Loans

Marcus & Millichap Arranges $5M Refinancing for Larson Apartments in Garden Grove, California

by Amy Works April 2, 2024

GARDEN GROVE, CALIF. — Marcus & Millichap has arranged $5 million in refinancing for Larson Apartments at 8101 Larson Ave. in the Orange County city of Garden Grove. Constructed in 1980, the two-story building features 21 apartments in a mix of studio, one-, two- and three-bedroom layouts. Ron Balys of Marcus & Millichap Capital Corp. secured the bank financing on behalf of the private client. Terms of the 30-year loan include 65 percent loan-to-value ratio and a 6.3 percent interest rate with a 30-year amortization schedule.

April 2, 2024

Affordable Housing Development Loans Multifamily Washington Western

Amazon Housing Equity Fund Provides $139.6M in Financing for 11 Affordable Housing Communities in Washington

by Amy Works April 1, 2024

BELLEVUE, KIRKLAND, SEATAC AND SEATTLE, WASH. — JLL Capital Markets and JLL Public Institutions have arranged $139.6 million in financings from The Amazon Housing Equity Fund over the last six months. The loans are for the development and preservation of 11 affordable housing communities, totaling 1,970 units, spread across the Puget Sound region of Washington State. JLL acted as the credit underwriter for Amazon, which provided long-term, fixed-rate loans for nine separate borrowers. Through Amazon Housing Equity Fund, Seattle-based tech giant Amazon provided low-rate subordinate financing to carry out the acquisition, construction and rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions. The properties included in the financing are: C.W. Early, Mary Davis and David Lott of JLL Capital Markets Debt Advisory worked with Amazon to underwrite and structure the transactions, while Martine Combal and Eileen Tumalad of JLL’s Public Institutions will focus on program management for Amazon.

April 1, 2024

Colorado Development Loans Multifamily Western

Berkadia Structures $81.2M in Joint Venture Equity for Alexan Pena Station Apartment Development in Denver

by Amy Works April 1, 2024

DENVER — Berkadia has arranged $81.2 million in joint venture equity for Trammell Crow Residential (TCR) for the development of Alexan Pena Station, a multifamily development project in Denver. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, TCR, to arrange the joint venture equity partnership. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Located on the northeast side of Denver, Alexan Pena Station will feature 578 one-, two- and three-bedroom apartments, with an average unit size of 976 square feet, spread across 12 buildings. The community will offer 46 affordable units for individuals earning up to 60 percent of the area median income. Alexan Pena Station will be built over two phases on a 20-acre site with more than 725 parking spaces.

April 1, 2024

Acquisitions Hospitality Loans New Mexico Western

MMCC Arranges $8.8M in Acquisition Financing for Hampton Inn & Suites Artesia in New Mexico

by Amy Works April 1, 2024

ARTESIA, N.M. — Marcus & Millichap Capital Corp. (MMCC) has arranged $8.8 million in financing for the acquisition of Hampton Inn & Suites Artesia, a hotel located at 2501 S. Permian Pavilion Ave. in Artesia, located in the southeast corner of the state. Tyler Waller of MMCC’s Phoenix office secured the 10-year loan, which includes three years of fixed interest with a 25-year amortization schedule and 70 percent loan-to-value ratio, on behalf of a private client. Josh Tammen of Marcus & Millichap represented the both the buyer and seller in the transaction. Built in 2016, the Hampton Inn & Suites Artesia features 81 guest rooms and provides direct access to downtown Artesia and Artesia Municipal Airport.

April 1, 2024

Illinois Loans Midwest Multifamily Seniors Housing

CFG Provides $13.6M in HUD-Insured Financing for Two Skilled Nursing Facilities in Illinois

by Kristin Harlow April 1, 2024

ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois. The specific properties were not disclosed, but they total 173 beds. Tim Eberhardt and Ava Julio of CFG originated the loans.

