Loans

JLL Arranges $68.9M Loan for Three-Building Retail Portfolio in Costa Mesa, Fullerton

by Amy Works June 30, 2022

COSTA MESA AND FULLERTON, CALIF. — JLL Capital Markets has arranged $68.9 million in financing for a three-building retail portfolio in Costa Mesa and Fullerton. Totaling 194,763 square feet, the properties are fully leased to a mix of investment grade credit-tenants and national retail tenants, including Sprouts Farmers Market, Rite Aid, Target and Ralphs. Greg Brown, John Marshall and Jordan Leake of JLL Capital Markets’ debt advisory team secured the 10-year, fixed-rate loans with a correspondent insurance company for the borrower, a private company. Two of the three properties are located along the 17th Street commercial corridor in Costa Mesa and the third property is located near the 91 Freeway and State Route 57 in Fullerton.

June 30, 2022

Loans Massachusetts Multifamily Northeast

Eastern Union Arranges $44.8M Agency Loan for Refinancing of Multifamily Property in Amherst, Massachusetts

by Taylor Williams June 29, 2022

AMHERST, MASS. — New York-based Eastern Union has arranged a $44.8 million Fannie Mae loan for the refinancing of The Boulders, a 256-unit multifamily property in Amherst, located in the central part of Massachusetts. The market-rate property was built in 1974 and offers two-bedroom units with an average size of 844 square feet. Michael Muller of Eastern Union arranged the floating-rate loan, which carries four years of interest-only payments on behalf of the undisclosed borrower. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

June 29, 2022

Loans Multifamily New York Northeast

Dwight Capital Provides $22.2M Acquisition Loan for Queens Village Apartments

by Taylor Williams June 29, 2022

NEW YORK CITY — Locally based commercial finance firm Dwight Capital has provided a $22.2 million bridge loan for the acquisition of Queens Village Apartments, a 132-unit multifamily complex. The property comprises three- and six-story apartment buildings featuring a mix of rent-controlled and rent-stabilized units, as well as onsite maintenance services and laundry facilities. Adam Sasouness of Dwight Capital originated the financing, which was arranged by Marvin Jeremias of Crossmark Capital. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

June 29, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Originates $14.2M HUD-Insured Loan for Refinancing of Metro Minneapolis Apartments

by Kristin Harlow June 29, 2022

SPRING LAKE PARK, MINN. — Colliers Mortgage has originated a $14.2 million HUD 223(f) loan for the refinancing of Northtown Village Apartments in Spring Lake Park, about 12 miles north of Minneapolis. The 161-unit apartment complex features amenities such as a pool, playground and onsite laundry facilities. The loan features a 35-year term and a 35-year amortization schedule. An entity doing business as Northtown Village LLLP was the borrower.

June 29, 2022

Loans Multifamily Texas

Thorofare Capital Provides $27M Acquisition Loan for Austin Multifamily Portfolio

by Taylor Williams June 28, 2022

AUSTIN, TEXAS — Los Angeles-based Thorofare Capital has provided a $27 million acquisition loan for a portfolio of four undisclosed multifamily properties totaling 184 units in Austin. The portfolio also includes 20,272 square feet of retail space. The loan carried a floating interest rate and a three-year initial term with an extension option. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.

June 28, 2022

Loans New York Northeast Office

J.P. Morgan Provides $415M in Financing for 3 Times Square Office Building

by Taylor Williams June 28, 2022

NEW YORK CITY — A consortium of lenders led by J.P. Morgan and including Bank of America and M&T Bank has provided $415 million in financing for 3 Times Square, a 30-story office building in Midtown Manhattan. The borrower, The Rudin Family, launched a renovation program last spring that added new tenant amenities and health and wellness features. In addition to consolidating existing debt, a portion of the proceeds will be used to advance the repositioning, specifically to modernize the lobby and building systems, as well as to activate the outdoor amenity space and fund leasing costs. The 885,000-square-foot building was originally constructed in 2001 as the North American headquarters of Reuters. In addition, earlier this year, Rudin signed Touro College to a 243,305-square-foot lease for a new campus within 3 Times Square.

June 28, 2022

Alabama Development Loans Multifamily Southeast

Parkview Financial Provides $22.5M Loan for Multifamily Conversion Project in Birmingham

by John Nelson June 28, 2022

BIRMINGHAM, ALA. — Parkview Financial has provided a $22.5 million loan for the redevelopment of a former American Red Cross office building in Birmingham. Built in 1947, the five-story, 140,000-square-foot building has sat vacant since 1999. The borrower, EPT Holdings, plans to use the financing to convert the property into Market Lofts on 3rd, which will comprise 192 affordable housing units and a 4,000-square-foot retail unit with 60 parking spaces. The unit mix will include 95 studios, 94 one-bedroom units and three two-bedroom units featuring stainless steel appliances, wood cabinets, ceramic tile and polished concrete floors. Amenities will include onsite laundry services, a fitness center, lounge on the third floor and a central courtyard. Construction is underway, and EPT Holdings plans to open the property in December 2023. The project team includes Birmingham-based Wyatt General Contractor LLC and Birmingham-based Hendon + Huckestein Architects.

June 28, 2022

Acquisitions Hospitality Loans Maryland Southeast

Mag Mile Capital Arranges $8.6M Acquisition Loan for Days Inn Hotel in Downtown Baltimore

by John Nelson June 28, 2022

BALTIMORE — Mag Mile Capital has arranged an $8.6 million acquisition loan for a 250-room Days Inn hotel located at 100 Hopkins Place in downtown Baltimore. The three-year, non-recourse, cash-out bridge loan was underwritten with an 8 percent interest rate with two-one year extension options. The borrower and direct lender were not disclosed. Situated near Baltimore’s Inner Harbor district and Oriole Park at Camden Yards, the Days Inn hotel features a 24-hour reception desk, bar and restaurant, business center, café, banquet facilities, fitness center, meeting room, onsite parking, a sundries market and an outdoor swimming pool.

June 28, 2022

Industrial Loans New York Northeast

Axiom Capital Arranges $16M Loan for Refinancing of Upstate New York Industrial Portfolio

by Taylor Williams June 28, 2022

COLONIE, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16 million permanent loan for the refinancing of a portfolio of 16 industrial buildings totaling 302,914 square feet in Colonie, located outside of Albany in upstate New York. The direct lender was a bank, and the borrower was a locally based private investment group. Both parties requested anonymity.

June 28, 2022

Affordable Housing Iowa Loans Midwest Multifamily Nebraska Northmarq South Dakota

Northmarq Originates $199.1M Recapitalization for Midwest Affordable Housing Portfolio

by Kristin Harlow June 28, 2022

IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income. The loan amounts ranged from $5.6 million to more than $36.8 million. All of the loans were at a 70 percent loan-to-value ratio. All of the properties had existing fixed-rate agency debt with approximately six to eight years of loan term remaining. Twelve of the properties are located in greater Des Moines, two in Davenport, two in Omaha and one in Sioux Falls, S.D. The largest loan was for Camelot Village, a 485-unit community in Omaha.

June 28, 2022

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