Loans

Lenders, Borrowers Are in a Holding Pattern Until Interest Rates Settle

by John Nelson July 19, 2023

The U.S. economic picture is an opaque one for lenders and borrowers alike as inflationary pressures persist and the massive swings in interest rates are still working their way through the economy. At its May meeting, the Federal Open Markets Committee (FOMC) raised the federal funds rate for a 10th consecutive time to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 percent to 1 percent. Raising the feds fund rate is the primary way that the Federal Reserve combats inflation, which was at a 3 percent annual rate in June, according to the Bureau of Labor Statistics’ Consumer Price Index (CPI). The CPI is at its lowest level in more than two years, which is generally viewed as a positive sign for economic stability, though the June figure is 100 basis points more than the Fed’s target inflation goal of 2 percent. Jason Scott, managing director and head of conventional loan production at Regions Bank, estimates that it can take six to eight months for each interest …

July 19, 2023

Florida Hospitality Loans Southeast

JLL Arranges $145M Refinancing Loan for Hotel Portfolio in Metro Orlando

by John Nelson July 18, 2023

WINTER GARDEN, FLA. — JLL has arranged a $145 million loan for the refinancing of a four-property hotel portfolio in the Orlando suburb of Winter Garden totaling nearly 1,000 rooms. Gregg Shapiro and Barnett Wu of JLL arranged the financing through Aareal Capital Corp. on behalf of the borrower, Doradus Partners, and its management affiliate, Yedla Hotels. The hotels in the portfolio includes: the 223-room Residence Inn by Marriott (2111 Flagler Ave.); the 273-room Fairfield Inn & Suites by Marriott (631 Flagler Ave.); the 272-room Home2 Suites by Hilton (341 Flagler Ave.); and the 229-room Homewood Suites by Hilton (411 Flagler Ave.). The hotels, which were delivered between January 2021 and January 2022, are situated near the western gate of Walt Disney World Resort.

July 18, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides Bridge Financing for $150M Acquisition of Supportive Living Portfolio in Metro Chicago

by Kristin Harlow July 18, 2023

CHICAGO — Greystone Monticello, a bridge lending platform serving as a one-stop-shop provider of capital finance products and services for the multifamily and seniors housing sectors, has provided bridge financing for the $150 million acquisition of a portfolio of eight supportive living facilities in Illinois. The portfolio was financed with a two-year bridge loan and is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 beds, the facilities are located in Elk Grove Village, Melrose Park, Country Club Hills, Bartlett, Vernon Hills and Chicago. The supportive living program in Illinois is an alternative to nursing home care for low-income persons requiring mid-range care needs. Eric Rosenstock of Greystone worked with both the buyer and seller and originated the bridge financing.

July 18, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $7M HUD-Insured Loan for Rehabilitation of Minneapolis Affordable Housing Portfolio

by Kristin Harlow July 18, 2023

MINNEAPOLIS — Colliers Mortgage has provided a $7 million HUD 221(d)(4) loan for the rehabilitation of a 57-unit affordable housing portfolio in Minneapolis. The portfolio is comprised of two properties: Talmage Green (26 units), and Oakland Square (31 units). All the units are covered by project-based Section 8 Housing Assistance Payments (HAP) contracts, which have been renewed with 20-year terms. The portfolio is comprised of a variety of walk-up units, townhome units and single-family units. The properties will undergo $8.1 million in renovation work, including dwelling unit and community space upgrades. In addition to the 40-year HUD loan, the project will utilize 4 percent low-income housing tax credits and tax-exempt bonds. David Mullen of Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. Talmage Oakland LP was the borrower. Trellis Management Co. will continue to serve as property manager.

July 18, 2023

California Loans Multifamily Western

Slate Asset Management Provides $27M Senior Loan Facility for Lantana Uptown Apartments in Oakland

by Jeff Shaw July 18, 2023

OAKLAND, CALIF. — Slate Asset Management’s private credit business has closed a $27 million senior loan facility for Lantana Uptown, a Class A multifamily community in Oakland. The property offers high-end units and premium amenities. Charles Halladay and Lillian Roos of Jones Lang LaSalle Americas Inc. represented the undisclosed borrower.

