Loans

Newmark Arranges Sale of 320-Unit Multifamily Property in San Antonio

by Taylor Williams October 10, 2022

SAN ANTONIO — Newmark has arranged the sale of Regency at Stone Oak, a 320-unit multifamily property located in the northern-central part in San Antonio. According to Apartments.com, the property was built in 2006 and offers one-, two-, three- and four-bedroom units that range in size from 600 to 1,954 square feet. The amenity package comprises a pool, fitness center, outdoor kitchen, dog park, business center and a children’s play area. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, a partnership between Internacional and CenterSquare Investment Management, in the transaction. The buyer was Atlantic | Pacific Cos. Regency at Stone Oak was 94 percent occupied at the time of sale. Andy Hill and Tyler Nowlin of Berkadia originated $33.4 million in Freddie Mac fixed-rate acquisition financing for the deal.

October 10, 2022

California Loans Multifamily Western

Gortikov Capital Arranges $141.4M Recapitalization for Affordable Housing Portfolio in Santa Monica

by Amy Works October 10, 2022

SANTA MONICA, CALIF. — Gortikov Capital has arranged a $141.4 million recapitalization of the Samo Apartments portfolio, 11 affordable apartment communities in Santa Monica. The recapitalization included a $127.6 million senior loan and a $13.8 million preferred equity investment. The borrower was WS Communities LLC. Gortikov secured the two-year, floating-rate, senior bridge loan through a U.S.-based debt fund. Gortikov Capital directly provided the preferred equity. Bryan Gortikov, president of Gortikov Capital, led the capital markets team representing the borrower. A portion of the financing will be set aside in a reserve to develop new accessory dwelling units throughout the properties. Originally developed between 1997 and 2009, the 399-unit Samo Apartments Portfolio is the largest portfolio of deed restricted affordable multifamily units in Santa Monica, according to Gortikov Capital. The units feature hardwood-style floors and expansive glass windows.

October 10, 2022

Development Loans Multifamily New Jersey Northeast

Citizens Bank Provides $32.4M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams October 10, 2022

BOUND BROOK, N.J. — Citizens Bank has provided a $32.4 million construction loan for The Rail at Bound Brook, a 143-unit multifamily project in Northern New Jersey. The property will house studio, one- and two-bedroom units with an average size of 811 square feet, as well as 650 square feet of ground-floor retail space. Amenities will include a clubhouse, game room, yoga studio, courtyard and coworking space. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the three-year, floating-rate loan on behalf of the borrower, a joint venture between Denholtz Properties and Redwood Real Estate Group.

October 10, 2022

Loans Midwest Ohio Retail

Marcus & Millichap Arranges $1.9M Loan for Refinancing of CVS-Occupied Property in Canton, Ohio

by Kristin Harlow October 10, 2022

CANTON, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.9 million loan for the refinancing of a 13,225-square-foot retail property occupied by CVS in Canton. The standalone building is located at 2210 W. Tuscarawas St. Christopher Marks of MMCC arranged the 10-year loan, which features a 4.5 percent interest rate, 30-year amortization schedule and 35 percent loan-to-value ratio. The lender and borrower were not provided.

October 10, 2022

Hospitality Loans Texas

MMCC Arranges $8.8M Acquisition Loan for Hotel in McAllen, Texas

by Taylor Williams October 7, 2022

MCALLEN, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.8 million acquisition loan for Casa de Palmas Hotel, a 165-room property located in the Rio Grande Valley city of McAllen. The property was built in 1918 and renovated in 2020. Robert Bhat of MMCC arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, a 10-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 7, 2022

Loans Midwest Multifamily Ohio

Colliers Mortgage Arranges $102.3M Bridge Loan for Multifamily Portfolio Acquisition in Columbus

by Kristin Harlow October 7, 2022

COLUMBUS, OHIO — Colliers Mortgage has arranged a $102.3 million bridge loan for the acquisition of a three-property multifamily portfolio in Columbus. The portfolio totals 744 units, but the names and addresses of the properties were not disclosed. A debt fund provided the three-year loan, which features interest-only payments. Troon Dowds, Zach Shope and Murray Kornberg of Colliers Mortgage arranged the loan on behalf of the undisclosed borrower.

October 7, 2022

Loans Multifamily Oregon Seniors Housing Western

Ziegler Arranges $42.4M Refinancing for Rose Villa Seniors Housing Property in Portland, Oregon

by Amy Works October 7, 2022

PORTLAND, ORE. — Ziegler has arranged a $42.4 million Cinderella bank placement, as well as a $7 million taxable revolving line of credit, for Rose Villa, a continuing care retirement community in Portland. Situated on 21.5 acres, the community currently features 261 independent living homes, 16 nursing beds and 16 residential care beds. In addition, Rose Villa’s Phase III project adding 41 new independent living homes and a replacement supportive care neighborhood has come online, with move-ins beginning in July 2022. Phase III was fully presold. Truist Bank will provide a 12-year commitment on the financing and a five-year commitment on the taxable revolving line of credit.

October 7, 2022

Loans Multifamily Southeast Tennessee

Colliers Mortgage Provides $5.2M Acquisition Loan for Forest Park Apartments in Springfield, Tennessee

by John Nelson October 6, 2022

SPRINGFIELD, TENN. — Colliers Mortgage has provided a $5.2 million acquisition loan for Forest Park Apartments, an 80-unit, market-rate multifamily community in Springfield, about 30 miles north of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the 10-year, Fannie Mae loan on behalf of the repeat borrower client, an entity doing business in this transaction as Forest Park TN LLC. Built in 1978, Forest Park comprises six two-story apartment buildings and features a playground and basketball court, according to Apartments.com.

October 6, 2022

Kansas Loans Lument Midwest Multifamily Seniors Housing

Lument Provides $21.6M Loan for Refinancing of Seniors Housing Community in Salina, Kansas

by Kristin Harlow October 6, 2022

SALINA, KAN. — Lument has provided a $21.6 million Fannie Mae loan for the refinancing of Eaglecrest Retirement Community in Salina, a city in central Kansas. Constructed in 2004, the independent and assisted living community features 102 units. Bill Wilson, Doug Harper and Casey Moore of Lument originated the loan. Midwest Health Inc. manages the property.

October 6, 2022

Loans Midwest Multifamily Wisconsin

Marcus & Millichap Arranges $12.6M Loan for Refinancing of Apartment Building in Oshkosh, Wisconsin

by Kristin Harlow October 6, 2022

OSHKOSH, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.6 million loan for the refinancing of The Brio Building in Oshkosh. The newly developed project features 60 apartment units and 10,000 square feet of retail space that is fully leased to a community-owned grocery store. Robert Bhat of MMCC arranged the Fannie Mae loan, which features a 75 percent loan-to-value ratio, a fixed interest rate of 4.8 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.

October 6, 2022

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