Loans

3650 REIT Provides $60.5M Construction Loan for Houston Multifamily Project

by Taylor Williams January 18, 2022

HOUSTON — Miami-based balance sheet lender 3650 REIT has provided a $60.5 million construction loan for The Vic on Park Row, a 363-unit multifamily project that will be located in Houston’s Energy Corridor neighborhood. Amenities will include a game room, entertainment area, business center, conference room, fitness center and a bowling alley, as well as an outdoor recreational area with a pool, dog park and playground. The developer and borrower is locally based firm Hunington Properties. A tentative completion date was not released.

January 18, 2022

Industrial Loans Massachusetts Northeast Office

EagleBridge Capital Arranges $14.6M in Financing for Metro Boston Flex Building

by Taylor Williams January 18, 2022

ANDOVER, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $14.6 million in debt and joint venture equity financing for 6 Riverside Drive, a 77,000-square-foot flex building in the northern Boston suburb of Andover. The property sits on 8.6 acres and houses both office and research and development space. Ted Sidel of EagleBridge Capital arranged the financing on behalf of the undisclosed borrower. The breakdown of debt and equity components was also not disclosed.

January 18, 2022

Acquisitions Loans Multifamily Washington Western

PCCP Provides $75M Acquisition, Repositioning Loan for The Post Apartments in Downtown Seattle

by Amy Works January 17, 2022

SEATTLE — PCCP has provided a $75 million senior loan to Griffis Residential for the acquisition and repositioning of The Post, a 16-story multifamily community located at 888 Western Ave. in downtown Seattle. Situated in the Seattle Central Business District, Waterfront and Pioneer Square submarkets, The Post features 208 apartments with quartz countertops, vinyl-plank flooring, steel appliances, floor-to-ceiling windows and views of downtown Seattle, Elliott Bay and the Olympic Mountains. Community amenities include a rooftop deck with grilling areas and a reflection pool, multiple rooftop lounges, a media room, dog run, yoga studio, library and fitness center.

January 17, 2022

Affordable Housing Colorado Loans Lument Multifamily Western

Lument Funds $25.1M in Fannie Mae Financing for Affordable Housing Portfolio in Colorado

by Amy Works January 17, 2022

LAKEWOOD, ARVADA, DENVER AND FOUNTAIN, COLO. — Lument has closed five Fannie Mae conventional multifamily housing loans totaling $25.1 million to refinance the Archway Portfolio, five affordable housing communities near Denver and Colorado Springs. The borrower is Archway Communities, which manages the portfolio. Andrew Ellis of Lument led the transactions. Fountain Ridge, the largest of the portfolio, received a 10-year loan with a fixed interest rate and a 30-year amortization schedule. The other four loans feature fixed interest rates, 12-year terms, two years of interest-only payments and 30-year amortization schedules. The portfolio includes the 72-unit Foothills Green in Lakewood, the 60-unit Willow Green in Arvada, the 65-unit Sheridan Ridge in Arvada, the 60-unit Arapahoe Green in Denver and the 111-unit Fountain Ridge in Fountain.

January 17, 2022

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges Refinancing for 216-Unit Seniors Housing Property in Lake Oswego, Oregon

by Amy Works January 17, 2022

LAKE OSWEGO, ORE. — CBRE National Senior Housing has arranged a refinancing for The Springs at Lake Oswego, a 216-unit independent living, assisted living and memory care community in Lake Oswego. The borrower is a joint venture between Harrison Street and The Springs Living. Aron Will, Austin Sacco and Tim Root arranged the non-recourse, four-year, floating-rate loan with three years of interest-only payments through a national bank. CBRE previously arranged construction financing for the community in 2017. The amount was not disclosed. The community opened in 2019 in a highly affluent city approximately eight miles south of downtown Portland.

