Loans

Square Mile Capital Provides Perm Loan for 301-Unit Houston Multifamily Project

by Taylor Williams August 25, 2021

HOUSTON — New York City-based Square Mile Capital has provided a permanent loan of an undisclosed amount for Standard in the Heights, a 301-unit multifamily project in Houston. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, outdoor grilling areas and a lounge. The loan takes out the construction debt held by the borrower and developer, Texas-based Ojala Partners. Construction began in 2018 and was completed in November 2020. Cameron Cureton and Steve Heldenfels of JLL arranged the financing.

August 25, 2021

SpringhillSuites-ElementHotel-Colorado-Springs-CO

Colorado Development Hospitality Loans Western

Hall Structured Finance Arranges $55.6M Construction Loan for Dual-Branded Marriott Hotel Project in Colorado Springs

by Amy Works August 25, 2021

COLORADO SPRINGS, COLO. — Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $55.6 million to finance the development of a dual-flagged Marriott hotel property in downtown Colorado Springs. Construction is currently underway for the Springhill Suites/Element Hotel, which will offer a total of 261 guest rooms. The project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Completion is slated for spring 2022. Hotel Equities will manage the hotels upon opening. The 136-key Springhill Suites will feature all-suite guest rooms with office desks and kitchenettes. The 125-key, extended-stay Element Hotel will offer rooms with fully equipped kitchens, stainless steel appliances and eight- to 10-foot ceiling heights. Shared hotel amenities will include an open-air courtyard with lounge seating, business center, indoor pool with a whirlpool, complimentary breakfast and a fitness center. Additional amenities will include meeting and event space, a ground-floor restaurant with outdoor seating and a 6,700-square-foot rooftop bar, restaurant and lounge. John Pascal of Paramount Capital Advisors brokered the loan.

August 25, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $13M Loan for Refinancing of Esjay Apartments in Jersey City

by Taylor Williams August 25, 2021

JERSEY CITY, N.J. — JLL has arranged a $13 million loan for the refinancing of Esjay Apartments, a 40-unit multifamily complex in Jersey City. The mid-rise building features one- and two-bedroom units with an average size of 680 square feet. Amenities include a fitness center, two rooftop terraces with grilling stations and a package handling room. Matthew Pizzolato of JLL arranged the 10-year, fixed-rate loan through Nationwide on behalf of the borrower, Point Capital Development LLC.

August 25, 2021

Build-to-Rent Loans Multifamily North Carolina Southeast

Tower Capital Arranges $19.1M in Financing for SFR Community in Metro Charlotte

by Julia Sanders August 24, 2021

CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages. An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option. Including the property in Indian Trail, Tower Capital has arranged nearly $108 million in combined financing for several single-family and build-for-rent developments. These transactions include three assets in Arizona: Village at Paseo de Luces in Tolleson, Village at The BLVD in Avondale and Arise North PHX in metro Phoenix. Tower Capital has closed more than $400 million in financing transactions for build-for-rent properties and has another $1 billion of projects in the pipeline that spans multiple states including Arizona, Texas, Alabama, Georgia and Florida.

August 24, 2021

Affordable Housing Development Loans Multifamily Texas

Barings Provides $43.5M Perm Loan for Metro Austin Affordable Housing Project

by Taylor Williams August 24, 2021

MANOR, TEXAS — Barings has provided a $43.5 million permanent loan for Yager Flats, a 300-unit affordable housing community in Manor, an eastern suburb of Austin. The $73 million development will offer one-, two-, three- and four-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a clubhouse, community room, fitness center, pool and a playground, and residents will also have access to adult education, workforce training, afterschool programming and health and wellness services. The borrower, Elmington Capital Group, is developing the property in partnership with Red Stone Equity Partners, which contributed $29.3 million in tax credit equity. Dallas-based Humphreys & Partners Architects is designing the project. Bank of America provided the original $40 million construction loan. A tentative completion date was not disclosed.

