Loans

KeyBank Arranges $117.7M in Financing for Two Affordable Housing Projects in Metro Denver

by Jeff Shaw July 13, 2023

DENVER AND ARVADA, COLO. — KeyBank Community Development Lending and Investment has arranged $117.7 million in financing for Brinshore Development and Mile High Affordable Housing for the construction of two properties in Colorado. KeyBank arranged $56.9 million for the development of Ralston Gardens Apartments, a 102-unit affordable community in the Denver suburb of Arvada. KeyBank secured a $26.7 construction loan, a $14 million permanent loan through the Fannie Mae MTEB Program and $16.2 million in total tax credit equity to the project. The Colorado Department of Local Affairs also provided a $4.3 million Housing Development Grant loan. Ralston Gardens will be affordable to households earning up to 30, 50, 60 and 70 percent of the area median income (AMI). KeyBank also provided $60.7 million of financing for the construction of Northfield Flats, a 129-unit project in Denver. KeyBank arranged a $28.2 construction loan and a $14.8 million permanent loan through the Fannie Mae MTEB Program, as well as $17.7 million in total tax credit equity. The project received local support with a $3.1 million Housing Trust Fund loan from the Colorado Department of Local Affairs and a $4.5 million loan from Denver’s Department of Housing Stability. Northfield Flats will be …

July 13, 2023

Development Loans Mixed-Use New York Northeast

Eastern Union Arranges $62.2M Construction Loan for Brooklyn Mixed-Use Project

by Taylor Williams July 13, 2023

NEW YORK CITY — Locally based financial intermediary Eastern Union has arranged a $62.2 million construction loan for a 162,000-square-foot mixed-use project that will be located in the Prospect Lefferts Gardens neighborhood of Brooklyn. The site at 1730 Bedford Ave. is two blocks from Prospect Park. Plans for the project currently call for 57 apartments and more than 60,000 square feet of retail/commercial space. German discount grocer Lidl has already committed to the project with a 33,000-square-foot store. Invictus Real Estate Partners provided the loan. The borrower is Seventh Street Development Group. Abraham Bergman and Yossi Orzel of Eastern Union originated the financing.

July 13, 2023

Industrial Loans New Jersey Northeast

Thorofare Capital Provides $26.6M Loan for Refinancing of Northern New Jersey Industrial Property

by Taylor Williams July 13, 2023

BOGOTA, N.J. — Los Angeles-based Thorofare Capital has provided a $26.6 million loan for the refinancing of a 220,000-square-foot industrial property in the Northern New Jersey community of Bogota. According to LoopNet Inc., the property at 24 River Road was originally constructed on 10 acres in 1910. David Perlman, Edward Prosser and Henry Johnson of Thorofare Capital originated the debt on behalf of the undisclosed borrower, which will use a portion of the proceeds to fund capital improvements.

July 13, 2023

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Structures $30.9M HUD-Insured Loan for Refinancing of Nursing Home in Chicago

by Kristin Harlow July 12, 2023

CHICAGO — Walker & Dunlop has structured a $30.9 million HUD 232/223(f) loan for the refinancing of Clark Manor, a nursing home in Chicago. Clark Manor provides services such as short-term, post-hospital physical rehabilitation, full-time physical, occupational and speech therapists, and a secure dementia and Alzheimer’s floor. Joshua Rosen and Brad Annis of Walker & Dunlop originated the loan. The borrower was undisclosed.

July 12, 2023

Acquisitions Colorado Life Sciences Loans Western

Essex Arranges $58.5M Financing for Acquisition of Seagate R&D Campus in Longmont, Colorado

by Jeff Shaw July 12, 2023

LONGMONT, COLO. — Essex Financial Group has arranged a $58.5 million acquisition loan for the purchase of the Seagate campus in Longmont. The state-of-the-art R&D facility, spanning more than 533,000 square feet, was acquired by Conscience Bay Co. and Battery Global Advisors. The campus, which includes lab space, offices and amenities, is leased back to Seagate Technology Holdings. The financing arrangement aligns with CBC’s strategy of acquiring income-producing assets in Colorado.

