Loans

American Street Capital Arranges $3M Loan for Refinancing of Apartment Building in Shaker Heights, Ohio

by Kristin Harlow February 2, 2022

SHAKER HEIGHTS, OHIO — American Street Capital (ASC) has arranged a $3 million bridge loan for the refinancing of a 100-unit apartment building in the Cleveland suburb of Shaker Heights. The six-story property is within walking distance of Shaker Square, a shopping, dining and entertainment district. Units average 576 square feet, and amenities include onsite security, laundry facilities and 82 parking spaces. Kyle Tyrrell of ASC arranged the 18-month loan through a debt fund. An unnamed owner-operator was the borrower.

February 2, 2022

Loans Multifamily Texas

MMCC Places $16.8M Loan With M&T Realty Capital for Refinancing of Tulsa Apartment Community

by Taylor Williams February 2, 2022

TULSA, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has placed a $16.8 million loan for the refinancing of Park at Forest Oaks, a 440-unit apartment community in Tulsa. The property, which is located near Oral Roberts University, was built in 1978 near and renovated in 2015. Todd McNeil of MMCC arranged the 10-year loan, which carried a 3.41 percent interest rate, four years of interest-only payments and a 75 percent loan-to-value ratio, through M&T Realty Capital. The borrower was not disclosed.

February 2, 2022

Loans Multifamily Texas

Terrydale Capital Arranges $13.2M Acquisition Loan for Multifamily Asset in Midlothian, Texas

by Taylor Williams February 2, 2022

MIDLOTHIAN, TEXAS — Dallas-based Terrydale Capital has arranged a $13.2 million acquisition loan for a multifamily property located in the southern Dallas suburb of Midlothian. Culby Culbertson of Terrydale Capital originated the financing, which was structured with a 3.65 percent interest rate, a 25-year amortization schedule and 30 months of interest-only payments. An undisclosed bank provided the loan. The borrower and property name were also not disclosed.

February 2, 2022

Loans Multifamily New York Northeast

Square Mile Capital Provides $55M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams February 2, 2022

NEW YORK CITY — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of 517 West 29th Street, a 60-unit apartment building located at the confluence of Manhattan’s Chelsea and Hudson Yards neighborhoods. Completed last October, the 10-story building was 80 percent occupied at the time of the loan closing and offers amenities such as a fitness center, outdoor grilling space and a rooftop terrace. Christopher Peck, Peter Rotchford, Phil Cadorette and Ricky Song of JLL arranged the loan on behalf of the borrower, Churchill Real Estate.

February 2, 2022

Features Industrial Loans Multifamily

Exclusive France Media Survey Shows Lenders Are Placing Their Bets on Multifamily, Industrial Sectors

by Taylor Williams February 2, 2022

By Matt Valley An overwhelming percentage of direct lenders and financial intermediaries believe the multifamily and industrial sectors provide the most attractive financing opportunities for the lending community today, according to France Media’s 11th annual reader forecast survey. Conversely, the hotel and office sectors offer the least attractive financing opportunities, say survey participants. More specifically, 83 percent of participants in the email survey conducted between Nov. 19 and Dec. 13 indicate that the multifamily sector provides the most attractive financing opportunities, followed by industrial (75 percent), mixed-use (25 percent), retail (17 percent), hotel (14 percent) and office (7 percent). Multiple answers were permitted for this question. On the flip side, 62 percent of respondents believe that the hotel sector provides the least attractive financing opportunities, followed by office (58 percent), retail (27 percent), multifamily (7 percent), industrial (3 percent) and mixed-use (0 percent). Despite the persistence of the COVID-19 pandemic — which as of early January had claimed the lives of more than 830,000 Americans and has hobbled the hotel, office and retail sectors for nearly two years — the real estate fundamentals of the apartment and industrial sectors have remained rock solid. Fueled by strong tenant demand, the national …

