Loans

Grosvenor Obtains $82.1M Refinancing Loan for Mixed-Use Building in D.C.

by John Nelson August 23, 2022

WASHINGTON, D.C. — Grosvenor has obtained an $82.1 million loan to refinance 1500 K Street, a 262,190-square-foot mixed-use building in Washington, D.C. Eastdil Secured arranged the loan through Helaba on behalf of Grosvenor. Built in 1928, 1500 K Street comprises offices and retail space. The property is situated near the McPherson Square Metro station and the White House, as well as Washington, D.C.’s downtown and East End districts. Grosvenor recently invested $20 million to renovate the property, including updates to the lobby, fitness center, tenant lounge, HVAC system, roof and rooftop lounge.

August 23, 2022

Development Loans Multifamily Northeast Pennsylvania

Bellwether Enterprise Arranges $20M Loan for Renovation, Construction of Lehigh Valley Apartments

by Taylor Williams August 23, 2022

ALLENTOWN, PA. — Bellwether Enterprise Real Estate Capital has arranged a $20 million loan for the renovation and construction of Cityplace North & South, a 204-unit apartment complex in the Lehigh Valley city of Allentown. The North Building is a conversion of a hotel into apartments that opened in early 2020, and the South Building is ground-up construction. An undisclosed life insurance company provided the loan. The borrower was also not disclosed.

August 23, 2022

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $197.7M Bond Financing for Plano Seniors Housing Community

by Taylor Williams August 22, 2022

PLANO, TEXAS — Ziegler has arranged $197.7 million in bond financing for The Outlook at Windhaven Forefront Living, a seniors housing community in Plano. The property, which is in development, will comprise 153 independent living apartments, 30 independent living cottages, 32 assisted living units and 24 memory care units. The financing comprises $109.5 million of tax-exempt bonds, $88.2 million of tax-exempt mandatory paydown securities and $1.3 million in taxable bonds, all of which were sold publicly to institutional investors. The borrower is Forefront Living.

August 22, 2022

Acquisitions Industrial Loans Texas

Fort Capital Acquires 711,399 SF Light Industrial Portfolio in Houston

by Taylor Williams August 22, 2022

HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a portfolio of 23 light industrial buildings totaling 711,399 square feet that are located throughout the Houston area. The properties provide access to major transportation arteries such as Interstates 10, 45 and 610, as well as the Sam Houston Tollway and U.S. Highways 290 and 59. The Class B portfolio was 76 percent leased at the time of sale to 125 tenants with footprints ranging in size from 833 to 24,439 square feet. The seller and sales price were not disclosed. Los Angeles-based lender PCCP LLC provided a $72 million acquisition loan for the deal.

August 22, 2022

Loans Multifamily Northeast Pennsylvania

Bellwether Enterprise Arranges $40M Permanent Loan for Metro Philadelphia Multifamily Property

by Taylor Williams August 22, 2022

CHERRY HILL, N.J. — Bellwether Enterprise Real Estate Capital has arranged a $40 million loan for the permanent financing of a 192-unit apartment and townhome community located outside of Philadelphia in Cherry Hill. The newly built property offers one-, two- and three-bedroom units, and amenities such as a pool, rooftop terrace, fitness center, dog park and a clubhouse with a billiards room, lounge and bar area. An undisclosed life insurance company provided the loan. The borrower was Montgomery Group.

August 22, 2022

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Structures $57.6M in HUD-Insured Loans for Three Skilled Nursing Facilities in Illinois

by Kristin Harlow August 22, 2022

ILLINOIS — Walker & Dunlop Inc. has structured $57.6 million in HUD-insured loans for the refinancing of three skilled nursing facilities in Illinois. Joshua Rosen of Walker & Dunlop led the origination team. The first transaction consisted of a $15.6 million loan for Avantara Park Ridge, a 154-bed community in Park Ridge. Walker & Dunlop also arranged a $28.7 million loan for Moraine Court Supportive Living, a 185-bed community in Bridgeview, and a $13.3 million loan for Aperion Care Elgin, a 101-bed property in Elgin. The borrower was undisclosed.

August 22, 2022

Loans Multifamily Seniors Housing Texas

VIUM Capital Provides $17.1M Loan for Refinancing of South Texas Skilled Nursing Facility

by Taylor Williams August 19, 2022

SOUTH TEXAS — VIUM Capital has provided a $17.1 million bridge-to-HUD loan for the refinancing of an undisclosed skilled nursing facility in South Texas. The financing also provides equity-out proceeds and covers transaction costs. The loan features a 60 percent loan-to-value ratio and partial recourse that disappears upon submission to HUD. The borrower leased the property in 2017, exercised its purchase option in 2018 and continued to improve operating performance during the COVID-19 pandemic. The name and location of the facility were not disclosed.

August 19, 2022

Industrial Loans New York Northeast Self-Storage

Meridian Capital Arranges $147M Loan for Refinancing of Three New York City Self-Storage Facilities

by Taylor Williams August 19, 2022

NEW YORK CITY — Meridian Capital Group has arranged a $147 million loan for the refinancing of three New York City self-storage facilities. The names and unit counts of the facilities, all of which were built in 2017, were not disclosed. Drew Anderman and Ben Nevid of Meridian Capital arranged the loan through Slate Asset Management on behalf of the borrower, Saratoga Springs-based Prime Group.

August 19, 2022

Affordable Housing Development Loans Multifamily New York Northeast

Regions Provides Financing for 255-Unit Transformational Housing Project in Brooklyn

by Taylor Williams August 19, 2022

NEW YORK CITY — Regions Bank has provided an undisclosed amount of financing for a 255-unit transformational housing project in Brooklyn. Nonprofit housing operator HELP USA is leading the development, which will consist of two buildings with 184 and 71 units. Of those, 154 residences will be reserved for individuals who meet the homeless and substance abuse criteria for housing. The site will eventually house four buildings and span a full city block along Blake Avenue. BNY Mellon has also provided $62 million in equity for the project. A construction timeline was not disclosed.

August 19, 2022

Development Loans Multifamily North Carolina Southeast

CBRE Arranges $50.6M Construction Loan for Multifamily Redevelopment Project in Chapel Hill, North Carolina

by John Nelson August 19, 2022

CHAPEL HILL, N.C. — CBRE has arranged $50.6 million in construction financing for Link Apartments Calyx, a 304-unit multifamily redevelopment project in Chapel Hill. Nate Sittema, Kristen Reilley, Elliott Voreis and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in the Carolinas originated the 10-year, 60 percent loan-to-stabilized value construction loan through an unnamed life insurance company on behalf of the borrower, Grubb Properties. Link Apartments Calyx is located at the intersection of Lanark and Maxwell roads within Phase II of the redevelopment of Glen Lennox, an approximately 70-acre historic master-planned neighborhood that was purchased by Grubb Properties in 1985. Link Apartments Calyx will offer studio, one- and two-bedroom apartments, as well as a fitness center, coworking space, a cycle center, pool, rooftop resident lounge and a parking garage. Construction is expected to be completed in 2023. Overall, the second phase of the Glen Lennox redevelopment is set to include 650 residential units, 90,000 square feet of retail space, a 150-room hotel and 275,000 square feet of office space.

August 19, 2022

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