Loans

IPA Arranges Sale of 234-Unit High-Rise Apartment Complex in Downtown Phoenix

by Katie Sloan May 25, 2023

PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix. The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces. Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …

May 25, 2023

Georgia Loans Multifamily Southeast

ACRE Provides $26.5M Loan for Lowe Apartments in Savannah

by John Nelson May 25, 2023

SAVANNAH, GA. — ACRE has provided a $26.5 million loan for the refinancing of The Lowe, a newly built apartment community located at 1501 Montgomery St. in Savannah. The borrower, MED Developers, is using the loan proceeds to refinance its existing construction debt on the project, which began welcoming its first residents in March. John Gavigan of JLL arranged the loan on behalf of MED. The Lowe comprises 135 studio, one- and two-bedroom apartments ranging in size from 421 to 1,079 square feet. Community amenities include a resort-style swimming pool, 24-hour fitness center, club room, pet spa, outdoor grilling area, covered parking garage and a bicycle storage room. Pegasus Residential manages the property.

May 25, 2023

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $50M Permanent Loan for Northern New Jersey Shopping Center

by Taylor Williams May 24, 2023

WOODCLIFF LAKE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $50 million permanent loan for Tice’s Corner, a 120,000-square-foot shopping center in the Northern New Jersey community of Woodcliff Lake. The two-building center was constructed on 13.4 acres in 2001 and was fully leased at the time of the loan closing. Tenants include Apple, Anthropologie, Free People, GAP, J. Crew, Panera Bread, Pottery Barn, Madewell, Nike and Williams-Sonoma. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the loan on behalf of the borrower, an affiliate of Connecticut-based David Adam Realty. The direct lender was not disclosed.

May 24, 2023

Loans Multifamily North Carolina Southeast

Greystone Provides $24.1M HUD-Insured Loan for Metro Charlotte Apartment Community

by John Nelson May 24, 2023

HICKORY, N.C. — Greystone has provided a $24.1 million HUD 223(f) loan for the refinancing of Argyle Place Apartments, a 216-unit multifamily community located in the Charlotte suburb of Hickory. Lisa Fischman of Greystone originated the loan on behalf of the borrower, Pressly Development Co. The HUD-insured loan carries a 35-year term and amortization schedule along with a low, fixed interest rate. In addition to refinancing, loan proceeds enable Pressly Development to make renovations to Argyle Place and fund new construction projects. The property features one-, two- and three-bedroom units that were originally constructed in 1987 and 2001 and renovated in 2018.

May 24, 2023

Loans Multifamily Texas Top Stories

ZOM Living Receives $109M Refinancing for Atelier Luxury Apartment Tower in Dallas

by Kristin Harlow May 24, 2023

DALLAS — ZOM Living has received a $109 million loan for the refinancing of Atelier, a 41-story luxury apartment tower in the Dallas Arts District. The property consists of 417 units, including 53 lofts. Floor plans range from 500 to 2,300 square feet. Designed by Stantec, Atelier features a lobby meant to emulate an art gallery. Local organizations showcase rotating public art installations and host events on site. The property also features 15,000 square feet of ground-level retail space that is leased to dining, arts and entertainment concepts. Atelier is roughly 93 percent leased. Amenities include an infinity edge pool, yoga lawn, outdoor lounge, fitness center, coworking space, private wine lockers, an entertainment lounge, catering kitchen, resident market and pet spa. The building is within walking distance of the AT&T Performing Arts Center, the Dallas Museum of Art, the Crow Museum of Asian Art and the Nasher Sculpture Center. ZOM continues to expand its footprint in the Texas market, where it has had an active presence for the past 20 years and has completed over a dozen residential projects. “This refinancing underscores the strength of the Texas market, which is experiencing a surge in housing demand and leads the nation …

May 24, 2023

Arizona Loans Multifamily Western

Gantry Arranges $41.6M Refinancing for Lunaire Apartments in Goodyear, Arizona

by Jeff Shaw May 23, 2023

GOODYEAR, ARIZ. — Gantry has arranged a $41.6 million loan to refinance the Lunaire Apartments in Goodyear. The 240-unit community is located at 949 S. Goodyear Blvd. Amenities include modern unit interior finishes, recent landscape and exterior renovations, resort-style pool and spa, 24-hour fitness center, covered parking and EV charging stations. The five-year, fixed-rate loan was placed with Freddie Mac. It features an interest-only period and an interest rate below 5 percent.

May 23, 2023

Content Partner Features Loans Midwest Multifamily Northeast Office Southeast Texas Walker & Dunlop Western

“State of CRE” Webcast Frames Market Trends in Face of Potential Downturn

by Sarah Daniels May 23, 2023

By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …

May 23, 2023

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $140M Refinancing for Soho Beach House Club, Hotel in Miami Beach

by John Nelson May 22, 2023

MIAMI BEACH, FLA. — Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA and Citi Real Estate Funding Inc. provided the 10-year, fixed-rate, interest-only loan. The borrower, an affiliate of global private members social club Soho House & Co. (SHCO), is using the proceeds to repay existing debt, repatriate equity and cover financing and closing costs. Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hirt, Triston Stegall and David Kasten of Walker & Dunlop arranged the loan. The team brought in numerous financing options for the borrower, an entity doing business as Beach House Owner LLC, which ultimately chose the loan package from JPMorgan Chase and Citi. “We were able to differentiate Soho Beach House as a marquee asset given the sustainability of its highly recurring membership revenue model and the impressive profitability of the asset through the cycle,” says Hirt, managing director at Walker & Dunlop. “In this challenging capital markets environment, …

May 22, 2023

Hospitality Loans Midwest Ohio

Cronheim Hotel Capital Arranges $12.5M Loan for Refinancing of Residence Inn & Emerald Event Center in Avon, Ohio

by Kristin Harlow May 19, 2023

AVON, OHIO — Cronheim Hotel Capital has arranged a $12.5 million loan for the refinancing of the Residence Inn & Emerald Event Center in Avon, a western suburb of Cleveland. Developed in 2016, the hotel offers extended-stay rooms and a flexible space for corporate functions, weddings and other social events. The borrower was a subsidiary of Nimbus Investment Fund LP, an independent affiliate of Emerald Hospitality Associates Inc. A regional bank provided the fixed-rate loan, which features an interest rate below 6 percent.

May 19, 2023

Georgia Loans Multifamily Southeast

Dwight Capital Provides $45M HUD-Insured Loan for Kinstone Columns Drive Apartments in Marietta, Georgia

by John Nelson May 18, 2023

MARIETTA, GA. — Dwight Capital has provided a HUD 223(f) loan for the refinancing of Kinstone Columns Drive, a 384-unit apartment community along the Chattahoochee River in Marietta, a northern suburb of Atlanta. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan, which features a 25-basis-point Green Mortgage Insurance Premium (MIP), on behalf of the borrower, Walton Communities. The 30.5-acre community comprises 29 three-story apartment buildings, three townhome buildings, two pool bathhouses and a leasing office/clubhouse. Kinstone Columns Drive’s amenities include a fitness center, business center, playground, tennis court, walking trail, picnic area, sports court and two pools, as well as direct access to Chattahoochee River National Recreation Area’s three miles of walking/hiking trails.

May 18, 2023

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