DORAVILLE, GA. — Hunt Real Estate Capital has provided a $32.5 million acquisition loan for Ashford Walk, a 306-unit multifamily property in Doraville. The loan term is two years, with three one-year extension options. The property was built in 1983 and renovated in 2015 and 2016. The undisclosed borrower will also invest $2 million for interior renovations. The property comprises 65 two-story buildings and one clubhouse. Ashford Walk was 93 percent occupied at the time of sale. Community …
NEW YORK CITY — Berkadia has arranged a $32 million senior loan with a mezzanine loan component for a 60-unit residential project at 433 W. 53rd St. in Midtown Manhattan. Proceeds will be used to stabilize the community, construction of which was recently completed. Keysite Capital Partners provided the loan to the borrower, Emmut Properties. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia handled the
NEW YORK CITY — Merchants Capital has provided a $10.5 million construction loan for Woodlawn Senior Living, an 80-unit community in The Bronx. Residences will be reserved for tenants meeting both income and age requirements, with 30 units specifically reserved for formerly homeless residents. The borrower was RiseBoro Community Partnership Inc., a nonprofit organization that works to provide housing and tenant services to New York City
INDIANAPOLIS — Mortgage banking company Merchants Capital has arranged a $59 million loan for the construction of Bottleworks District, a mixed-use project in the Massachusetts Avenue corridor of Indianapolis. Merchants Bank of Indiana provided the three-year loan on behalf of the borrower and developer, Hendricks Commercial Properties. The $300 million Bottleworks project involves the redevelopment of a former Coca-Cola bottling plant into retail, hotel and office space. Phase I is expected …
HOUSTON — East West Bank has provided a $20 million loan for the refinancing of Sam Houston Crossing II, a 160,000-square-foot office building in Houston. Built in 2013, the three-story property is situated on 8.5 acres along the Sam Houston Tollway and was fully leased at the time of sale. John Ream and Laura Sellingsloh of JLL arranged the loan, which was structured with a five-year term and a 4 percent interest rate, through East West Bank on behalf of the borrower, Buchanan Street …
DES MOINES, IOWA — NorthMarq has secured a $4.7 million loan for the refinancing of a Broadway Storage facility in Des Moines. The 728-unit property is located at 4933 E. Broadway Ave. Jason Kinnison of NorthMarq’s Omaha office arranged the loan with a life insurance company. Terms of the loan were
James P. Flynn, CEO of New York-headquartered Hunt Real Estate Capital, believes 2020 will continue to provide a strong environment for multifamily lending and transactions. Though this may be good news for borrowers, it does mean competition in the market will also remain strong. Flynn addresses these points and elaborates on ORIX USA’s acquisition of the Hunt Companies’ commercial real estate financing subsidiary in the Q&A below. Finance Insight: What commercial property sector …
AURORA, ILL. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured the …
LITTLE ROCK, ARK. — Dougherty Mortgage has provided a $13 million Fannie Mae loan that the borrower will use to refinance the third phase of Bowman Pointe, an apartment community located at 3321 S. Bowman Road in west Little Rock. Phase III spans 106 units and was completed last year. The borrower, Bowman Pointe LLC, is an affiliate of Richardson Properties, a local developer and manager of apartment communities, as well as office, retail, industrial and self-storage properties. The 10-year …
AMITYVILLE, N.Y. — Greystone has provided a $71.3 million HUD-insured loan for the refinancing of Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island village of Amityville. The loan enables the borrower to exit initial bridge financing used to acquire the property in November 2017 and to continue with renovations. The financing carries a fixed interest rate, 30-year term and a 30-year amortization schedule. Originally constructed in 1974, …
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