Loans

Greystone Provides $25.2M HUD-Insured Loan for Seniors Housing Conversion on Long Island

by Taylor Williams August 3, 2023

BAY SHORE, N.Y. — Greystone has provided a $25.2 million HUD-insured loan for a project in the Long Island community of Bay Shore that will convert the original homestead of the Gulden family, a major mustard manufacturer, into a seniors housing community. Netherbay at Bay Shore, which bears the name of the estate, will feature 72 assisted living and memory care community units. Amenities will include communal dining and lounging areas, an outdoor garden and walking area and a pavilion for outdoor entertainment. Meridian Senior Living will operate the community, which will be constructed by Racanelli Construction. Lisa Fischman of Greystone originated the construction-to-permanent financing on behalf of the developers, Charles Ferraro and Nicholas Racanelli.

August 3, 2023

Development Loans Multifamily Seniors Housing South Carolina Southeast Top Stories

Ziegler Arranges $212.9M in Bond Financing for Seniors Housing Project in Coastal South Carolina

by Taylor Williams August 3, 2023

KIAWAH ISLAND, S.C. — Ziegler, a Chicago-based investment bank, has arranged $212.9 million in bond financing for Seafields at Kiawah Island, a seniors housing project in coastal South Carolina. The borrower and developer is a local entity doing business as Kiawah Life Plan Village Inc. BRP Senior Housing Management will operate the property. Sitework is underway, and the development team expects to open the community in fall 2025. Seafields at Kiawah Island will be located on an eight-acre site about 25 miles south of Charleston. This site is adjacent to Freshfields Village, an open-air pedestrian village with a variety of stores, restaurants and entertainment options. The community will feature 90 independent living units and 16 assisted living units. In addition to full-service dining, amenities will include a bar, bistro, outdoor pool, fitness center, yoga studio, salon, wellness center, theater and various multipurpose rooms. The South Carolina Jobs-Economic Development Authority issued the bond financing. Specifically, the package consists of $87.1 million of long-term, fixed-rate bonds and $125.8 million of tax-exempt and taxable securities with mandatory paydown requirements. “Ziegler is very proud to help provide construction financing for Seafields at Kiawah Island in a very challenging capital markets environment,” says Rob Gall, Ziegler’s …

August 3, 2023

Affordable Housing Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Low-Income Housing Tax Credit Industry Adjusts to HUD Curveball on Income Limits

by Sarah Daniels August 3, 2023

New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …

August 3, 2023

Florida Hospitality Loans Southeast

Cronheim Hotel Capital Arranges $85M Refinancing of Grand Beach Hotel in Miami Beach

by John Nelson August 2, 2023

MIAMI BEACH, FLA. — Cronheim Hotel Capital (CHC) has arranged an $85 million loan for the refinancing of Grand Beach Hotel, a 424-room hotel in Miami Beach. The 21-story property is situated near the entrance to the Miami Beach boardwalk and one block from the Fontainebleau, a hotel/resort. The unnamed borrower, which developed the Grand Beach Hotel in 2009, is in the midst of a full renovation to the hotel’s lobby, bar, coffeeshop, boutique restaurant, spa and guest rooms. David Poncia, Dev Morris, Allison Villamagna and Andrew Stewart of CHC arranged the financing through an unnamed life insurance company. The five-year loan features a fixed interest rate and interest-only payments for the full term.

August 2, 2023

Loans Multifamily Texas

NewPoint Provides Agency Loan for Refinancing of 338-Unit Apartment Community in Houston

by Taylor Williams August 1, 2023

HOUSTON — NewPoint Real Estate Capital has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Stadia Med Main, a 338-unit apartment community in Houston’s Medical Center/West University submarket. Built in 2020, Stadia Med Main offers one- and two-bedroom units and amenities such as a clubhouse, game room, fitness center, business center, pool, outdoor lounge areas and a dog park. Barry Lefkowitz of Meridian Capital Group arranged the seven-year, fixed-rate loan, which retires the loan that the borrower, Aspen Oak Capital Partners, used to acquire the asset in 2022. Stadia Med Main was 95 percent occupied at the time of the loan closing.

