Loans

Greystone Provides $15M HUD-Insured Loan for Refinancing of Multifamily Property in Stamford, Connecticut

by Taylor Williams October 10, 2023

STAMFORD, CONN. — Greystone has provided a $15 million HUD-insured loan for the refinancing of a 94-unit multifamily property in Stamford, located in southern coastal Connecticut. The property at 100 Prospect St. was originally built as an office complex between 1977 and 1981 and converted to residential use in 2008. Amenities include a fitness center and a rooftop terrace. Lori DiMartino of Greystone originated the fixed-rate financing, which retires an existing bridge loan that was used to acquire the property. The borrower was not disclosed.

October 10, 2023

Acquisitions California Loans Multifamily Western

Dwight Mortgage Trust Provides $60M Loan for Multifamily Portfolio in California’s Central Valley

by Amy Works October 10, 2023

MODESTO AND STOCKTON, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes in Modesto and Stockton. Totaling 347 units spread across 57 buildings on more than 16 acres, the portfolio includes Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix. Common area amenities include a courtyard garden, outdoor lounge and pool. Proceeds from the bridge loans will provide acquisition funding for the borrower, Tesseract Capital Group, along with substantial capital expenditure funding for both interior and exterior improvements. Following the renovations, the communities will also feature fitness centers and additional lounge areas.

October 10, 2023

Georgia Loans Retail Southeast

CBL, Horizon Group Secure $79.3M Refinancing for Outlet Mall in Woodstock, Georgia

by John Nelson October 9, 2023

WOODSTOCK, GA. — Joint venture partners CBL Properties and Horizon Group Properties have secured a $79.3 million loan for the refinancing of The Outlet Shoppes of Atlanta, a retail outlet property located in Woodstock. The 10-year, fixed-rate financing replaces two existing loans with a total balance of $69.5 million that were set to mature this November. The property features 103 retailers, including American Eagle Outfitters, Auntie Anne’s, Athleta, Banana Republic Factory Store, Champion, Forever 21 and GNC, among others.

October 9, 2023

Development Loans Multifamily New York Northeast

TD Bank Provides $72.5M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams October 9, 2023

NEW YORK CITY — TD Bank has provided a $72.5 million construction loan for a 133-unit multifamily project in the Gowanus area of Brooklyn. The property at 544 Carroll St. will be a 17-story building that will feature an average unit size of 973 square feet and amenities such as a rooftop lounge, fitness center and event space. A quarter of the units will be earmarked as affordable housing. Christopher Peck and Peter Rotchford of JLL arranged the loan on behalf of the borrower, a joint venture between Avery Hall, Declaration Partners and Bridge Investment Group. Delivery is slated for late 2025.

October 9, 2023

California Loans Multifamily Western

LaTerra Development Receives $143.5M in Financing for Two Multifamily Properties in Los Angeles

by Amy Works October 9, 2023

LOS ANGELES — LaTerra Development has received $143.5 million in combined floating-rate bridge loans for two multifamily communities in the greater Los Angeles area. PGIM Real Estate, on behalf of its core-plus debt strategy, provided the financing. Jace Bertges led the PGIM Real Estate team in the financing. The borrower will use the bridge financing to take out the existing construction loans as it leases up and stabilizes the properties. LaTerra, in joint partnership with Clarion Partners, received $90 million in financing for The Louise, a newly constructed apartment community along Hollywood Boulevard in the Los Feliz neighborhood of Los Angeles. The Louise features 246 apartments in a mix of studio, one-, two- and three-bedroom units, a coworking lounge, 24-hour fitness center, an indoor/outdoor clubhouse, collaborative and private office space, as well as 20,487 square feet of retail space. Rob Rubano, Brian Share, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the refinancing transaction. PGIM also provided financing for The Charlie Santa Monica, a community with 99 units spread across three boutique-style buildings. The property offers 20,858 square feet of ground-floor retail space, open-air gathering spaces, fitness centers, resident clubhouses …

October 9, 2023

California Loans Multifamily Western

Northmarq Arranges $46.5M Refinancing for Union Apartments in Chula Vista, California

by Amy Works October 9, 2023

CHULA VISTA, CALIF. — Northmarq, in partnership with Ballast CRE, has secured $46.5 million in financing for Union Apartments in Chula Vista, just south of San Diego. Union Apartments features 170 units, a pool, spa, clubhouse, playground, barbecue areas and a fitness center. Aaron Beck, Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office, in collaboration with Mikee Anderson-Mitterling of Ballast CRE, arranged the loan for the undisclosed borrower through Northmarq’s Fannie Mae DUS platform.

