Loans

BlackRidge Cos. Receives $50.9M in Construction Financing for Multifamily Property in Bozeman, Montana

by Amy Works March 21, 2022

BOZEMAN, MONT. — Montana-based BlackRidge Cos. has obtained $50.9 million in construction financing for the development of 2131 Graf, a garden-style apartment community in Bozeman. Located at the intersection of Graf Street and South 19th Avenue, 2131 Graf will include 195 residential units, including 72 one-bedroom units, 97 two-bedroom units and 26 three-bedroom units. Community amenities will include a clubhouse with a community room, fitness center, spa, barbecue grilling stations, a firepit, lawn games and an onsite management office. Completion is slated for September 2023. Jennifer Quigley of Berkadia Denver secured the permanent construction financing on behalf of the borrower. The 221(d)(4) construction loan, financed through HUD’s green building program, features a 40-year term and 3.03 percent interest rate.

March 21, 2022

Loans Office Texas

CIM Group Provides $73M Refinancing of Legacy Commons Office Campus in Plano

by Taylor Williams March 21, 2022

PLANO, TEXAS — CIM Group, a Los Angeles-based lender and owner-operator, has provided a $73 million loan for the refinancing of Legacy Commons, a 287,044-square-foot office campus located north of Dallas in Plano. The property, which was originally constructed in 1998 as the headquarters for Dr. Pepper, comprises three buildings and an undeveloped 5.3-acre site within the Legacy master-planned development. The borrower, a partnership between Taconic Capital Advisors and Champion Partners, acquired Legacy Commons in 2019 and subsequently implemented $10 million in capital improvements. The campus now features a renovated lobby and main entrance, as well as an outdoor courtyard and amphitheater, lounge and meeting area and a fitness center.

March 21, 2022

Loans Multifamily Texas

Terrydale Capital Arranges $11.2M Acquisition Loan for Waco Multifamily Property

by Taylor Williams March 21, 2022

WACO, TEXAS — Dallas-based Terrydale Capital has arranged an $11.2 million acquisition loan for an undisclosed multifamily property in Waco. Culby Culbertson of Terrydale Capital arranged the loan through a correspondent bank on behalf of the undisclosed borrower. The loan was structured with a fixed interest rate of 3.53 percent for five years, a 25-year amortization schedule and one year of interest-only payments

March 21, 2022

Loans Multifamily New York Northeast

Greystone Provides $9.7M Loan for Refinancing of Brooklyn Multifamily Portfolio

by Taylor Williams March 21, 2022

NEW YORK CITY — Greystone has provided a $9.7 million loan for the refinancing of a 24-unit multifamily portfolio in the Williamsburg neighborhood of Brooklyn. The properties were originally built between 2006 and 2008 and offer one-, two- and three-bedroom units. The nonrecourse loan carries a 10-year term and a 30-year amortization schedule, with two years of interest-only payments and a 74 precent loan-to-value ratio. Jason Yuen of Greystone originated the financing.

March 21, 2022

Georgia Loans Multifamily Southeast

Berkadia Secures Acquisition Loan for 280-Unit Apartment Community in LaGrange, Georgia

by Julia Sanders March 18, 2022

LAGRANGE, GA. — Berkadia has secured an acquisition loan for Exchange at 1105, a new 280-unit garden-style multifamily property in LaGrange. Scott Wadler and Matt Nihan of Berkadia’s Miami office arranged the financing through AllianceBernstein on behalf of the borrower, Coral Gables, Fla.-based Beacon Real Estate Group. The loan amount was not disclosed. The first phase of Exchange at 1105 was completed in 2021 and includes 198 units. Phase I was 97 percent occupied at the time of sale. The second phase is under construction and slated for delivery by the fourth quarter. The property offers one-, two- and three-bedroom floorplans. Unit features include smart lock entry, stainless steel appliances, granite kitchen countertops, soaking bathtubs and walk-in closets. Community amenities include a clubhouse, fitness facility, resident lounge with pool table, Wi-Fi enabled clubhouse with business center, dog park with pet spa and designer pool with sun deck. Located at 1105 and 1195 S. Davis Road, the property is located near Interstates 85 and 185.

