Loans

Greystone Provides $18.2M Acquisition Loan for Chicago Multifamily Property

by Kristin Harlow October 4, 2024

CHICAGO — Greystone has provided an $18.2 million Fannie Mae loan for the acquisition of Cornelia-Stratford in Chicago. Originally constructed in 1927, the 139-unit multifamily property features studio, one-, two-, three- and four-bedroom units. Amenities include bike storage, laundry facilities and a tenant lounge. Clint Darby and Andrew Remenschneider of Greystone originated the nonrecourse loan, which features a fixed interest rate, 15-year term and five years of interest-only payments. The borrower was undisclosed.

October 4, 2024

Affordable Housing Loans Multifamily Texas

Merchants Capital Provides Debt, Equity Financing for Austin Affordable Housing Complex

by Taylor Williams October 3, 2024

AUSTIN, TEXAS — Merchants Capital has provided debt and equity financing for Travis Park Apartments, a 199-unit affordable housing complex in south-central Austin. The sponsor, Sena Affordable Communities, will use the proceeds to acquire and rehabilitate the property, which comprises 22 buildings. Merchants provided a $69.1 million Freddie Mac 4 Percent Low-Income Housing Tax Credit (LIHTC) Immediate TEL loan and $37.6 million in LIHTC equity as the syndicator, as well as a $29 million equity bridge loan for the rehabilitation period. Renovations are expected to take about 18 months to complete and will include the addition of new outdoor recreation areas and playgrounds; accessibility upgrades; window replacement; new boiler and cooling towers; kitchen and bathroom improvements; new energy star appliances; replacement of original fan coil units for heating and cooling; building envelope upgrades; and roof replacement and new signage. Michael Milazzo led the transaction for Merchants Capital.

October 3, 2024

Affordable Housing Development Loans Multifamily Texas

Palladium USA Breaks Ground on $79M Mixed-Income Multifamily Project in San Antonio

by Taylor Williams October 3, 2024

SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $79 million, 321-unit mixed-income multifamily project in San Antonio. Palladium Old FM 471 will be located on an 11-acre site on the city’s west side and will offer one-, two- and three-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. Amenities will include a pool, fitness center, conference room, dog park, business center and a children’s playroom. Cross Architects is designing the project, and Brownstone Group is serving as the general contractor. HPA Design Group is handling interior design. Palladium is developing the project in partnership with the Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project. Preleasing is scheduled to begin next fall.

October 3, 2024

Loans Office Texas

Lone Star PACE Arranges $3.5M in C-PACE Financing for North Dallas Office Tower

by Taylor Williams October 3, 2024

DALLAS — Lone Star PACE has arranged $3.5 million in C-PACE financing for Meadow Park Tower, a 263,000-square-foot office building in North Dallas. The 15-story building was originally constructed in 1986 and last renovated in 2016. Bayview PACE provided the nonrecourse, fixed-rate financing, proceeds of which will be used to install sustainable energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing. Bradford Cos. owns the building, which was 90 percent leased at the time of the loan closing.

October 3, 2024

Development Florida Loans Mixed-Use Multifamily Retail Southeast

Walker & Dunlop Arranges $72.8M HUD-Insured Loan for Apartment Development in Panama City Beach

by John Nelson October 3, 2024

PANAMA CITY BEACH, FLA. — Walker & Dunlop has arranged a $72.8 million construction loan for Vintage Lake Powell, a 289-unit apartment development located at 24000 Panama City Beach Parkway in Panama City Beach. Keith Melton and David Strange of Walker & Dunlop originated the HUD 221(d)(4) loan on behalf of the developers, Oldacre McDonald LLC and TDK Construction LLC. Planned amenities at Vintage Lake Powell include a clubhouse and leasing center, fitness facility, package/storage center, resort-style pool and sundeck, arbor with outdoor seating and grilling station, pickleball and bocce ball court, playground, dog park and a lakefront amenity area on Lake Powell. Additionally, the property will include 19,783 square feet of ground-level retail spaces fronting Panama City Beach Parkway. The construction timeline was not disclosed.

