Loans

Merchants Capital Provides $141M Financing for Mixed-Income Multifamily Development in Southwest D.C.

by Julia Sanders January 21, 2022

WASHINGTON, D.C. — Merchants Capital has provided more than $141 million in financing for Waterfront Station II, a mixed-income multifamily development currently under construction in the Southwest neighborhood of Washington, D.C. The development team is a joint venture between Hoffman & Associates, AHC Inc., City Partners and Paramount Development. Construction is slated for completion by winter 2023. Situated at 1000 4th Street SW, Waterfront Station II will have 449 apartments, including 313 market-rate units, 68 units affordable to households earning 30 percent of the area median income (AMI) and 68 apartments affordable for households earning 50 percent of AMI. The development will include a single, 12-story apartment building with approximately 29,000 square feet of retail, educational and commercial space on the ground level with below-grade parking. The commercial tenants include AppleTree Public Charter School, a D.C.-based early childhood education provider, as well as a neighborhood restaurant by Good Company Doughnuts. The project has an additional 7,000 square feet of retail space available for lease. Designed by architect Torti Gallas Urban with interiors by Hickok Cole, the project will include more than 19,000 square feet of outdoor and interior amenity space across four floors. Community amenities will include a coworking and …

January 21, 2022

Kentucky Loans Multifamily Southeast

Greystone Funds $30.9M Refinancing Loan for Multifamily Property in Louisville

by Julia Sanders January 21, 2022

LOUISVILLE, KY. — Greystone has provided a $30.9 million Fannie Mae Green Rewards loan to refinance Germantown Mill Lofts, a 189-unit multifamily property in Louisville. Michael Zukerman at Greystone originated the financing on behalf of the borrower, Dearborn Capital Partners LLC. The loan carries a 10-year term and 30-year amortization schedule, along with a low fixed interest rate. Built in 1889, Germantown Mill Lofts originally operated as a fabric mill through the mid-20th century. After subsequent use as a retail facility, the property was eventually converted into residential units in 2017. The rehabilitation included significant environmental remediation, qualifying the project for Green Rewards incentives. Now, the property offers studio, one- and two-bedroom floorplans. Unit features include open concept kitchens with designer countertops, shelving and cabinetry, as well as stainless steel appliances. Units also feature washers and dryers and hardwood flooring. Community amenities include a fitness center, community pool, outdoor grilling area, bocce ball court, pet park and spa and a clubhouse. Located at 946 Goss Ave., the property is situated 2.6 miles from downtown Louisville and two miles from the University of Louisville. The property is also 4.3 miles from Louisville Muhammad Ali International Airport.

January 21, 2022

Illinois Loans Midwest Mixed-Use

ACRES Provides $30.5M Acquisition Loan for Development Site in Chicago’s Fulton Market

by Kristin Harlow January 21, 2022

CHICAGO — ACRES Capital Corp. has provided a $30.5 million loan for the acquisition of a 19-acre parcel located at 1200 Fulton St. in Chicago’s Fulton Market. The borrower, Fulton Street Cos., plans to develop the site into two office and retail buildings totaling 749,250 square feet as well as a 380-unit apartment tower. Steve Skok of Berkadia arranged the loan, while Justin Seitenbach of ACRES originated the loan.

January 21, 2022

Development Loans Multifamily New York Northeast

Parkview Financial Funds $66M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams January 21, 2022

NEW YORK CITY — Los Angeles-based Parkview Financial has funded a $66 million construction loan for a 131-unit multifamily project that will be located at 57 Caton Place in Brooklyn. About 25 percent (33) of the units will be reserved as affordable housing. Residences will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center, game room and coworking space. The borrower is an affiliate of locally based developer Aview Equities. Gene Kaufman Architect is designing the project, and Jun’s Construction Inc. is the general contractor. Completion is slated for January 2024.

January 21, 2022

Loans Lument Multifamily Northeast Rhode Island Seniors Housing

Lument Provides $45.9M Loan to Refinance Seniors Housing Property in Rhode Island

by Taylor Williams January 21, 2022

EAST PROVIDENCE, R.I. — Lument has provided a $45.9 million FHA loan for the refinancing of Tockwotton on the Waterfront, a 156-unit seniors housing property in East Providence. Nonprofit organization Tockwotton Home Inc. owns and operates the facility, which consists of 52 skilled nursing beds, 73 assisted living units and 31 memory care units. Aaron Becker of Lument originated the loan, which was structured with a fixed interest rate and a 35-year term.

