Loans

JLL Arranges Construction Financing for $135M Canterly Place Apartments in Livingston, New Jersey

by Jeff Shaw January 6, 2023

LIVINGSTON, N.J. — JLL has arranged $88.6 million in construction financing and a $38 million equity placement for Canterly Place, a 300-unit multifamily project in Livingston, approximately 20 miles west of Manhattan. The total project cost is estimated at $135 million. Canterly Place will feature 240 market-rate units and 60 affordable units in one-, two- and three-bedroom floor plans. Residences will be funished with hardwood-style flooring, oversized windows, walk-in closets and individual washers and dryers. Communal amenities will include a pool, clubroom, library lounge, private dining rooom, game room, fitness center, coworking lounge, golf simulator, basketball court and a pickleball court. The site of Canterly Place is located just off Route 10, less than one mile west of Eisenhower Parkway, providing easy access to nearby I-280, I-287 and Route 24. The property offers an easy commute to the region’s major employment hubs in the surrounding area including New York City. Jon Mikula, Jim Cadranell, Matthew Pizzolato and Michael Lachs led the JLL team that arranged the debt and equity on behalf of the borrower, Okner Developers LLX. Northwestern Mutual provided the loan, which was structured with a 10-year term and a fixed interest rare, as well as the joint venture equity. — …

January 6, 2023

Loans Multifamily Seniors Housing Texas

Greystone Provides $40.4M Agency Refinancing of Seniors Housing Property in Metro Houston

by Taylor Williams January 5, 2023

LEAGUE CITY, TEXAS — Greystone has provided a $40.4 million Fannie Mae loan for the refinancing of The Delaney at South Shore, a 204-unit seniors housing property in League City, a southeastern suburb of Houston. Tyler Armstrong of Greystone originated the nonrecourse loan, which carries a fixed interest rate, 10-year term and a 30-year amortization schedule. In addition, the debt was structured with five years of interest-only payments. The borrower was Life Care Services, a seniors housing owner-operator based in Des Moines, Iowa.

January 5, 2023

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $29.2M Construction Loan for Multifamily Project in Troy, Michigan

by Kristin Harlow January 5, 2023

TROY, MICH. — Bernard Financial Group (BFG) has arranged a $29.2 million loan for the construction of a 200-unit multifamily project in Troy. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Old National Bank. The loan terms and name of the borrower were not provided.

January 5, 2023

Loans Multifamily New Jersey Northeast

JLL Arranges $20M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams January 5, 2023

MILLBURN, N.J. — JLL has arranged a $20 million construction loan for a 53-unit multifamily project in the Northern New Jersey community of Millburn. Units will come in one- and two-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, private event room and a clubhouse with a wet bar. Jon Mikula and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan through Provident Bank. The borrower was a partnership between Eagle Cliff Real Estate Partners and MRY Associates. Completion is slated for early 2024.

January 5, 2023

Development Industrial Loans Self-Storage Texas

Cronheim Mortgage Arranges $12.9M Construction Loan for El Paso Self-Storage Project

by Taylor Williams January 4, 2023

EL PASO, TEXAS — New Jersey-based Cronheim Mortgage has arranged a $12.9 million construction loan for a self-storage project in El Paso. The facility will span 151,000 net rentable square feet across approximately 1,200 units with both climate- and non-climate-controlled space. The borrower and developer, Verturo Interests, will operate the facility under its Just A Closet brand. David Poncia of Cronheim Mortgage originated the financing, which was structured with a fixed interest rate and a 75 percent loan-to-cost ratio, through a local bank. Completion is slate for the fourth quarter.

January 4, 2023

Affordable Housing Loans Multifamily Texas

Basis Multifamily Finance Provides $7.3M Agency Refinancing of Affordable Housing Property in Nacogdoches, Texas

by Taylor Williams January 4, 2023

NACOGDOCHES, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $7.3 million Freddie Mac loan for the refinancing of Stone Creek Apartments, an affordable housing property located in the East Texas city of Nacogdoches. The property offers one- and two-bedroom floor plans and amenities such as a pool, fitness center and a business center. The sponsor was New Jersey-based Ambo Properties. Stone Creek was 93 percent occupied at the time of the loan closing.

January 4, 2023

Loans Multifamily Washington Western

Cushman & Wakefield, Greystone Arrange $15.7M Refinancing for Multifamily Project in Tacoma, Washington

by Amy Works January 4, 2023

TACOMA, WASH. — Cushman & Wakefield and Greystone have jointly closed a $44 million loan for the for the refinancing of Koz on MLK Way, a newly built apartment community in Tacoma. Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower, an affiliate of Koz Development, in the financing. Greystone provided the Fannie Mae DUS loan. Located on Martin Luther King Junior Way, the six-story property features 161 apartments in a mix of studio, one-, two- and three-bedroom units averaging 395 rentable square feet. On-site amenities include a furnished courtyard space with barbecues and lounge seating; laundry facilities, including in-unit washers/dryers; and private balconies on select units. Additionally, the property features 6,370 square feet of ground-floor retail space.

January 4, 2023

Florida Loans Retail Southeast

MMCC Arranges $10M Refinancing for Carolina Springs Plaza Shopping Center in South Florida

by John Nelson January 4, 2023

MARGATE, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located at 7804-8092 W. Sample Road in Margate. El Bodegon Supermarket has anchored the 13.4-acre property since 2011. Robert Bhat of MMCC’s Miami office arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule and 70 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

January 4, 2023

Loans Multifamily Texas

Basis Multifamily Provides $8.3M Agency Loan for Refinancing of Property in Kilgore, Texas

by Taylor Williams January 3, 2023

KILGORE, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $8.3 million Freddie Mac loan for the refinancing of Glen Hollow Apartments, an affordable housing property located in the East Texas city of Kilgore. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Glen Hollow Apartments was 93 percent occupied at the time of the loan closing.

January 3, 2023

Hospitality Loans New York Northeast

Taconic Capital Advisors Provides $95M Loan for Refinancing of Manhattan Hotel

by Taylor Williams January 3, 2023

NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.

January 3, 2023

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