Loans

Cronheim Mortgage Secures Financing for Condo Conversion Project in Downtown New Orleans

by John Nelson December 15, 2022

NEW ORLEANS — Cronheim Mortgage has secured an undisclosed amount of acquisition financing for The California Building in downtown New Orleans. Originally an office building, the property has been converted to Class A multifamily, with units leased as a combination of both multifamily and short-term rentals due to the building’s advantage of holding a hotel license. The sponsor, Servio Capital, plans to convert the building to condos and sell units to both short-term rental investors and owner-occupants. An undisclosed lender provided the loan, which was underwritten at 75 percent loan-to-cost. The California Building is located adjacent to the French Quarter, Superdome and Tulane Medical Center.

December 15, 2022

Loans New York Northeast Office

Sapir Organization Receives $326M Refinancing for Midtown Manhattan Office Buildings

by Taylor Williams December 15, 2022

NEW YORK CITY — Locally based development and investment firm The Sapir Organization has received $326 million for the refinancing of 260 and 261 Madison Avenue, a pair of office buildings located across the street from one another in Midtown Manhattan. Combined, the buildings total more than 1 million square feet and are home to tenants such as Hanesbrands, Epix, Regus, Marcus & Millichap and McLaughlin & Stern LLP. James Millon, Tom Traynor and Lawrence Britvan of CBRE arranged the debt, which was structured with a 65 percent loan-to-value ratio. According to Bloomberg, J.P. Morgan and Mack Real Estate Group provided the financing. The Sapir Organization, which also operates its headquarters out of 261 Madison Avenue, acquired the buildings in 1997.

December 15, 2022

Healthcare Kansas Loans Midwest

CIT Provides $27.8M Loan for Acquisition of Medical Office Portfolio in Wichita, Kansas

by Kristin Harlow December 15, 2022

WICHITA, KAN. — CIT, a division of First Citizens Bank, has provided a $27.8 million loan for the acquisition of a medical office portfolio in Wichita. A joint venture between Kayne Anderson Real Estate and Remedy Medical Properties was the borrower. The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. Kansas Spine & Specialty Hospital is a regional center for diagnosing and treating disorders of the spine, neck and joints. Abay Medical Plaza is leased to four tenants, with the largest being Abay Neuroscience Center.

December 15, 2022

Affordable Housing Loans Midwest Multifamily Wisconsin

NewPoint Provides $12M Construction Loan for Affordable Housing Community in Madison

by Kristin Harlow December 15, 2022

MADISON, WIS. — NewPoint Real Estate Capital has provided a $12 million loan for the construction of The Flats at 402, a 54-unit affordable housing community in Madison. All the property’s units will be restricted to residents who earn 50 to 60 percent of the area median income. The limestone exterior of an existing two-story commercial property will be repurposed for the construction of the project. An existing parking lot will be demolished and replaced with an underground parking garage. Cesar Diaz of NewPoint originated the loan on behalf of the borrower, Kenosha, Wis.-based Bear Real Estate Group. The Housing Authority of Dane County issued bonds, and National Equity Fund was the Low-Income Housing Tax Credit equity syndicator.

December 15, 2022

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $15.8M Loan for Refinancing of Boston Apartment Complex

by Taylor Williams December 15, 2022

BOSTON — Cornerstone Realty Capital has arranged a $15.8 million loan for the refinancing of a 47-unit apartment complex in Boston’s Fenway neighborhood. Built in 1918 and most recently renovated in 2021, the four-story building houses studio, one-, two- and three-bedroom units. The loan was structured with a fixed interest rate and a 30-year amortization schedule. Paul Natalizio of Cornerstone arranged the debt on behalf of the undisclosed borrower. The building was fully leased at the time of the loan closing.

