Loans

TD Bank Provides $72.5M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams October 9, 2023

NEW YORK CITY — TD Bank has provided a $72.5 million construction loan for a 133-unit multifamily project in the Gowanus area of Brooklyn. The property at 544 Carroll St. will be a 17-story building that will feature an average unit size of 973 square feet and amenities such as a rooftop lounge, fitness center and event space. A quarter of the units will be earmarked as affordable housing. Christopher Peck and Peter Rotchford of JLL arranged the loan on behalf of the borrower, a joint venture between Avery Hall, Declaration Partners and Bridge Investment Group. Delivery is slated for late 2025.

October 9, 2023

California Loans Multifamily Western

LaTerra Development Receives $143.5M in Financing for Two Multifamily Properties in Los Angeles

by Amy Works October 9, 2023

LOS ANGELES — LaTerra Development has received $143.5 million in combined floating-rate bridge loans for two multifamily communities in the greater Los Angeles area. PGIM Real Estate, on behalf of its core-plus debt strategy, provided the financing. Jace Bertges led the PGIM Real Estate team in the financing. The borrower will use the bridge financing to take out the existing construction loans as it leases up and stabilizes the properties. LaTerra, in joint partnership with Clarion Partners, received $90 million in financing for The Louise, a newly constructed apartment community along Hollywood Boulevard in the Los Feliz neighborhood of Los Angeles. The Louise features 246 apartments in a mix of studio, one-, two- and three-bedroom units, a coworking lounge, 24-hour fitness center, an indoor/outdoor clubhouse, collaborative and private office space, as well as 20,487 square feet of retail space. Rob Rubano, Brian Share, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the refinancing transaction. PGIM also provided financing for The Charlie Santa Monica, a community with 99 units spread across three boutique-style buildings. The property offers 20,858 square feet of ground-floor retail space, open-air gathering spaces, fitness centers, resident clubhouses …

October 9, 2023

California Loans Multifamily Western

Northmarq Arranges $46.5M Refinancing for Union Apartments in Chula Vista, California

by Amy Works October 9, 2023

CHULA VISTA, CALIF. — Northmarq, in partnership with Ballast CRE, has secured $46.5 million in financing for Union Apartments in Chula Vista, just south of San Diego. Union Apartments features 170 units, a pool, spa, clubhouse, playground, barbecue areas and a fitness center. Aaron Beck, Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office, in collaboration with Mikee Anderson-Mitterling of Ballast CRE, arranged the loan for the undisclosed borrower through Northmarq’s Fannie Mae DUS platform.

October 9, 2023

Connecticut Loans Northeast Retail

Houlihan-Parnes Arranges $2.6M Loan for Refinancing of Shopping Center in West Haven, Connecticut

by Taylor Williams October 9, 2023

WEST HAVEN, CONN. — Houlihan-Parnes has arranged a $2.6 million loan for the refinancing of Savin Rock Plaza, a 70,000-square-foot shopping center in West Haven, located in southern coastal Connecticut. The center was built in 1985 and is home to tenants such as Family Dollar, Peoples Bank and Dunkin’. New York Saving & Bank provided the 10-year loan to the borrower, an undisclosed investment firm based in White Plains, New York.

October 9, 2023

Affordable Housing Development District of Columbia Loans Multifamily Southeast

Berkadia Arranges $37.8M LIHTC Financing for Affordable Housing Development in D.C.

by John Nelson October 6, 2023

WASHINGTON, D.C. — Berkadia’s Affordable Housing division has arranged a $37.8 million low-income housing tax credit (LITHC) investment for the construction of Northwest One Phase II, an affordable housing multifamily community in Washington, D.C. Upon completion, the development will total 212 units in a mix of studio, one-, two-, three- and four-bedroom layouts for residents earning between 30 and 60 percent of the area median income (AMI), with 11 units reserved for individuals who were previously homeless. Amenities will include a business center, clubhouse, fitness center, laundry room and a game room. Berkadia secured the financing on behalf of the developer, a joint venture between MRP Realty, CSG Urban Partners and Taylor Adams Associates.