July 12, 2023

Loans Multifamily Seniors Housing Western

HJ Sims Advises on $10.6M Permanent Financing for Seniors Housing Community in the Southwest

by Jeff Shaw July 12, 2023

FAIRFIELD, CONN. — HJ Sims, a Fairfield-based investment bank and wealth management firm, acted as financial advisor in securing a $10.6 million life insurance company loan. The transaction marks a unique conclusion to a two-year plan with a returning client for the refinance of an assisted living and memory care community in the Southwest. The borrower is a regional owner-operator that currently manages a portfolio of 19 communities in the West. The borrower partnered with Sims in 2021 to close on the acquisition of the value-add, pre-stabilized community. Since the acquisition, the borrower successfully refreshed the building, and slightly raised monthly rental rates while also increasing census to over 95 percent occupancy. However, with increased expenses and labor costs felt industry-wide, combined with an ever-changing interest rate environment, the options for permanent debt to refinance out the entire high-leverage bridge loan were becoming more and more constrained. The fixed-rate debt was structured at a 70 percent loan-to-value ratio with a five-year term, including 24 months of interest-only payments followed by a 30-year amortization. In addition, terms were negotiated to include the ability to pay off the loan with no penalty any time after the first 18 months. Further details on …

July 12, 2023

Loans Seniors Housing Southeast Tennessee

CBRE Arranges $32.2M Acquisition Financing for Two Vitality-Branded Seniors Housing Communities in Metro Nashville

by John Nelson July 12, 2023

FRANKLIN AND HENDERSONVILLE, TENN. — CBRE has arranged $32.2 million in financing for the acquisition of Vitality Living Franklin and Vitality Living Hendersonville, both located in high-growth suburbs of Nashville. The borrowers were Winterpast Capital Partners (WCP), Scribner Capital and its institutional partner, and Broadview Real Estate Partners. Vitality Living, WCP’s wholly owned operating platform, will manage the communities under a traditional third-party agreement. The portfolio consists of 256 assisted living and memory care units. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing arranged the financing, which features a three-year term and two years of interest-only payments. A regional bank provided the funds.

July 12, 2023

Loans Multifamily Northeast Rhode Island

Dwight Capital Provides $19.5M HUD-Insured Loan for Refinancing of Providence Apartments

by Taylor Williams July 12, 2023

PROVIDENCE, R.I. — New York City-based Dwight Capital has provided a $19.5 million HUD-insured loan for the refinancing of 580 South Water, a 69-unit apartment complex in Providence. The riverfront property offers one- and two-bedroom units and amenities such as a fitness center, lounge area/workspace and a rooftop lounge. Josh Hoffman and Jonathan Pomper of Dwight Capital originated the financing through HUD’s 223(f) program. The borrower was not disclosed.

July 12, 2023

Industrial Loans Northeast Pennsylvania Top Stories Walker & Dunlop

Walker & Dunlop Arranges $175M in Equity, Construction Financing for Last-Mile Distribution Facility in Philadelphia

by Kristin Harlow July 12, 2023

PHILADELPHIA — Walker & Dunlop Inc. has arranged $40 million in limited partner equity and $135 million in construction financing for 5000 Richmond Street, a 750,000-square-foot, last-mile distribution facility in Philadelphia. The project will include two Class A buildings each with clear heights of 40 feet, a total of 112 loading dock doors, 206 trailer parking stalls and 759 car parking stalls. The site is within a Qualified Opportunity Zone and benefits from a long-term tax abatement from the city. The development will be situated six miles from Center City and offer immediate access to I-95, I-276 and I-476, which connect to New York City and Washington, D.C. Vacancy in the metro Philadelphia industrial market ticked up slightly in the first quarter to 4.4 percent, according to CBRE. But the market remains undersupplied, leading rents to gain upward momentum, states the brokerage. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Mo Beler, Michael Diaz and Michael Ianno of Walker & Dunlop represented the borrower, DH Property Holdings LLC (DHPH). Barings provided the construction financing. “This multi-year effort began with our team sourcing limited partner capital to help DHPH acquire the land in the depths of COVID, and culminated in a …

July 12, 2023

Alabama Loans Multifamily Southeast

Berkadia Arranges $13M Refinancing for Multifamily Community in Riverside, Alabama

by John Nelson July 11, 2023

RIVERSIDE, ALA. — Berkadia has arranged a $13 million loan for the refinancing of RiverHouse Apartments, a multifamily community located in Riverside. Located at 300 Riverhouse Loop, the property comprises 144 units and was recently renovated. Tom Genetti of Berkadia secured the financing through Fannie Mae on behalf of the borrower, Birmingham-based The Oakley Group.

July 11, 2023

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