Loans

Associated Bank, Johnson Financial Originate $54.6M in Construction Financing for Affordable Housing Project in Madison

by Kristin Harlow January 5, 2024

MADISON, WIS. — Associated Bank and Johnson Financial Group have originated a $13 million construction loan and a $41.6 million tax-exempt bond loan for the development of Rise Madison. The Wisconsin Housing Preservation Corp. is developing the affordable housing project in the state’s capital. The 4 percent Low-Income Housing Tax Credits project will provide affordable housing for both seniors and families. The senior financing structure will take the form of tax-exempt bonds issued by the Wisconsin Housing and Economic Development Authority and held by both Associated Bank and Johnson Financial Group. Bryan Schreiter of Associated Bank and Steve Sosnowski of Johnson Financial Group handled the loan arrangements and closing. The four-building project is situated on Rise Lane. Units will be offered to tenants with income levels at or below 80 percent of the Dane County median income. Two five-story buildings will be marketed for families. One will have a total of 110 units while the other will feature 77 units. A three-story building will have a total of 46 units designed for senior living. The fourth building will consist of 12 two-story townhomes. Older buildings on the project site have been demolished, and phased construction is underway. The first building …

January 5, 2024

Loans Multifamily New Jersey Northeast

JLL Arranges $26.8M Loan for Refinancing of Apartment Complex in Toms River, New Jersey

by Taylor Williams January 4, 2024

TOMS RIVER, N.J. — JLL has arranged $26.8 million in financing for Camelot at Toms River, a 128-unit apartment complex in coastal New Jersey. Built in 2023, the property features one- and two-bedroom units with an average size of 1,109 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and full-size washers and dryers. About 20 percent (26) of the units are reserved as affordable housing. Amenities include a pool, fitness center, clubhouse, outdoor grilling and dining areas and a dog park. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Kaplan Cos.

January 4, 2024

Industrial Loans Texas

Gantry Arranges $23.4M in Financing for Industrial Flex Property in Grand Prairie, Texas

by Taylor Williams January 3, 2024

GRAND PRAIRIE, TEXAS — Gantry has arranged $23.4 million in senior financing and preferred equity for the acquisition of DFW Corporate Park, a 211,385-square-foot industrial flex property in the central metroplex city of Grand Prairie. The 22-building development is located at 2100 N Highway 360. Braden Turnbull and Keegan Bridges of Gantry arranged the financing through an undisclosed life insurance company. The borrower was also not disclosed.

January 3, 2024

Development Florida Loans Mixed-Use Southeast

Pebb Capital Obtains $173M Construction Loan for Sundy Village Development in South Florida

by John Nelson January 3, 2024

DELRAY BEACH, FLA. — Pebb Capital has obtained a $173 million construction loan for Sundy Village, a mixed-use development underway at 22 W. Atlantic Ave. in Delray Beach, a city in South Florida’s Palm Beach County. Monroe Capital and J.P. Morgan provided the construction loan. Pebb Capital broke ground on the $240 million development in early 2023 with plans for a summer 2024 opening. Sundy Village will feature more than 28,000 square feet of experiential retail space and 180,000 square feet of Class A offices, of which Pebb Capital has preleased 141,400 square feet. The tenant roster includes restaurants Barcelona Wine Bar and Double Knot and office tenant Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee Sundy Village’s office leasing and Sara Wolfe of Vertical Real Estate handles retail leasing. The design-build team includes general contractor Bluewater Builders.

January 3, 2024

Loans Multifamily Texas

Colliers Mortgage Provides Fannie Mae Loan for Refinancing of Multifamily Asset in Van Alstyne, Texas

by Taylor Williams January 3, 2024

VAN ALSTYNE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Flats at Van Alstyne, a 232-unit multifamily property located about 50 miles north of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse and a resident lounge. Fritz Waldvogel of Colliers Mortgage originated the five-year loan through a partnership with Old Capital Lending. The borrower was an entity doing business as MPT Texas 9 LLC.