December 15, 2022

Acquisitions Florida Loans Multifamily Southeast

Colliers Mortgage Provides Agency Acquisition Loan for French Quarter Apartments in Tampa

by John Nelson December 14, 2022

TAMPA, FLA. — Colliers Mortgage has provided a Fannie Mae loan for the acquisition of French Quarter Apartments, a 57-unit multifamily community in Tampa. Built in 1968, the market-rate property features one- and two-bedroom units, as well as laundry facilities, a picnic area, barbecue grills, Spanish-speaking staff and a pool. Fritz Waldvogel of Colliers Mortgage’s Minneapolis office originated the seven-year loan on behalf of the undisclosed borrower.

December 14, 2022

Loans Multifamily Retail Washington Western

Low Tide Properties, Continental Properties Receive $110M Refinancing for Met Tower Apartments in Downtown Seattle

by Amy Works December 14, 2022

SEATTLE — Affiliates of Low Tide Properties and Continental Properties have obtained $110 million in financing for Met Tower, a multifamily property located at 1942 Westlake Ave. in Seattle. Citibank provided the loan, which Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan of Cushman & Wakefield Equity, Debt & Structured team arranged. Built in 2001, Met Tower features 366 apartments in a mix of studio, one- and two-bedroom floor plans along with 10,139 square feet of retail space and an attached, eight-level parking garage.

December 14, 2022

Illinois Loans Midwest Retail

Bellwether Arranges $74.5M Loan for Chicagoland Shopping Center Portfolio

by Jeff Shaw December 13, 2022

CHICAGO — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale. The sale included Cicero Marketplace in Cicero, Ill.; Northwest Shopping Center and English Valley in Palatine, Ill.; Golf Plaza II in Mount Prospect, Ill.; and Fox River Commons in Naperville, Ill. Together, the shopping centers feature almost 70 tenants, with a focus on grocery and necessity retailers, such as Sam’s Club, Home Depot, Jewel Osco, Walgreens and Kroger. Daniel Rosenberg of BWE’s Chicago office arranged the three-year fixed-rate, interest-only loan. CRC will use the financing to fund the portfolio acquisition as well as capital improvements, renovations and leasing costs to increase occupancy.

December 13, 2022

Florida Hospitality Loans Southeast

JLL Arranges $110M Refinancing for Two Adjacent Beachfront Hotels in Pensacola Beach, Florida

by John Nelson December 13, 2022

PENSACOLA BEACH, FLA. — JLL has arranged the $110 million refinancing for two adjacent beachfront hotels totaling 481 rooms in Pensacola Beach. The properties include the 275-room Hilton Pensacola Beach and the 206-room Holiday Inn Resort Pensacola Beach. Located at 12 and 14 Via De Luna Drive, both hotels have approximately 300 square feet of frontage along Pensacola Beach. Jeff Bucaro, Maddie Blount and Mark DesLauries of JLL’s Hotels & Hospitality team represented the borrower, Innisfree Hotels, in securing the five-year, fixed-rate loan with flexible repayment options through an unnamed regional bank. The loan proceeds were used to pay off a maturing CMBS loan that JLL secured 10 years ago. In addition, the loan included over $18 million for future capital improvements and $23 million of cash back to the sponsorship. This transaction represents over $500 million that JLL has secured on behalf of Innisfree Hotels.

December 13, 2022

Development Industrial Loans Southeast Virginia

Bank OZK, ACORE Provide $80.5M Construction Financing for Industrial Project in Winchester, Virginia

by John Nelson December 13, 2022

WINCHESTER, VA. — Bank OZK and ACORE Capital have provided $80.5 million in construction financing for One Logistics Park’s building 2, a 1 million-square-foot warehouse in Winchester, about 75 miles west of Washington, D.C. Robert Carey and Drake Greer of JLL arranged the financing on behalf of the borrower, The Meridian Group. Located on 76.6 acres at 1486 Millwood Pike, building 2 will be the first asset delivered within One Logistics Park, a 280-acre business park that is expected to house six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space. Once completed, the facility will offer 40-foot clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, 50- by 56-foot column spacing with 65-foot speed bays, a 190-foot truck court, 770 car parking spaces and additional trailer storage space.

December 13, 2022

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