Loans

Walker & Dunlop Arranges $49.5M Agency Refinancing for Palmilla Apartments in Pensacola, Florida

by John Nelson March 28, 2024

PENSACOLA, FLA. — Walker & Dunlop has arranged a $49.5 million Fannie Mae loan for the refinancing of Palmilla Apartments, a 240-unit multifamily community located at 51 S. Coyle St. in Pensacola, a city on the Florida-Alabama border. Will Baker and Doug McDaniel of Walker & Dunlop’s Birmingham office arranged the five-year, fixed-rate loan on behalf of the borrower, Kore LLC. The borrower will use the proceeds to reach stabilization at Palmilla and pay off construction debt. Kore used Fannie Mae’s green platform for better pricing, according to Walker & Dunlop. Palmilla features studio, one-, two- and three-bedroom units ranging in size from 588 to 1,618 square feet, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, putting green and electric vehicle charging stations.

March 28, 2024

California Development Loans Mixed-Use Multifamily Office Western

Urban Catalyst Receives $10.5M in Financing for Icon/Echo Mixed-Use Redevelopment Project in San Jose

by Amy Works March 28, 2024

SAN JOSE, CAILF. — Gantry has secured $10.5 million in financing for pre-construction costs for Icon/Echo, a mixed-use redevelopment project in downtown San Jose. The borrower, Urban Catalyst, plans to construct two towers on the 2.1-acre land site following demolition of existing buildings and a parking lot. Current plans include a 21-story office building with street-level retail and a 27-story multifamily residential tower. The towers will be connected by a shared podium on floors one through four. Additionally, the project will offer a below-grade level of parking and 1,000 parking spaces. Construction at the site is slated to begin the next 12 to 24 months. Jeff Wilcox and Robert Slatt of Gantry arranged the short-term bridge loan with interest-only terms through a private real estate investment company.

March 28, 2024

Acquisitions Arizona Loans Retail Western

Freedom Financial Arranges $10.6M Acquisition Loan for Northpoint Shopping Center in Mesa, Arizona

by Jeff Shaw March 28, 2024

MESA, ARIZ. — Freedom Financial Funds has arranged $10.6 million in financing for the acquisition of Northpoint Shopping Center in Mesa, a suburb east of Phoenix. Built in 1987, the property spans 159,913 square feet. Tenants include Basha’s, Ace Hardware, 360 Community Thrift Store and Karen’s Hallmark. Surrounding retailers include Shell, Taco Bell and McDonalds. Details on the buyer and seller were not disclosed.

March 28, 2024

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $25.3M Acquisition Loan for Manhattan Apartment Building

by Taylor Williams March 27, 2024

NEW YORK CITY — Ariel Property Advisors has arranged a $25.3 million loan for the refinancing of an 82-unit apartment building located at 120-125 Riverside Drive on Manhattan’s Upper West Side. An undisclosed, out-of-state bank provided the five-year, fixed-rate loan, which was structured with two years of interest-only payments and a 60 percent loan-to-cost ratio. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Matt Dzbanek and Matt Swerdlow led the transaction for Ariel Property Advisors.

March 27, 2024

Affordable Housing Loans Massachusetts Multifamily Northeast

MassDevelopment Provides $17M in Bond Financing for Affordable Housing Complex in New Bedford, Massachusetts

by Taylor Williams March 27, 2024

NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford, located at the base of Cape Cod. The historic building was originally constructed in the 1870s and consists of 29 buildings that primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income. The borrower, an affiliate of HallKeen Management, will use proceeds to fund capital improvements and preserve the property’s affordability status.

March 27, 2024

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $4.8M Loan for Refinancing of Multifamily Property in Southfield, Michigan

by Kristin Harlow March 27, 2024

SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged a $4.8 million loan for the refinancing of a 129-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Claymoor Properties LP. Securian Life Insurance Co. provided the loan, details of which were not provided.

March 27, 2024

Acquisitions California Loans Multifamily Seniors Housing Western

Cambridge Arranges $5.6M Acquisition Loan for Twilight Haven Senior Living in Fresno, California

by Amy Works March 26, 2024

FRESNO, CALIF. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno. Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.

March 26, 2024

Loans Multifamily Texas

Colliers Mortgage Provides Agency Acquisition Loan for 134-Unit Multifamily Property in Irving

by Taylor Williams March 26, 2024

IRVING, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Landen Apartment Homes, a 134-unit multifamily property in Irving. The garden-style property consists of four two-story buildings that house studio, one-, two- and three-bedroom units. Amenities include a pool, playground and outdoor kitchen and grilling stations. Fritz Waldvogel of Colliers Mortgage originated the loan, which carries a five-year term, through a partnership with Old Capital Lending. The borrower was an entity doing business as NH Investments LAH LLC.

March 26, 2024

Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $135M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams March 26, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $135 million construction loan for a 328-unit multifamily project that will be located at 975 Nostrand Ave. in Brooklyn. The site is at the intersection of the Crown Heights and Prospect Leffert Gardens neighborhoods. About 30 percent (99 units) of the nine-story building’s residences will be reserved as affordable housing, and the amenity package will feature a rooftop terrace, landscaped courtyard, fitness center, karaoke room and a pet spa. A 21,000-square-foot FRESH supermarket will anchor the project’s retail component, which will include an additional 4,200 square feet of small-shop space. Construction is slated for a fourth-quarter 2025 completion. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and Related Cos. on behalf of the borrower, Hudson Cos.

March 26, 2024

Industrial Loans Midwest Minnesota

JLL Arranges $10.4M Loan for Refinancing of 137,179 SF Distribution Center in Blaine, Minnesota

by Kristin Harlow March 26, 2024

BLAINE, MINN. — JLL Capital Markets has arranged a $10.4 million loan for the refinancing of Sanctuary Business Center, a distribution center totaling 137,179 square feet in the Minneapolis suburb of Blaine. Completed in December 2022, the property features a clear height of 32 feet, 31 loading docks, two drive-in doors, 20 trailer stalls and 157 parking stalls. Bill Mork of JLL arranged the five-year loan on behalf of the borrower, Capital Partners. A regional bank provided the loan, which features a loan-to-value ratio of 65 percent and interest-only payments.

March 26, 2024

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