Loans

Walker & Dunlop Arranges $1.2B Refinancing of Manhattan Mixed-Use Property

by Taylor Williams August 19, 2024

NEW YORK CITY — Walker & Dunlop has arranged the $1.2 billion refinancing of One High Line, a 750,000-square-foot mixed-use property in Manhattan’s West Chelsea neighborhood. One High Line consists of two towers and a five-story commercial building that span an entire city block. The property houses 236 condos with 18,000 square feet of residential amenity space, a 120-room Faena hotel that is scheduled to open next year, 45,000 square feet of boutique office space and 13,000 square feet of retail and restaurant space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Diaz, Jackson Irwin and William Herrin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between The Witkoff Group, Access Industries and Monroe Capital. J.P. Morgan provided the senior loan within the financing package, and TYKO Capital provided mezzanine debt.

August 19, 2024

110-Bergen-Turnpike-Little-Ferry-New-Jersey

Loans Multifamily New Jersey Northeast

SCALE Lending Provides $75M Bridge Loan for Northern New Jersey Multifamily Project

by Taylor Williams August 19, 2024

LITTLE FERRY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $75 million bridge loan for a 294-unit multifamily project that is nearing completion in the Northern New Jersey community of Little Ferry. The property at 110 Bergen Turnpike includes 8,356 square feet of retail space and is expected to receive its temporary certificate of occupancy during the current quarter. The borrower is Capodagli Property Co., a New Jersey-based family-owned development firm. Proceeds from the 18-month loan, which also carries two six-month extension options, will be used retire the existing $71 million construction loan (also provided by SCALE) and to complete lease-up of the project.

August 19, 2024

Acquisitions Arizona Industrial Loans Western

Gantry Arranges $9.9M Acquisition Loan for Warehouse Building in Phoenix

by Amy Works August 19, 2024

PHOENIX — Gantry has arranged a $9.9 million permanent loan to facilitate the acquisition of an industrial building located at 5120 W. Buckeye Road in Phoenix. The 127,000-square-foot, multi-tenant warehouse features 30-foot clear heights and 30 loading docks, including four drive-in doors. At the time of financing, the property was fully leased by two tenants. Tim Storey and Chad Metzger of Gantry represented the borrower, a private real estate investor, in securing the seven-year loan from one of Gantry’s correspondent life company lenders. The loan features interest-only terms, prepayment flexibility and a fixed rate.

August 19, 2024

Development Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $53.6M Construction Financing for Metro Miami Multifamily Development

by John Nelson August 16, 2024

BAY HARBOR ISLANDS, FLA. — Walker & Dunlop has arranged a $53.6 million loan for the construction of Clara Bay Harbor 100th, a multifamily development located at 1145-1163 100th St. in Bay Harbor Islands, roughly 15 miles outside Miami. Upon completion, the property — which is the second phase of a three-phase rental development by Clara Homes — will comprise 45 units. The developer will also use the proceeds to begin pre-development on the third and final phase of the project, which will feature an additional 77 units. Construction is currently underway on the first, 28-unit phase, with completion scheduled for the end of this year. Adam Schwartz, Aaron Appel, Jonathan Schwartz, Keith Kurland, Michael Ianno, Christopher de Raet and Marlon Robins of Walker & Dunlop secured the financing on behalf of the borrower.

August 16, 2024

Loans Maryland Seniors Housing Southeast

Berkadia Secures $47.4M Refinancing for Seniors Housing Community in Suburban DC

by John Nelson August 16, 2024

KENSINGTON, MD. — Berkadia has arranged a $47.4 million loan for the refinancing of Modena Reserve at Kensington, a 135-unit seniors housing community located in Kensington, a northern suburb of Washington, D.C. A debt fund provided the capital to the borrowers: Solera Senior Living, McCaffrey and an unnamed institutional investor. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the three-year, nonrecourse loan, which features interest-only payments for the full term. The loan will be used to refinance a maturing construction loan. Modena Reserve at Kensington originally opened in late 2021, reaching a stabilized occupancy within 24 months.

