Loans

Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project

by Taylor Williams May 17, 2023

BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.

May 17, 2023

Florida Loans Multifamily Southeast

Greystone Provides $34M Agency Loan for Multifamily Community in Pensacola, Florida

by John Nelson May 16, 2023

PENSACOLA, FLA. — Greystone has provided a $34 million Fannie Mae loan for the refinancing of The Lakes at Nottingham, a 268-unit apartment community in Pensacola. Built in 2002, the property spans 17 buildings housing one-, two- and three-bedroom apartments. Carter King of Greystone originated the non-recourse, fixed-rate loan on behalf of the borrower, an affiliate of The Hallmark Cos. Inc. The five-year loan features a 30-year amortization schedule and two years of interest-only payments.

May 16, 2023

Industrial Loans New Jersey Northeast

Webster Bank Provides Financing for 109,000 SF Industrial Building in Northern New Jersey

by Taylor Williams May 16, 2023

PISCATAWAY, N.J. — Webster Bank has provided financing for a 109,000-square-foot warehouse and distribution center in the Northern New Jersey community of Piscataway. The building features a clear height of 24 feet, 24 loading docks and two drive-in doors and was fully leased to 19 tenants at the time of the loan closing. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between New Jersey-based Denholtz Properties and Boston-based Long Wharf Capital. The capital markets team involved in the deal did not specify how the loan proceeds would be used.

May 16, 2023

Loans Northmarq Office Retail Texas

Northmarq Arranges Refinancing of 82,824 SF Office, Retail Complex in San Antonio

by Taylor Williams May 15, 2023

SAN ANTONIO — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Plaza at Concord Park, an 82,824-square-foot office and retail complex in San Antonio’s Stone Oak neighborhood. The three-building complex was constructed in 2007 and houses tenants such as FedEx Office Print & Ship Center, Trend Aesthetics & Wellness, Jimmy John’s, Natural Remedy Store and First Watch. Bryan Leonard of Northmarq arranged the five-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.

May 15, 2023

Industrial Loans Midwest Wisconsin

iBorrow Provides $15.1M Loan for Refinancing of Light Industrial Property in Milwaukee

by Kristin Harlow May 15, 2023

MILWAUKEE — iBorrow has provided a $15.1 million loan for the refinancing of a 499,759-square-foot light industrial manufacturing property in Milwaukee. The property consists of five buildings that are occupied by eight tenants. Built in 1950 and renovated in 2020, the facility features nine dock-high doors, 25 grade doors and seven rail doors. iBorrow provided the original loan on the property in January 2021. The undisclosed borrower refinanced and sold a separate three-building vacant office parcel on the site.

May 15, 2023

Development Loans Massachusetts Multifamily Northeast Seniors Housing Top Stories

MassDevelopment Provides $129M in Bond Financing for Opus Newton Seniors Housing Project Near Boston

by Taylor Williams May 15, 2023

NEWTON, MASS. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston. The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025. Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments. Amenities will include a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio and classrooms. In addition, onsite staff will be available to coordinate home and health services based on resident needs. According to the development team, Opus Newton will meet the needs of seniors who earn too much to qualify for affordable housing units but cannot comfortably afford other high-end housing options in the area. Of the property’s 174 units, nine will be reserved for households earning 80 percent or less of the area median income. The market-rate units will partially maintain low rents by using volunteers from the community in place of some …

May 15, 2023

Loans Multifamily Texas

Greystone Provides $32.2M Agency Loan for Refinancing of Metro Houston Apartments

by Taylor Williams May 12, 2023

HUMBLE, TEXAS — Greystone has provided a $32.2 million Fannie Mae loan for the refinancing of The Villas at Foxbrick, a 412-unit apartment community located in the northern Houston suburb of Humble. Built in 2004, the property offers one- and two-bedroom units. According to Apartments.com, amenities include a pool, fitness center, courtyard and package locker service. Anthony Cristi of Greystone originated the financing. Gregory Vassilakos of Cosmos Capital Group served as the loan arranger and correspondent. The borrower was not disclosed.

May 12, 2023

Loans Multifamily Northeast Pennsylvania

Largo Capital Arranges $15M Refinancing of Multifamily Property in Norristown, Pennsylvania

by Taylor Williams May 12, 2023

NORRISTOWN, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $15 million loan for the refinancing of a multifamily property in Norristown, a northwestern suburb of Philadelphia. The unnamed property consists of 17 buildings totaling 328 units that were 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The direct lender and borrower were not disclosed.

May 12, 2023

California Loans Multifamily Western

Dwight Mortgage Trust Provides $36.3M Refinancing for Villa Annette Apartments in Moreno Valley, California

by Jeff Shaw May 11, 2023

MORENO VALLEY, CALIF. — Dwight Mortgage Trust has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property, which is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, pool, spa, business center, fitness center and a picnic and grilling area. The owner plans to obtain a HUD 223(f) loan for permanent financing once the asset is stabilized. Ari Mandelbaum originated the transaction for Dwight.

May 11, 2023

Industrial Loans Northmarq Texas

Northmarq Arranges Acquisition Loan for 90,029 SF Industrial Building in Northeast Houston

by Taylor Williams May 11, 2023

HOUSTON — Northmarq has arranged an acquisition loan of an undisclosed amount for a 90,029-square-foot industrial building located at 8950 Railwood Drive in northeast Houston. Built in 1989, the single-tenant building features 21-foot clear heights, 11 exterior docks and 18,500 square feet of office space. Blane Eikenhorst and Tony Gray of Northmarq arranged the nonrecourse, fixed-rate loan, which was structured with a 10-year term and a 75 percent loan-to-value ratio, through Ameritas Investment Partners. The borrower/owner-occupant was not disclosed.

May 11, 2023

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