Loans

JLL Arranges $30.6M in Financing for West Houston’s Hotel Granduca

by Taylor Williams February 20, 2024

HOUSTON — JLL has arranged $30.6 million in financing for the 122-room Hotel Granduca in West Houston. The six-story hotel was built on 3.6 acres in 2006. Jillian Mariutti and Mark Fisher of JLL arranged the five-year, floating-rate loan through Prime Finance on behalf of the sponsor, Transwestern Hospitality Group. The borrower will use the proceeds to retire existing debt and fund capital improvements, including a redesign of the lobby, breakfast area, bar, seating areas and event space, as well as a relocation of the gym and existing restaurant. The tearoom will be converted into a salon and spa, and a larger bar will be added in the adjacent space. The old restaurant space will become a meeting and event venue, and a portion of the parking lot will be converted into a tented outdoor venue.

February 20, 2024

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $348M Agency Loan for Rehabilitation of Brooklyn Affordable Housing Complex

by Taylor Williams February 20, 2024

NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.

February 20, 2024

Florida Loans Mixed-Use Southeast

Greystone Provides $419.6M Refinancing for Panorama Tower in Miami

by John Nelson February 20, 2024

MIAMI — Greystone has closed a $419.6 million financing package for the refinancing of Panorama Tower, an 85-story mixed-use skyscraper located on Brickell Bay Drive in Miami’s Brickell district. The tower features 821 apartments; 112,731 square feet of Class A offices; 25,219 square feet of retail space; a 2,000-space private parking garage; and an attached 19-story, 208-room Hyatt Centric hotel. The financing package included a nearly $335 million Freddie Mac Optigo senior loan that was underwritten with a five-year term and 35-year amortization schedule. The financing also included $85 million of “agency-compliant subordinate debt” and preferred equity led by an unnamed global pension fund. The borrower is Florida East Coast Realty, an entity led by the Hollo family.

February 20, 2024

Loans Multifamily Texas

Greystone Provides $15.4M in Bridge Financing for North Texas Multifamily Portfolio

by Taylor Williams February 19, 2024

SHERMAN AND DENISON, TEXAS — Greystone has provided $15.4 million in bridge-to-agency financing for a portfolio of three multifamily properties totaling 189 units in North Texas. One of the properties is located in Sherman, and the other two are located in Denison. All were built in the 1960s and 1970s. The interest-only loan carries a two-year term with two six-month extension options. Lance Wright of Greystone originated the financing on behalf of the borrower, an undisclosed, Texas-based family office. Duke Stone of Churchill Capital acted as correspondent on the deal.

February 19, 2024

Loans Multifamily Northeast Rhode Island

Fantini & Gorga Arranges $3.3M Bridge Loan for Multifamily Project in Warwick, Rhode Island

by Taylor Williams February 19, 2024

WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged a $3.3 million bridge loan for a 210-unit multifamily project in Warwick, located just south of Providence. The site currently serves as a parking lot, and the borrower, Skydra Development, plans to construct a four-story building with one-, two- and three-bedroom units. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender on behalf of Skydra Development.

February 19, 2024

California Loans Multifamily Western

Berkadia Arranges $44.5M Refinancing for Fountains of Fair Oaks Multifamily Property in California

by Amy Works February 19, 2024

FAIR OAKS, CALIF. — Berkadia has arranged $44.5 million in refinancing for The Fountains of Fair Oaks, a garden-style apartment property in Fair Oaks, a suburb east of Sacramento. The borrower is The Ezralow Co. Allan Freedman of Berkadia Los Angeles secured the five-year loan, which features five years of interest-only payments, through Freddie Mac. Located at 4800 Sunset Terrace, The Fountains of Fair Oaks features 270 units with electric heaters, hardwood-inspired flooring, contemporary cabinets, patios or balconies, stainless steel appliances, high-speed internet access, microwaves and central heating and air conditioning. Select units offer closets, fireplaces, washers/dryers and storage on the patios. Community amenities include a clubhouse, spa, fitness center, bike rooms, a basketball court, tennis court, 24-hour parcel room, large decks with barbecues and a fire pit, a lounge, 24/7 resident payment portal, gardens with courtyards, a courtesy patrol, business center, controlled access and six laundry facilities. The pet-friendly community was built in 1976 and fully renovated in 2012.

