Loans

Berkadia Secures $51M Refinancing Loan for Office Portfolio in Huntsville

by Julia Sanders September 3, 2021

HUNTSVILLE, ALA. — Berkadia has secured a $51 million refinancing loan for a 670,890-square-foot office and flex portfolio in Huntsville. The three-property portfolio, which includes Perimeter Center, Progress Center and 110 Wynn, sits approximately six miles from downtown Huntsville and was 91 percent leased at the time of financing. Located at 1500 and 1525 Perimeter Parkway, Perimeter Center includes two mid-rise buildings built in 1987 and 1989. The buildings total 234,146 square feet and are 87 percent leased to 41 tenants. Situated at 6767 Old Madison Pike NW, Progress Center features five buildings totaling 221,259 square feet that were built in 1985, 1989 and 1992. The property is 86 percent leased to 34 tenants. Lastly, 110 Wynn, formerly known as the DRS Building, was built in 1967 and later renovated in 2003 and 2021. The property includes two buildings totaling 215,485 square feet, and is 100 percent occupied by one tenant. The properties are all located within Cummings Research Park, which is a science and technology park housing nearly 300 companies, 26,000 employees and 13,500 students. The property’s anchor tenants include Teledyne Brown Engineering, UAH, Lockheed Martin, Redstone Federal Credit Union and Calhoun Community College. The property is located about …

September 3, 2021

Healthcare Loans Office Washington Western

Essex Financial Group Arranges $75M Refinancing for Medical Dental Building in Seattle

by Amy Works September 3, 2021

SEATTLE — Essex Financial Group has arranged a $75 million permanent loan for Menashe Properties to refinance Medical Dental Building, an infill medical office building in downtown Seattle. The sponsor purchased the 297,470-square-foot historic building in 2019 and assumed existing debt on the property. The seven-year loan features a fixed interest rate with three years of interest-only payments followed by a 30-year amortization. Alex Riggs and Blaire Butler of Essex Capital Markets secured the financing for the borrower. Originally built in 1924, the 18-story office building has undergone several renovations with the most recent completed in 2014. At time of financing, the property was 91 percent occupied by 123 tenants. The property also features ground-floor retail space, which a coffee shop and local pharmacy occupy.

September 3, 2021

Development Loans Montana Multifamily Western

George Smith Partners Secures $46M Construction Loan for 400-Unit Multifamily Property in Bozeman, Montana

by Amy Works September 3, 2021

BOZEMAN, MONT. — George Smith Partners has secured a $46 million construction loan for the phased development of 400 apartment units located within an Opportunity Zone in Bozeman. The borrower is Roundhouse Development. Jonathan Lee and Paul Monsen of George Smith Partners secured the financing for the borrower. For the first 268 units, the loan is priced at a sub 3 percent rate. Construction of the first phase is expected to finish in late 2023, at which time the construction on the remaining 132 units will begin.

September 3, 2021

Hospitality Loans Texas

Tower Capital Arranges Two Acquisition Loans Totaling $10.2M for Texarkana Hotels

by Taylor Williams September 3, 2021

TEXARKANA, TEXAS — Phoenix-based Tower Capital has arranged two acquisition loans totaling roughly $10.3 million for a pair of Marriott-branded hotels totaling 175 rooms in Texarkana. In the first deal, Tower Capital arranged $5.1 million for the purchase of the 85-room TownePlace Suites by Marriott hotel. In the second transaction, the firm placed a $5.1 million loan for the adjacent 90-room Courtyard by Marriott hotel. Both loans were structured with three-year terms, fixed interest rates and 77 percent loan-to-cost ratios. The undisclosed borrower(s) will use portions of the proceeds to fund capital improvements at both properties.

September 3, 2021

Acquisitions Loans Multifamily Oregon Western

PCCP Provides $51M Loan to ColRich Multifamily for Acquisition of Apartment Property in Portland

by Amy Works September 2, 2021

PORTLAND, ORE. — PCCP has provided a $51 million senior loan to ColRich Multifamily for the purchase of Twenty Twenty, a seven-story apartment community located at 2020 N.E. Multnomah St. in Portland. Built in 2019, the property features 162 apartments in a mix of 18 studio units, 90 one-bedroom units and 53 two-bedroom units with a variety of den, penthouse and garden floorplans. Unit finishes include quartz countertops, hardwood flooring, stainless steel appliances, gas cooktops, custom cabinetry, in-unit washers/dryers and fireplaces and balconies in select units. Community amenities include two decks with grills, firepits and a Zen garden; a fitness center; bike lounge with repair station; pet lounge; and individual lockers. Additionally, the property sits above a two-level, subterranean parking garage. At the time of sale, the property was 67 percent leased. The asset was originally built as for-sale condominiums but was repositioned as a multifamily property.

