Loans

TrueRate Services Arranges $42M Refinancing of Reunion Resort in Metro Orlando

by Julia Sanders February 21, 2022

KISSIMMEE, FLA. — TrueRate Services has arranged a $42 million loan on behalf of Kingswood International for the refinancing of The Reunion Resort in Kissimmee, about 22.6 miles from Orlando. Dan Gorczycki and Peter Stobierski of TrueRate Services secured the capital from an undisclosed New York-based finance company. The $42 million financing included a $34 million loan from Hillcrest Finance and an $8 million mezzanine loan from Trawler Capital. Both loans had three-year terms with two one-year options. Located at 7593 Gathering Drive, The Reunion Resort spans over 2,000 acres off Interstate 4. Resort amenities include three golf courses, tennis courts and academy, a spa and fitness center, 25,000 square feet of conference facilities, seven restaurants, 11 swimming pools and a five-acre water park. The Reunion Resort owns 25 villas, but an additional 271 villas and 87 homes participate in the resort’s rental management program. Since purchasing the property in early 2019 from LRA Orlando LLC, the previous owner invested $9 million in renovations. The loan proceeds will be used to pay off the existing acquisition loan, relocate golf holes and expand the water park.

February 21, 2022

Colorado Development Hospitality Loans Multifamily Western

Parkview Financial Provides $42.5M Loan for Acquisition, Redevelopment of Hotel Elegante in Colorado Springs

by Amy Works February 21, 2022

COLORADO SPRINGS, COLO. — Parkview Financial has provided a $42.5 million loan to Austin, Texas-based Shir Capital for the purchase, redevelopment and repositioning of Hotel Elegante, a hotel at 2886 S. Circle Drive in Colorado Springs. Built in 1974 on 17 acres, Hotel Elegante features 496 guest rooms, a conference center, restaurant, pool and lounge. With the sale complete, Shir Capital has a planned phased renovation for the common areas, as well as the conversion of the rooms to studio apartments over the next 24 months. Working within the current room layouts, Shir Capital will add kitchenettes and closets, and perform upgrades to modernize the rooms. The units are approximately 350 square feet and all utilities will be included in the rent. Additionally, the 29,600-square-foot conference center will be converted into self-storage, which a third-party operator will manage. Malcomb Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners arranged the financing on behalf of the borrower.

February 21, 2022

Connecticut Industrial Loans Northeast

New York Life Provides $55M Permanent Loan for Industrial Property in Stratford, Connecticut

by Taylor Williams February 21, 2022

STRATFORD, CONN. — New York Life Real Estate Investors has provided a $55 million permanent loan for an industrial property in Stratford, located in the southern coastal part of the state, that is leased to FedEx. The square footage of the property was not disclosed. Located within Stratford Executive Park near Interstates 95 and 91, the property features a clear height of 36 feet, 52 dock doors and 200 parking spaces, including 57 trailer spots. The borrower was Boston-based GFI Partners. Specific loan terms were not disclosed.

February 21, 2022

Industrial Loans Northeast Pennsylvania

Ready Capital Closes $1.8M Acquisition Loan for Philadelphia Industrial Property

by Taylor Williams February 21, 2022

PHILADELPHIA — New York City-based Ready Capital has closed a $1.8 million loan for the acquisition, renovation and stabilization of a 34,000-square-foot industrial property in northeast Philadelphia. The nonrecourse, interest-only loan features a 48-month term, floating interest rate, one extension option and a facility to fund future capital improvements. The sponsor was not disclosed.

February 21, 2022

Development Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $25M HUD-Insured Loan for Construction of Minneapolis Apartment Complex

by Kristin Harlow February 21, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $25 million HUD 221(d)(4) loan for the construction of Satori Boutique Apartments in Minneapolis. The apartment complex will consist of 112 units within a six-story building. There will be one level of underground parking and first-floor commercial space. Of the 112 units, 23 will be restricted for residents earning 50 percent or less of the area median income. The project is situated within an opportunity zone and received tax-increment financing from the City of Minneapolis. The loan is fully amortized over 40 years. Satori Apartments I LLC was the borrower.

