Loans

Greystone Provides $13.7M HUD-Insured Loan for Refinancing of Supportive Living Facility in Crestwood, Illinois

by Kristin Harlow April 26, 2023

CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

April 26, 2023

Loans New Jersey Northeast Retail Top Stories

JLL Arranges $290M Refinancing for 1 MSF Bergen Town Center Retail Property in Paramus, New Jersey

by Kristin Harlow April 26, 2023

PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …

April 26, 2023

Civic Development Loans New Jersey Northeast

Springfield Board of Education Issues $32.9M Bond for School Upgrades

by Taylor Williams April 25, 2023

SPRINGFIELD, N.J. — The Springfield Board of Education has issued a $32.9 million tax- exempt bond that will finance upgrades at various schools in the Northern New Jersey community. Upgrades will include HVAC system modernizations; plumbing and sewer system enhancements; improvements to video-monitoring systems; installation of new exterior doors with protective glazings; energy-efficient window replacements; and interior renovations to select education spaces. New Jersey-based DIGroup Architecture is designing the projects, all of which are expected to be complete by 2026.

April 25, 2023

District of Columbia Hospitality Loans Southeast

Barings Provides $101.5M Refinancing for Dual-Brand Hotel in Downtown D.C.

by John Nelson April 21, 2023

WASHINGTON, D.C. — Barings has provided a $101.5 million bridge loan for the refinancing of the existing construction loan on the Courtyard/Residence Inn by Marriott in downtown Washington, D.C. The dual-brand hotel opened in November of 2018 and features 504 rooms. Located across from the Walter E. Washington Convention Center, the 11-story property was developed by Quadrangle Development Corp. and Capstone Development LLC. The hotel’s amenities include a restaurant, fitness center, convenience store, meeting space, kitchen and complimentary breakfast for guests, according to the hotel’s website.

April 21, 2023

Affordable Housing Loans Michigan Midwest Multifamily

Greystone Provides $13.9M HUD-Insured Loan for Refinancing of Michigan Affordable Housing Property

by Kristin Harlow April 21, 2023

BATTLE CREEK, MICH. — Greystone has provided a $13.9 million HUD 223(f) loan for the refinancing of Bent Tree Apartments in Battle Creek. Constructed in 1981, the 164-unit Section 8 affordable housing property consists of one mid-rise building and 14 two-story buildings. As part of the refinancing, the owner obtained a new 20-year HAP contract for the property. Lisa Fischman of Greystone originated the loan on behalf of the borrower, The Altman Cos. The fixed-rate loan features a 35-year term and a 35-year amortization schedule. Loan proceeds enable the borrower to make improvements to the property and monetize a portion of equity in the property.

April 21, 2023

Acquisitions Loans Midwest Ohio Retail

Eastern Union Arranges $10.9M in Acquisition Financing for Two Shopping Centers in Metro Cleveland

by Kristin Harlow April 21, 2023

MENTOR, OHIO — Eastern Union has arranged $10.9 million in acquisition financing for two neighborhood shopping centers in the Cleveland suburb of Mentor. The properties include the 232,386-square-foot Erie Commons and the 80,480-square-foot Great Lakes Plaza. Marc Tropp of Eastern Union arranged the loan on behalf of the borrower, Baltimore-based America’s Realty LLC. First Bank provided the loan, which features a loan-to-value ratio of 75 percent. The overall purchase price was $14.6 million. With this acquisition, the holdings of America’s Realty in the state of Ohio amount to 18 retail centers totaling 3.4 million square feet.

April 21, 2023

Loans New York Northeast Retail

Northmarq Arranges $22M Loan for Refinancing of Staten Island Shopping Center

by Taylor Williams April 21, 2023

NEW YORK CITY — Northmarq has arranged a $22 million loan for the refinancing of Village Greens Shopping Center, a 75,697-square-foot retail property in Staten Island’s Arden Heights neighborhood. Grocer Key Food anchors the center, which was originally built in 1989, and other tenants include CVS Pharmacy and JP Morgan Chase Bank. Robert Delitsky and Dylan Hamer of Northmarq arranged the fixed-rate loan through insurance giant Nationwide on behalf of the undisclosed borrower.

April 21, 2023

California Industrial Loans Western

Northmarq Arranges $51.2M Loan for Industrial Park in San Diego

by John Nelson April 20, 2023

SAN DIEGO — Northmarq has arranged a $51.2 million loan for Rose Canyon Business Park, a 232,863-square-foot industrial asset in San Diego. Built in 1976, the multi-tenant industrial park is located at 4901-4907 Morena Blvd., just north of downtown San Diego. Northmarq arranged the two-year loan, which features extension options, through its relationship with an undisclosed bridge lender. The floating-rate loan enables the unnamed sponsor to carry out its value-add business plan over the next three years at Rose Canyon Business Park.

April 20, 2023

Affordable Housing Colorado Development Loans Multifamily Western

BWE Secures $43.1M Construction Loan for Affordable Housing Development in Aurora, Colorado

by John Nelson April 20, 2023

AURORA, COLO. — Bellwether Enterprise (BWE) has secured $43.1 million to fund the new construction of 15 Sable Apartments, an affordable housing community in Aurora. Developed by DBG Properties and Featherstone Development, the community will be a four-story apartment complex situated on a walkable, transit-oriented site. BWE provided tax-exempt and taxable loans through its BWE Private Placement platform. The loan features an 18-year term with 40-year amortization schedule, and interest-only payments for the first six years from closing. Anthea Martin in BWE’s Denver office originated the loan through a private placement on behalf of the borrowers. The project was made possible through the support of the City of Aurora; a property tax abatement partnership with Aurora Housing Authority; a private activity bond allocation from Colorado Housing and Finance Authority; a subordinate loan from Colorado Department of Local Affairs Division of Housing; a tax credit equity investment from Arizona-based Affordable Housing Partners; and a sale of property by the Regional Transportation District.

April 20, 2023

California Industrial Loans Western

Mag Mile Capital Secures $20M Refinancing for Industrial Flex Property in San Jose

by John Nelson April 20, 2023

SAN JOSE, CALIF. — Mag Mile Capital has arranged a $20 million cash-out senior mortgage in connection with the financing of a light industrial flex property located at 355 E. Trimble Road in San Jose. The 96,780-square-foot property is owned by 355 Trimble Owner, an entity affiliated with Chicago-based Highlands REIT, which has owned the property debt-free since acquiring it as part of a spinoff in 2016. Highlands and global tech hardware manufacturer Veeco executed a 16-year lease at the research-and-development property in January 2021, which included one year of rent abatement to complete a substantial tenant buildout.

April 20, 2023

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