Loans

The Preiss Co. Secures Recapitalization for 600-Bed Student Housing Community Near Auburn University in Alabama

by John Nelson November 6, 2023

AUBURN, ALA. — The Preiss Co. (TPCO) has recapitalized the Collective at Auburn, a 600-bed student housing community located near the Auburn University campus in Alabama. A multimillion-dollar renovation is planned for the property, which will include upgrading countertops, appliances and paint in select units; modernization of unit access controls; and fully furnishing 25 percent of units. Upgrades are scheduled to begin in spring 2025. The Collective at Auburn offers two-, three- and four-bedroom units with bed-to-bath parity. Amenities include a 24-hour fitness center, swimming pool, basketball court, tanning salon, volleyball court, game room, movie theater and a business center.

November 6, 2023

Loans New York Northeast Retail

IPA Arranges $22M Loan for Refinancing of Manhattan Retail Property

by Taylor Williams November 6, 2023

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located at 521 W. 21st St. in Manhattan’s Chelsea neighborhood. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.

November 6, 2023

Arizona Loans Multifamily Western

Marcus & Millichap Arranges $19.3M Refinancing for Harmony at Hurley Farms Apartments in Tolleson, Arizona

by Amy Works November 6, 2023

TOLLESON, ARIZ. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $19.3 million refinancing for Harmony at Hurley Farms, an apartment community in Tolleson, a western suburb of Phoenix. Tyler Waller of MMCC’s Phoenix office secured the financing. Terms of the loan include a five-year term, fixed rate of 6.41 percent, interest-only payments, loan-to-value ratio of 60 percent and 30-year amortization schedule. Located at 2929 S. 91st Ave., Harmony at Hurley Farms features 128 apartments and was 70 percent occupied at the time of financing.

November 6, 2023

Loans Michigan Midwest Office

Bayview PACE Provides $2M in C-PACE Financing for Office Building Conversion Near Grand Rapids

by Kristin Harlow November 6, 2023

HOLLAND TOWNSHIP, MICH. — Bayview PACE has provided $2 million in C-PACE financing for a 132,000-square-foot office building in Holland Township near Grand Rapids that was converted into a church. Family Church, a West Michigan-based religious group with 2,400 current members, spearheaded the project. Located at 10717 Adams St., the three-story former bank headquarters was converted into a church facility with a large sanctuary, fellowship hall, café with commercial kitchen, new offices, classrooms, restrooms and other supporting spaces. The C-PACE funding supported upgrades of primary building systems, including HVAC, electrical and plumbing. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing buildings. Eligible improvements include energy efficiency, water efficiency, renewable energy and resiliency measures such as seismic and stormwater measures. The new location for Family Church serves as the largest of three campuses in the area.

November 6, 2023

Development Idaho Loans Multifamily Western

NewPoint Provides $22.5M in Financing for The Larkspur Workforce Housing Development in Victor, Idaho

by Amy Works November 3, 2023

VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing to facilitate the development of The Larkspur, an 86-unit, market-rate, workforce multifamily community. Miami-based Plaza Equity Partners is developing the property in Victor, a small city of approximately 2,000 residents near the Wyoming border. Karen Kim of NewPoint originated the loan, which features a 22-month construction period followed by a 40-year term. The Larkspur is a planned three-story, garden-style community with 3,000 square feet of retail space. The property will feature 29 studio units, 43 one-bedroom units, 11 two-bedroom units and three three-bedroom units. Community amenities will include an outdoor fire pit, barbecue areas, a bark park, bocce ball court, controlled climate storage and winter/summer sports repair and storage rooms. The project team includes Victor-based Headwaters Construction Co.; Boise-based Syringa Property Management; and South Jordan, Utah-based AE Urbia Architects & Engineers. The Larkspur is situated within the Jackson, Wyoming-Idaho micropolitan statistical area.

November 3, 2023

Development Illinois Loans Midwest Multifamily

PACE Equity Provides $10.9M in C-PACE Financing for Multifamily Conversion Project in Rockford, Illinois

by Kristin Harlow November 3, 2023

ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a multifamily conversion project in Rockford. The C-PACE capital will help fund energy-efficient improvements for a 215-unit multifamily development to be built at 150 Loomis St. Specifically, the financing is for HVAC, LED lighting, windows, walls, roof and water conservation improvements. The property previously served as industrial space and consists of two buildings. The Illinois Energy Conservation Authority (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.

November 3, 2023

Loans Multifamily New Jersey Northeast

Greystone Provides $12.2M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams November 3, 2023

BOONTON, N.J. — Greystone has provided a $12.2 million bridge loan for the refinancing of Packard Lofts Apartments, a 65-unit multifamily complex located in the Northern New Jersey community of Boonton. The property was originally constructed in the 1880s and was used as a warehouse and distribution center for Packard Car Co. in the 1950s before being converted to residential use in 2019. Packard Lofts Apartments offers a fitness center and onsite parking, and 12 units are reserved as affordable housing. Eliav Dan of Greystone originated the financing on behalf on the undisclosed borrower.

November 3, 2023

Kentucky Loans Lument Multifamily Southeast

Lument Provides $78.8M HUD-Insured Refinancing for Hub Apartments in Bowling Green, Kentucky

by John Nelson November 2, 2023

BOWLING GREEN, KY. — Lument has provided a $78.8 million loan through HUD’s 223(f) program for The Hub, a 590-unit apartment community in Bowling Green. Ryan Duling of Lument’s Columbus, Ohio office originated the financing, which was underwritten with a low fixed interest rate and a 25-basis-point mortgage insurance premium due to its green classification. The borrower was not disclosed. Built in 2020, The Hub comprises 42 apartment buildings surrounding a central park. Amenities include pickleball courts, a splash pad, pet park and resort-style pools with multiple pavilions and lounge areas, as well as food-and-beverage options.

November 2, 2023

Florida Loans Office Southeast

New York Life Closes $45M Loan for Midtown West Office Building in Tampa

by John Nelson November 2, 2023

TAMPA, FLA. — New York Life Insurance Co. has provided a $45 million loan for Midtown West, an eight-story office building within the 22-acre Midtown Tampa development. Ed Coco, Matt Casey and Lee Weaver of JLL arranged the five-year loan through New York Life on behalf of the borrower, a joint venture between Highwoods Properties and The Bromley Cos. Built in 2021, the 152,000-square-foot Midtown West was fully leased at the time of financing to Prudential, Primo and Nestle.

November 2, 2023

Acquisitions Loans South Carolina Southeast Student Housing

JLL Funds $18.5M Acquisition Loan for Student Housing Community Near Coastal Carolina University

by John Nelson November 2, 2023

CONWAY, S.C. — JLL has provided an $18.5 million Freddie Mac acquisition loan for Bellamy Coastal, a 480-bed student housing community situated near Coastal Carolina University. Built in 2018, the property is located at 300 Bellamy Ave. in Conway, a half-mile east of the university and 10 miles from Myrtle Beach. Amenities include a resort-style pool, sundeck, beach volleyball court, 24-hour fitness center, computer lab, study area, hammock garden and in-apartment security systems. Dan Kearns, Patricia Heminger, Sam Tarter and Katia Novi of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Eastman Residential. The loan will be serviced by JLL Real Estate Capital LLC, a member of Freddie Mac Multifamily’s Optigo network of seller-servicer partners.

November 2, 2023

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