Loans

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

Development Loans Multifamily Oregon Western

PCCP Provides $67.5M Construction Loan for Sunshine Dairy Apartment Project in Portland

by Amy Works October 6, 2022

PORTLAND, ORE. — PCCP has provided a $67.5 million loan to finance the construction of Sunshine Dairy, a seven-story, podium-style multifamily property located at 801 NE 21st Ave. in Portland. NBP Capital plans to start construction of the 271-unit community in fourth-quarter 2022, with completion scheduled for fourth-quarter 2024. The development will feature one level of controlled-access subterranean parking. Unit interiors will include vinyl plank flooring, quartz countertops, two-tone modern cabinetry, kitchen peninsulas, pendant and recessed lighting, patios on ground-floor units and in-unit washers/dryers. The property will feature 6,000 square feet of community space and 400 square feet of ground-floor retail space. On-site amenities will include a courtyard garden plaza, fitness center, yoga studio, kitchen, fireside lounge, movie room and a work lounge with private working spaces and a coffee bar.

October 6, 2022

Acquisitions California Loans Retail Western

Marcus & Millichap Arranges $13.1M in Acquisition Financing for The Shops at AMC Palm Promenade in San Diego

by Amy Works October 6, 2022

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.1 million loan for the acquisition of The Shops at AMC Palm Promenade, a retail power center located at 756-804 Dennery Road in San Diego. Chad O’Connor of MMCC San Diego secured the financing for the undisclosed borrower. The seven-year, fixed-rate loan has a 5.125 percent interest rate, 30-year amortization and a 60 percent loan-to-value ratio. The seller was not disclosed. Renovated in 2021, the 72,390-square-foot shopping center is located at the on/off ramp of Interstate 805 and Palm Avenue and includes numerous recognized retail tenants.

October 6, 2022

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