Loans

JLL Arranges $193M in Refinancing for Two Properties in Downtown Columbia, Maryland

by John Nelson January 13, 2023

COLUMBIA, MD. — JLL Capital Markets has arranged separate refinancings totaling $193 million for two properties located in downtown Columbia. Jamie Leachman and Drake Greer of JLL secured the financing on behalf of the borrower, The Howard Hughes Corp. An undisclosed lender provided a $76 million, three-year, fixed-rate loan for the first property, a 317,189-square-foot office building located at 6100 Merriweather Drive. JLL also arranged a $117 million, five-year, fixed-rate loan for Juniper, an apartment community built in 2020 that also features 55,693 square feet of street-level retail space. Both properties are positioned within the mixed-use Merriweather District, and both loans were used to take out existing construction financing.

January 13, 2023

Industrial Loans New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $100M Refinancing of Industrial Property Leased to Amazon in Queens

by Taylor Williams January 13, 2023

NEW YORK CITY — Walker & Dunlop has arranged a $100 million loan for the refinancing of JFK Logistics Center, a 423,000-square-foot industrial property in Queens that is fully leased to Amazon. The multi-story facility sits on 10.7 acres and features a clear height of 36 feet, 16 loading positions and two floors of parking. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler arranged the debt on behalf of the borrower, a partnership between Wildflower Ltd. and Amstar. J.P. Morgan Investment Management provided the loan.

January 13, 2023

California Loans Office Retail Western

Gantry Arranges $20M Loan for Two-Property Portfolio in Southern California

by Amy Works January 13, 2023

SANTA BARBARA AND PASADENA, CALIF. — Gantry has secured $20 million in financing for a cross-collateralized, two-property, mixed-asset portfolio in Southern California. The portfolio includes a two-building office asset on State Street in Santa Barbara and a 12,500-square-foot retail property located on Colorado Boulevard in Pasadena. Tenants include Zara in Pasadena and Chase Bank in Santa Barbara. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s El Segundo office secured the 15-year permanent loan a private real estate investor. One of Gantry’s regional bank lender relationships provided the capital. The loan has an initial five-year interest-only payment period, followed by 25-year amortization for the remainder of the term.

January 13, 2023

Affordable Housing Development Loans Multifamily Southeast Tennessee

Amazon Housing Equity Fund Provides $18.8M Loan for Affordable Housing Project in Nashville

by John Nelson January 12, 2023

NASHVILLE, TENN. — The Amazon Housing Equity Fund has provided an $18.8 million construction loan for Harpeth Valley Apartments, a 251-unit, garden-style affordable housing development located at 8101 McCrory Lane in Nashville. The fund is Amazon’s more than $2 billion commitment to create and preserve affordable housing in the markets where it has corporate campuses: Seattle, Northern Virginia and Nashville. C.W. Early of JLL arranged the long-term, fixed-rate loan on behalf of the borrower, Elmington Capital. Set for completion in late 2024, Harpeth Valley will feature units that are affordable to households earning 60 percent of the area median income (AMI) through 2072. The property will consist of one-, two- and three-bedroom apartments, as well as a clubhouse, exercise room, pool, onsite management, bike storage and common area Wi-Fi.

January 12, 2023

Development Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Arranges $134.6M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams January 12, 2023

PHILADELPHIA — Walker & Dunlop has arranged a $134.6 million construction loan for Northern Liberties, 360-unit multifamily project that will be located at 200 Spring Garden St. in Philadelphia. The transit-served building will offer a pool, fitness center, coworking lounge, conference center and a party room, as well as 23,070 square feet of retail space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler of Walker & Dunlop arranged the loan through insurance company Ullico on behalf of the borrower and developer, a partnership between Kushner Real Estate Group and National Real Estate Advisors.