August 24, 2021

Life Sciences Loans Michigan Midwest Office

Mag Mile Capital Arranges $7M Loan for Refinancing of Flex Office Property in Ann Arbor

by Kristin Harlow August 24, 2021

ANN ARBOR, MICH. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 128,000-square-foot flex office property located at 600 S. Wagner Road in Ann Arbor. An entrepreneurial community occupies the building. Members include professionals from startups and established companies across sectors such as life sciences, drug discovery, medical devices, alternative energy mobility, robotics and business development. The property includes wet labs, offices, production areas, collaborative spaces, warehouse storage, coworking areas and conference rooms. A regional credit union provided the recourse loan at an interest rate of 3.75 percent.

August 24, 2021

Industrial Loans New Jersey Northeast

Capital One Provides $42M Loan for Refinancing of Industrial Building in Clifton, New Jersey

by Taylor Williams August 23, 2021

CLIFTON, N.J. — Capital One has provided a $42 million loan for the refinancing of a 220,000-square-foot warehouse/distribution building in the Northern New Jersey community of Clifton. The property features a clear height of 32 feet, 29 loading docks and ample car and trailer parking spaces. In addition, online grocery startup Weee! recently signed a long-term lease at the property. Capital One provided the 10-year, fixed-rate loan to a partnership between two New Jersey-based firms, KRE Group and The Stro Cos.

August 23, 2021

Florida Loans Multifamily Southeast

BLD Group, GMF Capital Receive $210M Refinancing for Three Multifamily Properties in Florida

by Julia Sanders August 23, 2021

ORLANDO, MAITLAND AND FORT MYERS, FLA. — A joint venture between BLD Group and GMF Capital has received a $210 million loan for the refinancing of a three-property multifamily portfolio in Florida totaling 1,139 units. Eastdil Secured arranged the five-year, floating-rate loan through Brookfield Real Estate Financial Partners on behalf of the joint venture. The three apartments include the 403-unit M2 at Millenia in Orlando, the 300-unit 400 North in Maitland and the 436-unit Venetian in Fort Myers. Lincoln Property Co. manages all three communities, which were 96 percent leased at the time of sale. M2 at Millenia offers one-, two- and three-bedroom apartments. Located at 4206 Eastgate Drive, the property is situated adjacent to Millenia Mall and close to Florida’s Turnpike and Interstate 4. Community amenities include a private parking garage, clubhouse, business center, entertainment room, fitness center, outdoor dining and a Zen courtyard with a fireside lounge and waterfall. 400 North offers one-, two- and three-bedroom apartments with features such as plank flooring, granite countertops, stainless steel appliances, valet waste removal service and garage parking. Community amenities include a fitness center, elevators, pool, courtyard, outdoor grilling and dining area and onsite management. Located at 400 N Orlando Ave., …

August 23, 2021

Iowa Loans Midwest Multifamily Seniors Housing

Marcus & Millichap Capital Corp. Arranges $20.2M Construction Loan for Seniors Housing Project in Iowa

by Kristin Harlow August 23, 2021

DAVENPORT, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $20.2 million loan for the development of Meadowview of Davenport. The 106-unit senior living development in Davenport will include 43 independent living units, 35 assisted living units and 28 memory care units. Frank Montalto and Dean Giannakopoulos of MMCC arranged the five-year loan, which features a 3.75 percent interest rate. The undisclosed borrower has experience developing similar projects, according to Montalto.

August 23, 2021

Loans Multifamily Washington Western

RMR Mortgage Arranges $12.5M Acquisition Loan for 80 Main Apartments in Seattle

by Amy Works August 23, 2021

SEATTLE — RMR Mortgage Trust (NASDAQ: RMRM) has closed a $12.5 million first-mortgage, floating-rate bridge loan to finance Unico Properties’ acquisition of 80 Main, a multifamily property located at 80 S. Main St. in Seattle. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements. RMR’s manager, Tremont Realty Capital, was introduced to the transaction by IPA Capital Markets, a Marcus & Millichap company, which advised the sponsor.

August 23, 2021

Newer Posts

Older Posts