Loans

Walker & Dunlop Arranges $59.8M in Construction Financing for Columbus Apartment Complex

by Kristin Harlow May 11, 2022

COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $59.8 million in debt and equity financing for the construction of Green|House, an apartment project in the Short North Arts District of Columbus. The seven-story development will feature 158 units and 3,700 square feet of retail space. Amenities will include a fitness center, outdoor pool, spa, sauna and community room. The project is the adaptive reuse of an existing building. Kaufman Development is the developer. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop arranged the debt through a regional bank and secured a national insurance company as the equity partner. The loan features a fixed interest rate and a three-year term.

May 11, 2022

Indiana Loans Midwest Multifamily

Ready Capital Closes $44M Acquisition Loan for Apartment Complex in Crown Point, Indiana

by Kristin Harlow May 11, 2022

CROWN POINT, IND. — Ready Capital has closed a $44 million loan for the acquisition, renovation and stabilization of a 432-unit apartment complex in Crown Point, a city in Northwest Indiana. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and address deferred maintenance. The nonrecourse loan features interest-only payments, a floating rate and a two-year term.

May 11, 2022

Loans Multifamily Northmarq Oregon Western

Northmarq Arranges $12.9M Refinancing for May’s Landing Apartments in Salem, Oregon

by Amy Works May 11, 2022

SALEM, ORE. — Northmarq has arranged $12.9 million in refinancing for May’s Landing Apartments, a multifamily community in Salem. Salem-based Rushing Group, the borrower, recently constructed the garden-style, 96-unit multifamily property. The permanent refinance will allow the borrower to take out its interim bridge debt, which it utilized during the property’s lease-up, and return equity for its next multifamily development. Conor Freeman of Northmarq’s San Diego office arranged the refinancing for borrower. The transaction was structured with a 10-year term and 10 years of interest-only payments.

May 11, 2022

Loans Multifamily Texas

iBorrow Provides $20M Acquisition Loan for Dallas Apartment Community

by Taylor Williams May 10, 2022

DALLAS —iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided a $20 million acquisition loan for a 232-unit apartment community located at 4542 W. Kiest Blvd. in the Oak Cliff neighborhood of Dallas. According to Apartments.com, the property offers two-bedroom units with an average size of 969 square feet. The borrower was not disclosed.

May 10, 2022

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing

Partnership Receives $100M in Financing for Affordable Housing Project in The Bronx

by Taylor Williams May 10, 2022

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Residences will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall 2024. The $100 million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity for the development.

May 10, 2022

Illinois Loans Midwest Multifamily

Draper and Kramer Arranges Two Loans Totaling $114M for Two Chicago Apartment Developments

by Kristin Harlow May 10, 2022

CHICAGO — Draper and Kramer’s Commercial Finance Group has arranged two loans totaling $114 million for two apartment developments in Chicago. Tandem Development was the borrower for both transactions. The first was a $58.4 million construction loan for 1044 West Van Buren, a 196-unit apartment project with 1,775 square feet of first-floor retail space in the West Loop neighborhood. Construction began on the building, designed by Antunovich Associates, in April. Completion is slated for the second quarter of 2023. The HUD 221(d)(4) loan features a 40-year term and a 40-year amortization schedule. The second loan totaled $55.6 million for the refinancing of Avenir Apartments in Chicago’s River West. Completed in 2019, the transit-oriented development features 196 units and 32,558 square feet of commercial space. Antunovich Associates also designed this property. The HUD 223(f) loan features a 35-year term and a 35-year amortization schedule. Matt Wurtzebach of Draper and Kramer originated both loans with assistance from colleagues Jeff Ross and Kevan Briscoe.

May 10, 2022

Illinois Loans Midwest Multifamily

Dwight Capital Provides $49.8M HUD-Insured Loan for Refinancing of Multifamily Property in Lockport, Illinois

by Kristin Harlow May 10, 2022

LOCKPORT, ILL. — Dwight Capital has provided a $49.8 million HUD 223(f) loan for the refinancing of Highland Ridge Apartments in Lockport, a southwest suburb of Chicago. Completed in 2019, the garden-style multifamily property consists of 240 units across 12 buildings. Amenities include a dog park, fitness center, pool, theater, shuffleboard and yoga room. Brandon Baksh of Dwight originated the 35-year loan on behalf of the borrower, Heartland Real Estate Partners. The fixed-rate loan benefitted from a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property is Energy Star-certified.

May 10, 2022

California Development Industrial Life Sciences Loans Western

JLL Arranges $27.4M in Financing to Convert Industrial Building to Life Sciences Space in Vista, California

by Amy Works May 10, 2022

VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.

May 10, 2022

Development Hospitality Loans Multifamily New York Northeast Top Stories

Parkview Financial Provides $207M Loan for Acquisition, Redevelopment of Former Hudson Hotel in New York City

by Katie Sloan May 10, 2022

NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space. The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023. The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row. Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …

May 10, 2022

Development Florida Loans Multifamily Southeast

J.P. Morgan Provides $96.4M Construction Loan for Apartment Tower in Downtown West Palm Beach

by John Nelson May 9, 2022

WEST PALM BEACH, FLA. — J.P. Morgan has provided a $96.4 million construction loan for the development of a 22-story apartment tower in downtown West Palm Beach. The borrower is a joint venture between the developer, Hyperion, and affiliates of Starwood Capital Group and Winter Properties. Located at 201 Clearwater Drive, the unnamed tower will include 457 apartments, 7,000 square feet of ground-floor retail space, a 628-space parking garage and more than 34,000 square feet of indoor and outdoor amenities. Hyperion is expected to begin construction soon, and the development is slated to be open to renters in early 2024.

May 9, 2022

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