August 16, 2024

Affordable Housing District of Columbia Loans Multifamily Southeast

MBA: Multifamily Lending Declined by 49 Percent in 2023

by John Nelson August 16, 2024

WASHINGTON, D.C. — Multifamily lending declined 49 percent year-over-year in 2023, according to a report by the Mortgage Bankers Association (MBA). Lenders provided a total $246.2 billion for apartment buildings with five or more units last year, with 51 percent of active lenders making five or fewer multifamily loans throughout the year. The Washington, D.C.-based organization previously estimated that multifamily originations totaled $264 billion. By volume, the top five multifamily lenders in 2023 included Berkadia, Walker & Dunlop, JP Morgan Chase & Co., CBRE and Greystone. Nearly half (42 percent) of the dollar volume went to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. “The analysis shows that even with the drop in activity, the multifamily lending market remains broad and deep, with more than 2,500 different lenders making more than 36,000 mortgage loans backed by multifamily properties,” says Jamie Woodwell, MBA’s head of commercial real estate research. The MBA report is based on its surveys of the larger multifamily lenders and the recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks.

August 16, 2024

Loans Multifamily Texas

Greystone Provides $18.6M Agency Acquisition Loan for Fort Worth Multifamily Property

by Taylor Williams August 16, 2024

FORT WORTH, TEXAS — Greystone has provided an $18.6 million Fannie Mae acquisition loan for The Residences of Diamond Hill, a 204-unit multifamily property in Fort Worth. The garden-style community was built in 2003 and comprises 40 buildings that house two-, three- and four-bedroom units. Amenities include a fitness center, pool, outdoor grilling and picnic area, playground and an after-school program. The property is subject to land-use restriction agreements that limit resident incomes on 121 apartments, and more than half of the units at the complex are reserved for households earning below 30 or 60 percent of the area median income. John Williams of Greystone originated the loan, which carries a 10-year term, 35-year amortization schedule and interest-only payments for the first five years. The borrower and seller were not disclosed.

August 16, 2024

Hospitality Loans Northeast Pennsylvania

Largo Capital Arranges $7.3M Loan for Refinancing of Metro Philadelphia Hotel

by Taylor Williams August 16, 2024

WARMINSTER, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $7.3 million loan for the refinancing of a 106-room hotel in Warminster, a northern suburb of Philadelphia. The hotel is operated under the Home2Suites by Hilton brand. Katie Vivian of Largo Capital originated the loan, which was structured with a five-year term and fixed interest rate, through an undisclosed life insurance company. The borrower was also not disclosed.

August 16, 2024

Illinois Industrial Loans Midwest

Byline Bank Provides $19.1M in Acquisition Financing for Six Industrial Properties in Illinois, New Jersey

by Kristin Harlow August 16, 2024

CHICAGO — Chicago-based Byline Bank’s Commercial Real Estate Group has provided $19.1 million in acquisition financing for six industrial properties in the metro Chicago and New Jersey markets. The borrower was VK Industrial Holdings VI LLC, an acquisition fund formed through a partnership between Venture One Real Estate and Kovitz Investment Group. The transaction marks the third deal Venture One has completed with Byline Bank. The specific properties were not provided.

August 16, 2024

California Loans Multifamily Seniors Housing Western

JLL Arranges $52M Refinancing for Atria Newport Beach Seniors Housing Community in California

by Amy Works August 16, 2024

NEWPORT BEACH, CALIF. — JLL has arranged $52 million in refinancing for Atria Newport Beach, a seniors housing community located at 393 Hospital Road in Newport Beach. The borrower is a partnership between a national REIT and Atria Senior Living. Aaron Rosenzwieg and Dan Baker of JLL Capital Markets arranged the financing. MidCap Financial provided the floating-rate, first-mortgage loan. Built in two phases with the north building fully renovated in 2023 and the south building purpose-built and opened in 2021, the three-story buildings offer a total of 168 studio, one- and two-bedroom independent living, assisted living and memory care units. Community amenities include 24-hour support staff, all-day dining, valet and concierge services, fitness classes, car services, housekeeping, a salon and spa, yoga studio, theatre, library, game room and underground parking garage.

August 16, 2024

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