Loans

Cushman & Wakefield Secures $90M Refinancing for Multifamily Property in Atlanta

by Julia Sanders March 25, 2022

ATLANTA — Cushman & Wakefield has secured $90 million in refinancing on behalf of Arya Peachtree, a 282-unit multifamily property in Atlanta. Mike Ryan, Brian Linnihan, Blake Cohen, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the refinancing loan on behalf of the borrower, Perennial Properties Inc. Arya Peachtree offers studio, one-, two- and three-bedroom floorplans. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers and floor-to-ceiling windows. Community amenities include a pool, grills, fitness center, sport lawn, fire pit, putting green, dog spa, flexible workspace stations, bike room and controlled access parking. Additionally, the newly constructed 12-story building has 16,346 square feet of office and retail space on the first two floors. Located at 1777 Peachtree St. NE, the property is situated between Buckhead to the north and Midtown to the south with access to the Interstate 75-85 Connector.

March 25, 2022

Loans Office Southeast Virginia

Avison Young Arranges $20M Loan for Medical Office Building in McLean, Virginia

by Julia Sanders March 25, 2022

MCLEAN, VA. — Avison Young has arranged a $20 million loan to refinance a 47,000-square-foot medical office building in downtown McLean. Jon Goldstein, Mike Yavinsky and Wes Boatwright of Avison Young arranged the loan through an unnamed local bank on behalf of the borrower, a partnership between Stewart Investment Partners and Chestnut Funds. Built in 1985, the three-story property was converted from a general office building into a medical office building in 2021. Improvements included outfitting the atrium lobby, corridors, elevators and restrooms, as well as adding energy-efficient lighting and modernizing the parking garage. Located at 1420 Beverly Road, the property offers access to Interstates 495 and 66 and Dulles Toll Road. The property is also 11.2 miles from Washington, D.C.

March 25, 2022

Loans Multifamily New York Northeast

Axiom Capital Arranges $13.5M Loan for Refinancing of Upstate New York Multifamily Property

by Taylor Williams March 25, 2022

SARATOGA SPRINGS, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $13.5 million loan for the refinancing of a 63-unit multifamily property in the upstate New York city of Saratoga Springs. The unnamed property includes 5,423 square feet of commercial space. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.

March 25, 2022

Florida Loans Northmarq Retail Southeast

Northmarq Secures $16.8M Acquisition Loan for Grocery-Anchored Center in Jupiter, Florida

by Julia Sanders March 24, 2022

JUPITER, FLA. — Northmarq has secured $16.8 million in acquisition financing for Fresh Market Village, a 55,046-square-foot, grocery-anchored retail property in Jupiter. Daniel Karp of Northmarq arranged the financing, which included a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Northmarq secured the permanent, fixed-rate loan on behalf of the undisclosed borrower through its relationship with an unnamed life insurance company. Built in 1989 and last renovated in 2014, the property is anchored by The Fresh Market. Located at 287 East Indiantown Road, the property is situated 19.7 miles from Palm Beach and 20.6 miles from Palm Beach International Airport.

March 24, 2022

Loans Multifamily Seniors Housing Texas

CBRE Arranges $54.4M Refinancing for The Village at Woodlands Waterway in Metro Houston

by Taylor Williams March 24, 2022

THE WOODLANDS, TEXAS — CBRE has arranged the $54.4 million refinancing of The Village at Woodlands Waterway, a seniors housing community located north of Houston. Built on 2.7 acres in 2011, the property comprises 116 independent living residences, 63 assisted living units and 28 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE arranged the three-year, nonrecourse loan, which carried a floating interest rate, through an undisclosed debt fund. The borrower was a partnership between the Saudi Economic & Development Co. and Madison Marquette.

March 24, 2022

Loans New York Northeast Office

Lightstone Capital Provides $52M Loan for Refinancing of Manhattan Office Portfolio

by Taylor Williams March 24, 2022

NEW YORK CITY — Locally based lender Lightstone Capital has provided a $52 million loan for the refinancing of a portfolio of two Manhattan office buildings totaling approximately 152,000 square feet. The buildings are located at 28 W. 36th St. and 32-36 W. 39th St. in the Midtown South neighborhood and respectively total 66,000 and 86,000 square feet. Both properties include ground-floor retail space, and the second building is being converted from an office rental to condo usage, with sales set to begin in the third quarter. The borrower was R&B Realty Group.

March 24, 2022

Industrial Loans New Jersey Northeast

MMCC Places $13.5M Construction Loan for Industrial Project in East Windsor, New Jersey

by Taylor Williams March 24, 2022

EAST WINDSOR, N.J. — Marcus & Millichap Capital Corp. (MMCC) has placed a $13.5 million construction loan for a 121,500-square-foot industrial project in East Windsor, a suburb of Trenton, that is fully preleased to an undisclosed logistics firm. The loan was structured with a 3.75 percent interest rate and a 70 percent loan-to-cost ratio. The borrower was not disclosed. Construction is slated for a third-quarter completion. Gerald Kray of MMCC arranged the financing through an undisclosed lender.

March 24, 2022

California Development Loans Multifamily Western

Newmark Secures $284M Construction Financing for The Maxwell Apartments in San Jose

by Amy Works March 23, 2022

SAN JOSE, CALIF. — Newmark, on behalf of Bay West Development and Forum Real Estate Group, has arranged $284 million in construction financing for the development of The Maxwell, an apartment community situated on 4.5 acres in San Jose. Construction is slated to commence before the end of March and the first phase is scheduled for delivery by third-quarter 2024. Located within the South Bascom Urban Village Plan and approved under the City of San Jose’s Signature Project process, The Maxwell will feature 590 apartments and best-in-class amenities and unit interiors, as well as direct access to the VTA Light Rail Bascom Station.

March 23, 2022

Hospitality Loans Nevada Western

CommCap Advisors Arranges $10.2M Loan for Hampton Inn & Suites in Carson City, Nevada

by Amy Works March 23, 2022

CARSON CITY, NEV. — CommCap Advisors has arranged a $10.2 million loan for Hampton Inn & Suites, located at 10 Hospitality Way in Carson City. The borrower is Gemini Hotel Group. Situated on two acres, the hotel features 49,821 square feet of rentable space. Andy Crawford of CommCap Advisors facilitated the 10-year loan, which features a 25-year amortization schedule, for the borrower. The use of the funds was not disclosed.

March 23, 2022

Illinois Loans Midwest Multifamily

Greystone Provides $57.1M Acquisition Loan for Suburban Chicago Condo Deconversion

by Kristin Harlow March 23, 2022

ELK GROVE VILLAGE, ILL. — Greystone has provided a $57.1 million loan for the acquisition of Terrace of Elk Grove Apartments in Elk Grove Village. The buyer, Bayshore Properties, is converting the 427-unit property from condos into apartments. The complex, originally built as a rental apartment property in 1968, consists of eight three-story buildings. Amenities include a pool, clubhouse, fitness center, game room, business center, laundry facilities, courtyards and onsite management. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse bridge loan, which features a 24-month term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

March 23, 2022

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