WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.
Marcus & Millichap Capital Corp. Arranges $11.4M Acquisition Loan for Wisconsin Multifamily Property
PORT WASHINGTON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.4 million loan for the acquisition and renovation of Harbor Ridge Apartments in Port Washington, about 27 miles north of Milwaukee. The 112-unit multifamily property is located on Westport Drive. Michael Hughes of MMCC arranged the five-year loan, which features two years of interest-only payments, a 4.75 percent interest rate and an 80 percent loan-to-value ratio. The lender was undisclosed.
CEDAR FALLS, IOWA — Capstone Equity & Structured Finance has structured $9.9 million in joint venture equity to facilitate the acquisition and repositioning of Park @ Nine23 in Cedar Falls near Waterloo. Built in phases between 1974 and 1994, the 424-unit apartment community is situated on 21 acres. The asset was roughly 97 percent leased at the time of the loan closing. Bryse Toothaker and Charlie Rimkus of Capstone raised the equity on behalf of the borrower, a partnership between Chicago-based ARTISAN Capital Group and Benedict Realty Group. The buyer plans to make upgrades to the unit interiors and common areas. The undisclosed seller had owned the property for decades. Des Moines-based West Bank provided financing. ARTISAN Management Group will oversee operations.
SOUTH SAN FRANCISCO AND SAN CARLOS, CALIF. — JLL Capital Markets has arranged $213.4 million in financing for a five-building life sciences portfolio in South San Francisco and San Carlos. The borrower is an affiliate of GI Partners. Kevin MacKenzie, Brian Torp, Alex Witt and Samuel Godfrey of the JLL Capital Markets Debt Advisory team secured the seven-year, fixed-rate loan through a life insurance company. Loan proceeds were used to finance the assets acquired via a recent Sale, which JLL also arranged. Totaling 325,977 square feet, the buildings are located at 7000 Shoreline Court and 341-343 Oyster Point Boulevard in South San Francisco and 75 and 125 Shoreway Road in San Carlos.
LAS VEGAS — Las Vegas-based Growth Holdings has received a $85 million first lien construction loan for the development of Otonomus Las Vegas, a residential and short-term rental property. Slated to open in fourth-quarter 2024, the 303-unit community will feature fully furnished apartments with stainless steel appliances, granite and quartz countertops, tile backsplashes and LED lighting. The four- and five-story complex will offer open floor plans, 10-foot ceilings, walk-in closets and private balconies. Community amenities will include a fitness center, clubhouse, meeting space, lounge areas, three courtyards with picnic and barbecue areas, and two resort-style pools with cabanas. Additionally, the property will feature 38,000 square feet of retail offerings. Brad Ferguson of Dallas-based HALL Structured Finance (HSF) originated the loan. Las Vegas-based CORE Advisory Partners sourced the financing for the project.
NORTHGLENN, COLO. — Capital One has provided a $33.8 million Freddie Mac floating-rate loan to refinance Heights on Huron, an apartment property in Northglenn. The borrower, FCP, will continue to partner with Avanti Residential following the financing. Jonathan Pratt, Rossana Bouchaya and Patrick Greenwood facilitated the 10-year loan, which includes five years of interest-only payments. Located 11 miles north of downtown Denver, Heights on Huron features 252 apartments in a mix of one- and two-bedroom layouts. Community amenities include a dog park, swimming pool, picnic area, playground and 24-hour emergency maintenance services.
COLORADO SPRINGS, COLO. — Essex Financial Group has secured $24.3 million in financing for Albany Road Real Estate Partners for the acquisition of Epic One, an office building in Colorado Springs. Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team sourced the five-year, fixed-rate bridge loan for the buyer. The seller and price were not disclosed. Built in 2009, Epic One offers 146,000 square feet of Class A office space, an onsite fitness center and views of Peaks Peak and the Rocky Mountains. At the time of financing, the five-story building was 87 percent leased to a variety of tenants, including those in the aerospace, defense, healthcare, education and technology industries.
NEW YORK CITY — Newmark has arranged a $360 million refinancing for a portfolio of 50 self-storage facilities totaling 3.9 million square feet of net rentable space. A partnership between two New York-based firms, Andover Properties and Angelo Gordon, owns the properties, which are located in various primary markets across the country. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Aaron Swerdlin and Taucha Hogue of Newmark arranged the loan, specific terms of which were not disclosed, through Goldman Sachs. Andover Properties, perhaps best known for its Storage King USA brand, currently owns and operates a self-storage portfolio that totals more than 12.1 million square feet across 152 facilities in 18 states. Angelo Gordon is a global alternative investment firm that was founded in 1988 and currently has approximately $52 billion in assets under management. In describing the deal, Newmark’s debt placement team cites the profiles of the sponsors as integral to closing the transaction. “Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform, and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio,” says Stolly. “The sponsorship’s ability to drive cash flow growth by …
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Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn
As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …
AUSTIN, TEXAS — Hunt Capital Partners has provided $14.1 million in Low-Income Housing Tax Credit (LIHTC) equity for Saison North, a 116-unit affordable housing project in Austin. The complex will consist of eight one-bedroom, 44 two-bedroom and 24 three-bedroom units that will be reserved for households earning up to 30, 50 and 60 percent of the area median income, as well as 34 market-rate units. Amenities will include a fitness center, business center, leasing office and a clubhouse. The developer of the project is O-SDA Industries. Bank OZK has provided a $19.5 million construction loan for Saison North, with J.P. Morgan Chase providing a $12.9 million permanent loan. Other pieces of financing were originated by the Austin Housing Finance Corp. ($6.2 million), Travis County ($2.4 million) and the Texas State Affordable Housing Corp. ($375,000). Completion is slated for May 2024.