July 18, 2023

Loans Multifamily New Jersey Northeast

JLL Arranges $47M Loan for Refinancing of Active Adult Community in Northern New Jersey

by Taylor Williams July 18, 2023

NORTH BRUNSWICK, N.J. — JLL has arranged a $47 million loan for the refinancing of Amaranth at North Brunswick, a 222-unit active adult community in Northern New Jersey. The newly constructed, age-restricted property features one- and two-bedroom units and amenities such as a pool, dog park, fitness center, package room, outdoor grilling and dining stations, putting green and a demonstration kitchen. Michael Klein, Matthew Pizzolato and Michael Meisner of JLL arranged the seven-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, The Kaplan Cos.

July 18, 2023

Development Industrial Loans New York Northeast Office

First Citizens Bank Provides $42.2M Construction Loan for Film Production Studio in Yonkers, New York

by Taylor Williams July 18, 2023

YONKERS, N.Y. — First Citizens Bank has provided a $42.2 million construction loan for a film production studio in Yonkers, located north of New York City, that will be operated by MediaPro US, a Spanish language programming company. A joint venture between National Resources and Great Point Media is developing the 112,400-square-foot facility, which will house studio, office and warehouse space. A construction timeline was not disclosed.

July 18, 2023

Development Florida Loans Mixed-Use Multifamily Southeast Top Stories

PMG, Greybrook Receive $226M Construction Loan for High-Rise Apartment Development in Fort Lauderdale

by John Nelson July 18, 2023

FORT LAUDERDALE, FLA. — A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St., the 42-story building represents Phase II of Society Las Olas, the first phase of which opened in May 2020 and sold in 2021. Phase I’s retail component, which spans 17,000 square feet, was sold separately to PMG and Greybrook in early 2022 for $17 million. Phase II of Society Las Olas will add 563 new luxury apartments to the local supply, as well as 1,652 square feet of ground-floor retail space. Units will comprise apartments with traditional rental arrangements as well as co-living/rent-by-bedroom options. Amenities will include a coworking lab with private meeting rooms, pool deck, yoga lawn and a modern fitness center. Residents will have access to a proprietary mobile app that will enable keyless entry and allow residents to manage guest lists, adjust smart thermostats, send notifications about packages, manage payments, request maintenance and register for community events. …

July 18, 2023

Georgia Loans Multifamily Southeast

Thorofare Capital Provides $52.2M Refinancing for Multifamily Tower in Atlanta

by John Nelson July 17, 2023

ATLANTA — Thorofare Capital, an affiliate of Callodine Group, has provided a $52.2 million loan for the refinancing of 142 units within Seven88 West Midtown, a 279-unit multifamily tower located in Atlanta’s West Midtown submarket. The borrower, McKinley Homes, developed the property between 2018 and 2020 for $135 million and previously sold 113 condominiums. In addition to the 142 apartments, the loan will cover 8,639 square feet of ground-floor retail space. McKinley plans to use the funds to complete the lease up of the community, whose amenities include a swimming pool, dog park, clubhouse, lounge, spa and a fitness center. Ben Nevid, Drew Anderman, Naphtali Marrus and Elliot Braude of Meridian Capital Group arranged the financing, and David Perlman, Edward Prosser and Scott Sumida of Thorofare originated the loan.

July 17, 2023

Kentucky Loans Multifamily Southeast

Greystone Originates $42.3M Financing for Multifamily Community in Louisville

by John Nelson July 17, 2023

LOUISVILLE, KY. — Greystone has originated a $42.3 million loan for the financing of 800 Tower Apartments, a 286-unit multifamily community located in Louisville. Anthony Cristi of Greystone originated the Fannie Mae loan, which carries a 10-year term and 30-year amortization schedule, as well as three years of interest-only payments. Built in 1963, the property features apartments in studio, one- and two-bedroom layouts across 29 stories. The borrower was an entity doing business as 800 City Apartments LLC.

July 17, 2023

Newer Posts

Older Posts