily properties in Southern California has received $166.6 million in financing. Financing was provided to The Marke at South Coast Metro, a 300-unit community in Santa Ana, and the 370-unit Palomar Station in the San Diego submarket of San Marcos. The Marke is located at 100 East MacArthur Blvd. It was built in 2014. Palomar Station is located at 1257 Armorlite Drive, about 35 miles north of San Diego, near Palomar College and the Sprinter Commuter Rail. This community was also completed last year. The communities were 63 and 55 percent occupied, respectively, at closing. Both properties received 10-year, 3.32 percent, fixed-rate loans, which were financed through Freddie Mac’s premiere lease-up program. Financing was arranged for Lyon by HFF’s Charles Halladay and Sebastian Trujillo.

February 25, 2015

Loans Multifamily Texas

KeyBank Secures $52.7M Loan for Two Dallas Multifamily Communities

by Haisten Willis February 24, 2015

DALLAS — KeyBank Real Estate Capital has secured $52.8 million in Freddie Mac CME financing for two multifamily communities located in Dallas. The first loan, for $28 million, was used to refinance Grand Estates at Kessler Park, a 338-unit, garden-style apartment community that was built in 2002. The second loan, for $24.7 million was used to refinance Grand Estates at Founders Park, a 336-unit, garden-style apartment community that was built in 2004. Alex Buecking of KeyBank’s Commercial Mortgage Group originated and closed the 10-year term financing for both properties within 65 days.

February 24, 2015

Loans Multifamily Texas

HFF Arranges Financing for Apartment Complex in Austin

by Haisten Willis February 24, 2015

AUSTIN, TEXAS — HFF has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.6 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated on 23.8 acres at 9807 Ranch Road 620 N. Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and I-35. The 13 two- and three-story buildings are composed of one-, two- and three-bedroom units averaging 965 square feet. Eric Tupler, Josh Simon, Casey Wenzel, Leon McBroom and Bryan Harvey led the HFF debt placement team.

February 24, 2015

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