Loans

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

Colorado Loans Lument Multifamily Seniors Housing Western

Lument Provides $31.6M Freddie Mac Refinancing for Seniors Housing Property in Westminster, Colorado

by Amy Works January 3, 2023

WESTMINSTER, COLO. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds. During the loan process, the community enjoyed a substantial improvement in net operational income, as occupancy rates rose and rent collections increased. Lument subsequently adjusted its underwriting and successfully secured an increase in loan proceeds. Lument also helped Keystone take advantage of Freddie Mac’s index lock functionality to lock the interest rate more than three months prior to closing, saving 100 basis points and generating substantial debt service savings. Lument has a longstanding relationship with Keystone that dates back more than 10 years and includes acquisition bridge financing, construction financing, mezzanine financing and …

January 3, 2023

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.7M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow January 3, 2023

ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $14.7 million loan for the refinancing of a 152-unit multifamily property in the Minneapolis suburb of St. Louis Park. The unnamed property features two outdoor pools and is located on a bus line with an express bus to downtown. Tony Carlson and Will Perry of Grandbridge arranged the fixed-rate loan through a bank.

January 3, 2023

Loans Midwest Multifamily Nebraska Seniors Housing Walker & Dunlop

Walker & Dunlop Originates $20.9M for Refinancing of Two Assisted Living Communities in Nebraska

by Kristin Harlow December 23, 2022

LINCOLN AND ASHLAND, NEB. — Walker & Dunlop has originated a total of $20.9 million in HUD refinancing for Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Walker & Dunlop’s Kevin Giusti and Mikko Erkamaa originated the loans in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Fallbrook Assisted Living and Memory Care received a $13.3 million loan. The property is a 71-unit assisted living and memory care facility that was built in 2018 and opened in 2019. Oxbow Living Center received a $7.6 million loan. The property is a three-story, 79-unit assisted living and memory care community.

December 23, 2022

Loans Midwest Missouri Multifamily

Greystone Provides $18.6M Acquisition Loan for Multifamily Property in Metro Kansas City

by Kristin Harlow December 23, 2022

KANSAS CITY, MO. — Greystone has provided an $18.6 million Freddie Mac loan for the acquisition of a 200-unit multifamily property located outside of Kansas City. Originally built in the 1980s, the garden-style community features one- and two-bedroom units. Adam Lipkin of Greystone originated the loan, which features a fixed interest rate, 10-year term, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the property were not provided.

December 23, 2022

Affordable Housing Loans Multifamily Texas

Hunt Capital Partners Provides $12.9M in Tax Credit Equity for Irving Affordable Housing Project

by Taylor Williams December 23, 2022

IRVING, TEXAS — Hunt Capital Partners has provided $12.9 million in Low-Income Housing Tax Credit (LIHTC) equity for The Heights at MacArthur, a 76-unit affordable housing project in Irving. The property will offer one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, fitness center, business center and a community room. The borrower is a partnership between Hill Tide Ventures and Generation Housing Partners. Total project costs are $21.3 million..

December 23, 2022

Loans Multifamily New York Northeast

Bank of America Provides $53M Permanent Loan for Brooklyn Apartment Building

by Taylor Williams December 23, 2022

NEW YORK CITY — Bank of America has provided a $53 million permanent loan for Kent House, a 96-unit apartment building in Brooklyn’s North Williamsburg area. The building, which houses one- and two-bedroom units, includes 140 parking spots and 31,000 square feet of retail space. Leah Paskus of Landstone Capital Group arranged the loan, which retires the property’s original construction debt, on behalf of the borrower, locally based developer CW Realty, which holds the leasehold interest in the property.

December 23, 2022

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