Loans

JLL Arranges $176M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams August 17, 2022

NEW YORK CITY — JLL has arranged a $176 million construction loan for a 360-unit multifamily project that will be located at 420 Carroll St. in Brooklyn’s Gowanus neighborhood. Designed by FX Collaborative and Studio Mainer, the transit-served, waterfront building will rise 20 stories and include roughly 27,500 square feet of retail and commercial space. In addition, 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through Bank OZK on behalf of the developer, a joint venture led by The Domain Cos. Completion is slated for December 2024.

August 17, 2022

Loans New York Northeast Office

ACORE Capital Provides $127.5M Loan for Refinancing of Manhattan Office Building

by Taylor Williams August 17, 2022

NEW YORK CITY — ACORE Capital has provided a $127.5 million loan for the refinancing of 77 Water Street, a 26-story office building in Manhattan’s Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Sage Realty and Principal Real Estate Investors that will use a portion of the proceeds to fund capital improvements. William Kaufman Co., the parent company of Sage Realty, originally constructed the 614,000-square-foot building in 1970.

August 17, 2022

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $64.1M Acquisition Loan for Apartment Community in Tampa

by John Nelson August 17, 2022

TAMPA, FLA. — Berkadia has arranged a $64.1 million acquisition loan for Arbors at Carrollwood, a 325-unit apartment community located at 3939 Ehrlich Road in Tampa. Built in 2001 and renovated in 2019, the 15-building property is situated on 56 acres in Tampa’s Carrollwood submarket. Mitch Sinberg, Matthew Robbins, Brad Williamson and Scott Wadler of Berkadia arranged the five-year, floating-rate loan through an unnamed bank on behalf of the borrower, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management LP. Arbors at Carrollwood features one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washers/dryers and kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a resort-style pool; cabanas, fire pits and a summer kitchen; 24-hour fitness center; fenced-in bark park with agility equipment and pet spa; a renovated clubhouse with a Wi-Fi café and business center; and attached and detached garages.

August 17, 2022

Acquisitions Loans South Carolina Southeast Student Housing

Newmark Secures $29M Acquisition Financing for Student Housing Property in Clemson

by John Nelson August 17, 2022

CLEMSON, S.C. — Newmark has secured $29 million in acquisition financing for Cambridge Creek, a 380-bed student housing community near Clemson University. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, Holden Witkoff and Marshall Dickson of Newmark arranged the loan through Synovus Bank on behalf of the borrower, Center Court Mass. Cambridge Creek’s floor plans include two- and three-bedrooms that span up to 1,431 square feet of living space. Amenities include a 5,000-square-foot clubhouse, resort-style pool, fitness studio, cabanas, a coffee bar and a study lounge.

August 17, 2022

Development Life Sciences Loans Massachusetts Northeast

JLL Arranges $230M Construction Loan for Life Sciences Project in Somerville, Massachusetts

by Taylor Williams August 16, 2022

SOMERVILLE, MASS. — JLL has arranged a $230 million construction loan for 15 McGrath Highway, a 262,000-square-foot life sciences project that will be located in the northern Boston suburb of Somerville. The nine-story, transit-served facility will include commercial space and below-grade parking. Completion is slated for late 2024. Brett Paulsrud, Henry Schaffer and Mike Shepard of JLL arranged the nonrecourse loan on behalf of the borrower, a partnership between DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America. Oxford Properties Group provided the financing.

August 16, 2022

Acquisitions Loans North Carolina Seniors Housing Southeast

Ziegler Arranges Acquisition Financing for 203-Unit Seniors Housing Property in Burlington, North Carolina

by John Nelson August 16, 2022

BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns and operates a second CCRC in nearby Greensboro, N.C. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring was installed as operator. Ziegler served as the placement agent for the taxable loans with Pinnacle Bank as the lender. The amount of the financing was not disclosed. In addition to the acquisition, the transaction will fund capital improvements at the campus.

