Loans

Walker & Dunlop Arranges $175M in Equity, Construction Financing for Last-Mile Distribution Facility in Philadelphia

by Kristin Harlow July 12, 2023

PHILADELPHIA — Walker & Dunlop Inc. has arranged $40 million in limited partner equity and $135 million in construction financing for 5000 Richmond Street, a 750,000-square-foot, last-mile distribution facility in Philadelphia. The project will include two Class A buildings each with clear heights of 40 feet, a total of 112 loading dock doors, 206 trailer parking stalls and 759 car parking stalls. The site is within a Qualified Opportunity Zone and benefits from a long-term tax abatement from the city. The development will be situated six miles from Center City and offer immediate access to I-95, I-276 and I-476, which connect to New York City and Washington, D.C. Vacancy in the metro Philadelphia industrial market ticked up slightly in the first quarter to 4.4 percent, according to CBRE. But the market remains undersupplied, leading rents to gain upward momentum, states the brokerage. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Mo Beler, Michael Diaz and Michael Ianno of Walker & Dunlop represented the borrower, DH Property Holdings LLC (DHPH). Barings provided the construction financing. “This multi-year effort began with our team sourcing limited partner capital to help DHPH acquire the land in the depths of COVID, and culminated in a …

July 12, 2023

Alabama Loans Multifamily Southeast

Berkadia Arranges $13M Refinancing for Multifamily Community in Riverside, Alabama

by John Nelson July 11, 2023

RIVERSIDE, ALA. — Berkadia has arranged a $13 million loan for the refinancing of RiverHouse Apartments, a multifamily community located in Riverside. Located at 300 Riverhouse Loop, the property comprises 144 units and was recently renovated. Tom Genetti of Berkadia secured the financing through Fannie Mae on behalf of the borrower, Birmingham-based The Oakley Group.

July 11, 2023

Loans Multifamily New York Northeast

BHI Provides $65.3M Construction Loan for Queens Multifamily Project

by Taylor Williams July 11, 2023

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $65.3 million construction loan for a 121-unit multifamily project that will be located in the Astoria neighborhood of Queens. The nine-story, waterfront building will include two retail spaces, a community center and onsite parking. The borrower and developer is NuVerse Advisors LLC. Units will come in studio, one-, two- and three-bedroom floor plans. Construction is expected to last about 30 months, putting the project on track for a late 2025 or early 2026 delivery.

July 11, 2023

Loans Multifamily New Jersey Northeast Northmarq

Northmarq Arranges $13M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams July 11, 2023

NORTH ARLINGTON, N.J. — Northmarq has arranged a $13 million loan for the refinancing of The Opus, a 49-unit apartment complex located in North Arlington, located north of Newark in Bergen County. Built in 2021, the property features one-bedroom units and penthouse suites and amenities such as a rooftop terrace, fitness center and a resident lounge. Robert Ranieri of Northmarq originated the debt, which was structured with a fixed interest rate, five-year term and one year of interest-only payments, through an undisclosed local bank. The borrower was also not disclosed.

July 11, 2023

Development Loans Multifamily Seniors Housing Texas

Ziegler Arranges $25.3M Bond Financing for Seniors Housing Project in San Antonio

by Taylor Williams July 10, 2023

SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA), which plans to use the funds to acquire a 27-acre tract in the city and pay for pre-construction development costs of a seniors housing project. FLSA will own and operate the community, which is slated to include 153 independent living apartments, 40 independent living cottages and 16 memory support assisted living units, as well as a covered parking deck, common areas and administrative support spaces. The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. The development will be named Bella Vida at La Cantera.

July 10, 2023

Affordable Housing Development Hawaii Loans Multifamily Western

Joint Venture Receives Financing for $168.1M Halawa View Affordable Housing Community in Honolulu

by Jeff Shaw July 10, 2023

HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) have received $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in State LIHTC equity financing for Halawa View II, a high-rise development in Honolulu. The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012. Hunt Capital Partners facilitated the Federal LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing in the form of an $80.2 million tax-exempt loan and a $12.3 million taxable loan. The Bank of Hawaii will also provide $24.6 million in permanent, tax-exempt financing. Additional financing includes a $42.3 million Rental Housing Revolving Fund loan from Hawaii Housing Finance and Development Corp. and a $5 million loan from Honolulu’s Affordable Housing Fund, which will be lent to the partnership through Hawaii Assisted Housing. Halawa View II will offer 302 studio, one-, two- and four-bedroom apartments. The building will rise 18 stories on a 3.11-acre site. Units will be affordable to households earning at or below 30, 40, 50 and 60 percent of …

July 10, 2023

Acquisitions Loans Retail Utah Western

Gantry Arranges $15.2M Acquisition Financing for Cotton Mill Shopping Center in Washington, Utah

by Jeff Shaw July 10, 2023

WASHINGTON, UTAH — Gantry has arranged a $15.2 million loan for the acquisition of Cotton Mill II, a retail center located in Washington, a suburb of St. George. Situated on 18.2 acres, the property comprises a shopping center and two outparcel ground leases totaling 165,000 square feet, with an additional pad that has capacity for a 15,000-square-foot multi-tenant inline building. Tenants at the center include Kohl’s, Natural Grocers, Ross Dress For Less, JOANN Fabrics, Dollar Tree, Red Robin and Cache Valley Bank. Tony Kaufmann and Erinn Cooke of Gantry secured the 30-year financing through a life insurance company on behalf of the undisclosed borrower.

July 10, 2023

Loans New York Northeast Retail

Progress Capital Arranges $42.5M Loan for Refinancing of Manhattan Retail Property

by Taylor Williams July 10, 2023

NEW YORK CITY —New Jersey-based financial intermediary Progress Capital has arranged a $42.5 million loan for the refinancing of Bridgemarket, a 100,000-square-foot retail property located at the intersection of East 59th Street and First Avenue in Manhattan. Tenants at Bridgemarket include Gustavino’s, T.J. Maxx, Ship Essentials and Trader Joe’s. Brad Domenico of Progress Capital arranged the loan on behalf of the borrower, MADD Equities. The direct lender was not disclosed.

July 10, 2023

Development Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $21M in Financing for Affordable Seniors Housing Project in Morrisville, New York

by Taylor Williams July 10, 2023

MORRISVILLE, N.Y. — KeyBank has provided $21 million in financing for Community View Apartments, a 61-unit affordable housing project that will be located in Morrisville, about 30 miles southeast of Syracuse. The financing consists of a $9 million construction loan and $12 million in Low-Income Housing Tax Credit equity. Residences will serve renters age 55 and above that earn between 30 and 60 percent of the area median income. Roughly a third of the units will target individuals that were either formerly or are currently at risk of homelessness or have physical disabilities. John Paul Vachon and Kate De La Garza of KeyBank structured the financing. The sponsor is Christopher Community Inc., a nonprofit based in Syracuse.

July 10, 2023

Indiana Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges $4M Loan for Refinancing of Indiana Multifamily Portfolio

by Kristin Harlow July 10, 2023

FRANKFORT AND ROSSVILLE, IND. — Maverick Commercial Mortgage Inc. has arranged a $4 million loan for the refinancing of an 81-unit multifamily portfolio in Frankfort and Rossville. A regional lending institution provided the 10-year, fixed-rate loan, which features one year of interest-only payments. The portfolio is 97 percent occupied. The borrower is based in Lafayette, Ind.

July 10, 2023

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