ST. PAUL, MINN. — Colliers Mortgage | Commercial Finance has provided a $14.9 million loan for the construction of Courtyard by Marriott-Gateway St. Paul. The 120-room hotel will be situated across from the Xcel Energy Center, a downtown arena. The Xcel Energy Center is home to more than 150 sporting and entertainment events each year. Loan terms and the borrower were not disclosed.
Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …
PORTLAND, ORE. — JLL Capital Markets has secured $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a multifamily project in Portland. The borrower is Guardian Real Estate Services. Casey Davidson and Charlie Watson of JLL Capital Markets arranged the four-year, floating-rate construction loan through a large money center bank, while Ira Virden and Mark Erland of JLL’s equity placement team secured the joint venture equity through an institutional investor. Located at 2070 NW Quimby St., the seven-story Slabtown Square will feature 200 studio, one- and two-bedroom units with vinyl plank flooring, quartz countertops, stainless steel appliances, and in-unit washers and dryers. Community amenities will include a fitness enter, yoga studio, clubhouse with kitchen and lounge, rooftop deck and 230 bicycle parking stalls. Additionally, the development will feature 11,542 square feet of ground-floor retail space.
MANAHAWKIN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6 million loan for the refinancing of a 24,900-square-foot office building in the Northern New Jersey community of Manahawkin. The two-building property was constructed in 2008. Joseph Belgiovine off MMCC originated the 12-year, nonrecourse loan, which carried an interest rate of roughly 3.6 percent, a 70 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.
SOUTHFIELD, MICH. — Dwight Capital has provided $31 million in bridge financing for two multifamily communities in Southfield. In the first transaction, Dwight provided $14 million for Legacy Place, a 173-unit condominium rental property. Loan proceeds were used to facilitate the acquisition and renovation of 112 units. Legacy Place, which consists of more than 44 two-story buildings, features some of the largest units in Southfield. Amenities include a swimming pool, garage parking, onsite management and nearly 20 acres of walking grounds. In the second transaction, Dwight provided a $17 million acquisition loan for Carlyle Tower Apartments, a neighboring 175-unit property that consists of a 10-story building on five acres. The undisclosed borrower plans to invest in interior and exterior upgrades. Adam Sasouness of Dwight originated the loans through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Marvin Jeremias of Crossmark Capital arranged the loans, terms of which were not provided.
EAGAN, MINN. — Colliers Mortgage has provided an $11.1 million HUD 223(a)(7) loan for the refinancing of Cedar Villas Townhomes in Eagan, a suburb of Minneapolis. The 104-unit rental townhome property was constructed in 2004 and consists of 18 buildings. Of the 104 units, 20 percent are reserved as affordable for residents who earn up to 50 percent of the area median income. The remaining units are rented at the market rate. The 35-year loan is fully amortized. Cedar Villas LP was the borrower.
ATLANTA — Mesa West Capital has provided $92.5 million in bridge financing for the acquisition and repositioning of Magnolia Vinings, a 400-unit multifamily property in Atlanta’s Vinings district. Michael Riccio of CBRE Capital Markets Debt & Equity Finance arranged the financing on behalf of an undisclosed institutional real estate private equity fund. The four-year loan included interest-only payments and a floating interest rate. A portion of the loan proceeds will be used by the sponsor to continue the renovation program started by the seller, focusing largely on the interiors of 177 apartment homes that have not been significantly updated since the property was built in 1996. Magnolia Vinings is a garden-style apartment building that was 98 percent occupied at the time of the financing. The property offers one-, two- and three-bedroom units across five different floorplans, ranging in size from 572 to 1,408 square feet. Each unit offers nine-foot ceilings, walk-in closets and stainless steel appliances. Renovated units feature quartz countertops, vaulted ceilings, vinyl plank flooring, framed mirrors and a wood-burning fireplace. Community amenities include a resort-style swimming pool, clubhouse, fitness center, cyber lounge and a bocce ball court. Located at 2151 Cumberland Way on 21.6 acres, the property is …
ATLANTA — Cushman & Wakefield has secured $90 million in refinancing on behalf of Arya Peachtree, a 282-unit multifamily property in Atlanta. Mike Ryan, Brian Linnihan, Blake Cohen, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the refinancing loan on behalf of the borrower, Perennial Properties Inc. Arya Peachtree offers studio, one-, two- and three-bedroom floorplans. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers and floor-to-ceiling windows. Community amenities include a pool, grills, fitness center, sport lawn, fire pit, putting green, dog spa, flexible workspace stations, bike room and controlled access parking. Additionally, the newly constructed 12-story building has 16,346 square feet of office and retail space on the first two floors. Located at 1777 Peachtree St. NE, the property is situated between Buckhead to the north and Midtown to the south with access to the Interstate 75-85 Connector.
MCLEAN, VA. — Avison Young has arranged a $20 million loan to refinance a 47,000-square-foot medical office building in downtown McLean. Jon Goldstein, Mike Yavinsky and Wes Boatwright of Avison Young arranged the loan through an unnamed local bank on behalf of the borrower, a partnership between Stewart Investment Partners and Chestnut Funds. Built in 1985, the three-story property was converted from a general office building into a medical office building in 2021. Improvements included outfitting the atrium lobby, corridors, elevators and restrooms, as well as adding energy-efficient lighting and modernizing the parking garage. Located at 1420 Beverly Road, the property offers access to Interstates 495 and 66 and Dulles Toll Road. The property is also 11.2 miles from Washington, D.C.
SARATOGA SPRINGS, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $13.5 million loan for the refinancing of a 63-unit multifamily property in the upstate New York city of Saratoga Springs. The unnamed property includes 5,423 square feet of commercial space. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.