October 3, 2024

Industrial Loans Texas

JLL Arranges Refinancing for Three Industrial Buildings Totaling 1.9 MSF at DFW International Airport

by Taylor Williams October 2, 2024

DALLAS — JLL has arranged a loan of an undisclosed amount for the refinancing of three industrial buildings totaling 1.9 million square feet at Dallas-Fort Worth International Airport. The buildings in question are part of Phases II and III of the larger development known as DFW Commerce Center and feature 32- to 40-foot clear heights, 180- to 185-foot truck court depths and 399 total dock doors. Campbell Roche, Lauren Dow, Kristi Leonard, Ryan Pollack and Campbell Swango of JLL arranged the floating-rate debt through Ares Management Corp. on behalf of the borrower, a joint venture between Goldman Sachs Alternatives and CLX Ventures.

October 2, 2024

Acquisitions Florida Loans Multifamily Southeast

Beachwold Residential Acquires Avisa Lakes Apartments in Orlando for $50M

by John Nelson October 2, 2024

ORLANDO, FLA. — Beachwold Residential LLC has purchased Avisa Lakes, a 292-unit, garden-style multifamily community located at 7960 Pine Crossing Circle in Orlando. Kyle Butler, Ted Taylor and Noli Muratovic of JLL represented the sellers, Lloyd Jones LLC and ST Real Estate Holding Inc., and procured the buyer in the $50 million sale. Additionally, JLL worked on behalf of Beachwold to secure a five-year Freddie Mac acquisition loan totaling $35 million. Avisa Lakes features one- and two-bedroom apartments averaging 850 square feet in size. The property was 96 percent occupied at the time of sale. Community amenities include a playground, swimming pool, entertainment clubhouse and game room, two dog parks, a soccer court, fitness center and a business center.

October 2, 2024

Industrial Loans Nevada Western

Northmarq Secures $18M Refinancing for Industrial Portfolio in Las Vegas

by Amy Works October 2, 2024

LAS VEGAS — Northmarq has arranged $18 million in refinancing for two-building industrial portfolio, totaling more than 246,000 square feet, in Las Vegas. The portfolio includes an industrial warehouse that was built in 1992 and situated on 7.5 acres along Pilot Road, as well as a property that was built in 2017 on 5.5 acres along East Craig Road. The buildings are occupied by a vitamin and supplements retail and e-commerce store and a fabric/linens supplier. David Blum of Northmarq’s Newport Beach, Calif., Debt + Equity team secured the permanent fixed-rate loan for the undisclosed borrower through a correspondent life company lender. The transaction was structured on a seven-year, interest-only term.

October 2, 2024

Hospitality Loans Texas

JLL Arranges $210M Loan for Refinancing of Ritz-Carlton Dallas Las Colinas Hotel

by Taylor Williams October 1, 2024

IRVING, TEXAS — JLL has arranged a $210 million loan for the refinancing of the 427-room Ritz-Carlton Dallas Las Colinas Hotel in Irving. The hotel sits on a 16.7-acre site and was previously known as the Four Seasons Resort & Club Dallas at Las Colinas. The sponsor, a joint venture between Partners Group and funds managed by Trinity Investments, acquired the hotel in May 2022 and subsequently implemented a renovation and rebrand. Today, the hotel offers 80,000 square feet of meeting and event space, five food-and-beverage venues, a pool, spa, golf course, fitness center and squash, tennis and racquetball courts. Kevin Davis, Mark Fisher, De’On Collins and Caleigh O’Connell of JLL arranged the loan through Marathon Asset Management.

October 1, 2024

California Loans Multifamily Western

Dwight Capital Provides $32.6M HUD Refinancing for Westlake Apartments in Sacramento

by Amy Works October 1, 2024

SACRAMENTO, CALIF. — Dwight Capital has provided a $32.6 million HUD 223(f) refinance for Westlake Apartments, a lakeside multifamily complex in Sacramento. The borrower, Tesseract Capital Group, will use proceeds from the loan to retire existing debt and complete property enhancements. The financing also benefited from a Green Mortgage Insurance Premium (MIP) Reduction to 25 basis points, as Westlake Apartments holds a National Green Building Standard Bronze certification. Situated on 5.9 acres, Westlake Apartments offers 13 two-story residential buildings with 148 renovated one- and two-bedroom units and three amenity buildings. Community amenities include a fitness center, pool, spa and resident-only access to a private beach on Lake Greenhaven.

October 1, 2024

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