Loans

Greystone Arranges $125M Loan for Refinancing of Harlem Apartment Building

by Taylor Williams January 31, 2022

NEW YORK CITY — Greystone has arranged a $125 million bridge loan for the refinancing of The Smile, a 233-unit apartment building located at 158 E. 126th St. in Harlem. The property, which includes 25,000 square feet of commercial space that is leased to Beth Israel Medical Center, features a mix of market-rate residences (70 percent) and affordable housing units (30 percent). Amenities include coworking space, a fitness center, spa and an outdoor space with four pools, a lounge and a movie theater. Drew Fletcher and Matthew Klauer led a Greystone team that arranged the loan through insurance giant AIG on behalf of the borrower, a partnership between New York-based Blumenfeld Development Group and global asset manager Invesco Real Estate.

January 31, 2022

California Healthcare Loans Western

GreenRock Capital Leads $103M in C-PACE Funding for Chinese Hospital in San Francisco

by Amy Works January 31, 2022

SAN FRANCISCO — GreenRock Capital has led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St. in San Francisco. This is the largest single C-PACE transaction in industry history and is the first to combine both taxable and tax-exempt financing in the same transaction, according to GreenRock. The C-PACE transaction reduced the cost of financing seismic and other building improvements associated with a new patient tower. The transaction will also refinance outstanding debt associated with the new tower and, by doing so, Chinese Hospital will realize respective cashflow savings of more than $40 million during the next 10 years. C-PACE is a financing mechanism that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing for efficient building improvements, including seismic and other resiliency measures. The financing is repaid through a property assessment payment paid through the term of financing.

January 31, 2022

Healthcare Loans New York Northeast

Webster Bank Provides $22.3M Loan for Refinancing of Long Island Healthcare Property

by Taylor Williams January 31, 2022

AMITYVILLE, N.Y. — Webster Bank has provided a $22.3 million loan for the refinancing of a 146-bed behavioral hospital in the Long Island community of Amityville. The facility spans 146,000 square feet and provides care for patients with acute psychiatric disorders. Anthony Sardo, Elliott Throne and C.J. Kodani of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, an entity doing business as 81 Louden Real Estate Group LLC.

January 31, 2022

Development Georgia Loans Multifamily Southeast

Allen Morris Receives $64M Loan for Apartment Development in Atlanta’s North Druid Hills District

by Julia Sanders January 28, 2022

ATLANTA — The Allen Morris Co. has received $64 million in construction financing for the development of Bryn House, a 337-unit, five-story apartment project in the North Druid Hills neighborhood of Atlanta. Truist and PNC provided the financing. Juneau Construction Co. will serve as the general contractor for the project, which is expected to be completed by spring of 2023. Bryn House will include 574,479 buildable square feet, including a 175,000-square-foot parking deck. The property will offer one-, two- and three-bedroom floorplans and will also feature 2,000 square feet of ground floor retail, including a coffee shop and wine bar connected to a pocket park with shaded outdoor seating and games. Community amenities will include a pool deck with private cabanas and trellised grilling areas, gym, event space, game room and an onsite dog park.

January 28, 2022

Florida Loans Lument Multifamily Southeast

Lument Provides $26.7M Loan for Multifamily Community in Melbourne, Florida

by Julia Sanders January 28, 2022

MELBOURNE, FLA. — Lument has provided a $26.7 million bridge loan to acquire and renovate Harbor Village Apartments and Townhomes, a 229-unit multifamily community in Melbourne. Josh Messier of Lument led the transaction. The borrower was not disclosed. Harbor Village comprises two sections: Harbor Village Apartments and Harbor Village Townhomes. Built in 1976, Harbor Village Apartments is situated on 6.4 acres and features 143 apartments in eight buildings. Built in 1983 on 5.8 acres, Harbor Village Townhomes contains 86 units in 18 two-story, wood-frame townhomes. Onsite amenities for each section include a swimming pool and laundry facility. The overall community was 96 percent occupied at the time of the loan transaction. The loan features a variable interest rate and a three-year term, with two 12-month extension options. The loan fully funded the required capital expenditures, including $3.8 million in capital improvements to upgrade unit interiors and amenities, according to Messier.