January 12, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $13.5M in Financing for Affordable Seniors Housing Complex in Metro Boston

by Taylor Williams January 12, 2023

MEDFORD, MASS. — MassHousing has provided $13.5 million in financing for Riverside Towers, a 199-unit affordable seniors housing complex in Medford, located north of Boston. Built in 1979, Riverside Towers consists of 161 one-bedroom and 38 two-bedroom units in a 14-story building. The borrower, a partnership between metro Boston-based Schochet Cos. and Jonathan Rose Cos., will use the proceeds to fund capital improvements, enhance resident services and preserve the property’s affordability status.

January 12, 2023

Colorado Development Loans Multifamily Western

Trailbreak Partners Receives $24.3M Construction Loan for Multifamily Project in Denver

by Amy Works January 12, 2023

DENVER — Trailbreak Partners has received $24.3 million in construction financing for the development of 32nd and Eliot Apartments, a Class A multifamily community in Denver’s Highlands neighborhood. Located at 3245 N. Eliot St., the three-story 32nd and Eliot will feature 124 apartments in a mix of studio, one- and two-bedroom units averaging 647 square feet. Twelve of the units will be designated as affordable, reserved for residents earning up to 80 percent of area median income. Units will offer in-unit washers/dryers, balconies, large windows, stainless steel appliances, custom cabinetry, luxury vinyl plank flooring and walk-in closets. Community amenities will include a clubhouse, resort-style plunge pool, hot tub, courtyard, roof deck, remote working spaces, a fitness center and sub-grade parking garage. Rob Bova led the JLL Capital Markets team that secured the senior construction loan through FirstBank.

January 12, 2023

Development Loans Midwest Multifamily Wisconsin

JLL Capital Markets Secures $73.8M in Construction Financing for Multifamily Project in Madison, Wisconsin

by Jeff Shaw January 11, 2023

MADISON, WIS. — JLL Capital Markets has secured $73.8 million in construction financing for the development of Baker’s Place, a 206-unit, mass-timber apartment project in Madison. The financing included a $21.2 mezzanine debt investment from Pearlmark Mezzanine Realty Partners V LP, and a senior loan provided by Bank OZK. Mike Brady and Phil Galligan of JLL represented the borrowers, Wisconsin-based developers The Neutral Project and Compass Properties, as advisors in the project capitalization. Mark Witt of Pearlmark arranged the mezzanine financing. Upon completion, the property will comprise 14 stories, including 8,400 square feet of retail space. Plans for the development include green roofs, exposed mass timber, enhanced ventilation and natural materials, which are estimated to reduce carbon emissions by 42 percent relative to conventional construction techniques. Completion is scheduled for March of 2025.

January 11, 2023

Loans Midwest Minnesota Multifamily Seniors Housing

Ziegler Closes $47M Financing for Construction of Seniors Housing Community in Corcoran, Minnesota

by Jeff Shaw January 11, 2023

CORCORAN, MINN. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on the notes, and pay certain costs of issuance associated with the financing. Saint Therese is a Catholic senior living organization originally organized in 1965 as a single-site nursing home in New Hope, Minn. Now based in St. Louis Park, Minn., Saint Therese has grown across the Minneapolis-St. Paul metropolitan area as a provider of housing and supportive services with nearly 1,000 units offering independent living, assisted living, memory care, skilled nursing, inpatient/outpatient therapy, community wellness, and other related services. Saint Therese team members annually provide services to more than a dozen senior living locations for approximately 3,250 Minnesotan seniors. Saint Therese is the sponsor of the new senior living community, …

January 11, 2023

Loans New York Northeast Northmarq Retail

Northmarq Arranges $80M Loan for Refinancing of Long Island Shopping Center

by Taylor Williams January 11, 2023

WESTBURY, N.Y. — Northmarq has arranged an $80 million loan for the refinancing of Roosevelt Raceway Center, a 428,483-square-foot shopping center located in the Long Island community of Westbury. The center, which sits on a 48-acre site less than a mile from Roosevelt Field Mall, houses tenants such as The Home Depot, Food Bazaar Supermarket, David’s Bridal and PGA Tour Superstore. Robert Delitsky and Charles Cotsalas of Northmarq arranged the fixed-rate loan through a regional bank. The borrower was not disclosed.

January 11, 2023

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