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375-W-El-Pintado-Danville-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

JLL Capital Markets Arranges $51.1M in Construction Financing for Active Adult Project in Danville, California

by Amy Works

DANVILLE, CALIF. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. Slated for delivery in 2025, the project is restricted to residents age 55 and older.

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HospitalityLoansTop Stories

MCR Receives $333M Refinancing for 16-Property Hotel Portfolio in 11 States

by Jeff Shaw

NEW YORK CITY — MCR, a New York City-based hotel owner and operator, has received a $333 million loan to refinance a 16-property hotel portfolio totaling 2,274 guest rooms.  The portfolio spans 11 states and features 11 Hilton and Marriott extended-stay and select-service brands, including Home2 Suites by Hilton, Hilton Garden Inn, DoubleTree by Hilton, Hampton by Hilton, Residence Inn by Marriott and Courtyard by Marriott. MCR acquired the properties primarily in 2020 and 2021. Although a full property list was not disclosed, a partial list includes Hilton Garden Inn Louisville Mall of St. Matthews in Louisville, Kentucky; Hampton Inn & Suites Charlotte Steele Creek in Charlotte, North Carolina; Courtyard by Marriott Oxford in Oxford, Mississippi; Hilton Garden Inn Missoula in Missoula, Montana; and Hilton Phoenix Chandler in Chandler, Arizona. The loan was securitized in a floating-rate, single-asset, single-borrower CMBS transaction. The financing replaces the original debt, with an outstanding balance of $268 million at the time of payoff. The portfolio’s net operating income has increased from $15 million at the time of acquisition to $36 million, according to MCR. The company says that the refinancing generated $51 million of net proceeds as a result. Deutsche Bank Securities and BMO …

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Affordable HousingDevelopmentLoansMultifamilyTexas

KeyBank Provides $87.8M in Financing for Mixed-Income Project in Metro Austin

by Taylor Williams

MANOR, TEXAS — KeyBank has provided $87.8 million in financing for Cantarra Apartments, a 325-unit mixed-income project that will be located in the northeastern Austin suburb of Manor. Approximately half (166) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), and the remainder will be earmarked for households earning 120 percent or less of AMI. Amenities will include three courtyards, two fitness rooms and a spin room, mail and parcel rooms, bike storage space and pet play and wash areas. Jeremiah Drake and Hector Zuñiga Jr. of KeyBank originated the financing, which  consists of a $41.6 million construction loan and a $46.2 million forward commitment for Freddie Mac permanent financing upon stabilization of the property. The borrower and developer is Austin-based JCI Residential.

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HospitalityLoansNew YorkNortheast

Cronheim Mortgage Arranges Refinancing of 321-Room Sheraton Brooklyn New York Hotel

by Taylor Williams

NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a loan of an undisclosed amount for the refinancing of the Sheraton Brooklyn New York Hotel. The 321-room hotel is located at 228 Duffield St. in the downtown area and offers a fitness center, lounge and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, locally based investment firm Lam Group.

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LoansMichiganMidwestMultifamily

BWE Arranges $19.7M Acquisition Loan for Multifamily Portfolio in Southeast Michigan

by Kristin Harlow

CLINTON TOWNSHIP, MICH. — BWE has arranged a $19.7 million acquisition loan for a 326-unit multifamily portfolio in Clinton Township, which is part of the Detroit metropolitan area. Adam Gould of BWE secured the three-year, nonrecourse bridge loan with three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in workforce housing. The portfolio consists of 13 low-rise buildings with a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court and onsite laundry.

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LoansLumentMarylandSoutheastStudent Housing

Lument Provides $64.6M Refinancing for Student Housing Community Near Johns Hopkins University

by John Nelson

BALTIMORE — Lument has provided a $64.6 million loan for the refinancing of Nine East 33rd, a 568-bed student housing property located near Johns Hopkins University’s Homewood campus in Baltimore. Tim Smits of Lument led the team in placing the loan through Freddie Mac’s capital markets execution program on behalf of the borrower, HH Fund. The five-year, fixed-rate loan features interest-only payments for the full term. Developed in 2016, Nine East 33rd offers one-, two-, three- and four-bedroom fully furnished units.