January 17, 2022

Acquisitions Georgia Loans Multifamily Southeast

Eastern Union Secures $71.3M Acquisition Loan for Multifamily Property in Roswell, Georgia

by Julia Sanders January 17, 2022

ROSWELL, GA. — New York-based Eastern Union has secured a $71.3 million acquisition loan for Crest at Riverside, a 396-unit multifamily property in Roswell. Michael Muller of Eastern Union arranged the loan through New York-based Arbor Realty on behalf of the buyer, Atlanta-based MSC Properties. With a full sale price of $87.5 million, the transaction’s loan-to-cost ratio equaled 81 percent. The non-recourse loan carries a three-year term with options for two one-year extensions, and repayment is interest-only over its full term. Built in 1965 and renovated in 2016, The Crest at Riverside was rebranded to Grace Apartment Homes Roswell. The property offers one-, two- and three-bedroom floorplans with 18 one-bedroom units that are 882 square feet in size; 247 two-bedroom units that range from 1,258 to 1,408 square feet in size and 131 three-bedroom units that range from 1,290 to 1,408 square feet in size. Unit features include white or stainless steel appliances, laminate or solid surface counters, wood cabinets and tile backsplashes. Community amenities include two pools, business center, fitness center, playground, grills and a pet park. The property was 96 percent occupied at the time of sale. Located at 100 Chattahoochee Circle, the 518,460-square-foot property is situated 20.4 …

January 17, 2022

Development Loans Multifamily New Jersey Northeast

Greystone Arranges $30M Construction Loan for Jersey City Multifamily Project

by Taylor Williams January 17, 2022

JERSEY CITY, N.J. — Greystone has arranged a $30 million construction loan for 40 Center, a six-sttory, 80-unit multifamily project in Jersey City that will include 3,200 square feet of ground-floor commercial space. White Oak Real Estate Capital provided the loan to the developer, affiliates of The Manhattan Building Co. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone arranged the debt. Completion is slated for 2024.

January 17, 2022

Development Georgia Loans Mixed-Use Southeast

Newport RE Receives $75M Financing for Mixed-Use Campus in Downtown Atlanta

by Julia Sanders January 14, 2022

ATLANTA — Newport RE has received $75 million in debt financing in order to redevelop 222 Mitchell, a 330,000-square-foot mixed-use campus in downtown Atlanta. JLL Capital Markets arranged the financing through Miami-based BridgeInvest on behalf of Newport. General contractor Balfour Beatty has started construction for 222 Mitchell, which is slated for completion in the first quarter of 2023. 222 Mitchell, which will include office and retail space, is a redevelopment of a brick building built in 1909, as well as two mid-century modern buildings spanning a full city block. The property will include a new park and a 27,000-square-foot rooftop. Newport plans to keep the historical elements of the property while redeveloping the buildings to make it more modern. Some planned tenants for the development include Pins Mechanical, an Ohio-based arcade and game bar, as well as an Atlanta-based Slater Hospitality that will be designed as a modern diner with a cocktail lounge.Some planned tenants for the development include Pins Mechanical, an Ohio-based arcade and game bar, as well as an Atlanta-based Slater Hospitality that will be designed as a modern diner with a cocktail lounge. Brooke Dewey and David Horne of JLL are leading the preleasing of the 250,000-square-foot …

January 14, 2022

Hawaii Loans Multifamily Seniors Housing Western

Ziegler Arranges $52M Bridge Loan for Kalakaua Gardens Seniors Housing Community in Honolulu

by Amy Works January 14, 2022

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and be social within inviting open spaces that offer 360-degree views of the islands. The loan refinanced the original construction loan and provided additional proceeds for planned renovations, other reserves and closing costs.

January 14, 2022

Loans Multifamily New Jersey Northeast

JLL Arranges $35.9M Loan for Refinancing of Hoboken Apartment Complex

by Taylor Williams January 14, 2022

HOBOKEN, N.J. — JLL has arranged a $35.9 million loan for the refinancing of Hudson Square North, a 150-unit apartment complex located outside of New York City in Hoboken. The transit-oriented property offers one-, two- and three-bedroom units that average 890 square feet and are furnished with washers and dryers, stainless steel appliances and quartz countertops, as well as 2,739 square feet of retail space. Thomas Didio, Thomas Didio Jr., Carlos Silva and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Minnesota Life Insurance Co. on behalf of the owner, Ironstate Development.

January 14, 2022

Newer Posts

Older Posts