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Granite-Place-II-at-Southlake-Town-Square

Granite Properties Receives Construction Financing for 143,500 SF Office Project in Southlake, Texas

by Taylor Williams June 9, 2022

SOUTHLAKE, TEXAS — Granite Properties has received an undisclosed amount of construction financing for Granite Place II at Southlake Town Square, a 143,500-square-foot office project in metro Dallas. Granite Properties is developing the five-story building in partnership with N5B Capital. Amenities will include outdoor work and meeting space, a corporate living room, fitness center and a grab-and-go food service. Trey Morsbach and Jim Curtin of JLL arranged the financing through Bank OZK. DPR Construction is the general contractor for the project. Sitework is underway, and completion is slated for March 2023.

June 9, 2022

Loans Michigan Midwest Multifamily

Dwight Mortgage Trust Provides $154.8M Bridge Loan for Michigan Multifamily Portfolio

by Kristin Harlow June 9, 2022

DETROIT, LANSING AND GRAND RAPIDS, MICH. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $154.8 million bridge loan for the acquisition of a multifamily portfolio in Michigan. The properties include Capitol Village Apartments, Carriage Hill Apartments, Carriage Park Apartments, Macomb Manor Apartments, Newburgh Square Apartments and Northview Harbor Apartments. The garden-style apartment complexes, which are located in Detroit, Lansing and Grand Rapids, feature amenities such as fitness centers, tennis courts, basketball courts, volleyball courts, clubhouses and barbecue areas. Adam Sasouness of Dwight originated the two-year, floating-rate loan. Marvin Jeremias of Crossmark Capital and Aaron Moll of Berkadia arranged the loan on behalf of the borrower, New Jersey-based Valleytree Partners. The purpose of the bridge loan is to provide both acquisition financing and funding for capital improvements, including enhancing 50 percent of the units.

June 9, 2022

Loans Multifamily North Carolina Southeast

Northmarq Secures $29M Refinancing of Arlington West Apartments in Jacksonville, North Carolina

by John Nelson June 9, 2022

JACKSONVILLE, N.C. — Northmarq has arranged the approximately $29 million refinancing of Arlington West Apartments, a 324-unit multifamily community located at 5049 Western Blvd. in Jacksonville, a city near North Carolina’s coast. Built in 2009, Arlington West spans 14 apartment buildings and features a resort-style saltwater swimming pool, playground, two dog parks, fitness center, game room and a business center. Bob Harrington and Paul Whalen of Northmarq arranged the 10-year, Freddie Mac loan on behalf of the undisclosed borrower. The interest-only loan was underwritten with a fixed interest rate in the mid-3 percent range.

June 9, 2022

Industrial Loans New Jersey Northeast

PGIM Provides $350M Acquisition Loan for Southern New Jersey Industrial Portfolio

by Taylor Williams June 8, 2022

NEW JERSEY — PGIM Real Estate, in conjunction with global asset management firm AXA IM Alts, has provided a $350 million acquisition loan for a portfolio of 29 industrial properties totaling roughly 4.9 million square feet in Southern New Jersey. The specific names and locations of the properties were not disclosed, but the assets are located in Burlington and Gloucester counties. The borrower was an undisclosed institutional investor.

June 8, 2022

Industrial Loans Massachusetts Northeast

JLL Arranges $20.3M Acquisition Loan for Metro Boston Industrial Property

by Taylor Williams June 8, 2022

PEABODY, MASS. — JLL has arranged a $20.3 million acquisition loan for a 157,293-square-foot industrial property located in the northeastern Boston suburb of Peabody. Built in 1986, the property was fully leased at the time of the loan closing to Wakefield Moving Storage and Paradigm Precision. Building features include a clear height of 24 feet, 17 tailboard docks, one drive-in door and ample parking. Brett Paulsrud and Amy Lousararian of JLL placed the seven-year, fixed-rate loan through Metro Credit Union. The borrower was a partnership between Oliver Street Capital and Bain Capital Real Estate.