October 6, 2023

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Completes $303M Securitization of 11 Multifamily Loans Through Freddie Mac

by Kristin Harlow October 6, 2023

CARMEL, IND. — Indiana-based Merchants Capital has completed a $303 million securitization of 11 multifamily loans via its fourth Freddie Mac-sponsored Q-Series transaction. The loans, ranging from $4 million to $62 million, were used for the acquisition or refinancing of multifamily properties spanning eight states. Florida, Indiana, Colorado and New Jersey make up 81 percent of the loan balance. Most of the properties are workforce housing developments, with a significant portion of the units’ composition comprising less than 80 percent of the area median income. According to Freddie Mac, Q transactions are structured pass-through securities backed by multifamily mortgage loans. They are backed by an underlying trust that holds multifamily mortgage loans that were not underwritten by Freddie Mac at the time they were originated, and the loans may not have been purchased by Freddie Mac prior to securitization. Merchants Capital has been the loan seller in four of the last nine Freddie Mac Q transactions. The transaction supports financing of affordable housing in underserved markets, qualifying as social bonds within the social bonds framework published on Freddie Mac’s website. Proceeds from social bonds are used to provide liquidity to social impact financial institutions, including parent company Merchants Bank of …

October 6, 2023

California Development Loans Multifamily Western

AAA Management Receives $99.4M Construction Loan for Ion Aero Apartment Community in San Diego

by Amy Works October 6, 2023

SAN DIEGO — San Diego-based AAA Management has obtained $99.4 million in construction financing and preferred equity for the development of Ion Aero, an eight-story multifamily property in San Diego. Located in 8555 Aero Drive, Ion Aero will feature 302 apartments in a mix of studio, one-, two- and three-bedroom units ranging from 500 square feet to 1,400 square feet. Community amenities will include an indoor-outdoor fitness center and yoga studio; coworking space; a clubroom with indoor and outdoor entertaining space; playground; dog run; pool and spa; and a seventh-floor sky lounge. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE Capital Markets’ debt and structured finance team in San Diego secured the financing, which features a three-year term and 75 percent loan-to-cost ratio.

October 6, 2023

Loans Retail Washington Western

Gantry Arranges $30M Loan for Auto Dealership in Kirkland, Washington

by Amy Works October 6, 2023

KIRKLAND, WASH. — Gantry has secured a $30 million permanent loan to refinance the Lee Johnson Family’s automotive dealership property in Kirkland. Located at 11845 NE 85th St., the asset features a 100,000-square-foot commercial facility and showroom. Demetri Koston and Mike Taylor of Gantry arranged the nine-year, low-leverage loan that features a fixed rate and 30-year amortization for the borrower, a private partnership.

October 6, 2023

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $14.6M Construction Loan for New Life Homes Affordable Project in Tacoma, Washington

by Amy Works October 5, 2023

TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $14.6 million in financing for the construction of New Life Homes, a 60-unit low-income housing project in Hilltop in Tacoma. The community is designated for individuals in recovery for substance abuse, those leaving the criminal justice system, formerly homeless persons, persons with disabilities and veterans earning no more than 30 percent or 50 percent of area median income. Shiloh Baptist Church, with Beacon Development Group as consultant, is sponsoring and developing New Life Homes. Shiloh Baptist Church, a historically Black church, wants to combat gentrification on Tacoma’s Hilltop neighborhood by transforming several of its parcels along the block of South I Street into affordable housing. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. Believing In Myself Again (BIMA) Services will provide supportive services for tenants with a focus on creating opportunities for growth, education and skill development. Veterans Affairs will provide services for the Veterans Affairs Supportive Housing units and coordinate with BIMA. KeyBank CDLI provided a $14.6 million construction loan with LIHTC equity provided by National Equity Fund (NEF). …

October 5, 2023

Loans Multifamily New York Northeast

JLL Arranges $33M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams October 5, 2023

NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 640 Broadway, a 21-unit luxury apartment building that occupies a full city block in Manhattan’s NoHo neighborhood. The nine-story, pre-war building was originally designed and constructed in 1896 and houses 4,241 square feet of retail space that is fully leased. Residential amenities include a fitness center and a rooftop terrace. Stephen Van Leer led the JLL team that arranged the loan through Bridge Investment Group on behalf of the borrower, Acadia Realty Trust.

October 5, 2023

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