Loans

M&T Realty Capital Provides $414.8M Refinancing for Brooklyn Crossing Apartment Tower in New York City

by Jeff Shaw April 4, 2024

NEW YORK CITY — M&T Realty Capital Corp., a wholly owned subsidiary of Buffalo, N.Y.-based M&T Bank (NYSE: MTB), has provided a $414.8 million Freddie Mac conventional loan to refinance Brooklyn Crossing, a 51-story, 858-unit apartment tower in Brooklyn. The borrower is The Brodsky Organization, an owner and developer of luxury apartments, condos and retail properties in New York City. While the majority of the apartments at Brooklyn Crossing are luxury units, 258 are affordable. Located in the posh Prospect Heights neighborhood, the building is immediately adjacent to Barclays Center, home of the NBA’s Brooklyn Nets and WNBA’s New York Liberty. The property offers studio, one-, two- and three-bedroom apartments. Amenities include a screening room, large fitness center, rooftop terrace and lounge, and outdoor pool. According to the property website, studio apartments rent for approximately $3,500 a month and three-bedroom units rent for approximately $9,000 monthly. Robert Barry, senior vice president in M&T Realty Capital’s New York City office, led the refinancing. Andrea Wagonseller of M&T Bank led the initial construction loan, which this transaction refinanced. “With its unparalleled amenities and convenient access to multiple subway lines, Brooklyn Crossing has transformed the Prospect Heights neighborhood,” says Michael Edelman, CEO of …

April 4, 2024

Acquisitions Industrial Loans Southeast Tennessee

CBRE Arranges $12M Acquisition Loan for Distribution Facility in Southeast Memphis

by John Nelson April 3, 2024

MEMPHIS, TENN. — CBRE has arranged a $12 million acquisition loan for a 150,000-square-foot distribution center located at 6325 Global Drive in southeast Memphis. The facility, which features nearly 40,000 square feet of cold storage space, was fully leased to Vistar, a division of Performance Food Group, at the time of financing. Bob Ybarra, Bruce Francis, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE’s Capital Markets Debt and Structured Finance team arranged the financing on behalf of the buyer, Pacifica Real Estate Group. The loan was underwritten with a 10-year term and 5.55 percent interest rate. The seller was not disclosed.

April 3, 2024

California Loans Office Retail Western

JLL Arranges $65M in Financing for Wateridge Office, Retail Campus in West Los Angeles

by Amy Works April 3, 2024

LOS ANGELES — JLL Capital Markets has arranged $65 million in financing for Wateridge, a six-building office and retail campus in West Los Angeles. LPC Realty Advisors I LLC, an investment advisory affiliate of Lincoln Property Co., is the borrower. Todd Sugimoto, Mark Wintner and Chad Morgan of JLL Capital Markets secured the five-year, fixed-rate financing with Deutsche Bank. Built between 1989 and 2005 on 21 acres, Wateridge features three multi-tenant office buildings, a single-tenant medical office building, a standalone 24-hour fitness facility and a multi-tenant retail strip center. At the time of financing, the 583,580-square-foot campus was 80 percent occupied and leased by credit tenants, including Kaiser Health Foundation, County of Los Angeles and Providence Health.

April 3, 2024

Acquisitions Industrial Loans Texas

Denholtz Properties Acquires 213,235 SF Industrial Building in San Marcos, Texas

by Taylor Williams April 3, 2024

SAN MARCOS, TEXAS — New Jersey-based investment firm Denholtz Properties has acquired Clovis Crossing, a 213,235-square-foot industrial building in San Marcos, located roughly midway between San Antonio and Austin. The newly constructed, two-building facility sits on 13 acres and features 32-foot clear heights. Mike Klein, Jon Mikula, Michael Johnson and John Beeler of JLL arranged $26.1 million in acquisition financing for the deal through Palladius Capital Management. Charles Strauss, Tom Weber and Trent Agnew, also with JLL, represented the seller, Freehill Development Co.