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DevelopmentFloridaLoansMixed-UseMultifamilyRetailSoutheast

Southern Realty Trust Funds $56.4M Mezzanine Loan for Mixed-Use Development in Sarasota, Florida

by John Nelson

SARASOTA, FLA. — Southern Realty Trust has provided a $56.4 million mezzanine loan for Aster & Links, a mixed-use development underway in downtown Sarasota. Situated at the intersection of Main Street and Links Avenue, the development will include two 10-story residential buildings housing 424 luxury apartments, 778 parking spaces and 51,000 square feet of ground-level retail space, including a Sprouts Farmers Market grocery store. Lantern Real Estate arranged the financing on behalf of the borrower, Belpointe PREP LLC, an affiliate of Belpointe OZ. Last year, the developer obtained a $130 million construction loan from Bank OZK for the project. Belpointe OZ plans to deliver Aster & Links in the second half of the year.

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Brown-Palace-Hotel-Denver-CO
ColoradoHospitalityLoansWestern

LCP Group Arranges $85M Refinancing for Brown Palace Hotel, Holiday Inn Express in Denver

by Amy Works

DENVER — The LCP Group has facilitated $85 million in refinancing for a hotel complex in Denver that combines the Brown Palace Hotel and Spa Autograph Collection and Holiday Inn Express Denver Downtown. The refinancing package for Crescent Real Estate includes a senior loan from Benefit Street Partners and a mezzanine loan from a partnership between LCP and Ares Management. Situated in downtown Denver, the 474-key complex offers immediate access to the central business district, River North Arts and Lower Downtown districts. The Brown Palace has a storied history of more than 130 years.

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Affordable HousingLoansMidwestMultifamilyOhio

KeyBank Provides $18.1M in Construction Financing for Affordable Housing Project in Cleveland

by Kristin Harlow

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has invested $10.2 million of 4 percent Low-Income Housing Tax Credit equity and provided a $7.9 million construction loan for the development of Henrietta Homes in Cleveland. The project will consist of 40 lease-to-purchase single-family homes in the city’s Hough neighborhood. Henrietta Homes will target family households with incomes between 30 and 60 percent of the area median income. The development will be partially subsidized, of which eight homes will be supported by 20-year Section 8 project-based vouchers provided through Cuyahoga Metro Housing Authority. Additional soft funding sources include $1.6 million from City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan and a $1.2 million equity bridge loan through Ohio Housing Finance Agency’s Housing Development Loan program. Nonprofit the Famicos Foundation is the project sponsor. The homes will be available to lease during a 15-year period. At year 16, residents will have the opportunity to purchase the home at an affordable price. Famicos will prepare tenants to transition into homeownership by providing financial training and homeownership counseling during the 15-year leasing period. Derek Reed and Kory Clark of KeyBank CDLI structured the tax credit equity and debt financing.

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DevelopmentFloridaLoansMultifamilySoutheastTop Stories

Mast Capital Receives $600M Construction Loan for 80-Story Cipriani Residences Miami Condo Tower

by Kristin Harlow

MIAMI — Developer Mast Capital has received a $600 million construction loan for Cipriani Residences Miami, an 80-story condominium tower in the city’s Brickell neighborhood. The 397-unit project will offer views of Biscayne Bay, the Brickell skyline and Coconut Grove. Mexico-based Banco Inbursa and Ascendant Capital Partners provided the financing, contributing $350 million and $250 million, respectively. The loan marks the largest single-tower residential construction loan ever obtained in Florida and underscores the project’s strong pre-sale activity, according to Mast. Camilo Miguel, CEO of Mast, says the unprecedented financing is a testament to the demand for an ultra-luxury condominium project in the neighborhood. The area has experienced an influx of new residents, particularly since mid-2020. Mast purchased the 2.8-acre site at 1420 S. Miami Ave. for $103 million in December 2021. Cipriani Residences Miami will offer floor plans ranging from 1,123 to 3,495 square feet as well as penthouses with private pools. Pricing will start at $1.7 million for most of the condos, while pricing for the penthouses will begin at $17 million. All residents will have access to dining services in a private restaurant as well as 24-hour in-home dining and catering services. Dining services will extend to the …

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