June 8, 2022

Loans Michigan Midwest Multifamily

Seven Hills Realty Trust Originates $31.5M Acquisition Loan for Michigan Apartment Community

by Kristin Harlow June 8, 2022

FARMINGTON HILLS, MICH. — Seven Hills Realty Trust has originated a $31.5 million bridge loan for the acquisition and repositioning of Summit Apartments in the Detroit suburb of Farmington Hills. The 154-unit apartment community is situated along Summit Drive. Seven Hills funded an initial advance of roughly $28.5 million at closing with future advances of up to $3 million available for capital expenditures. The floating-rate loan features a three-year term. Q10|Lutz Financial Services arranged the loan on behalf of the borrower, a joint venture between Andover Real Estate Partners and M Group LLC. Seven Hills is a real estate finance company managed by Tremont Realty Capital, an affiliate of The RMR Group.

June 8, 2022

Acquisitions Loans Multifamily Washington Western

Berkadia Arranges Sale of 156-Unit Dakota Apartments in Lacey, Washington

by Amy Works June 7, 2022

LACEY, WASH. — Berkadia has brokered the sale and financing of Dakota Apartments, a garden-style multifamily community in Lacey. Bellevue-based American Capital Group sold the property to Los Angeles-based TruAmerica Multifamily for an undisclosed price. Ben Johnson, David Sorensen, George Pallis and Kenny Dudunakis of Berkadia Seattle represented the seller in the deal. Mitch Sinberg and Matthew Robbins of Berkadia Boca Raton, along with Brad Williamson of Berkadia Miami, secured acquisition financing on behalf of the buyer. A bank lender provided a fixed-rate loan with a five-year term. Located at 6205 Pacific Ave. and built in 2006, Dakota Apartments features 156 one- and two-bedroom units averaging 756 square feet to 1,089 square feet. The prior owner renovated 71 of the original units, allowing the new owners the opportunity to complete the full renovation and repositioning of the property. Units feature vinyl flooring, ceiling fans, stainless steel appliances, pantries, built-in bookshelves, linen closets, washers/dryers and patios or balconies. The gated community amenities include an outdoor swimming pool; hot tub; sundeck and cabana; playground; resident lounge with kitchen, billiards table and game room; fitness center; theater room; and assigned and covered parking.

June 7, 2022

California Loans Multifamily Western

Dwight Capital Provides $53.4M HUD Financing for Two Multifamily Properties in Modesto, California

by Amy Works June 6, 2022

MODESTO, CALIF. — Dwight Capital has provided a total of $53.3 million in HUD-insured loans for two apartment communities in Modesto. Josh Sasouness of Dwight Capital originated the loans for the borrower, Tesseract Capital Group. The firm closed a $30.9 million in HUD 223(f) refinancing for Summerview Apartments, a 136-unit multifamily property in Modesto. The property consists of 19 two-story residential buildings and a leasing/management office situated approximately five acres. Renovated in 2020, the community features a barbecue/picnic area, fitness center, pool and spa. Dwight Capital also provided a $22.4 million HUD 223(f) loan for The Marc at 1600, a 100-unit garden-style apartment property in Modesto. Renovated in 2020, The Marc at 1600 features 17 two-story residential buildings situated on approximately 4.3 acres. Community amenities include a pool, fitness room and gated parking. The HUD loans benefitted from Green Mortgage Insurance Premium Reductions because both properties are National Green Building Standard certified.

June 6, 2022

Florida Loans Multifamily Southeast

Bernard Financial Arranges $6.7M Loan for Multifamily Community in Jacksonville

by Amy Works June 3, 2022

JACKSONVILLE, FLA. — Bernard Financial Group (BFG) has arranged a $6.7 million loan for an apartment property located in Jacksonville. The borrower is Chelsea Owner LLC. Dennis Bernard and Joshua Bernard of Bernard Financial Group originated the loan, which Ameritas Life Insurance Co., a correspondent of BFG, provided. BFG will also service for the loan. The Class B multifamily property features 138 apartments.

June 3, 2022

California Loans Retail Western

BridgeCore Funds $2M Refinancing for Family Dollar-Occupied Property in Escondido, California

by Amy Works June 3, 2022

ESCONDIDO, CALIF. — BridgeCore has provided a $2 million bridge loan for the refinancing of a retail property located at 607 W. 9th Ave. in Escondido. The undisclosed borrower required a bridge loan to refinance a matured loan and to obtain cash-out funds to resolve a mechanic’s lien, pay-off delinquent property taxes and cover upgrades and renovations to two of the in-line units. Family Dollar occupies the retail property. BridgeCore funded the loan with a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The loan’s 12-month term, including one six-month extension option, is providing the borrower the necessary time to execute an exit strategy to sell the property.

June 3, 2022

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