Loans

JLL Secures $165M Refinancing for Genesis Science Center in San Diego

by Amy Works August 1, 2022

SAN DIEGO — JLL Capital Markets has arranged a $165 million refinancing for Genesis Science Center, a life sciences R&D campus located at 5510, 5550, 5580 and 5590 Morehouse Drive in San Diego. The four-building property features 252,000 square feet of space. The fully occupied asset offers a variety of amenities, including an outdoor eatery, fitness center and a conference center that can accommodate at least 100 people. Tim Wright, Todd Sugimoto and Daniel Pinkus of JLL Capital Markets arranged the three-year loan for the borrowers, Phase 3 Real Estate Partners and Bain Capital Real Estate, through a national bank.

August 1, 2022

Kansas Loans Midwest Multifamily

Northmarq Provides $26.9M Loan for Refinancing of Apartment Complex in Topeka, Kansas

by Kristin Harlow August 1, 2022

TOPEKA, KAN. — Northmarq has provided a $26.9 million Fannie Mae loan for the refinancing of The Overlook Apartments in Topeka. Built in 2002, the 318-unit apartment complex features one-, two- and three-bedroom floor plans. Amenities include an outdoor pool, hot tub, fitness center and clubhouse. Dan Trebil of Northmarq secured the fixed-rate loan. The borrower was undisclosed.

August 1, 2022

Affordable Housing Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $13M for Rehabilitation of Affordable Seniors Housing Property in Gary, Indiana

by Kristin Harlow August 1, 2022

GARY, IND. — Merchants Capital has provided more than $13 million in financing for the rehabilitation of the Carolyn Mosby Apartments in Gary. A joint venture between Gorman & Co. and the Gary Housing Authority (GHA) was the borrower. GHA built the property in the late 1960s as a public housing development. The eight-story building comprises 142 units that are reserved for seniors or disabled residents earning 30 to 60 percent of the area median income. The financing will preserve the affordability of the property for its residents. The project received an allocation of $13 million in tax-exempt bonds from the Indiana Housing & Community Development Authority, enabling GHA to partner with Gorman to convert the property from public housing to a long-term Section 8 Housing Assistance Payments contract. Merchants Capital facilitated the bond purchase in the form of a $13 million construction loan from Merchants Bank of Indiana. Following construction completion, the loan will convert to a $5.2 million permanent loan pursuant to a Freddie Mac tax-exempt loan forward commitment, to be serviced by Merchants Capital. The project also received equity investments totaling roughly $9.7 million in return for federal low-income housing tax credits and federal historic rehabilitation tax …

August 1, 2022

Florida Loans Multifamily Southeast

NewPoint Provides $50.7M Agency Loan for Reunion at 400 Apartments in Kissimmee, Florida

by John Nelson August 1, 2022

KISSIMMEE, FLA. — NewPoint Real Estate Capital has provided a $50.7 million loan for the refinancing of Reunion at 400, a 288-unit apartment community in Kissimmee. Marc Cesare of NewPoint originated the 10-year, fixed-rate Freddie Mac loan on behalf of the borrower, an affiliate of American Landmark. Proceeds of the loan, which features six years of interest-only payments, were used to pay off a bridge loan that was set to mature in June 2023. Built in 2020, Reunion at 400 is located off SR-429 and approximately five miles south of Walt Disney World, as well as 20 miles southwest of downtown Orlando. The community features one-, two- and three-bedroom apartments with luxury finishes and screened balconies/solariums in select units. Amenities include a swimming pool, outdoor kitchen with grilling stations, 24-hour fitness center with a yoga studio and smart fitness mirrors, a pet park, clubhouse, package lockers, storage units, electric vehicle charging stations and detached garages.