August 1, 2023

Development Florida Healthcare Loans Southeast

Freedom Financial Provides $5.9M Construction Loan for Medical Office Building in Jacksonville

by John Nelson August 1, 2023

JACKSONVILLE, FLA. — Freedom Financial Funds has provided a $5.9 million construction loan for a single-tenant medical office building located in Jacksonville. The build-to-suit project is for an entity controlled by a national retail and single-tenant developer. The 15-month loan features two six-month extension options and was underwritten at an 80 percent loan-to-cost ratio. The construction timeline and address for the project were not disclosed.

August 1, 2023

Indiana Loans Midwest Multifamily

KeyBank Arranges $74.6M Acquisition Loan for Multifamily Property in Merrillville, Indiana

by Kristin Harlow August 1, 2023

MERRILLVILLE, IND. — KeyBank Real Estate Capital (KBREC) has arranged a $74.6 million Freddie Mac loan for the acquisition of Lakes at 8201 in Merrillville, a city in Northwest Indiana. Built between 1992 and 1993, the 628-unit garden-style multifamily property consists of 20 buildings as well as an office and clubhouse. John Ward and Joseph Tinti of KBREC arranged the nonrecourse loan on behalf of the borrower, The Beitel Group. Loan terms were not provided.

August 1, 2023

California Loans Mixed-Use Top Stories Western

Kilroy Realty Obtains $375M Loan for One Paseo Mixed-Use Campus in San Diego

by John Nelson August 1, 2023

SAN DIEGO — Kilroy Realty Corp. (NYSE: KRC), an office, mixed-use and life sciences REIT based in Los Angeles, has obtained a $375 million loan for a portion of One Paseo, a mixed-use campus in San Diego. New York Life Insurance Co. provided the 11-year, non-recourse loan, which features a fixed 5.9 percent interest rate. The loan matures in August 2034. The 36-acre property is situated between the city’s Carmel Valley neighborhood and Del Mar, as well as near I-5 and State Route 56. One Paseo is home to tenants including lululemon athletica, Sephora, drybar, BodyRok, Harland Brewing, Shake Shack, Cava and Blue Bottle Coffee, among others. The loan was secured by a 23-acre portion of Kilroy Realty’s One Paseo campus that comprises two office buildings, 608 apartment units and more than 95,000 square feet of retail space. This portion was developed in phases between 2019 and 2021, according to Kilroy Realty. “Against a challenging capital markets backdrop, we are very pleased with this loan execution, which further fortifies our already strong balance sheet and liquidity position while establishing a new partnership with a world-class life insurance company,” says John Kilroy, CEO of Kilroy Realty. JLL and Allen Matkins advised …

August 1, 2023

Development Loans Multifamily Texas

Forman Capital Provides $19.5M Construction Loan, Equity for Metro Austin Multifamily Project

by Taylor Williams July 31, 2023

TAYLOR, TEXAS — Forman Capital, a direct lender based in Florida, has provided a $19.5 million construction loan and a preferred equity investment for Castlewood Townhomes. The 64-unit multifamily project will be located in Taylor, about 35 miles northwest of Austin. The borrower, Townbridge Capital, plans to develop three- and four-bedroom townhomes that will range in size from 1,500 to 1,900 square feet. Residences will feature detached two-car garages, quartz countertops, stainless steel appliances and various pieces of smart technology. A construction timeline was not disclosed.

July 31, 2023

Loans Midwest Minnesota Multifamily

JLL Provides $34.6M Loan for Refinancing of Savor Apartments in West St. Paul

by Kristin Harlow July 31, 2023

WEST ST. PAUL, MINN. — JLL Capital Markets has provided a $34.6 million Fannie Mae loan for the refinancing of Savor Apartments in West St. Paul. The 200-unit, mid-rise apartment complex was built in 2022. Amenities include an entertainment suite, community room, game room, coffee bar, rooftop lounge and sky deck, fitness center and work-from-home suites. Scott Streiff and Scott Loving of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Roers Cos.

July 31, 2023

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