Loans

Sonnenblick-Eichner Co. Arranges $50M Construction Loan for The Lionsback Resort in Moab, Utah

by Amy Works February 8, 2023

MOAB, UTAH — Sonneblick-Eichner Co. has secured $50 million in construction financing for Phase I of Lionsback Resort, a 175-acre development in Moab. Situated adjacent to Canyonlands and Arches national parks, Lionsback’s $350 million, five-year development plans includes 188 single-family residences and a resort hotel. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. Moab is located in the eastern portion of Utah, near the Colorado border, Colorado River and Arches National Park.

February 8, 2023

Acquisitions Development Georgia Loans Multifamily Southeast

CBRE Arranges $62.4M Acquisition Loan for Blakely Apartments in Pendergrass, Georgia

by John Nelson February 7, 2023

PENDERGRASS, GA. — CBRE has arranged a $62.4 million acquisition loan for The Blakely, a 420-unit apartment community being built in phases in Pendergrass, about 57 miles northeast of Atlanta. ARC Multifamily Group is purchasing the partially developed community from developer Green River Builders for $88.4 million. The buyer is under contract to acquire each phase of The Blakely once it receives a certificate of occupancy. Charlie Clark and Blake Cohen of CBRE’s Debt & Structured Finance team arranged the bridge loan through an unnamed life insurance company on behalf of ARC Multifamily Group. Upon completion, The Blakely will include a mix of one-, two- and three-bedroom units ranging in size from 855 to 1,444 square feet. Community amenities will include multiple swimming pools, a theater room, package center, fitness center, game room, yoga pad, fire pit, playground and a beer garden featuring an outdoor kitchen with a bar top, outdoor TV and seating.

February 7, 2023

Loans Multifamily New York Northeast

Largo Capital Arranges $30M Loan for Refinancing of Buffalo Multifamily Portfolio

by Taylor Williams February 7, 2023

BUFFALO, N.Y. — Largo Capital, a locally based commercial finance and advisory firm, has arranged a $30 million loan for the refinancing of a portfolio of 11 multifamily properties totaling 789 units in Buffalo. The portfolio was 99 percent occupied at the time of sale. Ned Perlman of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

February 7, 2023

Michael Klein Lending Freedom Financial Funds

Acquisitions Content Partner Features Loans Midwest Northeast Southeast Texas Western

In Spite of Higher Capital Costs, Successful Deals Can Still be Achieved with Diligence and Solid Underwriting

by Sarah Daniels February 7, 2023

Prospective investors can finance acquisitions even when equity is scarce, explains Michael Klein, CEO and founding principal of Freedom Financial Funds. “The scarcity of equity is an old phenomenon; it’s a relatively new phenomenon that made equity plentiful. For most of history, it was hard work to find equity. However, even in a tight market, if there’s a compelling case for a project to result in success and there are multiple ways of protecting the equity and the debt, that deal will get done.” This is the outlook Klein brings to the 2023 MBA Commercial/Multifamily Finance Convention & Expo. Klein’s company, Freedom Financial Funds, LLC is a private REIT based in Los Angeles and operating in the western United States. The REIT specializes in providing capital to real estate professionals adding value to projects. Debt, Equity and Protecting Value Klein explains that with any type of financing, whether it be debt or equity, it is key to have a compelling story and facts to indicate that the borrower is going to provide a fair amount of value. “Protecting the investor from potential downside risks is an essential part of financing,” explains Klein. This sort of forethought requires thorough due diligence …

February 7, 2023

Development Loans Maryland Multifamily Southeast

UC Funds Provides $20M Loan for Multifamily Development Near Annapolis

by John Nelson February 6, 2023

ANNAPOLIS, MD. — UC Funds has provided a $20 million first mortgage for a multifamily project located in the Washington, D.C.-Baltimore market near Annapolis. Upon completion, the development will feature 60 units and 19,000 square feet of retail space. Further details on the project and construction timeline were not disclosed.