January 28, 2022

Loans Multifamily Texas

Berkadia Provides Fannie Mae Loan for Refinancing of Metro Houston Multifamily Assets Totaling 901 Units

by Taylor Williams January 27, 2022

HOUSTON, PEARLAND AND CONROE, TEXAS — Berkadia has provided a Fannie Mae loan of an undisclosed amount for the refinancing of three multifamily properties totaling 901 units in the Houston area. Parkland at West Oaks totals 323 units and is located on the city’s west side. Radius at Shadow Creek comprises 350 units and is located in the southern suburb of Pearland, and West Creek consists of 228 units and is located in the northern suburb of Conroe. The properties are part of Wisconsin-based MLG Capital’s Southstar Sun Belt Multifamily Portfolio, which also includes a 214-unit community in Lake Worth, Florida. John Koeijmans and Austin Blankenship of Berkadia originated the financing.

January 27, 2022

Loans Multifamily New Jersey Northeast

BHI Provides $36M Construction Loan for Jersey City Multifamily Project

by Taylor Williams January 27, 2022

JERSEY CITY, N.J. — BHI, a full-service commercial bank that is the U.S division of Israel’s Bank Hapoalim, has provided a $36 million construction loan for 144 First Street, an 84-unit multifamily project in Jersey City. The 115,000-square-foot, transit-served property will be located in the Powerhouse Arts District. The borrower is locally based developer EPIRE. Fogarty Finger is the project architect, and Molfetta Corp. is the general contractor. Completion is slated for June 2023.

January 27, 2022

Multifamily Investment NAI Arthur Milston

Content Partner Features Loans Midwest Multifamily NAI Northeast Southeast Texas Western

Multifamily Investment Attracts Varied Capital as Fundamentals Drive Demand

by Sarah Daniels January 27, 2022

The multifamily investment sales sector had well-documented success in 2021 with a record volume of over $220 billion in transaction activity. Factors driving competition for transactions within the sector included: increasing home prices, widespread interest in renting and the easing of COVID-19 restrictions bringing renters back into the nation’s cities, all of which drove the average, nationwide multifamily occupancy rate above 97 percent. With firmly rooted fundamentals, investor interest across the spectrum of multifamily has been intense. Traditionally popular core investment products (stabilized and value-add assets located in primary and secondary markets) were the clear winners with investors. Some multifamily REIT stocks increased by 75 to 100 percent in 2021, explains Arthur Milston, senior managing director with NAI Global and co-head of the company’s Capital Markets Group. Milston sat down with REBusinessOnline to explain where NAI Global sees growth and opportunities in 2022. REBusiness: Who are the primary investor groups acquiring multifamily? What types/locations are they attracted to? Milston: Historically, multifamily has always had very fragmented ownership compared to other asset classes. Currently, the dominant players are the large aggregators of product, whether it be REITs or institutional investors that are buying, typically in conjunction with an operating partner. Pension …

January 27, 2022

Affordable Housing Development Loans Multifamily Texas

MVAH Partners Underway on 226-Unit Mixed-Income Housing Project in Plano

by Taylor Williams January 26, 2022

PLANO, TEXAS — Ohio-based developer MVAH Partners LLC is underway on construction of K Avenue Lofts, a 226-unit mixed-income housing project in the northern Dallas suburb of Plano. Within the five-story building, 79 percent of the units will be reserved for households earning 60 percent or less of the area median income (AMI). The remaining residences will be rented at market rates. Amenities will include a leasing office/clubhouse, crafts room, fitness center, business center, media room, pet park, playground and a pool. Completion is slated for summer 2023. David Lacki and Alton Tinker of KeyBank originated a $39.6 million construction loan for the project. The Plano Housing Authority issued $19 million in bonds that were sold by KeyBanc Capital Markets, and $19 million of KeyBank’s construction loan will serve as collateral for the bondholders. In addition, The Texas Department of Housing and Community Affairs awarded Low Income Housing Tax Credits for the deal.

January 26, 2022

Loans Multifamily Texas

Dwight Capital Provides $32.4M HUD Construction Loan for Gibson Apartments in Metro Dallas

by Taylor Williams January 26, 2022

GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $32.4 million HUD construction loan for The Gibson, a 199-unit apartment community in the central metroplex city of Grand Prairie. The five-story building will be situated on a 4.4-acre site and will house studio, one- and two-bedroom units. Amenities will include a clubhouse, dog park and a rooftop terrace. Josh Sasouness of Dwight Capital originated the financing on behalf of the undisclosed borrower. Completion is slated for the first half of 2023.

January 26, 2022

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