Loans

Berkadia Provides $54.7M Agency Refinancing for Advenir at the Oaks Apartments Near Orlando

by John Nelson October 8, 2024

OCOEE, FLA. — Berkadia has provided a $54.7 million Freddie Mac loan for the refinancing of Advenir at the Oaks, a multifamily community located in Ocoee, roughly 10 miles outside Orlando. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, an entity doing business as Advenir@The Oaks LLC. Built in two phases between 1989 and 1991, Advenir at the Oaks offers one-, two- and three-bedroom apartments. Amenities at the community include swimming pools, a clubhouse with a 24-hour fitness center and business center, a dog park, two laundry facilities, a playground and tennis/pickleball and basketball courts.

October 8, 2024

Build-to-Rent Development Georgia Loans Single-Family Rental Southeast

Parkland Residential Secures $57M Financing for Build-to-Rent Development Near Macon

by John Nelson October 4, 2024

WARNER ROBINS, GA. — Parkland Residential has secured a $57 million loan for the financing of Grover Landing, a build-to-rent (BTR) residential community underway in Warner Robins, roughly 20 miles south of Macon, Ga. The loan will be used to refinance completed homes at the development, which will total 317 units. Residences at the community range from two to four bedrooms in size. Amenities at the development include a swimming pool with a cabana, playground, pocket parks and a playfield, as well as yard maintenance, pest control, home repairs and appliances. Avi Kozlowski, Thomas Wayda and Dante Distefano of Greystone arranged the financing through Encore Finance. Additionally, Synovus Bank will provide construction financing for newly built homes.

October 4, 2024

Acquisitions Loans Multifamily Texas

JLL Arranges Refinancings for Two Houston Multifamily Properties Totaling 745 Units

by Taylor Williams October 4, 2024

HOUSTON — JLL has arranged two loans of undisclosed amounts for the refinancing of a pair of multifamily properties totaling 745 units in Houston’s River Oaks area. Hanover Autry Park is a 23-story high-rise building with 324 units and nearly 23,000 square feet of ground-floor retail space. Hanover Parkview is a 421-unit midrise apartment building with 24,000 square feet of ground-floor retail space. Both properties were completed in 2022 and offer amenities such as pools, outdoor grilling areas, social lounges with entertainment kitchens, fitness centers and rooftop lounges with indoor/outdoor bars. The properties were 92 and 95 percent occupied, respectively, at the time of the closings of the loans, both of which were structured with five-year terms and fixed interest rates. Cortney Cole, Colby Mueck, Laura Brown, Davis Burnett and Scot Sarlin of JLL arranged the loans through funds backed by global private equity firm KKR. The borrower, a partnership between Hanover Co. and Lionstone Investments, will use proceeds to retire construction debt that JLL also originated for both properties in 2019.

October 4, 2024

Acquisitions California Loans Retail Western

Calmwater Capital Provides $20.9M Acquisition Loan for Cathedral City Marketplace Shopping Center Near Palm Springs

by Amy Works October 4, 2024

CATHEDRAL CITY, CALIF. — Calmwater Capital has provided Rhino Investment Group with $20.9 million in short-term, first-mortgage debt for its acquisition of Cathedral City Marketplace, a grocery-anchored retail center in Cathedral City. The 195,000-square-foot shopping center is located in Cathedral City, approximately seven miles southeast of Palm Springs. Situated on 21 acres at 34091-34351 Date Palm Drive, Cathedral City Marketplace offers parking for 1,093 automobiles. Current tenants include Kroger’s Food 4 Less, Planet Fitness, dd’s Discounts, DJ’s Sports Bar and Subway. Calmwater’s Larry Grantham, Zach Novatt and DaJuan Bennett originated the loan. The Los Angeles-based JLL Capital Markets team of Jeff Sause, Chad Morgan, Daniel Skerrett and Jalynn Borders arranged the financing.

October 4, 2024

Acquisitions Illinois Loans Midwest Multifamily

Greystone Provides $18.2M Acquisition Loan for Chicago Multifamily Property

by Kristin Harlow October 4, 2024

CHICAGO — Greystone has provided an $18.2 million Fannie Mae loan for the acquisition of Cornelia-Stratford in Chicago. Originally constructed in 1927, the 139-unit multifamily property features studio, one-, two-, three- and four-bedroom units. Amenities include bike storage, laundry facilities and a tenant lounge. Clint Darby and Andrew Remenschneider of Greystone originated the nonrecourse loan, which features a fixed interest rate, 15-year term and five years of interest-only payments. The borrower was undisclosed.

