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LoansMidwestMultifamilyNebraska

Northmarq Provides $75.5M Loan for Refinancing of Luxury Apartment Complex in Omaha

by Kristin Harlow

OMAHA, NEB. — Northmarq has provided a $75.5 million Fannie Mae loan for the refinancing of Brickline at The Mercantile in Omaha. Completed in 2023, the luxury apartment complex features 379 units along with commercial space leased to three restaurant/entertainment concepts. Amenities include a resort-style pool, golf simulator, fitness center, yoga studio, electric vehicle charging stations and coworking spaces. Kevin McCarthy, Jeff Frankel, Alex Czachor and Jason Kinnison of Northmarq originated the loan on behalf of the borrower, a joint venture between Hines and Cresset Real Estate Partners. The eight-year, fixed-rate loan features interest-only payments and a flexible prepayment option starting after the sixth year.

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IllinoisLoansMidwestMultifamily

Marcus & Millichap Capital Corp. Arranges $2.6M Acquisition Loan for Multifamily Property in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.6 million loan for the acquisition of a 34-unit multifamily property located at 1 S. View St. in Aurora. Michael Hughes of MMCC arranged the loan through a local credit union on behalf of the borrower, a real estate development company. The five-year loan features a 7.39 percent interest rate with a 30-year amortization schedule. The property features a mix of studio to two-bedroom units and is located four blocks from downtown.

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Meadowbrook-Apts-West-Sacramento-CA
CaliforniaLoansMultifamilyWestern

Dwight Capital Provides $21.6M HUD Loan for Meadowbrook Apartments in West Sacramento, California

by Amy Works

WEST SACRAMENTO, CALIF. — Dwight Capital has provided a $21.6 million HUD 223(f) loan for Meadowbrook Apartments, a newly renovated multifamily community in West Sacramento. Proceeds from the loan will be used to retire existing debt and fund property improvements for the borrower, Tesseract Capital Group. The loan also benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points, as Meadowbrook Apartments holds National Green Building Standard Bronze certification. Meadowbrook Apartments features 92 one-, two-, three- and four-bedroom units with patios and balconies spread across 10 two-story residential buildings. Community amenities include two communal buildings, a fitness center, game room, dog park, pool, barbecue/picnic area and pool house with bathroom and kitchenette facilities.

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LoansMultifamilyNew YorkNortheastWalker & Dunlop

Walker & Dunlop Arranges $128M Acquisition Loan for Manhattan Multifamily Portfolio

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $128 million bridge loan for the acquisition of a portfolio of nine multifamily properties totaling 171 units in Manhattan’s East Village area. The portfolio spans 153,800 square feet and includes 22 retail spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the floating-rate loan through Derby Copeland Capital on behalf of the borrower, RYCO Capital.

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One-High-Line-Manhattan
LoansMixed-UseNew YorkNortheast

Walker & Dunlop Arranges $1.2B Refinancing of Manhattan Mixed-Use Property

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged the $1.2 billion refinancing of One High Line, a 750,000-square-foot mixed-use property in Manhattan’s West Chelsea neighborhood. One High Line consists of two towers and a five-story commercial building that span an entire city block. The property houses 236 condos with 18,000 square feet of residential amenity space, a 120-room Faena hotel that is scheduled to open next year, 45,000 square feet of boutique office space and 13,000 square feet of retail and restaurant space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Diaz, Jackson Irwin and William Herrin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between The Witkoff Group, Access Industries and Monroe Capital. J.P. Morgan provided the senior loan within the financing package, and TYKO Capital provided mezzanine debt.

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110-Bergen-Turnpike-Little-Ferry-New-Jersey
LoansMultifamilyNew JerseyNortheast

SCALE Lending Provides $75M Bridge Loan for Northern New Jersey Multifamily Project

by Taylor Williams

LITTLE FERRY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $75 million bridge loan for a 294-unit multifamily project that is nearing completion in the Northern New Jersey community of Little Ferry. The property at 110 Bergen Turnpike includes 8,356 square feet of retail space and is expected to receive its temporary certificate of occupancy during the current quarter. The borrower is Capodagli Property Co., a New Jersey-based family-owned development firm. Proceeds from the 18-month loan, which also carries two six-month extension options, will be used retire the existing $71 million construction loan (also provided by SCALE) and to complete lease-up of the project.

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5120-W-Buckeye-Phoenix-AZ
AcquisitionsArizonaIndustrialLoansWestern

Gantry Arranges $9.9M Acquisition Loan for Warehouse Building in Phoenix

by Amy Works

PHOENIX — Gantry has arranged a $9.9 million permanent loan to facilitate the acquisition of an industrial building located at 5120 W. Buckeye Road in Phoenix. The 127,000-square-foot, multi-tenant warehouse features 30-foot clear heights and 30 loading docks, including four drive-in doors. At the time of financing, the property was fully leased by two tenants. Tim Storey and Chad Metzger of Gantry represented the borrower, a private real estate investor, in securing the seven-year loan from one of Gantry’s correspondent life company lenders. The loan features interest-only terms, prepayment flexibility and a fixed rate.

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DevelopmentFloridaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Arranges $53.6M Construction Financing for Metro Miami Multifamily Development

by John Nelson

BAY HARBOR ISLANDS, FLA. — Walker & Dunlop has arranged a $53.6 million loan for the construction of Clara Bay Harbor 100th, a multifamily development located at 1145-1163 100th St. in Bay Harbor Islands, roughly 15 miles outside Miami. Upon completion, the property — which is the second phase of a three-phase rental development by Clara Homes — will comprise 45 units. The developer will also use the proceeds to begin pre-development on the third and final phase of the project, which will feature an additional 77 units. Construction is currently underway on the first, 28-unit phase, with completion scheduled for the end of this year. Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, Christopher de Raet and Marlon Robins of Walker & Dunlop secured the financing on behalf of the borrower.

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LoansMarylandSeniors HousingSoutheast

Berkadia Secures $47.4M Refinancing for Seniors Housing Community in Suburban DC

by John Nelson

KENSINGTON, MD. — Berkadia has arranged a $47.4 million loan for the refinancing of Modena Reserve at Kensington, a 135-unit seniors housing community located in Kensington, a northern suburb of Washington, D.C. A debt fund provided the capital to the borrowers: Solera Senior Living, McCaffrey and an unnamed institutional investor. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the three-year, nonrecourse loan, which features interest-only payments for the full term. The loan will be used to refinance a maturing construction loan. Modena Reserve at Kensington originally opened in late 2021, reaching a stabilized occupancy within 24 months.

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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

MBA: Multifamily Lending Declined by 49 Percent in 2023

by John Nelson

WASHINGTON, D.C. — Multifamily lending declined 49 percent year-over-year in 2023, according to a report by the Mortgage Bankers Association (MBA). Lenders provided a total $246.2 billion for apartment buildings with five or more units last year, with 51 percent of active lenders making five or fewer multifamily loans throughout the year. The Washington, D.C.-based organization previously estimated that multifamily originations totaled $264 billion. By volume, the top five multifamily lenders in 2023 included Berkadia, Walker & Dunlop, JP Morgan Chase & Co., CBRE and Greystone. Nearly half (42 percent) of the dollar volume went to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. “The analysis shows that even with the drop in activity, the multifamily lending market remains broad and deep, with more than 2,500 different lenders making more than 36,000 mortgage loans backed by multifamily properties,” says Jamie Woodwell, MBA’s head of commercial real estate research. The MBA report is based on its surveys of the larger multifamily lenders and the recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks.

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