NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has placed a $6.1 million loan for the refinancing of two rent-stabilized apartment buildings totaling 26 units in the Park Slope area of Brooklyn. The buildings include ground-floor retail space. Matthew Dzbanek and Matt Swerdlow of Ariel originated the five-year loan, which carried an interest rate of 5.81 percent, through an undisclosed agency lender. The borrower was also not disclosed.
NEW YORK CITY — Related Cos. and Oxford Properties Group have fully capitalized 70 Hudson Yards, a 72-story office tower underway within the co-developers’ 28-acre Hudson Yards campus in Manhattan’s Midtown West neighborhood. The companies recently closed $2.45 billion in financing for the project, including a $1.6 billion construction loan from Wells Fargo, Bank of America and Standard Chartered, as well as equity from institutional investors. “Securing full equity and the largest construction loan in New York since 2020, on attractive terms, demonstrates the growing global demand from sophisticated investors and lenders of capital into first class office product like 70 Hudson Yards,” says Dean Shapiro, Oxford’s global head of development. The multi-tenant tower will span 1.4 million square feet and include the U.S. headquarters for Deloitte, one of the “big four” accounting firms that signed a lease for more than 800,000 square feet at the tower last year. The lease represents the largest tenant relocation in New York City since 2020, according to Related and Oxford. Shapiro adds that the co-developers broke ground before the lease with Deloitte was executed. Related and Oxford plan to begin vertical construction in the first half of the year. The foundations are nearing …
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Navigating Fannie Mae, Freddie Mac Small Balance Multifamily Loan Programs
By Ann Atkinson, Regions Real Estate Capital Markets Most multifamily real estate owners need to finance or refinance their apartment community at some point. Many utilize the small balance multifamily loan programs available through Fannie Mae and Freddie Mac to do so. Understanding how lenders navigate each phase of the loan cycle can give owners a strategic advantage, especially in a time of elevated rate volatility. A significant amount of multifamily debt is maturing in 2026. Borrowers should not wait to refinance to avoid the concentrated competition later in the year when lenders are faced with refinancing demand. In addition, modest rent growth today offers refinancing upside; and finally, Fannie Mae and Freddie Mac have higher production caps in 2026, providing more runway for lending. The following overview, based on Regions Real Estate Capital Markets’ experience, outlines five key phases of the process, with helpful tips throughout: 1. Screening and Term Sheet Loan screening kicks off the relationship between borrower and lender. The lender’s production representative often conducts an introductory call with the borrower, who completes an application and provides due diligence items. Access a checklist of items to provide to Regions for screening here. Tip #1: Get all required (and …
MILFORD, CONN. — New York City-based HKS Real Estate Advisors has arranged a $7.9 million acquisition loan for a 105,481-square-foot shopping center in the southern coastal Connecticut city of Milford. The center sits on a 22-acre site and was 44 percent leased at the time of sale. Andrew Pilchick and Alex Dobosh of HKS arranged the debt through 360 Capital Funding on behalf of the borrower, Constitution Credit, which plans to implement a value-add program.
ATLANTA — Selig Enterprises has obtained a $245 million loan for the refinancing of 1105 West Peachtree, a 31-story office tower in Midtown Atlanta. The 653,525-square-foot tower was nearly fully leased at the time of financing to tech giant Google and law firm Smith, Gambrell & Russell. Matt Rendele and Christine Curry of Selig worked with CBRE on the financing, which was structured as a CMBS SASB (single-asset/single-borrower) loan. Delivered in 2021, 1105 West Peachtree features The Office Bar and Sky Plaza, a one-acre amenity deck that connects to the Epicurean Atlanta hotel and 40 West 12th, a luxury condo tower.
ROCKFORD, ILL. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $96.7 million in financing for three industrial properties in Rockford. Frank Montalto and Ethan Splan of IPA secured the three-year, nonrecourse financing with Bank OZK on behalf of Craig Erdmier, a Northern Illinois-based design-build and construction management professional and general contractor. The portfolio comprises more than 650,000 square feet, including two fully stabilized buildings totaling 503,395 square feet. The financing will be used to consolidate the stabilized assets and support the construction of the third facility, which will total roughly 155,000 square feet. Each building was developed as a build-to-suit for a global pharmaceutical services provider.
TROY, MICH. — Bernard Financial Group (BFG) has secured a $39.9 million HUD 223(f) loan for a 200-unit multifamily property in Troy. Joshua Bernard of BFG arranged the loan on behalf of the borrower, F Squared LLC. BFG is a member of Strategic Alliance Mortgage.
NEW YORK CITY — A partnership between affordable housing developer Type A Projects and local nonprofit organization BronxWorks has received $255.6 million in construction financing for River Commons, a 328-unit project that will be located in the Concourse area of The Bronx. Construction is expected to begin within the coming weeks. The package includes $91.3 million in both tax-exempt ($64.3 million) and taxable ($27 million) bond financing from the New York City Housing Development Corp. In addition, the New York City Department of Housing Preservation and Development (HPD) is providing more than $100 million in capital through its New Construction Finance program. Capital One also provided a letter of credit on the deal. Additional financing for the project stems from Low-Income Housing Tax Credits that were syndicated by Hudson Housing Capital. Situated on the former site of a former hospital parking lot, River Commons will be a 17-story building that will house 328 affordable and supportive housing units, a 43,000-square-foot public healthcare center that will be operated by New York City Health + Hospitals (H+H) and 6,000 square feet of flexible community space that will be occupied by African Communities Together. The development will also feature a 7,000-square-foot public green …
DALLAS — Mesa West Capital has provided a $42 million acquisition loan for Perry Row, a 149-unit multifamily property in northeast Dallas. Built in 2009, Perry Row offers one-, two- and three-bedroom townhome-style units that are furnished with stainless steel appliances, granite countertops, individual washer and dryers, walk-in closets and balconies. Amenities include a pool, fitness center, outdoor kitchen and a business center. Mark Brandenburg of JLL arranged the loan on behalf of the borrower, a joint venture between Knightvest Capital and TPG Angelo Gordon, which will use a portion of the proceeds to fund capital improvements.
IRVING, TEXAS — Gantry, a commercial mortgage banking firm based in San Francisco, has arranged a $10 million loan for the refinancing of Metroplex Plaza, a 105,000-square-foot shopping center in Irving. The center recently underwent a repositioning that introduced a new grocery anchor. Mark Ritchie and Austin Ridge of Gantry originated the 10-year, fixed-rate loan. The names of the direct lender and borrower were not disclosed.