HAYWARD, CALIF. — Greystone has provided a $15.1 million Fannie Mae Delegated Underwriting & Servicing (DUS) loan to refinance a multifamily community in the Bay Area city of Hayward. Tim Thompson of Greystone originated the financing for the borrower, WSB University Village LLC. Constructed in 1964, University Village features 68 one- and two-bedroom apartments, on-site parking, laundry facilities and a fitness center. The nonrecourse, fixed-rate loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan proceeds will enable the borrower to continue with ongoing property maintenance.
SMITHTOWN, N.Y. — JLL has arranged $29 million in financing for Whisper Woods of Smithtown, a seniors housing property located on Long Island. Built in 2018, the property houses 136 beds across 101 units and offers assisted living and memory care services. The borrower is a partnership between Sculptor Real Estate and Benchmark Senior Living, and the direct lender was an undisclosed regional bank. Joel Mendes, Ted Flagg and Stephen Van Leer led the transaction for JLL.
MIDDLESEX COUNTY, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $30.5 million construction loan for a 152,000-square-foot, speculative industrial project in Northern New Jersey. The exact location was not disclosed, but the site is situated in Middlesex County within 20 miles of the Port of Newark/Elizabeth. Building features will include a clear height of 36 feet, 22 dock doors and excess car and trailer parking space. Bridget Wilcox and Albert Raymond of G.S. Wilcox arranged the financing through an undisclosed, West Coast-based bank. The borrower also requested anonymity.
SKOKIE, ILL. — A joint venture between Wingspan Development Group and Tucker Development has received a $100 million construction loan for The Henry at Harms Woods in Skokie. The project at 5400 Old Orchard Road will feature 245 luxury apartment units, 49 rental townhomes and roughly 10,000 square feet of commercial space. Kennedy Wilson and a national insurance company provided the financing. The project architect is HKM Architects + Planners, and Nicholas & Associates will serve as general contractor. Demolition of an existing office structure at the site is scheduled for this winter. Construction is scheduled to begin in the spring. The Henry at Harms Woods will feature studio, one-, two- and three-bedroom apartment units as well as three-story townhomes. Amenities will include a courtyard, pool, sun deck, grilling areas, fitness center and coworking stations. The project is situated near the 350-acre Harms Woods Nature Preserve as well as Westfield Old Orchard shopping mall. Plans for the project were first announced earlier this year.
FRIDLEY, EAGAN AND BROOKLYN CENTER, MINN. — CBRE has negotiated the sale of an eight-building industrial portfolio totaling 941,564 square feet in metro Minneapolis for $88.5 million. The buildings, which range in size from 72,268 to 207,558 square feet, are located in Fridley, Eagan and Brooklyn Center. Judd Welliver, Bentley Smith, Mike Caprile, Zach Graham, Ryan Bain and Joe Horrigan of CBRE represented the seller, PCCP. The portfolio, which was 98 percent occupied at the time of sale, sold to a joint venture between Minnesota-based Capital Partners and Cincinnati-based Eagle Realty Group. Bill Mork led a JLL Capital Markets team that arranged $57.3 million in acquisition financing on behalf of the buyer. A life insurance company provided the five-year, fixed-rate loan, which featured a loan to value ratio of 65 percent.
BROWNSBURG, IND. — Berkadia has arranged $13 million in institutional equity as well as a $29.9 million Freddie Mac loan for the acquisition of Legacy Park, a 250-unit apartment community in the Indianapolis suburb of Brownsburg. Wilkinson Corp. was the buyer. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia arranged the equity, while Richard Levine of Berkadia originated the seven-year loan. Built in 2009, the property at 6750 Legacy Park Drive features one-, two- and three-bedroom units averaging 1,056 square feet. Amenities include a golf simulator, pool, fitness center, clubhouse and enclosed garages.
Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …
HYATTSVILLE, MD. — JLL has secured a $63 million refinancing for Vie Towers, a 910-bed student housing community located in the Washington, D.C., suburb of Hyattsville. The high-rise community serves students attending both Howard University and the University of Maryland. Doug Opalka, Dan Kearns, Jayme Nelson and Owen Claypool of JLL worked on behalf of the borrowers, Safanad and Vie Management, to secure the three-year, floating-rate loan through Värde Partners. Built in 2006 and renovated in 2019, the community offers a mix of two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a rooftop pool deck, modern fitness center, yoga studio and coworking and creative space.
PHILADELPHIA — JLL has arranged a $33.5 million loan for the refinancing of a portfolio of 10 industrial properties totaling 443,488 square feet in the Philadelphia metro area. The portfolio was fully leased at the time of sale to a mix of local and national tenants, including Boeing and Fiserv. Building features include clear heights ranging from 16 to 22 feet and a total of 82 dock-high doors, 15 drive-in doors and 768 parking spaces. Michael Klein, Steven Klein, Ryan Ade and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Securian Financial on behalf of the borrower, Wharton Industrial.
SAN FRANCISCO — PGIM Real Estate, the San Francisco-based real estate investment and financing business of PGIM, has arranged a $259 million Fannie Mae credit facility addition secured by six multifamily properties on the West Coast. The borrower is The Sobrato Organization. The properties, totaling 1,141 units, are located in suburban West Coast locations benefiting from strong regional demographics and proximity to major employment nodes, according to PGIM. Natalia Todorov, Lauren Kiesel, Elizabeth Velazquez and A.J. Hamer of PGIM handled the transaction. Further details were not disclosed.