August 1, 2022

Development Life Sciences Loans Massachusetts Northeast Top Stories

JLL Arranges $585M Construction Loan for Allston LabWorks Project in Boston

by Taylor Williams August 1, 2022

BOSTON — JLL has arranged a $585 million construction loan for Allston LabWorks, a 580,905-square-foot life sciences, retail and multifamily project in the Allston neighborhood of Boston. The borrower and developer is a joint venture between Boston-based King Street Properties, Brookfield and Mugar Enterprises. Allston LabWorks will feature 534,000 square feet of lab space, 20,000 square feet of retail space and 35 multifamily units, about 25 percent of which will be reserved as affordable housing. The development will also house a 5,000-square-foot outdoor event area and a 668-space parking garage. The site, which spans 4.3 acres at 305 Western Ave., is situated adjacent to Harvard University’s 350-acre Allston campus, which is home to the newly opened John A. Paulson School of Engineering & Applied Sciences. The area is also near the campuses of Boston University and Boston College, with multiple MBTA Green Line stops nearby. Greg LaBine and Amy Lousararian of JLL arranged the four-year, floating-rate loan through an undisclosed institutional debt fund. Construction of the project is underway, but a timeline for completion was not disclosed. “The fact that we were able to move quickly on this loan in today’s market conditions speaks to the level of interest and …

August 1, 2022

Affordable Housing California Loans Multifamily Seniors Housing Western

BRIDGE Housing Receives $19.4M Refinancing for Magnolia Plaza Senior Apartments in San Francisco

by Amy Works July 29, 2022

SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. Magnolia Plaza Senior Apartments is adjacent to an architecturally distinguished school building, which was renovated by the City of South San Francisco as a senior center for the residents of both the development and the larger community. The complex includes a historic reconstruction of the city’s original one-room schoolhouse as a project office and community room. BRIDGE was a member of the original enterprise that constructed Magnolia Plaza Senior Apartments in 1988, and recently purchased the property from the remaining partners.

July 29, 2022

Development Loans Multifamily Texas

Stratus Properties Receives $56.8M Construction Loan for Multifamily Project Near UT Austin

by Taylor Williams July 29, 2022

AUSTIN, TEXAS — Locally based investment and development firm Stratus Properties (NASDAQ: STRS) has received a $56.8 million construction loan for The Saint George, a 316-unit multifamily project that will be located near the University of Texas at Austin. Comerica Bank provided the four-year loan, and an undisclosed equity partner is funding the majority of the remaining development costs. Ten percent of the units at The Saint George will be reserved as affordable housing. Amenities will include a pool, fitness center, rooftop deck and communal workspaces. Stratus expects to begin construction in the coming days and for the project to be substantially complete by mid-2024

July 29, 2022

Development Loans North Carolina Office Southeast

JLL Arranges Construction Loan for 600 South Tryon Office Tower in Charlotte

by John Nelson July 29, 2022

CHARLOTTE, N.C. — JLL has arranged an undisclosed amount of construction financing for 600 South Tryon, a 24-story office tower development in Charlotte. The 415,000-square-foot building will be part of Legacy Union, a 10-acre mixed-use development that comprises the SIX50, Bank of America Tower and Honeywell’s global corporate headquarters. Campbell Roche, Travis Anderson, Taylor Allison, Kristi Leonard, Tom Stewart and Ryan Pride of JLL arranged the five-year, floating-rate loan through Square Mile Capital Management LLC on behalf of the borrower, a partnership between Lincoln Harris and the real estate business of Goldman Sachs Asset Management. 600 South Tryon, which is 25 percent preleased, will include outdoor terraces, 20,000 square feet of ground-floor retail space, upscale finishes and amenities. No construction timeline was disclosed.

July 29, 2022

Florida Georgia Loans Multifamily Southeast Tennessee

ECI Group Refinances Sun Belt Multifamily Portfolio with $625M Loan from Goldman Sachs

by John Nelson July 28, 2022

ATLANTA — ECI Group, an Atlanta-based multifamily developer and investor, has obtained a $625 million loan for the refinancing of a 13-property multifamily portfolio in the Sun Belt. Goldman Sachs Bank USA provided the loan, and Jones Lang LaSalle Securities LLC served in an advisory role to ECI Group, which will use the loan to refinance the portfolio and fund renovations for six communities. Built between 1979 and 2021, the 3,478-unit portfolio comprises Class A and B properties in Florida, Georgia, Tennessee and Texas. The assets had an average occupancy of 96.6 percent at the time of the loan closing.

July 28, 2022

Acquisitions Affordable Housing Loans Maryland Multifamily Southeast

Walker & Dunlop Provides $105M Acquisition Loan for Affordable Housing Community in Metro D.C.

by John Nelson July 28, 2022

LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.

July 28, 2022

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