Loans

Gantry Arranges $12.8M Acquisition Loan for Grocery-Anchored Retail Property in Riverside, California

by Amy Works February 14, 2024

RIVERSIDE, CALIF. — Gantry has arranged a $12.8 million permanent loan to fund the recapitalization of a grocery-anchored retail building within the Citrus Landing retail center in the Inland Empire city of Riverside. Stater Bros, AutoZone and Ross Dress for Less are tenants at the 99,000-square-foot retail center, which is located at 7200 Arlington Ave. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry’s Los Angeles production office secured the financing on behalf of the borrower, a private real estate entity. One of Gantry’s correspondent life company lenders provided the loan, which features a fixed rate, interest-only payments and pre-payment flexibility in years four and five.

February 14, 2024

District of Columbia Loans Southeast

MBA: Commercial and Multifamily Loan Originations Decline 47 Percent in 2023

by John Nelson February 14, 2024

WASHINGTON, D.C. — Preliminary estimates from Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations show that commercial and multifamily loan originations in 2023 are down 47 percent compared to 2022. The Washington, D.C.-based organization also reports that originations in fourth-quarter 2023 declined 25 percent year-over-year but increased by 13 percent from third-quarter 2023. The association released its findings during its 2024 Commercial/Multifamily Finance Convention and Expo (MBA CREF), an annual conference that concludes today. Loan volume declined for every property sector and investor type that MBA tracks in 2023. By property type, originations for healthcare properties decreased 67 percent compared to 2022; office properties decreased 65 percent; industrial properties decreased 49 percent; multifamily properties decreased 46 percent; retail properties decreased 27 percent; and hotel properties decreased 10 percent. Among investor types, originations for depositories (i.e. banks and credit unions) decreased 64 percent; originations for investor-driven lenders decreased 51 percent; loans for life insurance companies decreased 39 percent; loans for government-sponsored enterprises, including Fannie Mae and Freddie Mac, decreased 21 percent; and CMBS loans decreased 21 percent.

February 14, 2024

Development Florida Loans Multifamily Southeast

Madison Communities, Heitman Obtain $44M Construction Loan for Southwest Florida Apartment Development

by John Nelson February 13, 2024

BONITA SPRINGS, FLA. — Madison Communities and Heitman have obtained a $44 million construction loan for the development of Madison Bonita Springs, a 252-unit apartment development in Southwest Florida. Patterson Real Estate Advisors arranged the financing through First Citizens Bank on behalf of the developers. The Class A community will be located on Bonita Beach Road adjacent to the I-75 interchange. BenCo, Madison Communities’ in-house general contractor, plans to deliver Madison Bonita Springs by the end of 2025.

February 13, 2024

Affordable Housing Loans Multifamily New York Northeast

Dwight Mortgage Trust Provides $75.2M Refinancing for Brooklyn Mixed-Income Complex

by Taylor Williams February 13, 2024

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $75.2 million bridge loan for the refinancing of 210 Clarkson, a 165-unit mixed-income complex in Brooklyn’s Lefferts Gardens area. Built in 2023, the property consists of 115 market-rate units and 50 affordable housing units, an 18,700-square-foot grocery store and a 700-square-foot community facility. Units come in studio, one- and two-bedroom floor plans, and amenities include workspaces, a game room, screening room, pet spa, gym and a rooftop terrace. Meir Kessner and David Eisen at Sevenstone Capital arranged the loan on behalf of the borrower, a New York family office.

February 13, 2024

Illinois Loans Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $29.5M Refinancing for Marine Terrace Apartments in Chicago

by Kristin Harlow February 13, 2024

CHICAGO — Walker & Dunlop has arranged $29.5 million in refinancing for Marine Terrace Apartments in Chicago’s Buena Park neighborhood. The 190-unit apartment community at 4180 N. Marine Drive was formerly a condominium building. Dean Huber and Brien Martin of Walker & Dunlop arranged the loan through Prime Finance on behalf of the borrower, Rany Management. Rany plans to use around $2 million of the financing to add amenities such as a rooftop deck and a fitness room.

