Loans

Greystone Provides $32.2M Agency Loan for Refinancing of Metro Houston Apartments

by Taylor Williams May 12, 2023

HUMBLE, TEXAS — Greystone has provided a $32.2 million Fannie Mae loan for the refinancing of The Villas at Foxbrick, a 412-unit apartment community located in the northern Houston suburb of Humble. Built in 2004, the property offers one- and two-bedroom units. According to Apartments.com, amenities include a pool, fitness center, courtyard and package locker service. Anthony Cristi of Greystone originated the financing. Gregory Vassilakos of Cosmos Capital Group served as the loan arranger and correspondent. The borrower was not disclosed.

May 12, 2023

Loans Multifamily Northeast Pennsylvania

Largo Capital Arranges $15M Refinancing of Multifamily Property in Norristown, Pennsylvania

by Taylor Williams May 12, 2023

NORRISTOWN, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $15 million loan for the refinancing of a multifamily property in Norristown, a northwestern suburb of Philadelphia. The unnamed property consists of 17 buildings totaling 328 units that were 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The direct lender and borrower were not disclosed.

May 12, 2023

California Loans Multifamily Western

Dwight Mortgage Trust Provides $36.3M Refinancing for Villa Annette Apartments in Moreno Valley, California

by Jeff Shaw May 11, 2023

MORENO VALLEY, CALIF. — Dwight Mortgage Trust has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property, which is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, pool, spa, business center, fitness center and a picnic and grilling area. The owner plans to obtain a HUD 223(f) loan for permanent financing once the asset is stabilized. Ari Mandelbaum originated the transaction for Dwight.

May 11, 2023

Industrial Loans Northmarq Texas

Northmarq Arranges Acquisition Loan for 90,029 SF Industrial Building in Northeast Houston

by Taylor Williams May 11, 2023

HOUSTON — Northmarq has arranged an acquisition loan of an undisclosed amount for a 90,029-square-foot industrial building located at 8950 Railwood Drive in northeast Houston. Built in 1989, the single-tenant building features 21-foot clear heights, 11 exterior docks and 18,500 square feet of office space. Blane Eikenhorst and Tony Gray of Northmarq arranged the nonrecourse, fixed-rate loan, which was structured with a 10-year term and a 75 percent loan-to-value ratio, through Ameritas Investment Partners. The borrower/owner-occupant was not disclosed.

May 11, 2023

Industrial Loans New York Northeast

Partnership Receives $334M in Financing for Bronx Industrial Facility

by Taylor Williams May 11, 2023

NEW YORK CITY — A partnership between locally based developer Innovo Property Group and Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has received $334 million in financing for an industrial facility in The Bronx. The financing consists of $250 million in debt from the existing construction lender, Bank OZK, and an $84 million mezzanine loan from PIMCO. The two-story, 1 million-square-foot property at 2505 Bruckner Ave. was delivered in 2022 and features clear heights of 28 to 32 feet, 106 loading doors and 664 interior parking spaces. At the time of the loan closings, the facility was 53 percent leased to an undisclosed, global e-commerce firm.

May 11, 2023

Acquisitions Florida Loans Self-Storage Southeast Tennessee

Gantry Secures $40M Acquisition Financing for Four Self-Storage Properties in Tennessee, Florida

by John Nelson May 10, 2023

IRVINE, CALIF. — Irvine-based Gantry has secured $40 million in acquisition financing for four separate purchases of self-storage properties in Tennessee and Florida. Totaling 286,000 rentable square feet, the properties include three Storelocal Self Storage properties in Franklin and Spring Hill, Tenn., and a U.S. Storage Center facility in Tampa. Andy Bratt and Amit Tyagi of Gantry arranged the fixed-rate loans through separate life insurance companies on behalf of the borrower, a multi-generational private family that is buying the properties in a 1031 exchange. Two of the loans were bridge loans and two were permanent loans.

May 10, 2023

Acquisitions California Industrial Loans Western

Clarion Partners Provides Financing for 600,000 SF Industrial Property in Riverside, California

by Jeff Shaw May 10, 2023

RIVERSIDE, CALIF. — Clarion Partners has provided a has provided a mezzanine loan that’s part of the acquisition financing package collateralized by an industrial building in Riverside. An affiliate of Societe Generale arranged the $10 million mezzanine loan subordinate to a $70 million senior loan. The Class A, 600,000-square-foot facility is fully leased and serves as the headquarters for a third-party logistics provider.

May 10, 2023

Affordable Housing Loans Multifamily New York Northeast

Bellwether Enterprise Arranges $26.6M Loan for Refinancing of Long Island Seniors Housing Community

by Taylor Williams May 10, 2023

LEVITTOWN, N.Y. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $26.6 million loan for the refinancing of Village Green, a 103-unit seniors housing property located in the Long Island community of Levittown. Built in late 2020, Village Green offers assisted living and memory care services. Taylor Mokris and Ryan Stoll of BWE originated the financing through a regional bank on behalf of the borrower, an undisclosed regional owner-operator. The loan carried a three-year term, 30-year amortization schedule and 24 months of interest-only payments. The direct lender was an undisclosed regional bank.

May 10, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides $35.7M in HUD-Insured Loans for Refinancing of Two Supportive Living Facilities in Illinois

by Kristin Harlow May 10, 2023

ILLINOIS — Greystone has provided $35.7 million in HUD-insured loans for the refinancing of two supportive living facilities in Illinois. The Supportive Living Program in Illinois is an alternative to nursing home care for low-income residents who require mid-range care needs as opposed to skilled nursing. The two properties total 272 units and were built in 2004 and 2005. Eric Rosenstock of Greystone originated the loans on behalf of the borrower, Grand Lifestyles. Both loans feature 35-year terms, 35-year amortization schedules and fixed interest rates.

May 10, 2023

Loans Midwest Missouri Multifamily Northmarq

Northmarq Originates $10M Loan for Refinancing of The Vineyards Apartments in St. Louis

by Kristin Harlow May 10, 2023

ST. LOUIS — Northmarq has originated a $10 million Freddie Mac loan for the refinancing of The Vineyards, a 426-unit multifamily property in St. Louis. The community consists of 19 buildings that were constructed in 1973 and renovated in 2002. David Garfinkel of Northmarq secured the fixed-rate loan on behalf of the undisclosed borrower. Kohner Properties Inc. manages the community.

May 10, 2023

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