Loans

Walker & Dunlop Arranges Construction Financing for $146M College Point Logistics Center in Queens

by Jeff Shaw March 24, 2023

NEW YORK CITY — Walker & Dunlop’s capital markets team has arranged $94 million in construction financing for the development of College Point Logistics Center in the College Point neighborhood of Queens, just across Flushing Bay from LaGuardia International Airport. A joint venture between Wildflower Ltd. and Drake Real Estate Partners is developing the project, with construction costs estimated at $146 million. College Point Logistics Center will be a ground-up warehouse and structured parking facility. The property will feature 81,000 square feet of rentable industrial space, as well as 160,000 square feet of enclosed parking across two floors and 68,000 square feet of surface-level parking. Wildflower designed the project with ground-floor warehouse space and multi-story parking to maximize the project’s efficiency and meet the needs of modern industrial and logistics tenants. College Point Logistics Center is located alongside the Whitestone Expressway, making it accessible to LaGuardia and John F. Kennedy International Airports, the New York and Atlantic Railways and the Red Hook Container Terminal. Development of the facility is scheduled for completion in the second quarter of 2024. Jonathan Schwartz, Aaron Appel, Mo Beler, Ari Hirt and Triston Stegall led the Walker & Dunlop team in securing the floating-rate loan on behalf of …

March 24, 2023

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $76M Bond Financing for Brazos Presbyterian Homes in Texas

by Taylor Williams March 23, 2023

HOUSTON — Ziegler has arranged $76 million in bond financing for Brazos Presbyterian Homes (BPH), a nonprofit seniors housing owner-operator based in Houston. The tax-exempt, draw-down bonds are supported by a three-bank syndicate comprised of Amegy Bank, Hancock Whitney and Trustmark. BPH owns and operates three continuing care retirement communities in Texas: Brazos Towers at Bayou Manor, The Hallmark and Longhorn Village. The bonds will fund an expansion project at Longhorn Village, refinance bonds from 2013 and pay the costs of issuance. The expansion project will add 48 independent living apartments to the community, as well as underground parking. Greenbrier Development is assisting with the development.

March 23, 2023

Loans Lument Multifamily Seniors Housing Texas

Lument Provides $21.1M Loan for Refinancing of Houston Seniors Housing Property

by Taylor Williams March 23, 2023

HOUSTON — Lument has provided a $21.1 million bridge loan for the refinancing of Hermann Park, an 80-bed seniors housing property in Houston. The facility offers assisted living and memory care services. Doug Harper, Chris Mauger and Casey Moore of Lument originated the financing, which carried a 36-month term and a one-year extension option, on behalf of the borrower, California-based owner-operator Silverado.

March 23, 2023

Loans Lument Multifamily Seniors Housing Texas

Lument Provides $18.6M Acquisition Loan for Austin Seniors Housing Property

by Taylor Williams March 22, 2023

AUSTIN, TEXAS — Lument has provided an $18.6 million bridge loan for the acquisition of Barton Springs, a 56-bed seniors housing property in Austin. The facility offers assisted living and memory care services. Doug Harper, Chris Mauger and Casey Moore of Lument originated the financing, which carried a 36-month term and a one-year extension option, on behalf of the borrower, California-based owner-operator Silverado.

March 22, 2023

Healthcare Loans New York Northeast

Axiom Capital Arranges $25.3M in Financing for Medical Office Building in Utica, New York

by Taylor Williams March 22, 2023

UTICA, N.Y. — Axiom Capital Corp. has arranged $25.3 million in construction-to-permanent financing for a three-story, 76,393-square-foot medical office building that will be located in the upstate New York community of Utica. The facility will house lab, imaging and private practice office space, as well as a pharmacy, ambulatory surgery center and onsite parking. The loan was structured with a 10-year term and two years of interest-only payments. The direct lender and borrower were not disclosed.