October 9, 2023

Connecticut Loans Northeast Retail

Houlihan-Parnes Arranges $2.6M Loan for Refinancing of Shopping Center in West Haven, Connecticut

by Taylor Williams October 9, 2023

WEST HAVEN, CONN. — Houlihan-Parnes has arranged a $2.6 million loan for the refinancing of Savin Rock Plaza, a 70,000-square-foot shopping center in West Haven, located in southern coastal Connecticut. The center was built in 1985 and is home to tenants such as Family Dollar, Peoples Bank and Dunkin’. New York Saving & Bank provided the 10-year loan to the borrower, an undisclosed investment firm based in White Plains, New York.

October 9, 2023

Affordable Housing Development District of Columbia Loans Multifamily Southeast

Berkadia Arranges $37.8M LIHTC Financing for Affordable Housing Development in D.C.

by John Nelson October 6, 2023

WASHINGTON, D.C. — Berkadia’s Affordable Housing division has arranged a $37.8 million low-income housing tax credit (LITHC) investment for the construction of Northwest One Phase II, an affordable housing multifamily community in Washington, D.C. Upon completion, the development will total 212 units in a mix of studio, one-, two-, three- and four-bedroom layouts for residents earning between 30 and 60 percent of the area median income (AMI), with 11 units reserved for individuals who were previously homeless. Amenities will include a business center, clubhouse, fitness center, laundry room and a game room. Berkadia secured the financing on behalf of the developer, a joint venture between MRP Realty, CSG Urban Partners and Taylor Adams Associates.

October 6, 2023

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Completes $303M Securitization of 11 Multifamily Loans Through Freddie Mac

by Kristin Harlow October 6, 2023

CARMEL, IND. — Indiana-based Merchants Capital has completed a $303 million securitization of 11 multifamily loans via its fourth Freddie Mac-sponsored Q-Series transaction. The loans, ranging from $4 million to $62 million, were used for the acquisition or refinancing of multifamily properties spanning eight states. Florida, Indiana, Colorado and New Jersey make up 81 percent of the loan balance. Most of the properties are workforce housing developments, with a significant portion of the units’ composition comprising less than 80 percent of the area median income. According to Freddie Mac, Q transactions are structured pass-through securities backed by multifamily mortgage loans. They are backed by an underlying trust that holds multifamily mortgage loans that were not underwritten by Freddie Mac at the time they were originated, and the loans may not have been purchased by Freddie Mac prior to securitization. Merchants Capital has been the loan seller in four of the last nine Freddie Mac Q transactions. The transaction supports financing of affordable housing in underserved markets, qualifying as social bonds within the social bonds framework published on Freddie Mac’s website. Proceeds from social bonds are used to provide liquidity to social impact financial institutions, including parent company Merchants Bank of …

October 6, 2023

California Development Loans Multifamily Western

AAA Management Receives $99.4M Construction Loan for Ion Aero Apartment Community in San Diego

by Amy Works October 6, 2023

SAN DIEGO — San Diego-based AAA Management has obtained $99.4 million in construction financing and preferred equity for the development of Ion Aero, an eight-story multifamily property in San Diego. Located in 8555 Aero Drive, Ion Aero will feature 302 apartments in a mix of studio, one-, two- and three-bedroom units ranging from 500 square feet to 1,400 square feet. Community amenities will include an indoor-outdoor fitness center and yoga studio; coworking space; a clubroom with indoor and outdoor entertaining space; playground; dog run; pool and spa; and a seventh-floor sky lounge. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE Capital Markets’ debt and structured finance team in San Diego secured the financing, which features a three-year term and 75 percent loan-to-cost ratio.

October 6, 2023

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