WILMINGTON, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $38 million in debt and joint venture equity financing for a 210,945-square-foot office and lab complex in the northern Boston suburb of Wilmington. Located at 181 and 187 Ballardvale St., the two buildings sit on a combined 15.4 acres and each span approximately 105,000 square feet. Ted Sidel and Brian Walsh arranged the financing, specific terms of which were not disclosed, on behalf of an unnamed borrower.
BOURBONNAIS, ILL. — Maverick Commercial Mortgage Inc. has arranged $63.2 million in permanent financing for Tri-Star Estates, a mobile home park in Bourbonnais, about 50 miles south of Chicago. The property, which consists of 853 pad sites across 157 acres, was developed in three phases beginning in 1965. The current owner acquired Tri-Star in April 2012 when 380 homes were occupied. Today, 810 homes are occupied. Amenities include a basketball court, three playgrounds and a 7,500-square-foot clubhouse with a pool and fitness center. PGIM Real Estate provided the Freddie Mac loan. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, provided cash to the borrower and paid for closing costs.
KANSAS CITY, MO. — Dwight Capital has provided a $27.2 million HUD 221(d)(4) loan for the construction of The Apartments at Westport Commons in Kansas City. The 138-unit apartment project will be built on the site once occupied by Westport High School. The school closed in 2010 and the site was placed on the National Register of Historic Places in 2015. Kansas City Public Schools Repurposing Initiative acquired the site. Locally based Brain Group and Mercier Street are the developers. Amenities will include a clubhouse, leasing office, business center, fitness center, dog park, cinema, community rooms, concierge services and 24,000 square feet of commercial space. The project will utilize state and federal historic tax credits in addition to the debt financing from Dwight. The loan includes a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property will qualify as green or energy-efficient housing under the LEED program. Steven Hunt of Dwight originated the loan.
CICERO, N.Y. — San Francisco-based mortgage banking firm Gantry has arranged a $47.5 million construction loan for Lakeshore at Loso, a 248-unit multifamily project that will be located in the upstate New York community of Cicero. The community will comprise 12 three-story buildings that will feature one- and two-bedroom apartments and a clubhouse. The 24-acre property will also include walking trails, a boat launch and a 100-slip marina. Daniel Monte and Jack Stelianou of Gantry arranged the three-year loan through an undisclosed regional bank on behalf of the borrower, a locally based entity doing business as TreyJay Loso LLC.
TALLAHASSEE, FLA. — Greystone has provided a $16.6 million Fannie Mae loan to refinance Renaissance Apartments in Leon County, a 168-unit multifamily property in Tallahassee. Kyle Jemtrud of Greystone originated the financing on behalf of the borrower, Pax Properties LLC. The financing, which is a permanent takeout of a Greystone bridge loan, carries a 10-year term and a 30-year amortization period, with a low, fixed interest rate and six years of interest-only payments. Built in 1974, Renaissance Apartments in Leon County is a garden-style community with 13 buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include an onsite pool, community center and laundry facilities. The property was 95 percent occupied at the time of sale. Located at 2959 Apalachee Parkway, the apartment community is situated 11 miles from the Tallahassee International Airport and 3.8 miles from Florida State University.
WASHINGTON, D.C. — The total amount of commercial and multifamily loans that mortgage bankers closed in 2021 at $683.2 billion was 55 percent higher than the $441.5 billion reported in 2020, according to the Mortgage Bankers Association (MBA)’s 2021 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation. Multifamily mortgage lending took the lead last year at $376 billion, followed by loans for office buildings, industrial properties, retail, hotel/motel and healthcare properties. Depositories, such as banks, were the leading capital source for mortgage banker originated loans in 2021, responsible for $157 billion of the total. Private label commercial mortgage backed security (CMBS) saw the second-highest volume at $141 billion, followed by government-sponsored enterprises such as Fannie Mae and Freddie Mac, life insurance companies and pension funds and investor-driven lenders. MBA estimates that total commercial real estate mortgage lending — including activity from small and mid-sized lenders not tracked by MBA — totaled $890.6 billion in 2021, a 45 percent increase over 2020 at $614 billion and a 25 percent increase over the previous annual record of $713 billion in 2019. “Improving property fundamentals and strong price appreciation drove borrowing and lending backed by commercial and multifamily properties to new highs in …
PITTSBURGH — CIT, a division of First Citizens Bank, has provided a $37.2 million acquisition loan for a 510,000-square-foot distribution center in Pittsburgh that is fully leased to Amazon and e-commerce consulting firm Nogin. The property serves as one of Amazon’s two sortation facilities in the Pittsburgh area. The borrower is Aminim Group, an investment firm with offices in Houston and Jerusalem. Specific loan terms were not disclosed.
MENDOTA HEIGHTS, MINN. — Northmarq has arranged a $28.8 million loan for the acquisition of Centre Pointe Business Park in Mendota Heights, a southern suburb of the Twin Cities. The eight-building office park is located at 2060 Centre Pointe Blvd. Totaling 263,279 square feet, the property was built in phases beginning in 1997. The last phase was completed in 2019. The park, which was 95 percent leased at the time of sale, is home to 18 tenants, including Permasteelisa North America Corp. and HealthPartners Inc. Bill Mork of Northmarq arranged the 10-year loan, which features a fixed interest rate and a 25-year amortization schedule. A local credit union provided the loan to the buyer, Edina-based Capital Partners. CBRE represented the undisclosed seller.
ELK GROVE, CALIF. — American Capital Group has received a $34 million loan for the refinancing of Laguna Creek Apartments, a multifamily property at 8760 Center Parkway in Elk Grove. Hartford Investment Management Co. provided the financing. Built in 2004 by American Capital Group, Laguna Creek Apartments features 160 one- and two-bedroom apartments across two- and three-story garden-style buildings. The units offer fully equipped kitchens, in-home washers/dryers, air conditioning and are pre-wired for high-speed internet. Onsite amenities include a clubhouse with fireplace and large-screen TV; fitness center; swimming pool and spa; playground; billiards and game room; and built-in business center. Dave Karson, Chris Moyer and John Spreitzer of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented American Capital Group in the financing.
LIVERMORE AND SOQUEL, CALIF. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, entertainment and dining hubs and is near to Stanford Health Care – Valley Care Memorial Center and Livermore Division – VA Palo Alto Health Care System. Situated on 3.7 acres, the second land site will be developed into an 82-unit seniors housing community near Santa Cruz. The site is a fully entitled assisted living and memory care development that Calson Management took through the entitlement process while the site was under contract. Bercut Smith, Lillian Roos, Lauren Sackler and Ace Sudah led the JLL Capital Markets Debt Advisory team representing the borrower.