Loans

Newmark Arranges $248M Refinancing for The Biltmore Apartment Tower in Manhattan

by Taylor Williams March 20, 2023

NEW YORK CITY — Newmark has arranged the $248 million refinancing of The Biltmore, a 51-story apartment tower in Manhattan’s Midtown West neighborhood. The borrower was a partnership between institutional investment firm BentallGreenOak and locally based developer Slate Property Group. Built in 2003, The Biltmore consists of 464 apartments and 47,397 square feet of commercial space. Units feature studio, one- and two-bedroom floor plans with quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a fitness center with a yoga studio; rooftop terrace with entertainment areas; library with private conference rooms; communal dining room; and a game lounge. The Biltmore’s commercial space houses an array of food and beverage purveyors, convenience-oriented retailers, boutique fitness concepts and a medical office user. The property recently underwent a renovation that upgraded the lobby, amenity spaces and elevator systems. Ownership plans to use a portion of the newly issued proceeds to fund further capital improvements. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of Newmark arranged the financing through two New York City-based firms, Square Mile Capital and Clarion Partners. “The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and …

March 20, 2023

Courtyard-by-Marriott-Austin-University-Area

Hospitality Loans Texas

PMZ Realty Capital Arranges $20.7M Acquisition Loan for Downtown Austin Hotel

by Taylor Williams March 17, 2023

AUSTIN, TEXAS — PMZ Realty Capital has arranged a $20.7 million acquisition loan for Courtyard by Marriott Austin-University Area, a nine-story, 198-room hotel located in the state capital’s downtown district. The nonrecourse loan was structured with a floating interest rate. The accommodations consist of 186 guestrooms and 12 suites, and guests have access to a pool, fitness center, business center and 1,342 square feet of meeting and event space. The name of the direct lender and the borrower, a Dallas-based investment firm, were not disclosed.

March 17, 2023

Connecticut Loans Multifamily Northeast

Eastern Union Arranges $28M Acquisition Loan for Multifamily Portfolio in Bridgeport, Connecticut

by Taylor Williams March 17, 2023

BRIDGEPORT, CONN. — Eastern Union has arranged a $28 million acquisition loan for a portfolio of 13 multifamily properties totaling 437 units in Bridgeport, located in southern coastal Connecticut. Motti Blau, Mendy Pfeifer, Hershy Fried and Dov Bakon of Eastern Union originated the 10-year loan, which was structured with a 5.25 percent fixed interest rate, a 30-year amortization schedule and five years of interest-only payments. KeyBank provided the financing. The borrower was not disclosed.

March 17, 2023

California Development Loans Multifamily Western

GPI Cos. Receives $84M Construction Financing for Overland and Ayres Apartment Community in West Los Angeles

by Jeff Shaw March 17, 2023

LOS ANGELES — GPI Cos. has received $84 million in financing for construction of Overland and Ayres, a 201-unit apartment community in West Los Angeles. Located 2455 Overland Ave., Overland and Ayres will be fully integrated with the newly constructed West End creative campus. It will feature 100 percent market-rate units, with amenities like a podium pool deck and outdoor fitness lawn. The community will also include about 6,200 square feet of commercial space. JLL secured the floating-rate construction loan through Citizens.

March 17, 2023

Acquisitions Colorado Loans Office Western

Essex Arranges $17M Acquisition Loan for Office Property in Lakewood, Colorado

by Jeff Shaw March 17, 2023

LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.

March 17, 2023

Affordable Housing Civic Development Florida Loans Mixed-Use Multifamily Retail Southeast Walker & Dunlop

Walker & Dunlop Arranges $51M Construction Financing for City Hall, Affordable Housing Project in South Florida

by John Nelson March 16, 2023

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building, a mixed-use development located in the South Florida city of Oakland Park. The borrower, locally based NRI Investments, previously signed a development agreement, lease agreement and purchase and sale agreement for the 2.1- acre site with the City of Oakland Park. Sky Building will house 136 affordable and workforce units, which are connected by a skybridge to the City of Oakland Park’s new City Hall, alongside roughly 15,000 square feet of ground-floor retail space. The site is within an opportunity zone approximately three miles north of downtown Fort Lauderdale. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton of Walker & Dunlop arranged the financing via senior construction lenders and debt and equity funds. The financing was underwritten at 80 percent loan-to-cost and is non-recourse through the capital stack, according to Walker & Dunlop. The construction timeline for Sky Building was not disclosed.

March 16, 2023

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $17.4M Agency Loan for Refinancing of Austin Affordable Housing Complex

by Taylor Williams March 15, 2023

AUSTIN, TEXAS — Lument has provided a $17.4 million Fannie Mae loan for the refinancing of Riverside Meadows, a 240-unit affordable housing complex in Austin. The 10-building community was constructed on 14.5 acres in 2002. Steve Beltran of Lument originated the financing, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements to the unit interiors, building exteriors and common areas.

March 15, 2023

Mi-Place-at-West-Rancocas-Mount-Holly-New-Jersey

Loans Multifamily New Jersey Northeast

Dwight Mortgage Trust Provides $26M Loan for Refinancing of Southern New Jersey Apartments

by Taylor Williams March 15, 2023

MOUNT HOLLY, N.J. — Dwight Mortgage Trust, the mortgage REIT affiliate of New York City-based Dwight Capital, has provided a $26 million bridge loan for the refinancing of Phase II of Mi-Place at West Rancocas, located in the Southern New Jersey community of Mount Holly. Completed in 2022, Mi-Place at West Rancocas consists of four three-story walk-up buildings with 96 units, two two-story townhome buildings with 12 units and a recreation center. Amenities include a pool, fitness center, game room, resident lounge and outdoor grilling and dining areas. The borrower and developer is Fernmoor Homes.

March 15, 2023

California Loans Multifamily Seniors Housing Western

Bayview Arranges $13M in C-PACE Financing for Varenita of Simi Valley Seniors Housing Community in California

by Jeff Shaw March 15, 2023

SIMI VALLEY, CALIF. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley. The Class A property, which opened in February 2022, totals 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants. The C-PACE loan is being utilized to pay down senior debt and provide cash-out proceeds to the borrower for future projects. The borrower, Griffin Living, is a privately owned development firm based in Calabasas. The financing features a 29-year term and a loan-to-value ratio of 24.4 percent. It is structured as a bridge refinancing.

March 15, 2023

California Development Industrial Loans Western

Lovett Industrial Receives $24.9M Construction Financing for Rialto, California Project

by Jeff Shaw March 14, 2023

RIALTO, CALIF. — Lovett Industrial has received $24.9 million in construction financing to develop Rialto II, a 114,115-square-foot, Class A industrial development in Rialto. Once completed, Rialto II will feature 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court and 90 parking stalls. The six-acre site is located at 1910 W. Renaissance Parkway. The three-year, fixed-rate loan is through American Realty Advisors. Peter Thompson, Samuel Godfrey and Jordan Leake led the JLL Capital Markets debt advisory team.

March 14, 2023

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