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Loans

AcquisitionsGeorgiaLoansMultifamilySoutheast

Greystone Provides $10.4M Acquisition Loan for Park Estates Apartments in Decatur, Georgia

by John Nelson

DECATUR, GA. — Greystone has provided a $10.4 million Fannie Mae loan for the acquisition of Park Estates, a 100-unit apartment community located in the Atlanta suburb of Decatur. Dan Sacks and Avi Kozlowski of Greystone’s New York office arranged the non-recourse, fixed-rate loan on behalf of the borrower, an entity doing business as Park Estates FO LLC. Meridian Capital – New York acted as correspondent on the deal. The five-year loan featured full-term interest-only payments. Built in 1985, Park Estates comprises 13 garden-style buildings housing two-bedroom apartments.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastWalker & Dunlop

Walker & Dunlop Arranges $81.7M in Financing for Affordable Housing Projects in The Bronx

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged $81.7 million in financing for the development of three affordable housing projects totaling 179 units in The Bronx. The financing consists of $50.8 million in construction debt that was provided by CIT and $30.9 million in limited partnership equity with CBRE Investment Management. Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower, a partnership between Spaxel LLC and Atalaya Capital Management. Information on specific income restrictions and a construction schedule were not disclosed.

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DevelopmentLoansMultifamilyWashingtonWestern

Grandview North Receives $57M in Construction Financing for Harrington Place Apartments in Ferndale, Washington

by Jeff Shaw

FERNDALE, WASH. — Grandview North has received $57 million in construction financing for Harrington Place, a 350-unit, multi-phase apartment community in Ferndale, located near the Pacific Coast and the Canadian border. Construction is already underway on the property, located at 6276 Portal Way.  Bayview Asset Management provided capital through Bayview PACE, which provided $12 million in Commercial Property-Assessed Clean Energy (C-PACE) funding. An affiliate, Oceanview Life and Annuity Co., also brought in $45 million of construction financing. Mortgage broker  Seattle-based CapNorth helped arrange the transaction.

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DevelopmentLoansMultifamilyNew JerseyNortheast

Wells Fargo Provides $150M Permanent Loan for Hoboken Multifamily Project

by Taylor Williams

HOBOKEN, N.J. — Wells Fargo has provided a $150 million permanent loan for 7 Seventy House, a market-rate apartment community in Hoboken. According to Apartments.com, the property was built in 2019 and totals 382 units that feature studio, one-, two- and three-bedroom floor plans. The community also houses 24,667 square feet of ground-floor commercial space and amenities such as a pool, fitness center, leasing office, game room, rooftop terrace, children’s play area and a dog run. Ten percent of the units are reserved for households earning 80 percent or less of the area median income. Shane Hogan and Andrew Cohen of Wells Fargo originated the loan, which was structured with a five-year term and  fixed interest rate, on behalf of the borrower, Boston-based Intercontinental Real Estate Corp. Wells Fargo also provided the original construction debt for the project, which this loan retires.

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LoansMultifamilyTexas

Colliers Mortgage Provides Fannie Mae Acquisition Loan for Metro Fort Worth Apartments

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Castlewinds Apartments, a 156-unit multifamily complex located in the Fort Worth suburb of North Richland Hills. The property offers amenities such as a pool, fitness center and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the five-year loan on behalf of the borrower, an entity doing business as Haven NRH Inc.

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LoansNew YorkNortheastRetail

Axiom Capital Arranges $38.5M Acquisition Loan for Upstate New York Retail Center

by Taylor Williams

CLIFTON PARK, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $38.5 million acquisition loan for a retail center located in the upstate New York community of Clifton Park. The unnamed center consists of six buildings on five parcels that collectively house 64 tenants. A consortium of banks provided the financing to the borrower. All parties involved in the transaction were locally based entities that requested anonymity.

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IndustrialLoansNorth CarolinaSoutheast

JLL Arranges $29.5M Loan for Industrial Park in Southwest Charlotte

by John Nelson

CHARLOTTE, N.C. — JLL has arranged $29.5 million in financing for Whitehall Tech Center, a three-building industrial park totaling 279,150 square feet in Charlotte’s Southwest submarket. The third building in the development, Whitehall III, will break ground this quarter. Kevin MacKenzie, Peter Thompson and Taylor Alison of JLL arranged the three-year, floating-rate loan through an undisclosed life insurance company on behalf of the borrower, CIP Real Estate. Whitehall Tech Center is situated on nearly 27 acres close to I-77 and I-485. At full completion, the park will feature a combined 493 parking stalls, clear heights ranging from 20 to 28 feet and 57 dock-high doors.

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LoansMultifamilySeniors HousingWashingtonWestern

CBRE Arranges $23.3M Refinancing for Queen Anne Manor Seniors Housing Community in Seattle

by Jeff Shaw

SEATTLE — CBRE National Senior Housing has arranged a $23.3 million refinancing for Queen Anne Manor, a 93-unit assisted living and memory care community in Seattle.  Aron Will, Adam Mincberg and Michael Cregan of CBRE National Senior Housing arranged the 10-year bridge loan with three years of interest-only payments through a national bank. The borrower is Capitol Seniors Housing.  Originally built in 1908 as Seattle’s Children’s Orthopedic Hospital, the community was converted to seniors housing in 1982. Extensively renovated in 2015, the community is located two miles from downtown Seattle in the prominent, high-barrier-to-entry Queen Anne Hill neighborhood.  The community offers views of Seattle’s downtown skyline to its south, the Olympic Mountains and the Puget Sound to its west and the Cascade Mountains to its east. Nearby amenities include marinas, Seattle’s waterfront, and the Seattle Center that features the Space Needle, Key Arena, Pacific Science Center, Seattle Opera House and the Monorail train system.  Capitol originally acquired the property in 2016 to complement a portfolio of assets in the Pacific Northwest. Senior Services of America operates the asset under a third-party management agreement.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $4M Loan for Refinancing of Multifamily Property in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Bernard Financial Group has arranged a $4 million loan for the refinancing of Tradewinds Terrace, a 122-unit multifamily property in Traverse City. Dennis Bernard and Joshua Bernard of the firm arranged the loan on behalf of the borrower, an entity doing business as Tradewinds Terrace Owner LLC. Ameritas Life Insurance Co. provided the loan, terms of which were undisclosed.

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