Loans

JLL Arranges $172M Acquisition Loan for Four Seasons Hotel Nashville

by John Nelson November 10, 2022

NASHVILLE, TENN. — JLL has arranged $172 million in acquisition financing for Four Seasons Hotel Nashville, a 40-story hospitality tower located at 100 Demonbreun St. in downtown Nashville’s South Broadway district. The 235-room hotel includes Mimo Restaurant, Mimo Bar, a full-service spa, event space and a resort-style pool and pool deck. The Four Seasons property also includes 143 condominiums that were not part of the sale. Eric Tupler, Jeff Bucaro, Brian Dawson and Kevin Davis of JLL arranged the financing through Credit Suisse on behalf of the borrower, a joint venture between GD Holdings, Stonebridge Development Co. and Copford Capital Management LLC. The sellers, Congress Group and AECOM Capital, opened the hotel earlier this week.

November 10, 2022

Acquisitions Loans Multifamily Texas

Marcus & Millichap Arranges Sale of 137-Unit Maverick Oak Lawn Apartments in Dallas

by Taylor Williams November 10, 2022

DALLAS — Marcus & Millichap has arranged the sale of Maverick Oak Lawn, a 137-unit apartment complex located in the Oak Lawn area of Dallas. The property features one- and two-bedroom units as well as a pool, outdoor grilling and dining areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, an out-of-state partnership. Both parties requested anonymity. Los Angeles-based Veleta Capital Partners provided an $18 million floating-rate bridge loan for the acquisition. Bellwether Enterprise Real Estate Capital arranged the financing, a portion of which will be used to fund capital improvements.

November 10, 2022

Loans Michigan Midwest Multifamily

Greystone Provides $14.9M Bridge Loan for Acquisition of Multifamily Property in Ann Arbor

by Kristin Harlow November 10, 2022

ANN ARBOR, MICH. — Greystone has provided a $14.9 million bridge loan for the acquisition of Lynden Parke Apartments in Ann Arbor. The 154-unit, garden-style multifamily property was constructed in 2002. Reuben Dolny and Jason Yuen of Greystone structured the loan on behalf of the borrower, Cape Sierra Capital. The loan features a two-year term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent agency financing as part of its bridge-to-agency platform.

November 10, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $25.9M in Financing for Affordable Housing Redevelopment in Lawrence, Massachusetts

by Taylor Williams November 10, 2022

LAWRENCE, MASS. — MassHousing has provided $25.9 million in financing for an affordable housing redevelopment project in Lawrence, a northern suburb of Boston. The project will convert a 177-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 will be rented to households earning 30 percent or less of the area median income (AMI); 58 will be reserved for renters earning up to 60 percent of AMI; and the other 17 will be rented at market rates. WinnCos. is the developer of the project. The financing package comprised a $4.6 million tax-exempt permanent loan, a $20.4 million bridge loan and $900,000 from the Capital Magnet Fund, an initiative designed to attract private capital to affordable housing projects in economically distressed areas.

November 10, 2022

Florida Loans Multifamily Southeast

Berkadia Provides $93.6M Agency Financing for Two Multifamily Properties in Boynton Beach, Florida

by John Nelson November 9, 2022

BOYNTON BEACH, FLA. — Berkadia has provided a $93.6 million loan on behalf of Advenir for the financing of Advenir at Banyan Lake and Advenir at La Costa, two multifamily communities located in Boynton Beach. Charles Foschini and Chris Apone of Berkadia originated the seven-year, fixed-rate Freddie loan, which features interest-only payments for the full term. Advenir at Banyan Lake is a 268-unit community located at 1561 Stonehaven Drive with apartments in one-, two- and three-bedroom layouts ranging from 900 to 1,290 square feet. Amenities at the development include a swimming pool, fitness center, BBQ grills, playground, racquetball courts, tennis courts and lakes. Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit property with one- and two-bedroom apartments ranging from 784 to 1,116 square feet. Community amenities include two pools, a 24-hour fitness center, tennis court, outdoor lounge, lakeside jogging trail, cyber café and coffee bar, car care center and a fishing dock. Both properties were built in 1986 and underwent value-add renovations after being acquired by Advenir in 2015.