February 21, 2022

Illinois Industrial Loans Midwest Northmarq

Northmarq Arranges Loans Totaling $15.7M for Refinancing of Two Industrial Properties Near Chicago

by Kristin Harlow February 21, 2022

DOWNERS GROVE AND MOKENA, ILL. — Northmarq has arranged two loans totaling $15.7 million for the refinancing of two industrial properties in suburban Chicago. The buildings total 275,254 square feet and are located in Downers Grove and Mokena. Jeff Frankel of Northmarq arranged the loans through a life insurance company. Both loans feature five-year terms, 30-year amortization schedules and fixed interest rates.

February 21, 2022

Loans Multifamily Texas

Colliers Mortgage Provides Agency Acquisition Loan for 224-Unit Multifamily Asset in Temple

by Taylor Williams February 18, 2022

TEMPLE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of The Retreat Apartments, a 224-unit multifamily asset located in the Central Texas city of Temple. The property comprises 20 two-story garden-style buildings, a leasing office, pool, laundry facility, fitness center and a picnic and BBQ area. Colliers Mortgage originated the 10-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

February 18, 2022

Loans Northeast Office Pennsylvania

Natixis Provides $162.5M Loan for Refinancing of Downtown Philadelphia Office Tower

by Taylor Williams February 18, 2022

PHILADELPHIA — French investment bank Natixis has provided a $162.5 million loan for the refinancing of 1600 Market, a 39-story office tower in downtown Philadelphia. The building was originally constructed in the early 1980s and spans 825,968 square feet. PNC Bank houses its regional headquarters within 1600 Market as the anchor tenant. Ryan Ade of JLL, in conjunction with Cary Abod of Abod Capital, arranged the five-year, floating-rate loan with Natixis. The borrower, American Real Estate Partners, acquired the asset in 2018 and subsequently implemented a $15 million capital improvement program.

February 18, 2022

Affordable Housing Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Western

Factors Compressing Affordable Housing Pipeline in 2021 Likely to Resolve in 2022

by Sarah Daniels February 18, 2022

In 2021, supply chain issues, increased costs, wage inflation and the logistical challenges of completing projects compounded to negatively impact the affordable housing pipeline. According to Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, 2022 looks fantastic for the affordable housing sector as those issues are beginning to resolve. However, he notes that the affordable housing sector is still challenged by delays related to financing challenges, among other factors. Demand for affordable housing, federal level commitments to the sector and the continued involvement of Fannie Mae and Freddie Mac are all positive factors for the outlook of affordable housing. However, Gerken notes, “Financing is somewhat challenged by gaps in funding. With pricing and costs going up, there’s a gap between how much a project might support from a loan side versus how much in tax credits are allocated to that project during the last round of allocations. Some of that gap between overall costs and the funding sources is being made up as local agencies put in additional money in order to get affordable housing done.” Hear what Gerken has to say about the development of workforce and affordable housing and the involvement of government-sponsored …

February 18, 2022

Loans Multifamily Oregon Western

Greystone Provides $97.2M Refinancing for Deveraux Glen Apartments Near Portland

by Amy Works February 17, 2022

BEAVERTON, ORE. — Greystone has provided a $97.2 million HUD 223(f) loan to refinance Deveraux Glen Apartments in Beaverton. Melvin Mark Capital Group brought the opportunity to Greystone for the borrower, Peterkort Residential I. Constructed in 2007, Deveraux Glen Apartments features 34 detached and semi-detached townhouse walk-up buildings consisting of one-, two-, three- and four-bedroom units. The fixed-rate loan carries a 35-year term and amortization, with a 65 percent loan-to-value ratio. Additionally, the property qualifies for a 25-basis-point reduction in mortgage insurance premium for achieving green standards.

February 17, 2022

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