Loans

Aztec Group Arranges $23M Refinancing for Self-Storage Facility in South Florida

by John Nelson July 18, 2022

AVENTURA, FLA. — Aztec Group has arranged the $23 million refinancing of a five-story, climate-controlled self-storage facility in the Miami suburb of Aventura. Glendale, Calif.-based self-storage operator Public Storage operates the property. Built in 2018, the facility offers 84,000 square feet of rentable space across 946 units. Jason Shapiro and Charles Penan of Aztec Group arranged the loan through the direct lender, an affiliate of Miami-based 3650 REIT, on behalf of the borrower, South Florida-based America’s Capital Partners. The nonrecourse, fixed-rate loan will be interest-only for the full 10-year term.

July 18, 2022

Loans Multifamily Utah Western

Colliers Mortgage Arranges $9.8M Fannie Mae Loan for Siena Villas Multifamily Property in Orem, Utah

by Amy Works July 18, 2022

OREM, UTAH — Colliers Mortgage Southwest has arranged a $9.8 million Fannie Mae loan for the refinancing of Siena Villas, a multifamily community in Orem. Rob Prouty of Colliers Mortgage Southwest arranged the 10-year loan for the borrower, Siena Villas LLC. Constructed in 2011, Siena Villas features 81 market-rate apartments with in-unit washers/dryers, onsite management and covered and uncovered parking.

July 18, 2022

Hospitality Loans Top Stories

MCR Receives $420M Refinancing for 30-Property National Hotel Portfolio

by Taylor Williams July 18, 2022

NEW YORK CITY — MCR, a New York City-based hospitality development and investment firm, has received a $420 million loan to refinance a portfolio of 30 hotels totaling 3,792 rooms across 17 states. The majority of the properties are located in high-growth markets within states such as Florida, Utah, Nevada, Colorado, Texas and South Carolina. Locations range from leisure destinations such as the Hilton Garden Inn Orlando at SeaWorld to urban assets like the Courtyard by Marriott Milwaukee Downtown, as well as university-driven markets. The portfolio features eight different brands across the select-service and extended-stay segments of the market. These brands include Homewood Suites, Hampton Inn & Suites, Hilton Garden Inn, Home2 Suites, Residence Inn, Courtyard by Marriott, SpringHill Suites and TownePlace Suites. Wells Fargo led the consortium of lenders, including BMO Harris, Bank of America and Square Mile Capital, that provided the funds. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to MCR on the transaction, and Eastdil Secured served as financial advisor. MCR’s in-house team manages the hotels, all of which have recently undergone capital improvements. Specific loan terms were not disclosed, but the debt was priced with an interest rate that was 3.73 percent …

July 18, 2022

Industrial Loans Midwest Ohio

Northmarq Arranges $3.2M Loan for Refinancing of Industrial Property in Cincinnati

by Kristin Harlow July 15, 2022

CINCINNATI — Northmarq has arranged a $3.2 million loan for the refinancing of Kemper Commerce Park in Cincinnati. The 145,485-square-foot industrial property consists of two buildings. Christina Grimme of Northmarq arranged the 10-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.

July 15, 2022

Hospitality Loans Midwest Missouri

Newmark Arranges $72M Loan for Refinancing of Marriott St. Louis Grand Hotel

by Kristin Harlow July 14, 2022

ST. LOUIS — Newmark has arranged a $72 million loan for the refinancing of the Marriott St. Louis Grand hotel in the central business district of St. Louis. The 917-room hotel features 77,000 square feet of meeting space and is situated adjacent to the Americas Center Convention Complex, which is currently undergoing a $210 million renovation. The hotel was originally developed in 1917 as a Statler Hotel. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Tyler Dumon of Newmark arranged the loan on behalf of the undisclosed borrower, which acquired the hotel in 2014 and renovated it.

July 14, 2022

Loans Michigan Midwest Multifamily

Greystone Provides $48M Acquisition Loan for Apartment Community in Okemos, Michigan

by Kristin Harlow July 14, 2022

LANSING, MICH. — Greystone has provided a $48 million Fannie Mae green loan for the acquisition of Club Meridian in Okemos, an eastern suburb of Lansing. Constructed in 1989, the 406-unit apartment community consists of 17 garden-style buildings. Richard Kourbage of Greystone originated the loan on behalf of the borrower, a joint venture between Gray Capital and LRE Management. The nonrecourse loan features a 10-year term. The financing enables the borrower to make renovations to the property as well as complete the acquisition.

July 14, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $16.5M HUD-Insured Loan for Refinancing of Minnesota Apartment Complex

by Kristin Harlow July 14, 2022

OTSEGO, MINN. — Colliers Mortgage has provided a $16.5 million HUD 223(f) loan for the refinancing of Rivers Edge Apartments in Otsego, a northwest suburb of Minneapolis. The 97-unit apartment complex was built in 2020. Amenities include a community room, fitness studio, picnic areas and onsite maintenance. The loan features a 35-year term and a 35-year amortization.

July 14, 2022

Loans Multifamily Texas

Berkadia Arranges $52M Loan for Refinancing of Austin Multifamily Property

by Taylor Williams July 14, 2022

AUSTIN, TEXAS — Berkadia has arranged a $52 million bridge loan for the refinancing of Iron Rock Ranch, a 300-unit multifamily property in Austin. Iron Rock Ranch consists of 84 townhomes and 216 apartments in one-, two- and three-bedroom formats. Amenities include two pools with outdoor lounging areas, a fitness center, pet park and a basketball court. Andy Hill and Tyler Nowlin of Berkadia arranged the four-year, nonrecourse loan through J.P. Morgan Asset Management on behalf of the borrower, Houston-based Domain Communities, which purchased the asset in late 2019.

July 14, 2022

Features Loans Southeast Southeast Feature Archive

Borrowers, Lenders Reach an ‘Inflection Point’ in the Wake of Rising Inflation and Interest Rates

by John Nelson July 14, 2022

By John Nelson The period between mid-June and mid-July has become a pivotal moment in the capital markets world as commercial real estate borrowers and lenders navigate inflation levels and interest rates not seen in decades. Scott Cook, commercial real estate market manager with TD Bank’s Charlotte office, says that borrowers and lenders are reshaping the market on the fly, and it’s too early to tell if the elevated capital costs are going to drastically suppress borrower demand. “We’re at an inflection point: the natural, healthy tension between borrowers and lenders where borrowers want more but lenders want to give less,” says Cook. “I don’t know that we’ve seen the full effect yet. Generally speaking, borrowers are still looking for business as usual. They’re aware of the rate hikes but still believe in the product, and certainly there’s overwhelming demand. We’re redefining it as we speak, it’s too early to call.” Cook says that the first true “wake up” call was when the U.S. Bureau of Labor Statistics (BLS) relayed that the Consumer Price Index (CPI), one of the standard inflation measurements that tracks price changes for goods and services, had increased 8.6 percent in May, which is the highest …

July 14, 2022

Industrial Loans Texas

Axiom Capital Arranges Acquisition Loan for 131,250 SF Houston Flex Property

by Taylor Williams July 13, 2022

HOUSTON — Commercial finance and advisory firm Axiom Capital Corp. has arranged a permanent loan of an undisclosed amount for the acquisition of a 131,250-square-foot flex property in Houston. The property, which sits on a 12.1-acre site roughly four miles from William P. Hobby Airport, consists of two industrial buildings and one office building. The lender was an unspecified credit union, and the borrower was undisclosed.

July 13, 2022

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