April 3, 2024

Development Florida Loans Multifamily Southeast

Berkadia Arranges $328M Construction Loan for Luxury Condo Tower in Miami

by John Nelson April 2, 2024

MIAMI — Berkadia has arranged a $328 million construction loan for Baccarat Residences Miami, a 355-unit luxury condominium tower planned at the gateway of Brickell Avenue in Miami. Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the floating-rate loan through Bank OZK on behalf of the borrowers, Related Group and GTIS Partners. Baccarat Residences, which is currently 95 percent presold, is scheduled for completion in early 2028. Designed by Arquitectónica and managed by SH Hotels & Resorts, the tower will feature more than 75,000 square feet of high-end amenities, including a marina, spa, art installations and a health and fitness center.

April 2, 2024

California Loans Multifamily Western

Marcus & Millichap Arranges $5M Refinancing for Larson Apartments in Garden Grove, California

by Amy Works April 2, 2024

GARDEN GROVE, CALIF. — Marcus & Millichap has arranged $5 million in refinancing for Larson Apartments at 8101 Larson Ave. in the Orange County city of Garden Grove. Constructed in 1980, the two-story building features 21 apartments in a mix of studio, one-, two- and three-bedroom layouts. Ron Balys of Marcus & Millichap Capital Corp. secured the bank financing on behalf of the private client. Terms of the 30-year loan include 65 percent loan-to-value ratio and a 6.3 percent interest rate with a 30-year amortization schedule.

April 2, 2024

Affordable Housing Development Loans Multifamily Washington Western

Amazon Housing Equity Fund Provides $139.6M in Financing for 11 Affordable Housing Communities in Washington

by Amy Works April 1, 2024

BELLEVUE, KIRKLAND, SEATAC AND SEATTLE, WASH. — JLL Capital Markets and JLL Public Institutions have arranged $139.6 million in financings from The Amazon Housing Equity Fund over the last six months. The loans are for the development and preservation of 11 affordable housing communities, totaling 1,970 units, spread across the Puget Sound region of Washington State. JLL acted as the credit underwriter for Amazon, which provided long-term, fixed-rate loans for nine separate borrowers. Through Amazon Housing Equity Fund, Seattle-based tech giant Amazon provided low-rate subordinate financing to carry out the acquisition, construction and rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions. The properties included in the financing are: C.W. Early, Mary Davis and David Lott of JLL Capital Markets Debt Advisory worked with Amazon to underwrite and structure the transactions, while Martine Combal and Eileen Tumalad of JLL’s Public Institutions will focus on program management for Amazon.

April 1, 2024

Colorado Development Loans Multifamily Western

Berkadia Structures $81.2M in Joint Venture Equity for Alexan Pena Station Apartment Development in Denver

by Amy Works April 1, 2024

DENVER — Berkadia has arranged $81.2 million in joint venture equity for Trammell Crow Residential (TCR) for the development of Alexan Pena Station, a multifamily development project in Denver. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, TCR, to arrange the joint venture equity partnership. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Located on the northeast side of Denver, Alexan Pena Station will feature 578 one-, two- and three-bedroom apartments, with an average unit size of 976 square feet, spread across 12 buildings. The community will offer 46 affordable units for individuals earning up to 60 percent of the area median income. Alexan Pena Station will be built over two phases on a 20-acre site with more than 725 parking spaces.

April 1, 2024

Acquisitions Hospitality Loans New Mexico Western

MMCC Arranges $8.8M in Acquisition Financing for Hampton Inn & Suites Artesia in New Mexico

by Amy Works April 1, 2024

ARTESIA, N.M. — Marcus & Millichap Capital Corp. (MMCC) has arranged $8.8 million in financing for the acquisition of Hampton Inn & Suites Artesia, a hotel located at 2501 S. Permian Pavilion Ave. in Artesia, located in the southeast corner of the state. Tyler Waller of MMCC’s Phoenix office secured the 10-year loan, which includes three years of fixed interest with a 25-year amortization schedule and 70 percent loan-to-value ratio, on behalf of a private client. Josh Tammen of Marcus & Millichap represented the both the buyer and seller in the transaction. Built in 2016, the Hampton Inn & Suites Artesia features 81 guest rooms and provides direct access to downtown Artesia and Artesia Municipal Airport.

April 1, 2024

Illinois Loans Midwest Multifamily Seniors Housing

CFG Provides $13.6M in HUD-Insured Financing for Two Skilled Nursing Facilities in Illinois

by Kristin Harlow April 1, 2024

ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois. The specific properties were not disclosed, but they total 173 beds. Tim Eberhardt and Ava Julio of CFG originated the loans.

April 1, 2024

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