Loans

JLL Capital Markets Secures $73.8M in Construction Financing for Multifamily Project in Madison, Wisconsin

by Jeff Shaw January 11, 2023

MADISON, WIS. — JLL Capital Markets has secured $73.8 million in construction financing for the development of Baker’s Place, a 206-unit, mass-timber apartment project in Madison. The financing included a $21.2 mezzanine debt investment from Pearlmark Mezzanine Realty Partners V LP, and a senior loan provided by Bank OZK. Mike Brady and Phil Galligan of JLL represented the borrowers, Wisconsin-based developers The Neutral Project and Compass Properties, as advisors in the project capitalization. Mark Witt of Pearlmark arranged the mezzanine financing. Upon completion, the property will comprise 14 stories, including 8,400 square feet of retail space. Plans for the development include green roofs, exposed mass timber, enhanced ventilation and natural materials, which are estimated to reduce carbon emissions by 42 percent relative to conventional construction techniques. Completion is scheduled for March of 2025.

January 11, 2023

Loans Midwest Minnesota Multifamily Seniors Housing

Ziegler Closes $47M Financing for Construction of Seniors Housing Community in Corcoran, Minnesota

by Jeff Shaw January 11, 2023

CORCORAN, MINN. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on the notes, and pay certain costs of issuance associated with the financing. Saint Therese is a Catholic senior living organization originally organized in 1965 as a single-site nursing home in New Hope, Minn. Now based in St. Louis Park, Minn., Saint Therese has grown across the Minneapolis-St. Paul metropolitan area as a provider of housing and supportive services with nearly 1,000 units offering independent living, assisted living, memory care, skilled nursing, inpatient/outpatient therapy, community wellness, and other related services. Saint Therese team members annually provide services to more than a dozen senior living locations for approximately 3,250 Minnesotan seniors. Saint Therese is the sponsor of the new senior living community, …

January 11, 2023

Loans New York Northeast Northmarq Retail

Northmarq Arranges $80M Loan for Refinancing of Long Island Shopping Center

by Taylor Williams January 11, 2023

WESTBURY, N.Y. — Northmarq has arranged an $80 million loan for the refinancing of Roosevelt Raceway Center, a 428,483-square-foot shopping center located in the Long Island community of Westbury. The center, which sits on a 48-acre site less than a mile from Roosevelt Field Mall, houses tenants such as The Home Depot, Food Bazaar Supermarket, David’s Bridal and PGA Tour Superstore. Robert Delitsky and Charles Cotsalas of Northmarq arranged the fixed-rate loan through a regional bank. The borrower was not disclosed.

January 11, 2023

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassDevelopment Provides $19.6M Tax-Exempt Bond for Mixed-Income Housing Project in Worcester

by Taylor Williams January 11, 2023

WORCESTER, MASS. — MassDevelopment has provided a $19.6 million tax-exempt bond for the construction of a mixed-income housing project in the central Massachusetts city of Worcester. The site at 120 Washington St. formerly housed the headquarters of Table Talk Pies, and the project is part of a larger redevelopment that will ultimately feature 400 residential units and 20,000 square feet of commercial space. Units will come in studio, one-, two- and three-bedroom formats. The borrower and developer, an affiliate of Boston Capital Development, will use the bond proceeds to construct 59 apartments, while the other 24 residences will be financed with Low-Income Housing Tax Credits and other subsidies. Eastern Bank and Rockland Trust purchased the bond. Construction is slated for a February 2024 completion.

January 11, 2023

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $26.7M Refinancing for Two Northern California Hotels

by Amy Works January 11, 2023

LAFAYETTE AND BODEGA BAY, CALIF. — Sonnenblick-Eichner Co. has arranged $26.7 million in non-cross collateralized, fixed-rate, first-mortgage financing for Woodside Hotel Group. The transaction will refinance debt on two hotels — Lafayette Park Hotel & Spa and The Lodge at Bodega Bay — in Northern California. The $15 million loan on Lafayette Park Hotel retired an existing life insurance company loan and provided for more than $4 million of capital to renovate guest rooms. The proceeds from the $11.7 million loan for The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership equity. A life insurance company provided both of the long-term, 10-year, fixed-rate, nonrecourse loans. Located in Lafayette, Lafayette Park Hotel & Spa is a full-service hotel with 138 guest rooms. The Lodge at Bodega Bay in Bodega Bay features 83 guest rooms; Drakes Sonoma Coast, a fine dining restaurant; Fireside Lounge, a 6,285-square-foot indoor and outdoor meeting space; and Sonoma Coast Spa and Fitness Center. Woodside Hotel Group owns and operates both properties as part of the Woodside Collection.

