Wednesday, November 27, 2024
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AcquisitionsIowaLoansMidwestMultifamily

Marcus & Millichap Capital Corp. Arranges $13.4M Acquisition Loan for Apartment Complex in Decorah, Iowa

by Kristin Harlow

DECORAH, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.4 million loan for the acquisition of Briar Grove Apartments in Decorah, a city in northeast Iowa. The newly constructed, 92-unit apartment complex is located at 2342 Sweet Parkway Road. The luxury property features a mix of studio to two-bedroom layouts and is situated adjacent to the new Toppling Goliath Brewery & Taproom. Robert Bhat of MMCC arranged the five-year loan, which features an interest rate of 5.48 percent, three years of interest-only payments and a loan-to-value ratio of 65 percent. The lender and borrower were undisclosed.

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Smoky-Hollow-Raleigh
LoansMixed-UseNorth CarolinaSoutheastTop Stories

Barings Provides $134M Loan for Refinancing of Raleigh Mixed-Use Property

by Taylor Williams

RALEIGH, N.C. — Barings has provided a $134 million loan for the refinancing of Smoky Hollow, a mixed-use property located in Raleigh. Travis Anderson, Colby Mueck and Warren Johnson of JLL arranged the five-year loan on behalf of the owner, a joint venture between locally based Kane Realty Corp., Williams Realty & Building Co. and Lionstone Investments. Smoky Hollow was completed in 2020 and is located in the state capital’s Glenwood South neighborhood. The property comprises The Line, a 283-unit apartment community, as well as a 229,000-square-foot office building known as 421 North Harrington and roughly 40,000 square feet of retail and restaurant space. The Line features studio, one-, two and three-bedroom apartments and amenities such as a pool, clubroom, social lounge, coworking space, fitness center, outdoor grilling and dining stations and a package delivery room. The office building rises nine stories and offers bike storage space and multiple outdoor terraces. Food-and-beverage users at Smoky Hollow include barbeque restaurant Midwood Smokehouse, ice cream and tea concept Milklab and cocktail bar The Crunkleton. The retail component houses other wellness-based users, such as Dose Yoga & Smoothie Bar, JetSet Pilates and FastMed Urgent Care. “Smoky Hollow is well-positioned to benefit from Raleigh’s …

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IndustrialLoansNortheastPennsylvania

G.S. Wilcox Arranges $19.1M Loan for Refinancing of Lehigh Valley Warehouses

by Taylor Williams

HAZLE TOWNSHIP, PA. — New Jersey-based intermediary G.S. Wilcox  Co. has arranged a $19.1 million loan for the refinancing of two warehouses in Hazle Township, located in the Lehigh Valley region. The buildings are located within Humboldt Industrial Park and total 220,500 square feet. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the seven-year, interest-only loan on behalf of the borrower, a partnership between The Lakhani Family Office and Saxum Real Estate. The direct lender was not disclosed.

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Volta-Voyager-Colorado-Springs-CO
ColoradoLoansMultifamilyWestern

Dwight Capital Provides $38.4M Loan for Volta at Voyager Apartments in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Dwight Capital has closed a $38.4 million HUD 223(f) loan for the refinancing of Volta at Voyager, a multifamily property in Colorado Springs. Brandon Baksh and Brian Yee of Dwight Capital originated the financing on behalf of the borrower, Boulder-based Mountain View Capital LLC. The refinancing benefited from a Green Mortgage Insurance Premium (MIP) reduction to 25 basis points, enhancing the financial terms. Comprising 10 three-story residential buildings, Volta at Voyager offers 200 one-, two- and three-bedroom apartments, a fitness center, Amazon lockers, a dog spa and park, swimming pool and spa and a resort-style clubhouse.

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2025-2035-NE-Cornelius-Pass-Rd-Hillsboro-OR
LoansOfficeOregonWestern

Gantry Secures $9.5M Acquisition Loan for Office Campus in Hillsboro, Oregon

by Amy Works

HILLSBORO, ORE. — Gantry has secured a $9.5 million loan for the acquisition of a mid-rise office campus in Hillsboro, a suburb of Portland. The borrower, a Los Angeles-based private investor, acquired the asset for $17 million. Situated on 17.7 acres, the campus features two five-story buildings offering a total of 226,000 square feet. The office campus is located at 2025 and 2035 N.E. Cornelius Pass Road. Mark Ritchie and Keegan Bridges of Gantry secured the fixed-rate, interest-only loan through one of the firm’s correspondent insurance company lenders.