November 9, 2022

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Banyan Secures $64.5M Construction Loan for Single-Family Rental Community in Wilmington, North Carolina

by John Nelson November 9, 2022

WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.

November 9, 2022

Loans Midwest Multifamily Wisconsin

Marcus & Millichap Capital Corp. Arranges $11.4M Acquisition Loan for Wisconsin Multifamily Property

by Kristin Harlow November 9, 2022

PORT WASHINGTON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.4 million loan for the acquisition and renovation of Harbor Ridge Apartments in Port Washington, about 27 miles north of Milwaukee. The 112-unit multifamily property is located on Westport Drive. Michael Hughes of MMCC arranged the five-year loan, which features two years of interest-only payments, a 4.75 percent interest rate and an 80 percent loan-to-value ratio. The lender was undisclosed.

November 9, 2022

Iowa Loans Midwest Multifamily

Capstone Structures $9.9M in Joint Venture Equity for Acquisition of Iowa Apartment Community

by Kristin Harlow November 9, 2022

CEDAR FALLS, IOWA — Capstone Equity & Structured Finance has structured $9.9 million in joint venture equity to facilitate the acquisition and repositioning of Park @ Nine23 in Cedar Falls near Waterloo. Built in phases between 1974 and 1994, the 424-unit apartment community is situated on 21 acres. The asset was roughly 97 percent leased at the time of the loan closing. Bryse Toothaker and Charlie Rimkus of Capstone raised the equity on behalf of the borrower, a partnership between Chicago-based ARTISAN Capital Group and Benedict Realty Group. The buyer plans to make upgrades to the unit interiors and common areas. The undisclosed seller had owned the property for decades. Des Moines-based West Bank provided financing. ARTISAN Management Group will oversee operations.

November 9, 2022

7000-Shoreline-Ct-South-San-Francisco-CA

California Life Sciences Loans Western

JLL Arranges $213.4M in Financing for Life Sciences Portfolio in Northern California

by Amy Works November 8, 2022

SOUTH SAN FRANCISCO AND SAN CARLOS, CALIF. — JLL Capital Markets has arranged $213.4 million in financing for a five-building life sciences portfolio in South San Francisco and San Carlos. The borrower is an affiliate of GI Partners. Kevin MacKenzie, Brian Torp, Alex Witt and Samuel Godfrey of the JLL Capital Markets Debt Advisory team secured the seven-year, fixed-rate loan through a life insurance company. Loan proceeds were used to finance the assets acquired via a recent Sale, which JLL also arranged. Totaling 325,977 square feet, the buildings are located at 7000 Shoreline Court and 341-343 Oyster Point Boulevard in South San Francisco and 75 and 125 Shoreway Road in San Carlos.

November 8, 2022

Development Loans Multifamily Nevada Western

Growth Holdings Receives $85M Construction Loan for Otonomus Las Vegas Apartments

by Amy Works November 8, 2022

LAS VEGAS — Las Vegas-based Growth Holdings has received a $85 million first lien construction loan for the development of Otonomus Las Vegas, a residential and short-term rental property. Slated to open in fourth-quarter 2024, the 303-unit community will feature fully furnished apartments with stainless steel appliances, granite and quartz countertops, tile backsplashes and LED lighting. The four- and five-story complex will offer open floor plans, 10-foot ceilings, walk-in closets and private balconies. Community amenities will include a fitness center, clubhouse, meeting space, lounge areas, three courtyards with picnic and barbecue areas, and two resort-style pools with cabanas. Additionally, the property will feature 38,000 square feet of retail offerings. Brad Ferguson of Dallas-based HALL Structured Finance (HSF) originated the loan. Las Vegas-based CORE Advisory Partners sourced the financing for the project.

November 8, 2022

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