January 21, 2022

Loans New Jersey Northeast Retail

Houlihan-Parnes Arranges $22.7M Loan for Refinancing of Shopping Center in Lawrenceville, New Jersey

by Taylor Williams January 21, 2022

LAWRENCEVILLE, N.J. — Houlihan-Parnes Realtors LLC has arranged a $22.7 million loan for the refinancing of a 393,430-square-foot shopping center in Lawrenceville, a suburb of Trenton. Tenants at the property include Lidl, Starbucks, AutoZone, Five Below and Aspen Dental. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the five-year, fixed-rate loan on behalf of the borrower, JJ Operating Inc., a family-owned investment and management firm based in New York City. An undisclosed local bank provided the debt.

January 21, 2022

Colorado Hospitality Loans Western

Driftwood Capital Closes $138.7M Financing Package for Two Colorado Resort Hotels

by Amy Works January 20, 2022

ESTES PARK, COLO. — Driftwood Capital has arranged a $138.7 million financing package for two resort hotels in Estes Park on behalf of Grand Heritage Hotel Group. The proceeds will cover the refinancing of the historic Stanley Hotel, along with the acquisition of the nearby Fall River Village Resort, an 89-room lodge. Originally build in 1902 and most recently updated in 2018, the Stanley Hotel is located at 333 E. Wonderview Ave. Situated on 68 acres, the property features 14 buildings with four lodging options comprising 192 guest rooms and 31 condominium units. Built in 2000 and renovated in 2018, Fall River Village Resort is located at 200 Filbey Court. Driftwood contributed a $24.3 million mezzanine loan through its lending fund, Driftwood Lending Partners, behind a $114.4 million senior financing package originated by a major life insurance company. The borrower will use a portion of the proceeds, $6.9 million, toward renovations of the Stanley Hotel in early 2022, including conversion of the ballroom to a restaurant; bathroom updates in the hotel’s main building; improvements to the presidential cottage; and investments in several new food and beverage venues and related amenities.

January 20, 2022

Loans Multifamily Oregon Western

CBRE Arranges $35M Acquisition Loan for Heather Lodge Apartments in Happy Valley, Oregon

by Amy Works January 20, 2022

HAPPY VALLEY, ORE. — CBRE has arranged a $35 million loan for the acquisition of Heather Lodge, a multifamily property in Happy Valley. The Randall Group, a local real estate investment firm, purchased the property for an undisclosed price. Located at 13432 SE 169th Ave., the community features 178 apartments in a mix of studio, one-, two- and three-bedroom layouts. Constructed in 2021, the four-story building features a clubhouse, pool, hot tub, dog park and fitness center. Nick Santangelo and Matt Thorp of CBRE Capital Markets’ Debt and Structured Finance in Portland arranged the loan on behalf of the buyer.

January 20, 2022

Acquisitions Loans Multifamily Texas

Marcus & Millichap Brokers Sale of 396-Unit Apartment Community in Weatherford, Texas

by Taylor Williams January 20, 2022

WEATHERFORD, TEXAS — Marcus & Millichap has brokered the sale of Lone Oak, a 396-unit apartment community located in the western Fort Worth suburb of Weatherford. The property was built on 18 acres in 2020. Units feature stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, clubhouse with a game room and a fitness center. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction. New York City-based Ready Capital provided a $59.3 million acquisition loan for the deal. The borrower plans to use a portion of the proceeds to fund capital improvements.

January 20, 2022

Oaks-and-Reserve-at-Copper-Chase-York-Pennsylvania

Loans Multifamily Northeast Pennsylvania

Berkshire Bank Provides $33.9M Loan for Refinancing of Multifamily Asset in York, Pennsylvania

by Taylor Williams January 20, 2022

YORK, PA. — Berkshire Bank has provided a $33.9 million loan for the refinancing of The Oaks and Reserve at Copper Chase, a multifamily property in York. The development consists of the 132-unit Reserve at Copper Chase, which was built in 1983 and renovated in 2019, and the 107-unit Oaks at Copper Chase, which was delivered last year. Amenities include a pool, fitness center, walking trails, playground, clubhouse and a dog park. Drew Fletcher and Paul Fried of Greystone arranged the loan on behalf of the borrower, New Jersey-based Larken Associates.

January 20, 2022

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