March 18, 2022

Loans New York Northeast Office Retail

Emerald Creek Provides $9.3M Loan for Refinancing of Office, Retail Building in Scarsdale, New York

by Taylor Williams March 18, 2022

SCARSDALE, N.Y. — New York City-based bridge lender Emerald Creek Capital has provided a $9.3 million loan for the refinancing of a 14,225-square-foot office and retail building in Scarsdale, located north of the city. The property was fully leased at the time of the loan closing. Jeff Seidler of Emerald Creek Capital originated the financing. The borrower was not disclosed.

March 18, 2022

Loans Lument Multifamily Texas

Lument Provides Two Acquisition Loans Totaling $32M for San Antonio Multifamily Assets

by Taylor Williams March 17, 2022

SAN ANTONIO — Lument has provided two acquisition loans totaling $32 million for a pair of multifamily assets in San Antonio. In the first transaction, Lument originated a $17.5 million loan for Auburn Creek, a 224-unit community that was originally built in 1976 and was 91 percent occupied at the time of the loan closing. In the second deal, Lument funded a $14.5 million loan for Fairways, a 205-unit complex that was initially constructed in 1973 and had an occupancy rate of 95 percent when the loan closed. Marc Suarez led the transactions for Lument. The borrower was locally based multifamily investment firm Lynd Group.

March 17, 2022

Loans Multifamily New York Northeast

Avison Young Places $210M Loan for Refinancing of Queens Apartment Building

by Taylor Williams March 17, 2022

NEW YORK CITY — Avison Young has placed a $210 million loan for the refinancing of a 396-unit apartment building located in the Long Island City area of Queens. The borrower, locally based multifamily developer Rockrose, built the 31-story property in 2007. Amenities include an indoor pool, sauna, fitness center and a game room. Andy Singer and Kathleen McSharry of Avison Young placed the debt through Metlife Investment Management.

March 17, 2022

Florida Hospitality Loans Southeast

Hall Structured Finance Provides $29.4M Refinancing for Serena Hotel in Aventura, Florida

by Julia Sanders March 17, 2022

AVENTURA, FLA. — Dallas-based Hall Structured Finance (HSF) has provided a $29.4 million loan for the refinancing of Serena Hotel, a Tapestry Collection Hotel by Hilton in Aventura. Locally-based Rieber Developments is the owner and developer of the hotel, and Driftwood Hospitality Management is the property manager. Dmitry Levkov and Jeffrey Donnelly of Colliers sourced the financing for the project. Built in 2021, Serena Hotel is a 100-room hotel that features 12-foot ceilings, luxury interior finishes and 34 extended stay guestrooms. Onsite amenities include a restaurant and lounge with a Michelin-rated chef, rooftop bar, outdoor pool and bar, meeting spaces, fitness center and lobby workstations. Additionally, the property is LEED Gold certified. Located at 2820 NE 214th St., the hotel is situated 13.7 miles from Fort Lauderdale, 8.8 miles from Fort Lauderdale-Hollywood International Airport and 21.9 miles from Miami Beach. The property is also located in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. HSF’s bridge loan financing program targets existing hotel properties and serves to complement its hotel and multifamily construction loan programs. HSF expects to close over $600 million in new loans in 2022, through a combination of new hotel …

March 17, 2022

Loans Midwest Minnesota Multifamily

JLL Provides $67M Loan for Refinancing of Luxury Apartment Community in Edina, Minnesota

by Kristin Harlow March 17, 2022

EDINA, MINN. — JLL Real Estate Capital LLC has provided a $67 million Fannie Mae loan for the refinancing of Nolan Mains, a 100-unit luxury apartment community in the Minneapolis suburb of Edina. A partnership between Buhl Investors and Saturday Properties was the borrower. The developers built the property in 2019 as a public-private partnership with the City of Edina. The development is also home to 16 retailers and two levels of underground parking. Amenities include a rooftop bar, spa, fitness center, sunroom, dog run, clubroom, and golf simulator. Scott Loving and Will Hintz of JLL represented the borrower in securing the long-term, nonrecourse debt.

March 17, 2022

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