January 11, 2023

Loans Multifamily Oklahoma Texas

Bellwether Enterprise Provides Agency Credit Facility for 256-Unit Affordable Housing Complex in Houston

by Taylor Williams January 10, 2023

HOUSTON — Bellwether Enterprise Real Estate Capital has provided a Freddie Mac Transitional Line of Credit for Aspen Park, a 256-unit affordable housing complex in Houston. The amount was not disclosed, but the financing is part of a $150 million credit facility for a quartet of properties in Texas and Oklahoma. The borrower, Alabama-based Envolve Communities, will use the proceeds to refinance existing debt, preserve affordability and fund capital improvements. Jon Killough and John Roberts of Bellwether Enterprise originated the financing. Aspen Park houses one-, two- and three-bedroom units, the majority of which are reserved for renters earning 60 percent or less of the area median income.

January 10, 2023

Illinois Loans Midwest Multifamily

Berkadia Arranges $10.6M PACE Construction Loan for Multifamily Project in Suburban Chicago

by Kristin Harlow January 10, 2023

TINLEY PARK, ILL. — Berkadia has arranged a $10.6 million PACE construction loan for The Magnuson, a 144-unit, ground-up multifamily project in the Chicago suburb of Tinley Park. Jason Bond of Berkadia arranged the loan through PACE Loan Group on behalf of the borrower, Illinois-based One Magnuson Lane LLC. Matthew McCormack represented PACE Loan Group on an internal basis. The Illinois Energy Conservation Authority NFP assisted in closing the financing. The property is currently under construction, but a timeline for completion was not provided. The project will consist of four four-story buildings and a clubhouse. Introduced in Illinois in 2019, C-PACE provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties. The C-PACE efforts at The Magnuson are expected to provide roughly $311,000 in savings over the 30-year financing term, while also saving more than 2.3 million gallons of water per year.

January 10, 2023

Development Florida Loans Mixed-Use Multifamily Office Retail Southeast

Bank OZK Provides $252M Construction Loan for Mixed-Use Condominium Tower in St. Petersburg, Florida

by John Nelson January 10, 2023

ST. PETERSBURG, FLA. — Bank OZK has provided a $252 million construction loan for The Residences at 400 Central, a 46-story mixed-use residential tower underway in downtown St. Petersburg. New York-based Red Apple Real Estate is the developer behind the 1.3 million-square-foot project, which will feature 301 luxury condos, as well as shops, restaurants and 40,000 square feet of office space. The Residences at 400 Central will also feature 35,000 square feet of private indoor and outdoor amenities. The general contractor, Suffolk Construction Co. Inc., recently finished the project’s foundation and plans to start vertical construction in March. Michael Saunders & Co. and Red Apple established a sales gallery for the community nearby in October.

January 10, 2023

Loans Maryland Multifamily Southeast

JLL Secures $28.4M Loan for Lake Arbor Towers Apartments in Metro D.C.

by John Nelson January 10, 2023

MITCHELLVILLE, MD. — JLL has secured a $28.4 million loan for Lake Arbor Towers, a 209-unit apartment community located at 11411 Lake Arbor Way in Mitchellville, about 14 miles east of Washington, D.C. Jamie Leachman, Jacqueline Meagher, Madeline Joyce and David Sloan of JLL arranged the 10-year, fixed-rate loan through Eastern Bank on behalf of the borrower, The Dolben Co. Built in 1989 and renovated in 2010, Lake Arbor Towers overlooks Northampton Lake. The community features 110 one-bedroom and 99 two-bedroom units, ranging in size from 675 square feet to 1,100 square feet. Community amenities include a swimming pool, sundeck, social room and a fitness center.

January 10, 2023

Loans Seniors Housing South Carolina Southeast

Greystone Arranges $27.1M Financing for Seniors Housing Community in Columbia, South Carolina

by John Nelson January 10, 2023

COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a 120-unit seniors housing community in Columbia. The five-year loan for the independent living and assisted living community featured a floating interest rate, 30-year amortization schedule, three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong of Greystone worked with the client in placing the regional bank loan on behalf of the borrowers, AEW Capital Management and Merrill Gardens, a seniors housing owner-operator based in Seattle.

January 10, 2023

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