February 2, 2022

Florida Loans Multifamily Southeast

JLL Provides $37M Agency Refinancing for Multifamily Portfolio in Gainesville, Florida

by Julia Sanders February 1, 2022

GAINESVILLE, FLA. — JLL Capital Markets has secured $37 million for the refinancing of a four-property, 460-unit multifamily portfolio in Gainesville. Elliott Throne, Kenny Cutler and Karim Khaiboullin of JLL worked on behalf of the borrower, American Commercial Realty, to secure the 10-year, fixed-rate Fannie Mae loans. JLL Real Estate Capital LLC, a Fannie Mae DUS lender and a wholly owned indirect subsidiary of Jones Lang LaSalle Inc., will service the loans. The properties include the 141-unit Hammocks by Butler, the 98-unit Hammocks off 6th, the 69-unit Hammocks on 34th and the 152-unit Hammocks on 20th. American Commercial Realty recently completed renovations on all four properties, including updated amenities and new floors, quartz countertops, stainless steel appliances, modern cabinetry and walk-in closets in the units. Community amenities at the portfolio include swimming pools, outdoor grilling stations and fitness centers. The four multifamily communities are located close to Interstate 75, the University of Florida and Shands Medical Center. Three of the four properties are near Butler Plaza, a shopping center development with over 150 stores and restaurants.

February 1, 2022

Colorado Development Loans Multifamily Western

Realty Capital Residential, Lang Partners Receive $54.5M Construction Loan for Tree Farm Lofts in Basalt, Colorado

by Amy Works February 1, 2022

BASALT, COLO. — Dallas-based Realty Capital Residential and Lang Partners have secured a $54.5 million construction loan for the development of Tree Farm Lofts in Basalt. JLL Capital Markets arranged the construction financing, which was provided by Andy Kolos of Wintrust’s Denver Commercial Real Estate office. Located within the 40-acre Tree Farm mixed-use development, the six-building community will feature 196 apartments, ranging from 485 square feet to 1,110 square feet, in a mix of studios, one-bedroom, two-bedroom and co-living floor plans. Forty of the apartments will be designated as affordable. Community amenities will include co-working office space, an outdoor terrace with firepits, a resort-style pool, hot tubs, a grill area, clubhouse with a fitness center, pet wash and bike, kayak and ski storage. Construction is underway, with completion scheduled for July 2024.

February 1, 2022

Loans Multifamily New York Northeast

Parkview Financial Provides $90M Construction Loan for Newark Multifamily Project

by Taylor Williams February 1, 2022

NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $90 million construction loan for Phase I of The Halo, a 43-story high-rise apartment building in Newark. Phase I will consist of 297 units with a mix that comprises 156 studios, 84 one-bedroom units and 57 two-bedroom units. Amenities will include a pool, sauna, fitness center, multiple lounge rooms, a game room, conference rooms with private office suites, shared workspaces and a rooftop deck. The borrower, New Jersey-based Acier Holdings, has secured approval to develop up to 949 units across three towers on the site. Two New York City-based firms, INOA Architecture and general contractor Hudson Meridian HM, are respectively designing and constructing the project. Construction of the initial phase is set to begin immediately, with completion slated for January 2024.

February 1, 2022

Loans Multifamily New Jersey Northeast

Greystone Arranges $47M Loan for Refinancing of Jersey City Multifamily Property

by Taylor Williams February 1, 2022

JERSEY CITY, N.J. — Greystone has arranged a $47 million bridge loan for the refinancing of 28 Cottage, a 166-unit multifamily property located in the Journal Square neighborhood of Jersey City. According to Apartments.com, the property features studio and one-bedroom units and amenities such as a fitness center, clubhouse and rooftop terrace. Cerberus Capital Management provided the loan, which retires the original construction debt issued by Centennial in 2019, on behalf of the borrower, New York-based Namdar Group. Drew Fletcher, Matthew Hirsch and Bryan Grover led the debt placement for Greystone.

February 1, 2022

Loans Northmarq Retail Texas

Northmarq Arranges $11.5M Acquisition Loan for Metro Dallas Shopping Center

by Taylor Williams January 31, 2022

GARLAND, TEXAS — Northmarq has arranged an $11.5 million acquisition loan for North Garland Crossing, a 75,811-square-foot shopping center in the northeastern Dallas suburb of Garland. Shadow-anchored by a Super Target, the center was built in 2004 and houses tenants such as Michaels, PetSmart, AT&T and Starbucks. David Garfinkel and Ron Reese of Northmarq arranged the debt on behalf of the buyer, St. Louis-based Bianco Properties. Mutual of Omaha provided the loan.

January 31, 2022

Newer Posts

Older Posts