Loans

Joint Venture Receives $233.3M Construction Financing for Hub Knoxville Student Housing Project Near University of Tennessee

by Jeff Shaw August 11, 2023

KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

August 11, 2023

Development Florida Hospitality Loans Southeast

Madison Realty Capital Originates $240M Acquisition Loan for Orlando Resort

by John Nelson August 10, 2023

ORLANDO, FLA. — Madison Realty Capital has originated a $240 million acquisition loan for a 526-unit single-family rental development underway in Orlando. The borrowers, Baseline Property Group and JSB Capital Group, also secured a $40 million mezzanine loan from a private foreign family office. The previous owner was not disclosed. Baseline’s sister company, Villatel, will operate the units as resort-style, short-term rentals upon completion. Situated on 77 acres along International Drive, the Villatel Orlando Resort will comprise 256 condominiums, 200 townhomes and 70 single-family homes. Many units will include private pools, movie theaters and arcade and gaming spaces. The resort will also feature a private $20 million amenity center that will include a clubhouse, water park with seven slides, lazy river, water playground, pool, fitness center, golfing swing suite, arcades, children’s playrooms and eateries. The resort’s initial homes are expected to be available for rent in the fourth quarter, and all units are expected to be delivered into the rental pool by summer 2025.

August 10, 2023

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Provides $108.8M Loan for Park Chelsea Apartments in D.C.

by John Nelson August 10, 2023

WASHINGTON, D.C. — Walker & Dunlop has provided a $108.8 million Fannie Mae loan for the refinancing of Park Chelsea, a 429-unit apartment building located in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, WC Smith, developed the property in 2016 as the first phase of The Collective, a 1,138-unit apartment development. Brendan Coleman and Connor Locke of Walker & Dunlop originated the financing. Park Chelsea’s amenities include a leasing center, 24-hour concierge, club room/game room, library, conference room and a garden room. Additionally, residents of The Collective have access to amenities across all three phases of the project, including indoor green space with an amphitheater, a full-size basketball court, outdoor singles tennis court and coworking space.

August 10, 2023

California Loans Multifamily Western

JLL Arranges $16.7M Refinancing for The Hobart Multifamily Community in Los Angeles

by Amy Works August 10, 2023

LOS ANGELES — JLL Capital Markets has arranged $16.7 million construction take-out financing for The Hobart, a mid-rise multifamily property in the Koreatown submarket of Los Angeles. Chris Collins and Brad Vansant of JLL Capital Markets’ debt advisory team secured the two-year, floating-rate loan for the borrower, Jannone Development. Built in 2023, the community features 39 one-, two- and three-bedroom floor plans ranging from 877 square feet to 1,424 square feet. The property is located at 3050 W. 11th St.

August 10, 2023

Hospitality Loans Midwest Missouri

Cronheim Hotel Capital Arranges $25.8M Loan for Refinancing of Hotel Phillips in Kansas City

by Kristin Harlow August 10, 2023

KANSAS CITY, MO. — Cronheim Hotel Capital has arranged a $25.8 million loan for the refinancing of Hotel Phillips in Kansas City. The loan will replace the existing note plus anticipated capital expenditures. The borrowers, Arbor Lodging and Lubert-Adler, acquired the property in 2018. The 216-room hotel, built in 1931, is located in the city’s central business district. It was once the tallest building in town, rising 20 stories. Today, Hotel Phillips is part of Hilton’s Curio collection and is listed on the National Register of Historic Places.

August 10, 2023

Colorado Loans Multifamily Seniors Housing Western

Berkadia Arranges $14.4M Bridge Loan for Memory Care Community in Colorado Springs

by Amy Works August 9, 2023

COLORADO SPRINGS, COLO. — Berkadia has arranged the financing of a 72-bed memory care facility in Colorado Springs. Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare secured a $14.4 million bridge loan to retire the existing construction debt and transaction costs. Berkadia Seniors Housing & Healthcare was able to offer an 18-month, floating-rate, bridge-to-HUD loan to allow the borrower enough time to continue improving NOI to a level that will support a HUD refinancing. Berkadia Seniors Housing & Healthcare anticipates submitting the HUD application within 12 months. The Washington-based borrower completed the community in 2018 and, despite strong lease-up velocity in 2019, struggled throughout much of 2020 and 2021 due to key staff turnover and multiple COVID-19 lockdowns. Occupancy hit a low point of 30 percent in December 2020 before new facility-level leadership stepped in to stabilize the community, managing to increase occupancy to 72 percent by March 2023.

August 9, 2023

Loans Multifamily Texas

Franklin BSP Provides $80M Loan for Refinancing of Downtown Austin Apartments

by Taylor Williams August 9, 2023

AUSTIN, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT) has provided an $80 million loan for the refinancing of Alexan Waterloo, a 272-unit apartment complex in downtown Austin. Completed in 2021, the 30-story building houses studio, one-, two- and three-bedroom units. Amenities include a pool with cabanas and grilling stations; fitness center with yoga and spin studios; sports lounge with a golf simulator; coworking space with private meeting rooms; and multiple clubrooms with lounge seating and a catering kitchen. The borrower is Crow Holdings Capital. The loan was structured with a two-year initial term and three one-year extension options.

August 9, 2023

Loans Midwest Missouri Multifamily

JLL Arranges $47M Loan for Refinancing of St. Louis Apartment Building

by Kristin Harlow August 8, 2023

ST. LOUIS — JLL Capital Markets has arranged a $47 million loan for the refinancing of Marlowe, a newly built apartment complex featuring 205 units in the Central West End neighborhood of St. Louis. Completed in 2022, Marlowe features studio, one- and two-bedroom units. Amenities include a pool, lawn with putting green, bark park, fitness studio and flex workspaces. Danny Kaufman, Philip Galligan, Mary Dooley and Rebecca Brielmaier of JLL represented the borrower, Keeley Properties. An insurance company provided the four-year, fixed-rate loan. Sound Mark Partners provided preferred equity for the deal.

August 8, 2023

Loans Multifamily New York Northeast

BEB Lending Provides $9M Acquisition Loan for Manhattan Apartment Building

by Taylor Williams August 8, 2023

NEW YORK CITY —BEB Lending, the finance platform of BEB Capital, has provided a $9 million acquisition loan for a seven-unit apartment building located at 53-55 Stone St. in Manhattan’s Financial District. The five-story building was originally constructed in 1900 and houses two restaurant spaces. Sean Silverbrook led the transaction for BEB Lending. The borrower was not disclosed.

August 8, 2023

California Loans Multifamily Western

Capital One Closes $43M Fannie Mae Refinancing for Southern California Apartment Portfolio

by Amy Works August 8, 2023

FULLERTON, CALIF. — Capital One has provided $43 million in Fannie Mae loans for the refinancing of two multifamily communities owned by SC Development. The portfolio includes the 271-unit The Streams and the 222-unit La Villita-La Costa properties in Fullerton. Greg Reed, Kristen Croxton and Tina Quirin of Capital One originated the transactions, which closed in June. The separate 10-year, fixed-rate loans feature interest-only payments for the entire term. The Streams features one- and two-bedroom apartments with all-electric kitchens, modern appliances, fireplaces and additional storage. La Villita-La Costa offers one- and two-bedroom units with large closets, patiso or balconies and washer/dryer hookups. Both communities feature a swimming pool, spa and fitness center. SC Development has maintained both properties since they were constructed in the mid-1970s.

August 8, 2023

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