February 19, 2024

Loans Mixed-Use New York Northeast

JLL Arranges $395M Loan for Refinancing of Manhattan Mixed-Use Building

by Taylor Williams February 16, 2024

NEW YORK CITY — JLL has arranged a $395 million loan for the refinancing of 70 Pine Street, a 66-story mixed-use building in Manhattan’s Financial District. Built in 1932 and most recently renovated in 2016, 70 Pine Street is home to the 165-room Mint House Hotel and 612 market-rate apartments, as well as retail space that is leased to two fine-dining restaurants, one quick-service restaurant, a coffeeshop and a nail salon. Residential and hotel amenities include a 22,000-square-foot fitness center, two golf simulators, two bowling alleys, a screening room, children’s play area and coworking and lounge spaces. Christopher Peck, Geoff Goldstein and Christopher Pratt of JLL arranged the loan through Goldman Sachs on behalf of the borrower, a partnership between DTH Capital and Rose Associates.

February 16, 2024

Development Loans Multifamily North Carolina Southeast

Madison Communities Obtains $80M Construction Loan for Charlotte Multifamily Development

by John Nelson February 16, 2024

CHARLOTTE, N.C. — Madison Communities has obtained an $80 million loan for the construction of a multifamily community in the Lower South End (LoSo) neighborhood of Charlotte. Patterson Real Estate Advisory Group arranged the loan through META Real Estate Partners and Bank of America on behalf of Madison Communities. Situated adjacent to Olde Mecklenburg Brewery (OMB), the unnamed community will comprise 320 units and will include dedicated parking for brewery patrons. A timeline for the project was not disclosed. Additionally, parent company Madison Capital Group will relocate its corporate headquarters to a property directly next to OMB.

February 16, 2024

Development Florida Loans Office Southeast

CBRE Arranges $37.9M Construction Financing for New Jacksonville Jaguars Headquarters

by John Nelson February 16, 2024

JACKSONVILLE, FLA. — CBRE Capital Markets has arranged $37.9 million in construction financing for the development of the new Jacksonville Jaguars headquarters in Jacksonville. Philip Rachels and Jeff Kinney of CBRE secured the 10-year financing through First Horizon Bank on behalf of the borrower, Shipyards Office LLC, a subsidiary of Iguana Investments Florida LLC, an investment entity owned by Jaguars owner Shad Khan. Situated along East Bay Street and adjacent to EverBank Stadium, the football team’s home stadium, the office building will total 143,000 square feet across six floors, including 9,670 square feet of ground-level retail space. The Jaguars will lease three floors of the building, with two of the remaining floors marketed for lease. An affiliate of the Jaguars will occupy and operate a portion of the ground floor as a fitness facility. A construction timeline was not disclosed.

February 16, 2024

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Provides $14.3M in Construction Financing for Affordable Housing Project in Green Bay

by Kristin Harlow February 16, 2024

GREEN BAY, WIS. — Associated Bank has provided $14.3 million in construction financing for Bay City Lofts, an affordable housing project in Green Bay. The financing package included a $6.3 million construction loan and $8 million of Low-Income Housing Tax Credit (LIHTC) equity. The bank also sponsored a $600,000 Affordable Housing Project (AHP) grant from the Federal Home Loan Bank of Chicago. Capital partners included federal LIHTC syndicator CREA, permanent lender IFF and the City of Green Bay. Located at 2510 University Ave., Bay City Lofts will feature 48 units, of which 40 will be designated as affordable for families earning 30 to 60 percent of the area median income. Gorman & Co. LLC and Lutheran Social Services of Wisconsin and Upper Michigan are the developers. The four-story building will feature one-, two- and three-bedroom floor plans. Construction is underway, with completion slated for late 2024. Lutheran Social Services will provide supportive services for residents. Gorman is serving as the co-developer, general contractor and property manager. Bryan Schreiter of Associated Bank’s commercial real estate division managed the loan closing. Stefanie Bachrach of Associated Community Development LLC, the bank’s community development corporation, managed the equity investment closing.

February 16, 2024

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