February 6, 2023

Development Industrial Loans Michigan Midwest Ohio

General Motors, LG Joint Venture Receives $2.5B Loan for Construction of Three Battery Cell Manufacturing Facilities

by Kristin Harlow February 6, 2023

OHIO, MICHIGAN AND TENNESSEE — Ultium Cells LLC, a joint venture between General Motors and LG Energy Solutions, has received a $2.5 billion loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO). The loan will help finance the construction of three new lithium-ion battery cell manufacturing facilities in Warren, Ohio; Lansing, Mich.; and Spring Hill, Tenn. JLL assisted the DOE in the credit risk evaluation of the project structure, including the allocation of risk, the strength of construction, supply and purchase contracts. JLL also negotiated the loan terms and conditions. The construction projects are expected to create more than 11,000 jobs. The three new facilities will manage battery cell production to respond to the growing U.S. consumer demand for electric vehicles. The transaction marks LPO’s first closed loan exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing program. In October, the federal government launched the American Battery Materials Initiative to grow the end-to-end battery supply chain alongside $2.8 billion in grants from the DOE.

February 6, 2023

Loans Northeast Pennsylvania Retail

Axiom Capital Arranges $11M Loan for Refinancing of Retail Property in Altoona, Pennsylvania

by Taylor Williams February 6, 2023

ALTOONA, PA. — Commercial finance and advisory firm Axiom Capital Corp. has arranged an $11 million loan for the refinancing of a 222,139-square-foot, single-tenant retail property in Altoona, about 100 miles east of Pittsburgh. Walmart occupies the property, which houses a grocery store, auto care center, pharmacy and a hair salon. The names of the borrower, a private investment group, and direct lender, a bank, were not disclosed.

February 6, 2023

Development Loans Multifamily New York Northeast

Northwind Group Provides $313M in Financing for Completion of Manhattan Residential Tower

by Taylor Williams February 3, 2023

NEW YORK CITY — Northwind Group, a locally based private equity firm, has provided $313 million in financing for the completion of an 88-story residential tower located at 125 Greenwich St. in Manhattan. Vertical construction of the tower was completed in 2020, but progress has since stalled. Residences will come in studio, one-, two- and three-bedroom floor plans, and the 912-foot building will have multiple floors dedicated to lifestyle and wellness amenities. The borrower, a joint venture between Fortress Investment Group, Bizzi & Partners and the U.S. Immigration Fund, plans to rebrand the building and launch condo sales this fall. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop arranged the financing.

February 3, 2023

Development Loans Multifamily Washington Western

First Citizens Bank Arranges $65.7M in Development Financing for Sparks Apartments in Redmond, Washington

by Amy Works February 3, 2023

REDMOND, WASH. — First Citizens Bank’s real estate finance group has arranged $65.7 million in financing for MainStreet Property Group to develop The Spark Apartments, a Class A multifamily project in Redmond. The asset will feature 211 units spread across two buildings divided by a public urban forest and connected by a sky bridge. Apartments will feature quartz countertops, stainless steel appliances, washers/dryers, air conditioning, and patios or balconies on 50 percent of the units. Community amenities will include an automated package room with contactless delivery, communal kitchen, food garden, mediation room, artist studio and fitness center. The property is being constructed using low-carbon concrete and will feature a rooftop solar system and carsharing partnership that will offset the building’s carbon footprint.

February 3, 2023

Loans Northeast Office Vermont

Fantini & Gorga Arranges $12M Loan for Refinancing of Office Complex in Burlington, Vermont

by Taylor Williams February 3, 2023

BURLINGTON, VT. — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $12 million loan for the refinancing of Gateway Square, a two-building office complex in Burlington, located in northwestern Vermont. The buildings are located at 30 and 40 Main St. and were both completed in 1999. Wayne Clough and Colin Monahan of Fantini & Gorga placed the loan with a regional bank on behalf of the borrower, Investors Corp. of Vermont Properties.

February 3, 2023

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