Loans

LCOR Closes on $59M Construction Loan for Multifamily Development in Northern Virginia

by John Nelson July 1, 2015

MCLEAN, VA. — LCOR has received a $59 million loan from Santander Bank to construct a multifamily property at 7480 Birdwood Ave. in McLean, roughly 10 miles west of Washington, D.C., in the Tysons region of northern Virginia. LCOR plans to redevelop the land into two residential buildings spanning 12 and 15 stories that will be connected by a central sky bridge. Totaling 340,000 square feet, the property will comprise 11,000 square feet of amenity space, 388 below grade parking spaces and 319 residential units, of which 64 units will be reserved for Workforce Dwelling Units. Upon completion in the first quarter of 2017, the project will include a mix of studio, one-, two- and three-bedroom apartments with duplex units featured on the ground floor. The residences will feature carpeted bedrooms, vinyl wood plank flooring in the kitchen and living areas and ceramic tiles in the bathrooms. Stainless steel appliances will be featured in the kitchen. The project’s amenities will include an outdoor swimming pool, fitness center, game center, kids room, party space, bicycle storage, dining room, pet grooming station, glass-enclosed Sky Lounge on the 10th floor and a rooftop amenity area with garden plots located on the west tower. …

July 1, 2015

Affordable Housing Loans Maryland Multifamily Southeast

KeyBank Provides $18.5M Loan for Affordable Housing Community in Maryland

by John Nelson July 1, 2015

FORT WASHINGTON, MD. — KeyBank Real Estate Capital has provided an $18.5 million acquisition loan for Henson Creek Manor, a 210-unit affordable housing community in Fort Washington. Caleb Marten of KeyBank arranged the Freddie Mac loan on behalf of the undisclosed buyer. The apartment community was constructed in two phases between 1994 and 1998. The older part of the development is limited to residents with 50 percent of the average median income and the second portion is limited to residents with 60 percent of area median incomes.

July 1, 2015

California Loans Multifamily Seniors Housing Western

Capital Funding Arranges $13.9M Loan for California Skilled Nursing Facility

by Nellie Day July 1, 2015

REDLANDS, CALIF. — Capital Funding Group has arranged a bridge-to-HUD acquisition financing deal with Braswell’s Colonial Care, a skilled nursing facility in Redlands. At 243 beds, Braswell’s Colonial Care is one of the largest skilled nursing facilities in the state. Braswell’s Colonial Care offers rehabilitation, memory care, assisted living, independent retirement, post-acute rehabilitation, skilled nursing, long-term care and hospice care. In addition, the facility has a 32-bed sub-acute area for patients requiring complex care or rehabilitation. Erik Howard of Capital Funding LLC, a subsidiary of CFG Community Bank, originated the transaction. Capital Funding served as agent/senior lender in the deal, which totaled $13.9 million.

July 1, 2015

Loans New Jersey Northeast Office

HFF Secures $18.5M in Refinancing for New Jersey Office Building

by Amy Works June 30, 2015

ISELIN, N.J. — HFF has secured $18.5 million in refinancing for Centra, an office building located at 100 Wood Ave. in Iselin. On behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF also placed in November 2010 for the redevelopment of the property. The four-story 110,700-square-foot property is 95 percent leased to a variety of tenants, including JP Morgan Chase, MetLife, Grant Thornton and Net App. Michael Klein and Jon Mikula of HFF represented the borrower in the transaction.

June 30, 2015

Hospitality Loans Northeast Pennsylvania

Cronheim Hotel Capital Secures $15.2M Acquisition Financing for Hampton Inn Property

by Amy Works June 30, 2015

WYOMISSING, PA. — Cronheim Hotel Capital has secured $15.2 million in financing for the acquisition of the 142-room Hampton Inn in Wyomissing. The borrowers were Ayer Capital Advisors, an investment firm, and The Wankawala Organization, a hotel owner and management firm. The 10-year, non-recourse loan was funded at 79 percent loan-to-cost and carries a 30-year amortization schedule. The buyers currently own and manage a portfolio of 10 hotels totaling more than 1,000 rooms. David Turley, Janet Proscia and Jeffrey Pacailler of Cronheim Hotel Capital arranged the financing for the borrowers. Cronheim Hotel Capital is an affiliate of Chatham, N.J.-based David Cronheim Mortgage Corp.

June 30, 2015

Loans Multifamily Texas

NXT Capital Provides Mortgage for Acquisition of Apartment Property in Austin

by Haisten Willis June 30, 2015

AUSTIN, TEXAS — NXT Capital has financed the acquisition of a Class B garden style apartment project located in Austin. The amount of the transaction was not disclosed. The property is located in south Austin, less than one block from IH-35, Austin’s major north-south thoroughfare. It also offers access to central Austin’s restaurants, bars and clubs. Community amenities include picnic areas with grills, a swimming pool and a clubroom.

June 30, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Closes $23.7M in Refinancing for Chicago-Area Skilled Nursing Facility

by Amy Works June 30, 2015

CHICAGO — Capital One has provided a $23.7 million fixed-rate, HUD 232/223(f) loan for the refinancing of a skilled nursing facility in Northern Illinois. Built in 1972, the property features 400 beds. Joshua Rosen of Capital One’s Chicago office originated the transaction.

June 30, 2015

Loans Midwest Missouri Office

NorthMarq Capital Secures $10.5M Loan for St. Louis Office Building

by Amy Works June 30, 2015

ST. LOUIS — NorthMarq Capital has secured $10.5 million for the refinancing of Center 40 Office Building in St. Louis. Located at 1600 Brentwood Blvd., the property offers 105,750 square feet of office space. Jeffrey Chaney of NorthMarq’s St. Louis office arranged the loan, which features a 15-year fixed rate on a 25-year amortization schedule, through NorthMarq’s correspondent relationship with a life insurance company.

June 30, 2015

Loans Multifamily North Carolina Southeast

Grandbridge Arranges $16M Loan for Apartment Community in Wilmington

by John Nelson June 30, 2015

WILMINGTON, N.C. — Grandbridge Real Estate Capital has closed a $16 million first mortgage loan for the refinancing of Stephens Pointe Apartments, a newly built, 192-unit apartment community in Wilmington’s Porters Neck area. Wesley Fricks of Grandbridge arranged the 10-year loan with a 30-year amortization schedule. The property was more than 90 percent occupied at the time of financing.

June 30, 2015

Iowa Loans Midwest Multifamily Student Housing

Hunt Mortgage Secures $6.4M Acquisition Loan for Student Housing Property in Iowa

by Amy Works June 29, 2015

AMES, IOWA — Hunt Mortgage Group has provided a $6.4 million Fannie Mae loan for the acquisition of a student housing property in Ames. Located on the campus of Iowa State University, South Meadow Apartments features 148 one-bedroom units, 15 two-bedroom units and 19 three-bedroom units. On-site amenities include common laundry areas, courtyards and parking. The property is 100 percent occupied and fully pre-leased for the 2015-2016 school year. South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner, was the borrower. The 7-year loan features a 30-year amortization schedule.

June 29, 2015

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