Loans

Aztec Group Provides $22.3M Refinancing for Oak Plaza Apartments in Miami

by John Nelson June 27, 2023

MIAMI — Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months. Units at Oak Plaza range from 800 to 1,213 square feet, according to Apartments.com. Amenities include a clubhouse, pool, fitness center, controlled access and a business center.

June 27, 2023

Georgia Loans Office Southeast

CBRE Arranges Refinancing of 312,591 SF Platinum Tower Office Building in Atlanta

by John Nelson June 27, 2023

ATLANTA — CBRE has arranged a loan for the refinancing of Platinum Tower, a 312,591-square-foot office building located at 400 Interstate N. Parkway in Atlanta’s Cumberland/Galleria submarket. The 17-story office tower is situated near the intersection of I-75 and I-285 and within walking distance of the Chattahoochee River and The Battery, a mixed-use development surrounding Truist Park, the home ballpark of the Atlanta Braves. Brian Linnihan, Mike Ryan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta represented the borrower, Accesso, in the deal. An undisclosed financial services firm provided the five-year CMBS loan, the amount of which was not disclosed.

June 27, 2023

Loans Multifamily Texas

Colliers Mortgage Provides $29M HUD-Insured Refinancing of Multifamily Property in DeSoto, Texas

by Taylor Williams June 27, 2023

DESOTO, TEXAS — Colliers Mortgage has provided a $29 million HUD-insured loan for the refinancing of The Beacon on Westmoreland, a 194-unit multifamily property in DeSoto, a southern suburb of Dallas. The complex was completed in 2021 and consists of seven residential buildings and a leasing office/clubhouse. Amenities include a pool, fitness center, dog park and walking trails. Fritz Waldvogel of Colliers Mortgage originated the 35-year loan through a partnership with Old Capital Lending. The borrower was not disclosed.

June 27, 2023

Development Loans Multifamily New Jersey Northeast

JLL Arranges $49.7M Construction Loan for Multifamily Project in Livingston, New Jersey

by Taylor Williams June 27, 2023

LIVINGSTON, N.J. — JLL has arranged a $49.7 million construction loan for Highgate at Livingston, a 169-unit multifamily project that will be located in Northern New Jersey. The complex will offer one, two- and three-bedroom units that will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Amenities will include a pool, fitness center, clubhouse, coworking lounge, outdoor grilling and dining areas and a dog run. Michael Gigliotti, Matthew Pizzolato, Michael Lachs and Benjamin Morgenthal of JLL arranged the floating-rate loan through Truist Bank on behalf of the borrower, Continental Properties.

June 27, 2023

Acquisitions Affordable Housing Loans Montana Multifamily Seniors Housing Western

PGIM Provides $16.1M HUD Loan for South Forty Apartments in Billings, Montana

by Jeff Shaw June 26, 2023

BILLINGS, MONT. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by a Section 8 contract. The property also has a tax credit LURA on title restricting half of the units to residents earning up to 50 percent of area median income (AMI) and the other half at 60 percent AMI through 2069. LAC plans to complete an extensive rehabilitation of the property that will address deferred maintenance at the property, revitalize the apartments and update site amenities. The property was originally constructed in 1987 and was last renovated in 2007. LAC’s scope of work will include new kitchens and baths, new windows throughout, upgrades to the clubhouse, new solar panels and accessibility repairs. Alex Viorst, executive director at PGIM Real Estate, led the financing on behalf of the firm.

June 26, 2023

Arizona Hospitality Loans Western

HALL Structured Finance Funds $19M Bridge Loan for Residence Inn by Marriott Phoenix Mesa East

by Jeff Shaw June 26, 2023

MESA, ARIZ. — HALL Structured Finance (HSF) has provided a $19.1 million bridge loan to Khangura Development, the owner of Residence Inn by Marriott Phoenix Mesa East. The newly constructed hotel in Mesa offers 127 suites with modern amenities. It has consistently maintained high occupancy rates due, in part, to its proximity to the Mountain Vista Medical Center, according to the lender. HSF’s loan aims to support the long-term viability of the hotel and secure its permanent financing.

June 26, 2023

Development Loans Multifamily Texas

Cronheim Mortgage Arranges $18.3M Construction Loan for Multifamily Project in Edinburg, Texas

by Taylor Williams June 26, 2023

EDINBURG, TEXAS — New Jersey-based Cronheim Mortgage has arranged an $18.3 million construction loan for Las Vilitas, a 200-unit multifamily project that will be located in the Rio Grande Valley city of Edinburg. An undisclosed regional bank provided the loan, which was structured with three years of interest-only payments followed by a 12-year term. The sponsor is locally based developer Verturo Interests. David Poncia led the transaction for Cronheim Mortgage.

June 26, 2023

Development Hospitality Loans South Carolina Southeast

Arriba Capital Provides $20M Construction Financing for Element by Westin Hotel in Charleston, South Carolina

by Hayden Spiess June 23, 2023

CHARLESTON, S.C. — Arizona-based Arriba Capital has provided a $20 million loan for the construction of Element by Westin, a hotel development currently underway in Charleston. Located at 4865 N. Arco Lane, the property will feature 125 rooms. Amenities will include complimentary breakfast, swimming pool, fitness center, bar, guest laundry room and sundries shop. Contender Development is the borrower and developer.

June 23, 2023

Build-to-Rent Development Loans Single-Family Rental Texas

MMCC Arranges $12.5M in Equity Financing for Residential Project in San Marcos, Texas

by Taylor Williams June 23, 2023

SAN MARCOS, TEXAS — Marcus & Millichap Capital Corp. has arranged $12.5 million in joint venture equity financing for a residential project in San Marcos, located roughly midway between Austin and San Antonio. The development will consist of 210 for-rent, freestanding “micro homes” of modular construction. Homes will come in one- and two-bedroom formats and range in size from 400 to 1,100 square feet. Construction is expected to last about 21 months. Duke Dennis of Marcus & Millichap Capital Corp. arranged the equity financing and partnership on behalf of the lead developer, Casata.

June 23, 2023

Illinois Industrial Loans Midwest Wisconsin

BWE Arranges $5.2M Acquisition Loan for Industrial Portfolio in Illinois, Wisconsin

by Kristin Harlow June 23, 2023

ILLINOIS AND WISCONSIN — BWE has arranged a $5.2 million acquisition loan for a three-property industrial portfolio in Illinois and Wisconsin. Likewise Partners acquired the portfolio. Christopher Carroll and Max Miller of BWE arranged the loan through a Minnesota-based credit union. The three infill properties are located in Menomonee Falls, Wis., Appleton Wis.; and Machesney Park, Ill. The portfolio totals 79,152 square feet and is fully leased, with 92 percent of the space occupied by the Engman-Taylor Co., an industrial distributor.

June 23, 2023

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