October 4, 2024

Affordable Housing Loans Multifamily Texas

Merchants Capital Provides Debt, Equity Financing for Austin Affordable Housing Complex

by Taylor Williams October 3, 2024

AUSTIN, TEXAS — Merchants Capital has provided debt and equity financing for Travis Park Apartments, a 199-unit affordable housing complex in south-central Austin. The sponsor, Sena Affordable Communities, will use the proceeds to acquire and rehabilitate the property, which comprises 22 buildings. Merchants provided a $69.1 million Freddie Mac 4 Percent Low-Income Housing Tax Credit (LIHTC) Immediate TEL loan and $37.6 million in LIHTC equity as the syndicator, as well as a $29 million equity bridge loan for the rehabilitation period. Renovations are expected to take about 18 months to complete and will include the addition of new outdoor recreation areas and playgrounds; accessibility upgrades; window replacement; new boiler and cooling towers; kitchen and bathroom improvements; new energy star appliances; replacement of original fan coil units for heating and cooling; building envelope upgrades; and roof replacement and new signage. Michael Milazzo led the transaction for Merchants Capital.

October 3, 2024

Affordable Housing Development Loans Multifamily Texas

Palladium USA Breaks Ground on $79M Mixed-Income Multifamily Project in San Antonio

by Taylor Williams October 3, 2024

SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $79 million, 321-unit mixed-income multifamily project in San Antonio. Palladium Old FM 471 will be located on an 11-acre site on the city’s west side and will offer one-, two- and three-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. Amenities will include a pool, fitness center, conference room, dog park, business center and a children’s playroom. Cross Architects is designing the project, and Brownstone Group is serving as the general contractor. HPA Design Group is handling interior design. Palladium is developing the project in partnership with the Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project. Preleasing is scheduled to begin next fall.

October 3, 2024

Loans Office Texas

Lone Star PACE Arranges $3.5M in C-PACE Financing for North Dallas Office Tower

by Taylor Williams October 3, 2024

DALLAS — Lone Star PACE has arranged $3.5 million in C-PACE financing for Meadow Park Tower, a 263,000-square-foot office building in North Dallas. The 15-story building was originally constructed in 1986 and last renovated in 2016. Bayview PACE provided the nonrecourse, fixed-rate financing, proceeds of which will be used to install sustainable energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing. Bradford Cos. owns the building, which was 90 percent leased at the time of the loan closing.

October 3, 2024

Development Florida Loans Mixed-Use Multifamily Retail Southeast

Walker & Dunlop Arranges $72.8M HUD-Insured Loan for Apartment Development in Panama City Beach

by John Nelson October 3, 2024

PANAMA CITY BEACH, FLA. — Walker & Dunlop has arranged a $72.8 million construction loan for Vintage Lake Powell, a 289-unit apartment development located at 24000 Panama City Beach Parkway in Panama City Beach. Keith Melton and David Strange of Walker & Dunlop originated the HUD 221(d)(4) loan on behalf of the developers, Oldacre McDonald LLC and TDK Construction LLC. Planned amenities at Vintage Lake Powell include a clubhouse and leasing center, fitness facility, package/storage center, resort-style pool and sundeck, arbor with outdoor seating and grilling station, pickleball and bocce ball court, playground, dog park and a lakefront amenity area on Lake Powell. Additionally, the property will include 19,783 square feet of ground-level retail spaces fronting Panama City Beach Parkway. The construction timeline was not disclosed.

October 3, 2024

Industrial Loans Texas

JLL Arranges Refinancing for Three Industrial Buildings Totaling 1.9 MSF at DFW International Airport

by Taylor Williams October 2, 2024

DALLAS — JLL has arranged a loan of an undisclosed amount for the refinancing of three industrial buildings totaling 1.9 million square feet at Dallas-Fort Worth International Airport. The buildings in question are part of Phases II and III of the larger development known as DFW Commerce Center and feature 32- to 40-foot clear heights, 180- to 185-foot truck court depths and 399 total dock doors. Campbell Roche, Lauren Dow, Kristi Leonard, Ryan Pollack and Campbell Swango of JLL arranged the floating-rate debt through Ares Management Corp. on behalf of the borrower, a joint venture between Goldman Sachs Alternatives and CLX Ventures.

October 2, 2024

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