Loans

Cronheim Hotel Capital Arranges $42.3M Acquisition Loan for Cambria Hotel in Downtown DC

by John Nelson July 24, 2024

WASHINGTON, D.C. — Cronheim Hotel Capital has arranged a $42.3 million acquisition loan for Cambria Hotel Washington, D.C. Convention Center, a 182-room hotel located at 899 O St. NW in downtown D.C. Built in 2014 by Concord Hospitality, the hotel is situated with a half-mile of the Walter E. Washington Convention Center and features a rooftop gathering area. The borrower, locally based Frontier Development & Hospitality Group, plans to overhaul the hotel and rebrand it to the Hyatt House flag. Other details of the renovation and loan underwriting were not disclosed.

July 24, 2024

Industrial Loans New York Northeast

Eastern Union Arranges $12M Loan for Refinancing of Brooklyn Industrial Building

by Taylor Williams July 24, 2024

NEW YORK CITY — Eastern Union has arranged a $12 million loan for the refinancing of a 35,210-square-foot industrial building in the Williamsburg area of Brooklyn. The single-story building was originally constructed in 1931 and includes warehouse and office space as well as onsite parking. David Brody of Eastern Union arranged the loan, which was structured with a five-year term, a 65 percent loan-to-value ratio and a fixed interest rate of 6.54 percent. The borrower and direct lender were not disclosed.

July 24, 2024

Loans Michigan Midwest Office

Bernard Financial Group Arranges $7.9M Loan for Refinancing of Office Property in Ann Arbor

by Kristin Harlow July 24, 2024

ANN ARBOR, MICH. — Bernard Financial Group (BFG) has arranged a $7.9 million loan for the refinancing of a 100,007-square-foot flex office property in Ann Arbor. Dennis Bernard and Adam Ferguson of BFG arranged the loan on behalf of the borrower, an entity doing business as 2725/2805 Associates LLC. Genworth Life Insurance Co. provided the loan.

July 24, 2024

Development Loans Multifamily North Carolina Southeast

JLL Arranges $85M Construction Financing for West End II Multifamily Development in Downtown Raleigh

by John Nelson July 23, 2024

RALEIGH, N.C. — JLL has arranged $33.6 million of joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit luxury apartment development underway in downtown Raleigh’s West End neighborhood. The equity partner is an investment fund from South America and the lender is an unnamed national life insurance company. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. Located at 510 W. Cabarrus St., West End II represents the second phase of Kane Realty’s redevelopment of the former Clancy & Theys headquarters building. Phase I, Platform Apartments, is currently in lease-up. Designed by Dwell Design Studio, West End II will feature luxury apartments ranging from one- to three-bedroom layouts, as well as high-end amenities and 4,000 square feet of flexible retail space. The construction timeline for the project was not disclosed.

July 23, 2024

Georgia Loans Multifamily Southeast

Greystone Provides $15.5M Agency Refinancing for Apartment Community in Albany, Georgia

by John Nelson July 23, 2024

ALBANY, GA. — Greystone has provided a $15.5 million Fannie Mae loan for the refinancing of 509 North Apartments, a 252-unit community located in the South Georgia city of Albany. Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent. The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed. Built in 1987, 509 North features 14 garden-style buildings comprising one- and two-bedroom apartments. Amenities include a clubhouse, laundry facilities, four swimming pools, dog park and tennis and volleyball courts.

July 23, 2024

Affordable Housing California Development Loans Multifamily Western

Berkadia Arranges $151M in Financing for Sea Breeze Gardens Affordable Housing Community in San Diego

by Amy Works July 23, 2024

SAN DIEGO — Berkadia, on behalf of sponsor Lincoln Avenue Communities, has arranged $151 million in financing for Sea Breeze Gardens, an affordable multifamily property in San Diego. The financing includes a $53.5 million Low-Income Housing Tax Credit (LIHTC) equity investment and $97.5 million in bonds that were credit enhanced by Freddie Mac. Situated within the Lincoln Park neighborhood of San Diego, Sea Breeze Gardens is a rehabilitation project and once complete will feature 268 units across 36 two-story walk-up residential buildings. The unit mix consists of 100 two-bedroom units and 168 three-bedroom units. Twenty-seven units will be designated for residents earning up to 30 percent area median income (AMI), 27 units at 50 percent AMI and 212 units at 60 percent AMI. Additionally, the property will offer three employee units, and the community will meet the requirements for mobility and sensory access with a total of 27 units for mobility impairment and 11 units for sensory impairment. Tim Leonhard and Chris McGraw of Berkadia secured the financing for the borrower.

July 23, 2024

California Loans Retail Western

MMCC Arranges $3.5M Loan for Chevron-Occupied Gas Station in Gardena, California

by Amy Works July 23, 2024

GARDENA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged the sale of a Chevron-occupied gas station located at 15407 Crenshaw Blvd. in Gardena, a suburb south of Los Angeles. Bradley Buzil of MMCC’s Los Angeles office secured the financing with HAB Bank on behalf of a private client. Terms of the 10-year loan include a 7.25 percent interest rate with 25-year amortization and a loan-to-value ratio of 55 percent.

July 23, 2024

Industrial Kansas Loans Midwest

Barings Provides $244M Loan for Refinancing of 6.4 MSF Industrial Portfolio in Edgerton, Kansas

by Kristin Harlow July 23, 2024

EDGERTON, KAN. — Barings has provided a $244 million loan for the refinancing of a 10-building industrial portfolio totaling 6.4 million square feet within Logistics Park Kansas City in Edgerton, about 40 miles southwest of Kansas City. A joint venture between an Ares Management Real Estate fund and NorthPoint Development owns the portfolio, which was developed between 2014 and 2017. On average, the buildings feature a clear height of 35 feet and 706 dock doors. The portfolio is currently 93 percent leased to tenants such as Amazon, Stanley Black & Decker, Sam’s Club, Assa Abloy and Smart Warehousing. All 10 properties offer immediate access to BNSF Railway’s intermodal rail facility.

July 23, 2024

Industrial Loans Massachusetts Northeast

JLL Arranges $27.8M Acquisition Loan for Greater Boston Industrial Portfolio

by Taylor Williams July 22, 2024

BOSTON — JLL has arranged a $27.8 million acquisition loan for a portfolio of four industrial buildings totaling roughly 400,000 square feet in the greater Boston area. The names and addresses were not disclosed. The properties comprise a mix of single-tenant warehouse, distribution and manufacturing buildings that were 100 percent leased at the time of the loan closing. Andrew Gray and Ryan Parker arranged the nonrecourse, fixed-rate loan through Bristol County Savings Bank on behalf of the borrower, NorthBridge Partners.

July 22, 2024

Industrial Loans New Jersey Northeast

Truist Bank Provides $25M Loan for Refinancing of Industrial Property in Wayne, New Jersey

by Taylor Williams July 22, 2024

WAYNE, N.J. — Truist Bank has provided a $25 million loan for the refinancing of a 353,000-square-foot industrial property in the Northern New Jersey community of Wayne. The property at 415 Hamburg Turnpike was built on 17 acres in 1968 and features clear heights of 18 to 26 feet, 20 dock-high loading doors, six drive-in doors and 63,720 square feet of office space. The borrower was locally based investment firm The STRO Cos. The property was fully leased at the time of the loan closing.

July 22, 2024

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