March 22, 2023

Loans Midwest Multifamily Ohio

KeyBank Provides $50M Loan for Refinancing of Downtown Cleveland Apartment Building

by Kristin Harlow March 22, 2023

CLEVELAND — KeyBank Real Estate Capital (KBREC) has provided a $50 million Freddie Mac loan for the refinancing of The Lumen in downtown Cleveland. The luxury apartment building rises 34 stories with 318 units. Built in 2020, the property is the largest multifamily project completed in downtown Cleveland in 40 years, according to KBREC. Rob Garrison and Anthony Tavrell of KBREC structured the fixed-rate loan, which features five years of interest-only payments. The borrower, Playhouse Square, will use the loan to refinance the existing debt.

March 22, 2023

Development Florida Hospitality Loans Seniors Housing Southeast

Capital Funding Group Provides $27.2M Loan for Seniors Housing Conversion Project in South Florida

by John Nelson March 22, 2023

SUNRISE, FLA. — Capital Funding Group has provided a $27.2 million construction loan for the conversion of a partially completed hotel in South Florida to a 191-unit assisted living community. The property is located at 3003 N. University Drive in Sunrise, about 10 miles west of Fort Lauderdale. The borrower, YMP Real Estate Management, will use $7.4 million of the financing to complete the shell construction. YMP will also manage the seniors housing community when it opens. The construction timeline was not disclosed.

March 22, 2023

Acquisitions Arizona Industrial Loans Western

Gantry Arranges $12.9M in Acquisition Financing for Industrial Property in Peoria, Arizona

by Jeff Shaw March 22, 2023

PEORIA, ARIZ. — Gantry has arranged $12.9 million of permanent financing for the acquisition of a newly constructed, 157,000-square-foot warehouse facility in the Phoenix suburb of Peoria. The space is fully leased to a single credit tenant. The modern facility is the first building completed within Peoria Logistics Park, a 150-acre, master-planned industrial development two miles east of Loop 101. The acquired property includes a dedicated vehicle maintenance building. Tim Storey and Chad Metzger of Gantry’s Phoenix production office secured the loan for the buyer, a private real estate entity. One of Gantry’s correspondent life company lenders provided the fixed-rate, 11-year loan.

March 22, 2023

Georgia Loans Multifamily Southeast

Dwight Capital Provides $66.3M HUD-Insured Loan for Woodstock West Apartments in Metro Atlanta

by John Nelson March 21, 2023

WOODSTOCK, GA. — Dwight Capital has provided a $66.3 million loan for the refinancing of Woodstock West, a 407-unit apartment community in the Atlanta suburb of Woodstock. Brandon Baksh and Karnveer Bal of Dwight Capital originated the HUD 223(f) loan for the borrower, Walton Communities. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because the property is in the process of achieving an NGBS Bronze certification. Woodstock West, which was developed in two phases in 2013 and 2017, comprises nine apartment buildings, two townhome buildings and one amenity building with a pool, cabana, grills and a fireplace. The property also features a 1,148-square-foot commercial space occupied by photography studio White Wall Studio.

March 21, 2023

project was conceived under the Hackensack Redevelopment Plan, which was adopted in 2012

Development Loans New Jersey Northeast Northmarq

Northmarq Arranges $62M in Construction Financing for Northern New Jersey Multifamily Project

by Taylor Williams March 21, 2023

HACKENSACK, N.J. — Northmarq has arranged $62 million in construction financing for a 270-unit multifamily project that will be located at 321 Main St. in the Northern New Jersey community of Hackensack. The seven-story building will include a two-level parking garage and 8,700 square feet of retail space. The unit mix will comprise 20 studios, 189 one-bedroom apartments and 61 two-bedroom units. The amenity package will consist of a fitness center, dog walking area, multiple terraces and elevated courtyards and a multi-purpose clubroom. Valley Bank and Fulton Bank provided the financing. The borrower is an affiliate of New Jersey-based developer The Hampshire Cos. Completion is scheduled for the fourth quarter of 2024.

March 21, 2023

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