January 3, 2024

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $10.8M HUD-Insured Loan for Rehabilitation of Minneapolis Apartment Property

by Kristin Harlow January 3, 2024

MINNEAPOLIS — Colliers Mortgage has provided a $10.8 million HUD 221(d)(4) loan for the rehabilitation of Labor Retreat Apartments in Minneapolis. The 77-unit Section 8 property features one- and two-bedroom units. Amenities include a community room, onsite management office, outdoor patio, lounge area and laundry rooms. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low-Income Housing Tax Credits and tax-exempt bonds, which were underwritten by affiliate Colliers Securities LLC. The loan features a 40-year term and 40-year amortization schedule. The borrower was Labor Retreat Housing Partners LLC, an affiliate of Vitus Group LLC.

January 3, 2024

Development Loans Multifamily Texas

Colliers Mortgage Provides $16.8M in HUD-Insured Financing for San Antonio Affordable Housing Project

by Taylor Williams January 2, 2024

SAN ANTONIO — Colliers Mortgage has provided $16.8 million in HUD-insured, construction-to-permanent financing for Culebra Road Apartments, a 199-unit affordable housing project in San Antonio. The property will offer one-, two- and three-bedroom units, all of which will be subject to income restrictions, and amenities such as a pool, fitness center, playground, business center, clubhouse, activities room and outdoor grilling and dining stations. Jeff Rogers of Colliers Mortgage originated the financing, which was structured with a 40-year term. The borrower was an entity doing business as Culebra Road Apartments LP.

January 2, 2024

Colorado Loans Retail Western

Essex Arranges $87.5M Refinancing for Five-Property Retail Portfolio Near Denver

by Amy Works January 2, 2024

DENVER — Essex Financial Group has secured an $87.5 million loan to refinance a five-property retail portfolio totaling 689,599 square feet across the greater Denver area. King Soopers, a subsidiary of Kroger, anchors each of the neighborhood centers. Essex worked on behalf of AmCap Inc., which has owned the properties since 1987. The grocery-anchored portfolio is currently 98 percent leased, with King Soopers accounting for more than half of the net rentable area. Other tenants in the portfolio include a mix of national and local retailers focused on daily needs, service uses and restaurants. Essex secured the fixed-rate, nonrecourse loan with an institutional investment manager that was funding on behalf of a separate life insurance company account. Paul Donahue, Cooper Williams, Matt Perigard and Andrea Mehlem of Essex’s Capital Markets team arranged the financing.

January 2, 2024

Affordable Housing Loans Multifamily Northeast Pennsylvania

KeyBank Provides $90.7M in Financing for Affordable Housing Property Near Pittsburgh

by Taylor Williams January 2, 2024

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Monroeville, an eastern suburb of Pittsburgh. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Cambridge Square Apartments consists of eight three-story buildings in one-, two- and three-bedroom floor plans, with 97 percent (198) of the units subject to a 20-year Section 8 Housing Assistance contract. Residents have access to services such as healthcare education, financial and computer literacy, childcare, youth activities, nutritional services, disability services, tenant homeownership training and parenting programs. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank structured the tax-exempt bonds, which were marketed for sale by Sam Adams of KeyBanc Capital Markets. The sponsor is Community Preservation Partners.

January 2, 2024

Georgia Loans Southeast

Berkadia Secures $36.8M Refinancing for Pointe Grand Warner Robins Apartments in Central Georgia

by John Nelson December 22, 2023

WARNER ROBINS, GA. — Berkadia has secured a $36.8 million loan for the refinancing of Pointe Grand Warner Robins, a recently completed, 288-unit apartment community located at 1601 Leverette Road in Warner Robins. Michael Weinberg and Wesley Moczul of Berkadia’s Orlando office arranged the two-year, floating-rate loan on behalf of the developer and borrower, Hillpointe. Situated about 20 miles south of Macon, Ga, the property comprises two-bedroom, 1,170-square-foot apartments across 10 three-story buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. Hillpointe will use the financing to provide a return of equity to its fund and allow for more flexibility in placing permanent debt or selling the property.

December 22, 2023

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