Loans

Northmarq Arranges $6.7M Acquisition Loan for Apartment Community in Petersburg, Virginia

by John Nelson September 9, 2022

PETERSBURG, VA. — Northmarq has arranged a $6.7 million acquisition loan for Mill Creek Apartments, a 95-unit multifamily community located at 2701-2732 in Petersburg. Hunter Wood, Keith Wells and Reina Abboud of Northmarq’s Richmond office arranged the five-year loan through a regional bank on behalf of the undisclosed borrower. The loan includes 12 months of interest-only payments followed by a 30-year amortization schedule. Built in 1976, Mill Creek is situated within a half-mile of two regional shopping destinations: South Crater Road Plaza and Burgess Shopping Center. The seller was not disclosed.

September 9, 2022

Industrial Loans Northeast Pennsylvania

Invesco, Webster Bank Provide $76.8M for Refinancing of Philadelphia Industrial Property

by Taylor Williams September 9, 2022

PHILADELPHIA — Atlanta-based investment management firm Invesco Real Estate and Webster Bank have provided $76.8 million for the refinancing of a 282,737-square-foot industrial property in Philadelphia. DH Property Holdings recently completed the Class A facility, which is a build-to-suit for TJX Cos., the parent company of Marshalls and T.J. Maxx. Building features include a clear height of 53 feet, proximity to Interstates 95 and 76 and ample car and trailer parking. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing.

September 9, 2022

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $52M Loan for Refinancing of Northern New Jersey Multifamily Asset

by Taylor Williams September 9, 2022

NORTH HALEDON, N.J. — G.S. Wilcox & Co. has arranged a $52 million loan for the refinancing of a 180-unit multifamily asset located in the Northern New Jersey community of North Haledon. The four-building property features amenities such as a pool, pet park, fitness center, clubhouse and an outdoor entertainment area. Gretchen Wilcox, Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the 20-year loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.

September 9, 2022

Affordable Housing Development Georgia Loans Seniors Housing Southeast

Bellwether Enterprise Provides $23.9M HUD-Insured Loan for Rehab of Affordable Seniors Apartments in Atlanta

by John Nelson September 8, 2022

ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta. Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 years. Jewish Tower is a 200‐unit, eight‐story building, and Zaban Tower is a 60‐unit, four‐story building. Both assets were delivered in the 1970s and provide affordable, independent living for seniors aged 62 and older. The two properties are situated on the same campus and are connected through a third building, the William Breman Jewish Home, which contains assisted living and nursing care units, as well as a full‐service dining room that is open to residents of all three buildings. The borrower plans to use the financing to upgrade handicap accessibility in common areas and resident units, replace the roof and windows and upgrade unit interiors. Building system improvements will include …

September 8, 2022

California Loans Retail Western

PSRS Arranges $7.6M Refinancing for Retail Center in Los Angeles

by Amy Works September 8, 2022

LOS ANGELES — PSRS has arranged a $7.6 million cash-out refinance of a two-story retail center in Los Angeles. The name of the borrower was not released. William DeFanti of PSRS secured the refinancing, which features a 4.45 percent interest rate, five-year term and two years of interest-only payments followed by a 30-year amortization. The subject property is a walk-up retail center with 17 suites.

September 8, 2022

Loans Multifamily Northmarq Texas

Northmarq Arranges $28M Acquisition Loan for Multifamily Property in Allen, Texas

by Taylor Williams September 7, 2022

ALLEN, TEXAS — Northmarq has arranged a $28 million bridge loan for the acquisition of Presidio, a 202-unit multifamily property located in the northeastern Dallas suburb of Allen. Built in 1986, the property features a pool, fitness center, pet play area, outdoor grilling and dining stations and onsite laundry facilities. Kevin Leamy of Northmarq arranged the loan, which carried a three-year, interest-only term, through an undisclosed balance sheet lender. Taylor Hill, Michael Ware, Joey Tumminello, Drew Kile and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, 37th Parallel Properties, in the transaction. The borrower was also not disclosed.

September 7, 2022

Loans Multifamily Texas

Colliers Mortgage Provides Agency Acquisition Loan for Multifamily Asset in Brownwood, Texas

by Taylor Williams September 7, 2022

BROWNWOOD, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for Southside Village Apartments, a 104-unit multifamily asset in Brownwood, about 140 miles northwest of Austin. The 12-building, garden-style property was built in 1973 and offers amenities such as a playground, basketball court and a dog park. Fritz Waldvogel of Colliers Mortgage originated the financing through a partnership with Old Capital Lending. The borrower was an entity doing business as The Magnolia on 4th LLC.

September 7, 2022

Illinois Industrial Loans Midwest

Maverick Commercial Mortgage Arranges $3.5M Acquisition Loan for Two Chicago Industrial Buildings

by Kristin Harlow September 7, 2022

CHICAGO — Maverick Commercial Mortgage Inc. has arranged a $3.5 million loan for the acquisition of two industrial buildings leased to SCR Medical Transportation in Chicago. The building at 8801 S. Greenwood Ave. spans 47,000 square feet, while the property at 8835 S. Greenwood Ave. totals 16,125 square feet. The properties serve as the Chicago headquarters of Beacon Mobility, which acquired SCR Medical Transportation. Benjamin Kadish arranged the five-year loan, which features a fixed interest rate of 4.15 percent. A Midwest-based financial institution provided the loan to the borrower, a Maryland-based national real estate investment firm specializing in single-tenant, net leased industrial properties.

September 7, 2022

Loans Multifamily Oregon Western

Trion Properties Receives $99.2M Recapitalization for Two Multifamily Communities Near Portland, Oregon

by Amy Works September 7, 2022

TIGARD AND BEAVERTON, ORE. — Trion Properties, in partnership with Tokyu Land US Corp., has recapitalized two apartment properties in Tigard and Beaverton totaling 373 units. The properties include Hudson Tigard Apartments, a 227-unit community in Tigard, and Aster Parc Apartments and Townhomes, a 146-unit property at 18745 SW Farmington Road in Beaverton. Trion implemented upgrades, executed rebranding and improved operations in order to increase value since purchasing the assets in 2018 and 2019. Trion acquired Hudson North Apartments and Hudson South Apartments separately in 2018 for $38.1 million and combined them into Hudson Tigard Apartments. The assets were recapitalized for a total of $59.2 million, with a new loan amount of $39.4 million secured through Freddie Mac and serviced by Walker & Dunlop. Hudson North Apartments is located at 10890 SW Canterbury Lane and Hudson South Apartments is located at 10695 SW Murdock St. Aster Parc Apartments and Townhomes, which Trion purchased in two phases in 2018 and 2019 for a total of $20.4 million, was recapitalized for approximately $40 million. The recapitalization involves a new $24 million loan secured through Pacific Premier Bank and an equity partnership formed between Trion and Tokyu Land US Corp.

September 7, 2022

Development Industrial Loans Northeast Pennsylvania

Provident Bank Provides $32.1M Loan for Industrial Redevelopment in Langhorne, Pennsylvania

by Taylor Williams September 6, 2022

LANGHORNE, PA. — Provident Bank has provided a $32.1 million loan for an industrial redevelopment project in Langhorne, located near Philadelphia in Bucks County. The borrower, a partnership between Greek Development and Principal Real Estate Investors, first acquired the site at 900 Wheeler Way in 2006 and subsequently expanded one of the two onsite buildings by 60,000 square feet. The partnership is now demolishing the second building in order to construct a last-mile distribution center with a clear height of 40 feet, truck court depths of 150 feet and parking for 242 cars and 80 trailers. Construction is slated for a second-quarter 2023 completion.

September 6, 2022

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