February 13, 2024

Affordable Housing Arizona Development Loans Multifamily Seniors Housing Western

Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Amy Works February 13, 2024

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. In addition, Merchants Bank provided $89 million in equity bridge loans, while Barclays Capital provided $179 million in construction loans. Juniper Square will offer 221 units for residents age 55 or older spread across two four-story residential buildings. Common amenities will include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room and recreation and picnic areas. Consisting of 14 three-story residential buildings, 67 Flats will offer 384 apartments. The community will also feature four non-residential buildings, including a leasing office, clubhouse and fitness center. Community amenities will include onsite management, a swimming pool, sports court, central …

February 13, 2024

Loans Multifamily Washington Western

TPG Real Estate Provides $79M Refinancing for Marina Square Apartments in Bremerton, Washington

by Amy Works February 13, 2024

BREMERTON, WASH. — JLL has arranged $79 million in refinancing for Marina Square, a waterfront apartment property at 280 Washington Ave. in Bremerton. Seth Heikkila, Tom Wilson and Steve Petrie of JLL Capital Markets Debt Advisory secured the five-year, floating-rate loan through TPG Real Estate Credit for the borrower, Sound West Group. Situated on the Puget Sound waterfront, Marina Square features 270 studio, one- and two-bedroom units with water and mountain views, large windows, vinyl plank flooring, quartz countertops, stainless steel appliances and full-size washers/dryers. Community amenities include a rooftop deck, a club room with indoor and outdoor space, a landscaped public plaza with three venue spaces, a kayak launch and grilling stations. Additionally, Marina Square features 9,158 square feet of retail space divided into three units. Currently named tenants include The Market at Marina Square and YMCA.

February 13, 2024

Acquisitions Loans Multifamily Washington Western

Berkadia Arranges $21.5M Acquisition Loan for Duo Apartments in University Place, Washington

by Amy Works February 13, 2024

UNIVERSITY PLACE, WASH. — Berkadia has secured $21.5 million in financing for the purchase of The Duo Apartments, a Class A multifamily community in University Place, a suburb of Tacoma. Located at 4201 Bridgeport Way West, The Duo Apartments features 104 studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet. Apartments offer washers/dryers, stainless steel appliances, faux wood flooring, designer finishes and patios or balconies. The pet-friendly community features a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad Williamson of Berkadia Miami, arranged the financing on behalf of the buyer, a private investor. The borrower acquired the asset for $30.5 million. Coral Gables, Fla.-based Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms.

February 13, 2024

Loans New Jersey Northeast Retail

G.S. Wilcox & Co. Arranges $7M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams February 12, 2024

UNION, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $7 million loan for the refinancing of a 38,247-square-foot shopping center in Northern New Jersey. The unnamed center is located on a 2.4-acre site along one of the area’s major retail corridors. Wesley Wilcox and David Fryer of G.S. Wilcox arranged the five-year loan, which carries a fixed interest rate and a 30-year amortization schedule, through a correspondent life insurance company lender on behalf of the undisclosed borrower.

February 12, 2024

California Loans Multifamily Western

Northmarq Arranges $82M Refinancing for The Cartwright Apartment Complex in Irvine, California

by Amy Works February 12, 2024

IRVINE, CALIF. — Northmarq’s West Palm Beach debt and equity team of David Gahagan, Chris Hammel and Chandler Kaye has arranged an $82 million refinancing for The Cartwright, a multifamily property in the Orange County city of Irvine. The firm arranged financing on behalf of the first-time developer through a correspondent relationship with a life insurance company. The refinancing features a five-year term with interest-only payments for the full life of the loan. Built in 2021, The Cartwright features 272 affordable workforce apartments. The property is located at 17600 Cartwright Road.

February 12, 2024

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