NORTHGLENN, COLO. — Capital One has provided a $33.8 million Freddie Mac floating-rate loan to refinance Heights on Huron, an apartment property in Northglenn. The borrower, FCP, will continue to partner with Avanti Residential following the financing. Jonathan Pratt, Rossana Bouchaya and Patrick Greenwood facilitated the 10-year loan, which includes five years of interest-only payments. Located 11 miles north of downtown Denver, Heights on Huron features 252 apartments in a mix of one- and two-bedroom layouts. Community amenities include a dog park, swimming pool, picnic area, playground and 24-hour emergency maintenance services.
COLORADO SPRINGS, COLO. — Essex Financial Group has secured $24.3 million in financing for Albany Road Real Estate Partners for the acquisition of Epic One, an office building in Colorado Springs. Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team sourced the five-year, fixed-rate bridge loan for the buyer. The seller and price were not disclosed. Built in 2009, Epic One offers 146,000 square feet of Class A office space, an onsite fitness center and views of Peaks Peak and the Rocky Mountains. At the time of financing, the five-story building was 87 percent leased to a variety of tenants, including those in the aerospace, defense, healthcare, education and technology industries.
NEW YORK CITY — Newmark has arranged a $360 million refinancing for a portfolio of 50 self-storage facilities totaling 3.9 million square feet of net rentable space. A partnership between two New York-based firms, Andover Properties and Angelo Gordon, owns the properties, which are located in various primary markets across the country. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Aaron Swerdlin and Taucha Hogue of Newmark arranged the loan, specific terms of which were not disclosed, through Goldman Sachs. Andover Properties, perhaps best known for its Storage King USA brand, currently owns and operates a self-storage portfolio that totals more than 12.1 million square feet across 152 facilities in 18 states. Angelo Gordon is a global alternative investment firm that was founded in 1988 and currently has approximately $52 billion in assets under management. In describing the deal, Newmark’s debt placement team cites the profiles of the sponsors as integral to closing the transaction. “Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform, and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio,” says Stolly. “The sponsorship’s ability to drive cash flow growth by …
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Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn
As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …
AUSTIN, TEXAS — Hunt Capital Partners has provided $14.1 million in Low-Income Housing Tax Credit (LIHTC) equity for Saison North, a 116-unit affordable housing project in Austin. The complex will consist of eight one-bedroom, 44 two-bedroom and 24 three-bedroom units that will be reserved for households earning up to 30, 50 and 60 percent of the area median income, as well as 34 market-rate units. Amenities will include a fitness center, business center, leasing office and a clubhouse. The developer of the project is O-SDA Industries. Bank OZK has provided a $19.5 million construction loan for Saison North, with J.P. Morgan Chase providing a $12.9 million permanent loan. Other pieces of financing were originated by the Austin Housing Finance Corp. ($6.2 million), Travis County ($2.4 million) and the Texas State Affordable Housing Corp. ($375,000). Completion is slated for May 2024.
NEW YORK CITY — CBRE has provided a $12.3 million Freddie Mac loan for the refinancing of River View Towers, a 385-unit residential complex located on Manhattan’s Upper West Side. The 24-story building is a housing cooperative, meaning residents own their respective units, but can only sell to qualified applicants at prices based on the existing occupant’s equity in the unit. Mark Fisher and Alex Furnary of CBRE originated the 30-year, fixed-rate loan, which was part of a larger $33.3 million financing package. The New York State Housing Finance Agency also provided a $20.4 million loan to allow the undisclosed borrower to pay off existing debt and fund capital improvements.
SHELBY TOWNSHIP, MICH. — Greystone has provided a $22.6 million HUD-insured 223(f) loan for the refinancing of Aria of Shelby in Michigan. The 96-unit multifamily property is located in Shelby Township, a northern suburb of Detroit. The newly built townhome community features two- and three-bedroom floor units across 18 buildings. Lisa Fischman of Greystone originated the loan on behalf of the borrower, an entity doing business as Aria of Shelby LLC. The fixed-rate loan features a 35-year term and a 35-year amortization. The borrower was also able to secure green certification through the National Green Building Standard, leading to a heavily reduced mortgage insurance premium. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of the equity in the property.
PLAINFIELD, IND. — Indiana-based First Internet Bank has provided a $59 million construction loan for Hobbs Station, a $300 million mixed-use project in the Indianapolis suburb of Plainfield. Phase I calls for 293 apartment units, 30,000 square feet of retail space and 400 parking spaces. Crossroads Realty Advisors arranged the loan on behalf of the borrower, Indianapolis-based New City Development. The project was first announced earlier this year.
BROOKLYN PARK AND DAYTON, MINN. — Northmarq has arranged a $33.9 million loan for the construction of two industrial properties in suburban Minneapolis. In Brooklyn Park, 169 Logistics Center will include two buildings totaling 147,250 square feet. Dayton Logistics Center in Dayton will consist of a single building totaling 248,000 square feet. Completion of both properties is slated for spring 2023. Bill Mork of Northmarq arranged the four-year, fixed-rate loan. The borrower was a joint venture partnership between Capital Partners and Eagle Realty Group. The lender was undisclosed.
PITTSBURGH — JLL has arranged a $74 million loan for the refinancing of Southside Works, a 471,939-square-foot office and retail development in Pittsburgh. Built in phases between 2002 and 2004 and renovated in 2021, Southside Works comprises 245,570 square feet of office space and 226,369 square feet of retail space. The development also features multiple pocket parks, open green spaces, sport courts and a dog park. Nick Unkovic and Jeremy Bernstein of JLL arranged the six-year, floating-rate loan through Dollar Bank on behalf of the borrower, SomeraRoad.