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IndianaLoansMidwestOffice

Rubenstein Partners Completes Recapitalization of Parkwood Crossing Office Park in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Rubenstein Partners LP has completed a new equity investment that fully recapitalizes the Parkwood Crossing office campus in Indianapolis. Rubenstein acquired the eight-building, 1.2 million-square-foot office park in 2016. The company has implemented a comprehensive renovation of the Class A property since taking ownership. The new recapitalization enables Rubenstein to continue to modernize the campus with further amenities and the addition of two large greenspaces. Rubenstein has spent $36 million upgrading building lobbies, restrooms, entry facades and building systems as well as adding a number of indoor and outdoor amenities. The improvements are expected to coincide with two new roundabouts and roadway beautification projects through the center of the campus.  

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Affordable HousingDevelopmentLoansMidwestMultifamilyNorth Dakota

Lument Structures $21.5M in Construction Financing for Affordable Housing Property in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Lument has structured $21.5 million in tax-exempt and taxable bonds to fund the construction and long-term financing of Lashkowitz Riverfront, a 110-unit affordable housing community in Fargo. BlueLine Development and the Fargo Housing and Redevelopment Authority are developing the project. Thomas Dixon and Kyle Sullivan of Lument structured the financing. Lument parent company ORIX USA purchased the $21.5 million bonds to act as both a $10.3 million permanent mortgage and construction financing. The transaction utilizes both the 4 percent and 9 percent Low-Income Housing Tax Credits program — 83 units will be constructed utilizing 4 percent tax credits and 27 will be built using 9 percent tax credits. All units will be restricted for residents who earn 30 to 50 percent of the area median income. The total term, including construction and permanent financing, is 18 years, with five years of interest-only payments and a 40-year amortization schedule. The portion of bonds used during construction will have a three-year term. Fargo Housing and Redevelopment Authority will manage the property, with BlueLine Property Management facilitating the pre-leasing and lease-up process.

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AlabamaLoansRetailSoutheast

KPR Centers Obtains $42.5M Refinancing for Metro Birmingham Shopping Center

by John Nelson

VESTAVIA HILLS, ALA. — KPR Centers has obtained a $42.5 million loan for the refinancing of Vestavia Hills City Center, a 389,736-square-foot retail center located in Vestavia Hills, roughly 10 miles outside Birmingham. An affiliate of MetLife Investment Management provided the floating-rate financing. Chris Drew, Gregg Shapiro and Kelsey Bawcombe of JLL arranged the loan on behalf of KPR Centers. Publix anchors Vestavia Hills City Center, and other tenants include AMC Theatres, Planet Fitness, First Watch, Pet Supermarket, Shoe Station, Dollar Tree, Panera Bread and Dave’s Hot Chicken.

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PACE Appeal Rafi Golberstein
Content PartnerData CentersFeaturesHospitalityLife SciencesLoansMidwestMultifamilyNortheastOfficeSelf-StorageSoutheastTexasWestern

C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. From the competitive cost of capital to the continued restraints on bank lending, C-PACE …

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LINX-Watertown
Life SciencesLoansMassachusettsNortheast

Clarion Partners Receives $94M Loan for Refinancing of Metro Boston Life Sciences Facility

by Taylor Williams

WATERTOWN, MASS. — New York-based Clarion Partners has received a $94 million loan for the refinancing of LINX, a 185,015-square-foot life sciences facility in the western Boston suburb of Watertown. Completed in 2018, the two-story facility was fully leased at the time of the loan closing to three tenants: C4 Therapeutics, Addgene and Tectonic Therapeutic. Amenities include a grab-and-go café, indoor bike storage space, a locker room with showers, green space, a bocce ball court and shuttle service to Harvard Square. Riaz Cassum, Amy Lousararian and Robyn King of JLL arranged the five-year loan through European lender Société Générale on behalf of Clarion Partners.

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