September 2, 2021

Acquisitions Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $10M Financing for Emerald City Senior Living in Seattle

by Amy Works September 2, 2021

SEATTLE — CBRE Senior Housing has arranged $10 million in financing for Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle. The community sits six miles north of downtown Seattle within the Maple Leaf neighborhood, a burgeoning and affluent residential area of Seattle. Built in 2006 by a seniors housing architect, the community features high-end amenities. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing, arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living is the operator. The two-year, $10 million, floating-rate bridge loan features full-term interest-only payments and extension options through CBRE’s multifamily bridge lending program, MF1 Capital LLC.

September 2, 2021

Arizona Loans Multifamily Western

Tower Capital Completes Four Multifamily Financings in Arizona Totaling $21.3M

by Amy Works September 2, 2021

PHOENIX, SCOTTSDALE AND NOGALES, ARIZ. — Tower Capital has arranged acquisition financing for four multifamily properties in Arizona. The company facilitated a $7 million bridge loan for the purchase and rehabilitation of the Portofino, a 66-unit urban multifamily property in Phoenix. Originally a Best Western Inn & Suites, the hotel was converted into a multifamily property offering 65 one-bedroom/one-bath units and one two-bedroom/one-bath unit. Community amenities include on-site tenant storage and a community pool. The undisclosed borrower, which acquired the property in an off-market transaction, plans to implement a capital improvements program. Tower Capital secured $5.4 million in acquisition financing to an undisclosed borrower for the acquisition of Hayden Apartments, a two-story, 25-unit, garden-style property in Scottsdale. The five-year, interest-only loan carries a 3.2 percent fixed interest rate and 65 percent loan-to-value ratio. The apartment community was built in 1977 and renovated in 2020. Tower Capital facilitated $5.1 million in acquisition financing for the Filmore Apartments, a 41-unit property in Phoenix. The undisclosed borrower intends to capitalize the property by bringing the below-market rents up to market. The company also arranged $3.8 million in acquisition financing for Santa Carolina Apartments in Nogales. Built in 2005 on 6.2 acres, the two-story …

September 2, 2021

Loans Midwest Multifamily Ohio

PCCP Provides $31M Bridge Loan for Refinancing of Apartment Complex in Columbus

by Kristin Harlow September 2, 2021

COLUMBUS, OHIO — PCCP has provided a $31 million bridge loan for the refinancing of The Residences at the Sutton in Columbus. The newly built, 100-unit apartment complex is located in the Short North Arts District. Floor plans range from studios to two-bedrooms. Amenities include a courtyard, fitness center, yoga room and resident lounge. Columbus-based developer, owner and operator The Pizzuti Cos. was the borrower.

September 2, 2021

Acquisitions Loans Multifamily Texas

Bellrock Real Estate Buys 375-Unit Apartment Community in Houston

by Taylor Williams September 2, 2021

HOUSTON — Bellrock Real Estate Partners has purchased Broadstone Summer Street, a 375-unit apartment community in Houston. Built in 2019, the property features stainless steel appliances, quartz countertops, walk-in closets, individual washers and dryers and private patios/balconies in select units. Amenities include a pool, fitness center, game room, resident lounge, theater room, pet park, outdoor grilling stations and a rooftop terrace. Hank Glasgow and Braden Harmon of Newmark arranged a $64.7 million floating-rate acquisition loan on behalf of the new ownership through a fund sponsored by CBRE Global Investors. The new ownership will rebrand the property as Bellrock Summer Street. The seller was not disclosed, but Broadstone is a brand of Houston-based Alliance Residential.

September 2, 2021

Connecticut Loans Northeast Retail

Axiom Capital Arranges $11M CMBS Loan for Redevelopment of Retail Property in Fairfield, Connecticut

by Taylor Williams September 2, 2021

FAIRFIELD, CONN. — Axiom Capital Corp. has arranged an $11 million CMBS loan for the redevelopment of a retail property in Fairfield, located in the southern coastal part of the state. Kohl’s formerly occupied the asset, which is being converted into a multi-tenant property that will house stores of German discount grocer Aldi and Atlanta-based home improvement retailer Floor & Décor. The nonrecourse, fixed-rate loan was structured with a 10-year term and 10 years of interest-only payments. The borrower was an undisclosed private developer.

September 2, 2021

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