Loans

Scope Capital Arranges $17.7M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams February 24, 2022

PHILADELPHIA — Locally based financial intermediary Scope Capital Group has arranged a $17.7 million construction loan for Box Factory Lofts, a 63-unit multifamily project that will be located in Philadelphia’s Fishtown neighborhood. Designed by SITIO Architecture + Urbanism, Box Factory Lofts will house studio, one- and two-bedroom units, as well as 1,100 square feet of commercial space. Construction is slated for a mid-2023 completion. Edward Brown of Scope Capital Group arranged the loan, which carried a 24-month term and an 80 percent loan-to-cost ratio, through a local community bank on behalf of the undisclosed, locally based borrower/developer.

February 24, 2022

Healthcare Indiana Loans Midwest

BMO Harris Bank Provides $18.2M Acquisition Loan for Medical Office Building in Fort Wayne

by Kristin Harlow February 24, 2022

FORT WAYNE, IND. — BMO Harris Bank’s healthcare real estate finance group has provided an $18.2 million loan for the acquisition of a 58,000-square-foot medical office building in Fort Wayne. The property is fully leased. Lutheran Health Network, an affiliate of Community Health Systems, is the anchor tenant. Caddis was the borrower. Loan terms were not released.

February 24, 2022

Loans Multifamily Northeast Pennsylvania Student Housing

iBorrow Provides $52M Loan for Refinancing of Philadelphia Student Housing Property

by Taylor Williams February 23, 2022

PHILADELPHIA — iBorrow, a commercial bridge and direct lender, has provided a $52 million loan for the refinancing of The Edge Student Village, a 798-bed student housing property that serves students at Temple University in Philadelphia. Completed in 2006, the 12-story building’s units feature several different floor plans, and its amenities include a fitness center, community kitchen, lounge areas and study spaces. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.

February 23, 2022

Loans Multifamily Northeast Pennsylvania

White Oak, HIMCO Refinance 180-Unit Multifamily Property in Lansdale, Pennsylvania

by Taylor Williams February 23, 2022

LANSDALE, PA. — A joint venture between Ohio-based White Oak Partners and Hartford Investment Management Co. (HIMCO) has refinanced Flats at Lansdale, a 180-unit multifamily property located northwest of Philadelphia in Montgomery County. Built in 2014, the property features units with an average size of 1,053 square feet that are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, cyber lounge, movie theater and a dog park. Jamie Leachman, Paul Smith and Medina Spiodic of JLL arranged the five-year, fixed-rate loan, the amount of which was not disclose, through Wells Fargo on behalf of the joint venture.

February 23, 2022

Loans Massachusetts Multifamily Northeast Seniors Housing

MassDevelopment Issues $10.3M Bond Financing for Acquisition of Metro Boston Apartments

by Taylor Williams February 23, 2022

CAMBRIDGE, MASS. — MassDevelopment has issued $10.3 million in tax-exempt bond financing to Putnam School Apartments LLC, an affiliate of the Cambridge Housing Authority. The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted to multifamily in 1983; most of the housing units have not been updated since. Renovations will include upgrading mechanical, electrical, plumbing and ventilation systems, as well as installing new flooring, lighting, cabinets, counters, fixtures and appliances within the units.

February 23, 2022

Affordable Housing Illinois Loans Midwest Multifamily

Associated Bank Provides $20M Acquisition Loan for Illinois Affordable Housing Community

by Kristin Harlow February 22, 2022

ST. CHARLES, ILL. — Associated Bank has provided a $20 million loan for the acquisition of Carroll Tower Apartments in St. Charles, about 40 miles west of Chicago. The affordable housing community is located at 200 N. Second St. along the Fox River. The six-story property is home to 108 one-bedroom units that are fully occupied. Units are restricted to low-income residents who are 62 years of age or older. Teresa Rubio of Associated Community Development LLC managed the loan and closing. The borrower, 3 Diamond Development LLC, plans to preserve the property’s affordability status.

February 22, 2022

Loans Multifamily Texas

Ready Capital Closes $14.3M Acquisition Loan for North Austin Multifamily Property

by Taylor Williams February 22, 2022

AUSTIN, TEXAS — New York City-based Ready Capital has closed a $14.3 million loan for the acquisition, renovation and stabilization of an unnamed, 112-unit apartment complex in North Austin. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

February 22, 2022

Loans Multifamily Texas

Terrydale Capital Arranges $12.6M Acquisition Loan for Dallas Multifamily Portfolio

by Taylor Williams February 22, 2022

DALLAS — Dallas-based Terrydale Capital has arranged a $12.6 million acquisition loan for a portfolio of three multifamily properties totaling 108 units that are located in Old East Dallas. Culby Culbertson of Terrydale Capital arranged the three-year loan, which carried a 4.5 percent fixed interest and an 80 percent loan-to-value ratio. The names of the properties and the borrower were not disclosed.

February 22, 2022

Florida Hospitality Loans Southeast

TrueRate Services Arranges $42M Refinancing of Reunion Resort in Metro Orlando

by Julia Sanders February 21, 2022

KISSIMMEE, FLA. — TrueRate Services has arranged a $42 million loan on behalf of Kingswood International for the refinancing of The Reunion Resort in Kissimmee, about 22.6 miles from Orlando. Dan Gorczycki and Peter Stobierski of TrueRate Services secured the capital from an undisclosed New York-based finance company. The $42 million financing included a $34 million loan from Hillcrest Finance and an $8 million mezzanine loan from Trawler Capital. Both loans had three-year terms with two one-year options. Located at 7593 Gathering Drive, The Reunion Resort spans over 2,000 acres off Interstate 4. Resort amenities include three golf courses, tennis courts and academy, a spa and fitness center, 25,000 square feet of conference facilities, seven restaurants, 11 swimming pools and a five-acre water park. The Reunion Resort owns 25 villas, but an additional 271 villas and 87 homes participate in the resort’s rental management program. Since purchasing the property in early 2019 from LRA Orlando LLC, the previous owner invested $9 million in renovations. The loan proceeds will be used to pay off the existing acquisition loan, relocate golf holes and expand the water park.

February 21, 2022

Colorado Development Hospitality Loans Multifamily Western

Parkview Financial Provides $42.5M Loan for Acquisition, Redevelopment of Hotel Elegante in Colorado Springs

by Amy Works February 21, 2022

COLORADO SPRINGS, COLO. — Parkview Financial has provided a $42.5 million loan to Austin, Texas-based Shir Capital for the purchase, redevelopment and repositioning of Hotel Elegante, a hotel at 2886 S. Circle Drive in Colorado Springs. Built in 1974 on 17 acres, Hotel Elegante features 496 guest rooms, a conference center, restaurant, pool and lounge. With the sale complete, Shir Capital has a planned phased renovation for the common areas, as well as the conversion of the rooms to studio apartments over the next 24 months. Working within the current room layouts, Shir Capital will add kitchenettes and closets, and perform upgrades to modernize the rooms. The units are approximately 350 square feet and all utilities will be included in the rent. Additionally, the 29,600-square-foot conference center will be converted into self-storage, which a third-party operator will manage. Malcomb Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners arranged the financing on behalf of the borrower.

February 21, 2022

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