NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.
Lument Provides $31.6M Freddie Mac Refinancing for Seniors Housing Property in Westminster, Colorado
WESTMINSTER, COLO. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds. During the loan process, the community enjoyed a substantial improvement in net operational income, as occupancy rates rose and rent collections increased. Lument subsequently adjusted its underwriting and successfully secured an increase in loan proceeds. Lument also helped Keystone take advantage of Freddie Mac’s index lock functionality to lock the interest rate more than three months prior to closing, saving 100 basis points and generating substantial debt service savings. Lument has a longstanding relationship with Keystone that dates back more than 10 years and includes acquisition bridge financing, construction financing, mezzanine financing and …
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $14.7 million loan for the refinancing of a 152-unit multifamily property in the Minneapolis suburb of St. Louis Park. The unnamed property features two outdoor pools and is located on a bus line with an express bus to downtown. Tony Carlson and Will Perry of Grandbridge arranged the fixed-rate loan through a bank.
LINCOLN AND ASHLAND, NEB. — Walker & Dunlop has originated a total of $20.9 million in HUD refinancing for Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Walker & Dunlop’s Kevin Giusti and Mikko Erkamaa originated the loans in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Fallbrook Assisted Living and Memory Care received a $13.3 million loan. The property is a 71-unit assisted living and memory care facility that was built in 2018 and opened in 2019. Oxbow Living Center received a $7.6 million loan. The property is a three-story, 79-unit assisted living and memory care community.
KANSAS CITY, MO. — Greystone has provided an $18.6 million Freddie Mac loan for the acquisition of a 200-unit multifamily property located outside of Kansas City. Originally built in the 1980s, the garden-style community features one- and two-bedroom units. Adam Lipkin of Greystone originated the loan, which features a fixed interest rate, 10-year term, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the property were not provided.
IRVING, TEXAS — Hunt Capital Partners has provided $12.9 million in Low-Income Housing Tax Credit (LIHTC) equity for The Heights at MacArthur, a 76-unit affordable housing project in Irving. The property will offer one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, fitness center, business center and a community room. The borrower is a partnership between Hill Tide Ventures and Generation Housing Partners. Total project costs are $21.3 million..
NEW YORK CITY — Bank of America has provided a $53 million permanent loan for Kent House, a 96-unit apartment building in Brooklyn’s North Williamsburg area. The building, which houses one- and two-bedroom units, includes 140 parking spots and 31,000 square feet of retail space. Leah Paskus of Landstone Capital Group arranged the loan, which retires the property’s original construction debt, on behalf of the borrower, locally based developer CW Realty, which holds the leasehold interest in the property.
DALLAS — New York City-based Lightstone Capital has provided a $28.5 million loan for the refinancing of The Azul Apartments, a 362-unit multifamily community located in the Lake Highlands area of Dallas. Built on 9.3 acres in 1983, the property comprises 324 one-bedroom units and 34 two-bedroom units across 20 three-story buildings. About 35 percent (130) of the units have been recently renovated. Amenities include multiple pools, a business center, clubhouse and a dog park. Thomas Wayda, Dan Sacks and Harrison Drucker of Greystone arranged the loan. The borrower was an entity doing business as Azul Multifamily DE LLC.
LITTLE FERRY, N.J. — Northmarq has arranged an $11 million loan for the refinancing of Gilbert Manor Apartments, a 108-unit multifamily property located in the Northern New Jersey community of Little Ferry. Built in the 1960s, the garden-style property consists of seven two-story buildings on a 3.4-acre site. Robert Ranieri of Northmarq arranged the fixed-rate loan, which carried a five-year term with two years of interest-only payments followed by a 30-year amortization schedule, on behalf of the undisclosed borrower. The name of the direct lender, a regional bank, was also not disclosed.
CHICAGO — Lument has provided a $73.4 million Fannie Mae loan for the refinancing of a 47-building, 793-unit multifamily portfolio located on the South Side of Chicago. Nicholas Diamond of Lument originated the loan on behalf of the borrower, Chicago-based Icarus Investment Group. Jonathan Bodner of Two Bins Capital arranged the loan. The transaction utilized Fannie Mae’s Structured Adjustable-Rate Mortgage product, which enabled the borrower to consolidate six loans — several bank loans, a bridge loan and an agency loan — into a single Fannie Mae loan. The loan features a 10-year term, five years of which are interest-only payments, and a 35-year amortization schedule.