April 1, 2024

Acquisitions Loans Multifamily Southeast Top Stories Virginia

Berkadia Provides $157M Acquisition Loan for Mason at Van Dorn Apartments in Alexandria, Virginia

by Taylor Williams April 1, 2024

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, located just south of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports that the amount exceeded $200 million. The borrower and purchaser was a partnership between South Florida-based Shoreham Capital and Bridge Investment Group. The seller was Los Angeles-based investment firm CIM Group, which acquired the property in late 2017 and implemented various capital improvements during the course of its ownership. Mason at Van Dorn consists of 14 four- and five-story buildings on 30 acres at 140 S. Van Dorn St. The site is adjacent to WestEnd Alexandria, a 4 million-square-foot mixed-use destination that is a redevelopment of the former Landmark Mall. The 52-acre development will also be the future home of the Inova Alexandria Hospital Campus, which will employ more than 2,000 people. Originally built in 1972, Mason at Van Dorn offers studio, one- and two-bedroom apartments with an average size of 761 square feet. Amenities include two pools, a fitness center, tennis courts, courtyards, a business center, outdoor grilling and dining stations, game room, movie theater and a …

April 1, 2024

Development District of Columbia Loans Multifamily Southeast

Berkadia Arranges $172M Construction Financing for Residential Tower in South Florida

by John Nelson March 29, 2024

NORTH MIAMI, FLA. — Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will total 292 condominiums in one-, two- and three-bedroom layouts. Arquitectonica designed the 33-story building. Amenities at the property will include a beach club, fitness center, social deck, spas and concierge service. A construction timeline was not disclosed.

March 29, 2024

Affordable Housing Development Florida Loans Multifamily Seniors Housing Southeast

CREI Holdings Secures $67M Loan for Affordable Housing Development in Metro Miami

by John Nelson March 29, 2024

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328 one- and two-bedroom apartments, with 40 percent of the residences reserved for households earning 80 percent of the area median income (AMI). Additionally, 40 percent of units will be designated for residents age 55 and older. Amenities at Li’l Abner III, which will be situated adjacent to Li’l Abner I and II, will include a fitness center, lounge, central courtyard and storage facilities. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank.

March 29, 2024

Development Florida Loans Multifamily Southeast

Mast Capital Receives $65M Construction Financing for Multifamily Community in Fort Myers

by John Nelson March 29, 2024

FORT MYERS, FLA. — Mast Capital has received a $65 million loan for the construction of Hancock Bridge Square, a 320-unit multifamily project in Fort Myers. The developer has recently broken ground on the development, which will be located at 13370 N. Cleveland Ave. and feature three- and four-story apartment buildings. General contractor Kaufman Lynn is building the community, which was designed by Humphreys & Partners Architects. Amenities at Hancock Bridge Square will include a fitness center, lounge and entertainment kitchen, workspace, swimming pool and a sun deck. Chris Drew, Brian Gaswirth, Jesse Wright and Paul Adams of JLL secured the construction financing through Centerbridge Partners — which served as an agent for MassMutual Life Insurance Co. — on behalf of Mast Capital. A construction timeline was not disclosed.

March 29, 2024

Loans Office Texas

Silver Star Properties Receives $135M in Financing for Liquidation of Texas Office Portfolio

by Taylor Williams March 29, 2024

HOUSTON — Houston-based Silver Star Properties REIT has received $135 million in financing to facilitate the liquidation of its 4.2 million-square-foot portfolio of office assets in Texas. Silver Star intends to sell all 27 properties in the portfolio, which includes two industrial assets and one retail asset, and to use the proceeds to exclusively acquire self-storage facilities. The financing consists of a $120 million floating-rate senior loan from New York City-based Benefit Street Partners and a $15 million co-terminus second mortgage loan from California-based boutique lender RWBC. Raymond James Financial advised Silver Star, which has already sold the 139,069-square-foot Bent Treen Green office building in North Dallas, on the transaction.

March 29, 2024

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