August 16, 2022

54-Otis-Street-Westborough-Massachusetts

Industrial Loans Massachusetts Northeast

Atlantic Management Receives $96.5M in Financing for Metro Boston Industrial Properties

by Taylor Williams August 16, 2022

WESTBOROUGH, MASS. — New Jersey-based investment and development firm Atlantic Management has received $96.5 million in financing for two industrial properties that are located in Westborough, about 35 miles west of Boston. The company received a $70.5 million loan for the refinancing of 50 Otis Street, a 406,437-square-foot building that was renovated and expanded in 2021. In addition, Atlantic Management received a $26 million construction loan for 54 Otis Street, a 100,000-square-foot development that will be a build-to-suit for an undisclosed e-commerce user that also fully occupies 50 Otis Street. Completion of 54 Otis Street is slated for mid-2023. Robert Griffin, David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the loans. The direct lender was not disclosed.

August 16, 2022

Loans New Jersey Northeast Office

Minnesota Life Provides $32M Loan for Refinancing of Two Office Buildings in Teaneck, New Jersey

by Taylor Williams August 16, 2022

TEANECK, N.J. — Minnesota Life Insurance Co. has provided a $32 million loan for the refinancing of Glenpointe Centre East and Atrium at Glenpointe, two office buildings totaling 320,000 square feet that are located in the Northern New Jersey community of Teaneck. Glenpointe Centre East totals 240,000 square feet, and Atrium at Glenpointe spans 80,000 square feet. Tenants at both buildings, which were built in 1982 and were 94 percent leased at the time of the loan closing, have access to a 26,000-square-foot health club and both structured and surface parking areas. Thomas Didio Sr., Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the loan on behalf of the borrower, New Jersey-based Alfred Sanzari Enterprises. The debt was structured with a 10-year term and a fixed interest rate.

August 16, 2022

Arizona Development Loans Multifamily Western

JLL Arranges $49.4M Construction Loan for Flagstaff Elkwood Multifamily Development in Arizona

by Amy Works August 16, 2022

FLAGSTAFF, ARIZ. — JLL Capital Markets has arranged $49.4 million in construction financing for the development of Flagstaff Elkwood, an apartment community in Flagstaff. Brad Miner and Eric Tupler of JLL Capital Markets secured the 65 percent loan-to-cost-ratio loan with a commercial bank for the borrower, Wexford Development. Slated for completion in late 2024, Flagstaff Elkwood will feature 224 apartments in a mix of studio, one- and two-bedroom layouts spread across four four-story residential buildings. Units will offer stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. On-site amenities will include a 4,000-square-foot leasing center, 6,000 square feet of retail space, a clubhouse with lounge area, fitness center, pool, spa and grilling area. The community will be situated on 13.5 acres at the northeast corner of East Butler Avenue and N. Fourth Street, three miles from downtown Flagstaff and Northern Arizona University.

August 16, 2022

Loans Multifamily Oregon Seniors Housing Washington Western

Berkadia Provides $48M in Financing for Three Seniors Housing Communities in Pacific Northwest

by Amy Works August 16, 2022

WASHINGTON AND OREGON — Berkadia Seniors Housing & Healthcare has provided $48 million in combined financing for three seniors housing communities in Washington and Oregon. Steve Muth secured the transactions. The first deal was a $27 million, sub-60 percent loan-to-value-ratio loan with a 10-year, interest-only term through Freddie Mac. Built in 2015 in Washington, the seniors housing community features 105 beds and was 92 percent occupied at the time of the refinancing. The second transaction was a $16.2 million acquisition bridge loan for an assisted living and memory care community in Washington. Berkadia provided acquisition financing plus funding for capital expenditures and closing costs through Berkadia’s proprietary lending program. The third transaction was a $4.8 million loan for a standalone memory care facility in Oregon. Berkadia’s proprietary lending program provided the short-term, variable-rate financing. The 55-bed memory care facility was 96 percent occupied at the time of financing, which Berkadia plans to refinance through HUD within the next 12 to 18 months.

August 16, 2022

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