REBusinessOnline

Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units. Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 …

KeyBank Provides $64M Acquisition Loan for Apartment Complex in Metro Atlanta

MARIETTA, GA. — KeyBank Real Estate Capital (KBREC) has provided a $64 million acquisition loan for The Park on Windy Hill, a 654-unit apartment complex in Marietta. The property was built in 1970 and has recently undergone renovations to approximately half of the unit interiors. The buyer, Bridge Investment Group, plans to complete the upgrades and extensively renovate the exteriors. The garden-style apartment complex comprises 26 three-story buildings on 42 acres at 2121 Windy Hill Road, 15 …

Berkadia Arranges $140M in Construction Financing for Four Orlando Hotels Near Disney World

ORLANDO, FLA. — Berkadia has arranged $140 million in combined financing for four extended-stay hotels totaling nearly 1,000 rooms that will be part of Flamingo Crossings, a master-planned development located at the western entrance to the Walt Disney World Resort in Orlando. Justin Ownby of Berkadia’s Tampa office together with Adrienne Kautzman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality team arranged the financing on behalf of the borrower and developer, Huntsville, …

TD Bank Provides $28.6M in Construction Financing for Affordable Housing Complex in Fort Lauderdale

FORT LAUDERDALE, FLA. — TD Bank has provided $28.6 million in funding for the Housing Authority of the City of Fort Lauderdale (HACFL) to redevelop Suncrest Court, a 66-unit public housing community, by replacing it with 116 modern and affordable apartment units. TD Bank has provided a $16 million construction loan and its subsidiary Community Capital Group has provided $12.6 million in low income housing tax credits (LIHTCs). HACFL also received a State Apartment Incentive Loan (SAIL) from …

CBRE Arranges $28.2M Refinancing for Seniors Housing Property in Metro Houston

SUGAR LAND, TEXAS — CBRE has arranged a $28.2 million bridge loan for the refinancing of Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The community opened in 2017 and features a coffee bar and bistro, pool, yoga studio and access to nature trails. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the nonrecourse, floating-rate loan with 18 months of interest-only payments on behalf of the borrower, Greystar. The lender was MF1 Capital, …

NorthMarq Arranges $35.4M in Acquisition Financing for Multifamily Portfolio in Sioux Falls, South Dakota

SIOUX FALLS, S.D. — NorthMarq has arranged $35.4 million in acquisition financing for seven multifamily properties in Sioux Falls. The affordable communities comprise 525 units. The seven Freddie Mac loans range from $1.9 million to $9.3 million. Brett Hood of NorthMarq arranged each of the 15-year loans, which feature 30-year amortization

NKF Arranges $145M Acquisition Loan for Former Citibank Office Building in Manhattan

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $145 million loan for the acquisition of 111 Wall Street, formerly known as the Citibank Building, in Manhattan. SL Green and an undisclosed lending partner provided the fixed-rate loan to the buyer, a partnership of Nightingale Properties and Wafra Capital Partners. The 24-story building comprises 1.1 million square feet of office space and was built in 1968 as the headquarters of First National City Bank. Dustin Stolly and Jordan …

Phillips Realty Capital Structures $27.8M Construction Financing for Charleston Apartment Project

CHARLESTON, S.C. — Phillips Realty Capital Corp. (PRC) has structured $27.8 million in joint venture equity financing on behalf of Woodfield Development for the construction of Morrison Yard in Charleston. The 380-unit multifamily community will be built in Charleston’s North of Morrison (NoMo) neighborhood within a qualified opportunity zone. PRC’s Adam Bieber structured the equity financing through investor Argosy Real Estate Partners. PCCP recently provided a $100.6 million …

CBRE Arranges $64M Refinancing of Multifamily Property in Worcester, Massachusetts

WORCESTER, MASS. — CBRE has arranged a $63 million loan for the refinancing of 145 Front at City Square, a 365-unit multifamily property in Worcester, located approximately 50 miles west of Boston. MUFG Union Bank provided the floating-rate loan, which will stabilize the original construction loan for the project. The property offers studio, one- and two-bedroom floor plans as well as 10,000 square feet of amenity space and 10,405 square feet of street-level retail space. Michael Sherman and …

JPI Secures Construction Financing for 354-Unit Jefferson Rockhill Apartment Project in McKinney

MCKINNEY, TEXAS — Multifamily developer JPI has secured an undisclosed amount of construction financing for Jefferson Rockhill, a 354-unit apartment project that will be built on 16 acres in McKinney. Units will feature 10-foot ceilings, full-size washers and dryers and private patios and balconies. Amenities will include a pool, fitness center, putting green, dog park, beer garden, coffee bar and concierge service. The opening is slated for summer 2021. First United Bank provided the …

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