Loans

CBRE Arranges $120.1M Acquisition Loan for East Miami Hotel at Brickell City Centre

by Julia Sanders December 7, 2021

MIAMI — CBRE has arranged a $120.1 million loan for the $174 million purchase of the East Miami hotel, a 352-room hotel property in downtown Miami’s Brickell district. Located at 788 Brickell Plaza, East Miami Hotel is situated within Brickell City Centre, a $1.1 billion, 5.4 million-square-foot mixed-use development that was completed in 2016. Mark Owens, John Avanzino and Estelle Wang of CBRE facilitated the debt financing through global alternative investment firm Värde Partners on behalf of the buyer, a joint venture between funds managed by Honolulu-based Trinity Fund Advisors LLC and New York-based private equity firm Certares Real Estate Management LLC. Christian Charre and Paul Weimer of CBRE Hotels represented the developer and seller, Hong Kong-based Swire Properties, in the sales transaction. Each room at the hotel features a walk-in rain shower and Wi-Fi. The hotel offers coworking space, a pool and a pool deck. The hotel also has dining options such as Quinto La Huella, a Uruguayan eatery, and Sugar and Tea Room, a rooftop bar and hidden door speakeasy located on the 40th floor. The property is LEED-certified and has a recycling program. The hotel is located a half mile from downtown Miami, 10.5 miles from Miami …

December 7, 2021

Affordable Housing Loans Multifamily Seniors Housing Texas

Merchants Capital Arranges $102M in Financing for Affordable Seniors Housing Project in San Antonio

by Taylor Williams December 7, 2021

SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk area in downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property rises 14 stories and comprises 265 studio and one-bedroom units. The renovation plan includes upgrades to the finishes of all units that are designed to specifically meet the needs of seniors. The financing includes a $43 million Merchants Bank of Indiana construction loan, $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also secured a forward commitment for $24 million from Fannie Mae for permanent financing with the mortgage-backed security being purchased by the AFL-CIO Housing Investment Trust (HIT).

December 7, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $21.5M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works December 7, 2021

PHOENIX — Ready Capital has closed $21.5 million in financing for the acquisition, renovation and stabilization of a 181-unit, Class B apartment community in Phoenix’s Westside submarket. Upon acquisition, the undisclosed sponsor plans to implement a capital improvement plan to renovate unit interiors and property exterior. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

December 7, 2021

Loans Multifamily Texas

Ready Capital Closes $19.2M Acquisition Loan for Fort Worth Apartments

by Taylor Williams December 7, 2021

FORT WORTH, TEXAS — New York City-based Ready Capital Corp. has closed a $19.2 million loan for the acquisition, renovation and stabilization of an unnamed, 212-unit apartment community in southeast Fort Worth. The nonrecourse, interest-only loan was structured with a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

December 7, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges Two Loans Totaling $45.5M for Refinancing of New Jersey Apartments

by Taylor Williams December 7, 2021

NUTLEY AND PALISADES PARK, N.J. — JLL has arranged two loans totaling $45.5 million for the refinancing of a pair of multifamily properties totaling 321 units in Northern New Jersey. Village Manor is a 227-unit community in Nutley that was originally built in 1950 and features one- and two-bedroom units ranging in size from 659 to 910 square feet. Palisades Manor is a 94-unit complex that was originally constructed in 1935 and offers studio, one- and two-bedroom units with an average size of 946 square feet. John Hancock Financial provided the fixed-rate loans, which respectively total $31.5 million and $14 million, to the borrower, Tidewater Real Estate. Greg Nalbandian and Michael Lachs of JLL placed the loans.

December 7, 2021

Loans Multifamily New Jersey Northeast

Progress Capital Arranges $44.3M Acquisition Loan for New Jersey Multifamily Portfolio

by Taylor Williams December 6, 2021

MAHWAH, WESTWOOD AND SHORT HILLS, N.J. — Progress Capital has arranged a $44.3 million acquisition loan for a portfolio of three multifamily properties totaling 175 units in Northern New Jersey. Rolling Gardens is a 76-unit complex in Mahwah that consists of four buildings on a 5.3-acre site. Westview Apartment Complex totals 48 units across nine buildings and is located in Westwood. Short Hills Village comprises 51 units across three buildings and is located in Short Hills. Brad Domenico and Eddie Miro of Progress Capital arranged the loan in collaboration with Eric Regenbogen of Arbor Commercial Mortgage. The borrower was not disclosed.

December 6, 2021

Florida Healthcare Loans Office Southeast

Parkview Financial Provides $45M Construction Loan for Medical Office Building in Aventura, Florida

by John Nelson December 6, 2021

AVENTURA, FLA. — Los Angeles-based Parkview Financial has provided a $45 million construction loan for a speculative medical office building located in Aventura, approximately 19 miles north of Miami. The borrower was an entity of Gomez Development Group. The medical office project will have 142,000 square feet of space. Located at 21291 N.E. 28th Ave. on 1.6 acres, the property will include a seven-story building, as well as a four-level parking garage with 346 spaces. The site is adjacent to the Aventura Hospital and Medical Center. Caymares Martin Architectural & Engineering Design is the project’s architect. A general contractor has not yet been announced. The project will break ground in early 2022 with completion slated for November 2022.

December 6, 2021

Loans New York Northeast Office Walker & Dunlop

Walker & Dunlop Arranges $170M Loan for Refinancing of Manhattan Office Building

by Taylor Williams December 3, 2021

NEW YORK CITY — Walker & Dunlop has arranged a $170 million loan for the refinancing of 122 Fifth Avenue, a 300,000-square-foot office building located near Manhattan’s Union Square neighborhood. The property was originally built in 1900 and includes retail space. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Bastian and Michael Ianno of Walker & Dunlop arranged the loan through PCCP LLC. The borrower, Bromley Cos., which has owned the building for more than 40 years, will use a portion of the proceeds to fund capital improvements.

December 3, 2021

Arizona Loans Multifamily Western

Tower Capital Arranges $40M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works December 3, 2021

PHOENIX — Tower Capital has arranged $40 million in acquisition financing for San Giovanni, an apartment community in Phoenix. The non-recourse loan provides the undisclosed borrower with a fixed 3 percent interest rate based on a 30-year amortization schedule, as well as a flexible step-down prepayment structure. The 2001-vintage asset features 300 apartments and is encumbered by a Land Use Restriction Agreement (LURA) that mandates 70 percent of the units must remain affordable until 2033. Located at 6901 W. McDowell Road, San Giovanni features 50 one-bedroom, 150 two-bedroom and 103 three-bedroom units, two swimming pools, a fitness facility, business center, clubhouse with leasing office, outdoor areas with barbecue grills, assigned covered parking, controlled access and a children’s playground.

December 3, 2021

Loans Multifamily Southeast Virginia

Ready Capital Closes $16.8M Loan for Multifamily Property in Portsmouth, Virginia

by John Nelson December 3, 2021

PORTSMOUTH, VA. — Ready Capital has closed on a $16.8 million loan for the acquisition, renovation and stabilization of a 148-unit, Class B multifamily property in downtown Portsmouth. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and implement utility reimbursement. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

December 3, 2021

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