Loans

Marcus & Millichap Arranges $13.6M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow September 6, 2023

LAKE ELMO, MINN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of The Fields at Arbor Glen in Lake Elmo, an eastern suburb of the Twin Cities. The age-restricted property was recently built and features a mix of one- and two-bedroom units in the main building as well as nine townhouse duplex units. Michael Hughes of MMCC arranged the five-year, fixed-rate loan with an interest rate of 5.85 percent and interest-only payments for six months. The loan features a 30-year amortization schedule and a 65 percent loan-to-value ratio. A local credit union provided the loan.

September 6, 2023

Arizona Development Loans Multifamily Western

IDM Cos. Receives $62.6M Construction Financing for Meritum Sonoran Desert Multifamily Project in Phoenix

by Amy Works September 6, 2023

PHOENIX — IDM Cos. has received $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style apartment project in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia of JLL Capital Markets Debt Advisory secured the loan through a life company for the borrower. Slated for completion in 2025, the 13-building community will feature 348 one-, two- and three-bedroom units with an average size of 1,048 square feet. Additionally, Meritum Sonoran Desert will feature a freestanding clubhouse with a residential living room and kitchen, exercise facility, package lockers, covered patio, dog park, fire pits and two resort-style pools. Meritum Sonoran Desert will be located at the northwest corner of Sonoran Desert Drive and 29th Avenue.

September 6, 2023

Loans Multifamily Texas

Colliers Mortgage Provides $16.5M Agency Acquisition Loan for Multifamily Property in Grand Prairie, Texas

by Taylor Williams September 5, 2023

GRAND PRAIRIE, TEXAS — Colliers Mortgage has provided a $16.5 million Fannie Mae acquisition loan for The Chandler, a 164-unit multifamily property located roughly midway between Dallas and Fort Worth in Grand Prairie. The property offers one-, two- and three-bedroom units and amenities such as a pool and a playground. Robert Siddall, William Givens, Shawn Givens and Ken Higgins of Colliers Mortgage originated the financing, which was structured with a five-year term and a 35-year amortization schedule. The borrower was Dallas-based private equity firm Reap Capital.

September 5, 2023

Industrial Loans Washington Western

Gantry Arranges $11M Refinancing for Four-Building Cumberland Industrial Center in Kent, Washington

by Amy Works September 5, 2023

KENT, WASH. — Gantry has secured $11 million in permanent financing for the refinancing of Cumberland Industrial Center, a flex industrial park on 7.4 acres at 22022-22028 68th Ave. S. in Kent. Mike Wood and Alex Saunders of Gantry arranged the financing for the borrower, a private real estate investor. The five-year, fixed-rate loan was placed with one of Gantry’s correspondent insurance company lenders. The financing includes interest-only payments for the entire loan term. Totaling 118,500 square feet, the four-building Cumberland Industrial Center was built in 1980 and since renovated. At the time of financing, a range of manufacturing, retail and professional service tenants occupied the multi-tenant property.

September 5, 2023

Features Loans

How to Navigate Complex Regulatory Changes, Lender Offerings Amid Speculated Commercial Loan Defaults

by Taylor Williams September 5, 2023

By David Kanarfogel, Esq., of Kanarfogel & Srolovitz LLP The commercial real estate industry is approaching a critical crossroad as concerns intensify regarding a potential wave of loan defaults. The implications of such defaults and the legal mandates and guidelines that may emerge in response are of critical importance for commercial borrowers. This is because lenders could introduce new types of credit offerings and provide examples of loan workout activities that can help commercial owners and developers effectively navigate these interesting times. To comprehend the potential impact of loan defaults, it is crucial to grasp the current landscape of commercial lending. Over the past few years, lending in the industry has experienced a surge, resulting in a substantial number of loans approaching maturity. However, economic uncertainties and market volatility brought about by the pandemic, historic inflation and the fickle interest rate outlook have heightened concerns about borrowers’ ability to fulfill their loan obligations — and about what the next steps will be for both lenders and borrowers. Added to that are slowed growth or even reductions in property valuations, which complicates the underwriting for such loans, and with that the prospects for refinance, sale or other credit options that borrowers …

September 5, 2023

Loans Multifamily Texas

KeyBank Funds $32.3M Agency Loan for Refinancing of Metro Austin Apartment Community

by Taylor Williams September 1, 2023

GEORGETOWN, TEXAS — KeyBank Real Estate Capital has provided a $32.3 million Fannie Mae loan for the refinancing of Williamson at the Overlook, a 270-unit apartment community located in the northern Austin suburb of Georgetown. Built in 2019, the property offers one-, two- and three-bedroom units and amenities such as a pool with cabanas and grilling areas, a 24-hour fitness center, cybercafé, clubroom and an entertainment kitchen. Timothy DeWispelaere and Eric Jones of KeyBank originated the fixed-rate financing on behalf of the borrower, RSE Capital Partners.

September 1, 2023

Affordable Housing Development Loans Multifamily Texas

Amegy Bank Provides $25M Construction Loan for Houston Affordable Housing Project

by Taylor Williams September 1, 2023

HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Gray, a 135-unit affordable housing project that will be located in Houston’s Northline neighborhood. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.

September 1, 2023

Development Hospitality Loans Washington Western

Developer Receives $52M Construction Loan for The Somm Hotel and Spa in Woodinville, Washington

by Amy Works September 1, 2023

WOODINVILLE, WASH. — Developer Woodinville Hotel Partners has received a $52 million loan for the construction of The Somm Hotel and Spa, Autograph Collection in Woodinville, approximately 20 miles northeast of Seattle. The 164-room resort will feature a 5,661-square-foot spa; full-service restaurant with a private dining room; 3,000-square-foot rooftop bar with view of Mount Rainier; meeting space; and 9,000 square feet of retail space. The hotel will be the centerpiece of Harvest Wine Village, a 20-acre, master-planned development with nearly 100,000 square feet of retail space and a variety of residential spaces. Dallas-based HALL Structured Finance originated the loan for the borrowers. Brian Holstein of US Hotel Advisors brokered the financing.

September 1, 2023

Development Loans Multifamily North Carolina Southeast

FCP Provides $13.9M in Preferred Equity for Multifamily Development in Charlotte

by John Nelson August 31, 2023

CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit apartment community located along Garron Point Drive in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform, which has invested approximately $640 million to date. When complete, Easton at Mountain Island will be situated on nearly 20 acres near the Catawba River and Charlotte Douglas International Airport.

August 31, 2023

Affordable Housing Loans Multifamily Texas

Amegy Bank Provides $25M Construction Loan for Houston Affordable Housing Project

by Taylor Williams August 31, 2023

HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Berry, a 180-unit affordable housing project that will be located in Houston’s Third Ward. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.

August 31, 2023

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