Loans

JLL Provides $31.2M Refinancing for Epoque Golden Multifamily Community in Colorado

by Amy Works February 9, 2023

GOLDEN, COLO. — JLL Capital Markets has arranged a $31.2 million refinancing for Epoque Golden, an apartment property at 1175 Newstar Way in Golden. Eric Tupler and Tony Nargi of JLL Capital Markets secured the five-year, fixed-rate loan through Freddie Mac Multifamily for the borrower team, including Forum Real Estate Group. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan. Constructed in 2019, Epoque Golden features 120 studio, one-, two- and three-bedroom apartments with open-concept floor plans, quartz countertops, full-size washers/dryers, private balconies and walk-in closets. Community amenities include a resort-style swimming pool, fitness center with outdoor yoga terrace, landscaped courtyard with fire pits and grilling area, a speakeasy, private dining room, work-from-home space, electric vehicle charging station and golf and ski storage.

February 9, 2023

California Loans Retail Western

PSRS Arranges $16.3M Refinancing for Eastlake Village Center Retail Space in Chula Vista, California

by Amy Works February 9, 2023

CHULA VISTA, CALIF. — PSRS has secured a $16.3 million non-recourse loan for the refinancing of a 43,471-square-foot retail space at Eastlake Village Center in Chula Vista. James Mulvihill and Kevin Mulvihill of PSRS arranged the loan, which a life insurance company provided. PSRS will service the mortgage as part of its $6.6 billion loan serving portfolio.

February 9, 2023

Illinois Loans Midwest Multifamily Seniors Housing

BWE Arranges $28.8M Loan for Refinancing of Assisted Living Community in Metro Chicago

by Kristin Harlow February 9, 2023

CHICAGO — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $28.8 million loan for the refinancing of an assisted living and memory care community in metro Chicago. The borrowers were affiliates of a seniors housing-focused private equity firm. Ryan Stoll and Taylor Mokris of BWE arranged the loan through a regional bank with a national focus on seniors housing. The four-year loan features a 30-year amortization schedule.

February 9, 2023

Loans Lument Michigan Midwest Multifamily

Lument Provides $7.7M Acquisition Loan for Detroit Apartment Community

by Kristin Harlow February 9, 2023

DETROIT — Lument has provided a $7.7 million Fannie Mae loan for the acquisition of Central Park Apartments in Detroit. The garden-style apartment community includes 92 units. James Kelly of Lument originated the loan on behalf of the borrower, Greatwater Opportunity Capital, which owns nearly 2,000 apartment units across 40 properties. The seven-year loan features 12 months of interest-only payments, a 30-year amortization schedule and a fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs and several unit renovations.

February 9, 2023

Healthcare Loans Texas

Newmark Arranges $44M Loan for Refinancing of Acute Care Hospital in Houston

by Taylor Williams February 9, 2023

HOUSTON — Newmark has arranged a $44 million loan for the refinancing of an acute and specialty care hospital in Houston. At the time of sale, the facility was 100 percent leased to an independent surgical hospital operator and national inpatient rehabilitation facility. John Nero, Jay Miele, Ben Appel, Michael Greeley, Adam Goss and Ron Ott of Newmark arranged the nonrecourse financing, which was structured with a 70 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

February 9, 2023

Indiana Loans Midwest Multifamily

Greystone Provides $15.7M Acquisition Loan for Indianapolis Multifamily Community

by Kristin Harlow February 8, 2023

INDIANAPOLIS — Greystone has provided a $15.7 million Freddie Mac loan for the acquisition of Trails at Lakeside in Indianapolis. Constructed in 1989, the 208-unit multifamily property is a garden-style community with six buildings. Miryan Reinitz-Kops of Greystone originated the fixed-rate loan, which features a 12-year term, 30-year amortization schedule and three years of interest-only payments. Loan proceeds enable the borrower to make improvements in addition to the acquisition. Capodagli Property Co. was the borrower.

February 8, 2023

Development Hospitality Loans Utah Western

Sonnenblick-Eichner Co. Arranges $50M Construction Loan for The Lionsback Resort in Moab, Utah

by Amy Works February 8, 2023

MOAB, UTAH — Sonneblick-Eichner Co. has secured $50 million in construction financing for Phase I of Lionsback Resort, a 175-acre development in Moab. Situated adjacent to Canyonlands and Arches national parks, Lionsback’s $350 million, five-year development plans includes 188 single-family residences and a resort hotel. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. Moab is located in the eastern portion of Utah, near the Colorado border, Colorado River and Arches National Park.

February 8, 2023

Acquisitions Development Georgia Loans Multifamily Southeast

CBRE Arranges $62.4M Acquisition Loan for Blakely Apartments in Pendergrass, Georgia

by John Nelson February 7, 2023

PENDERGRASS, GA. — CBRE has arranged a $62.4 million acquisition loan for The Blakely, a 420-unit apartment community being built in phases in Pendergrass, about 57 miles northeast of Atlanta. ARC Multifamily Group is purchasing the partially developed community from developer Green River Builders for $88.4 million. The buyer is under contract to acquire each phase of The Blakely once it receives a certificate of occupancy. Charlie Clark and Blake Cohen of CBRE’s Debt & Structured Finance team arranged the bridge loan through an unnamed life insurance company on behalf of ARC Multifamily Group. Upon completion, The Blakely will include a mix of one-, two- and three-bedroom units ranging in size from 855 to 1,444 square feet. Community amenities will include multiple swimming pools, a theater room, package center, fitness center, game room, yoga pad, fire pit, playground and a beer garden featuring an outdoor kitchen with a bar top, outdoor TV and seating.

February 7, 2023

Loans Multifamily New York Northeast

Largo Capital Arranges $30M Loan for Refinancing of Buffalo Multifamily Portfolio

by Taylor Williams February 7, 2023

BUFFALO, N.Y. — Largo Capital, a locally based commercial finance and advisory firm, has arranged a $30 million loan for the refinancing of a portfolio of 11 multifamily properties totaling 789 units in Buffalo. The portfolio was 99 percent occupied at the time of sale. Ned Perlman of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

February 7, 2023

Michael Klein Lending Freedom Financial Funds

Acquisitions Content Partner Features Loans Midwest Northeast Southeast Texas Western

In Spite of Higher Capital Costs, Successful Deals Can Still be Achieved with Diligence and Solid Underwriting

by Sarah Daniels February 7, 2023

Prospective investors can finance acquisitions even when equity is scarce, explains Michael Klein, CEO and founding principal of Freedom Financial Funds. “The scarcity of equity is an old phenomenon; it’s a relatively new phenomenon that made equity plentiful. For most of history, it was hard work to find equity. However, even in a tight market, if there’s a compelling case for a project to result in success and there are multiple ways of protecting the equity and the debt, that deal will get done.” This is the outlook Klein brings to the 2023 MBA Commercial/Multifamily Finance Convention & Expo. Klein’s company, Freedom Financial Funds, LLC is a private REIT based in Los Angeles and operating in the western United States. The REIT specializes in providing capital to real estate professionals adding value to projects. Debt, Equity and Protecting Value Klein explains that with any type of financing, whether it be debt or equity, it is key to have a compelling story and facts to indicate that the borrower is going to provide a fair amount of value. “Protecting the investor from potential downside risks is an essential part of financing,” explains Klein. This sort of forethought requires thorough due diligence …

February 7, 2023

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