Loans

Buchanan Mortgage Provides $39M Construction Loan for Apartment Development in Lacey, Washington

by Amy Works October 17, 2022

LACEY, WASH. — Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, has provided a $39 million non-recourse construction loan for the completion of a garden-style multifamily community in Lacey. The borrower is Harbor Custom Development. Upon completion, the 177-unit property will offer a mix of studio, one- and two-bedroom residences with Class A finishes and above-average unit sizes compared to the existing competitive set. Harbor plans to lease the community’s first phase beginning in February 2023 and complete construction in June 2023.

October 17, 2022

Industrial Loans New Jersey Northeast Pennsylvania

Natixis Provides $89.1M Loan for Refinancing of New Jersey, Pennsylvania Industrial Portfolio

by Taylor Williams October 14, 2022

NEW JERSEY — French investment bank Natixis has provided an $89.1 million loan for the refinancing of the Crossings Industrial Portfolio, a collection of 25 buildings totaling roughly 1.2 million square feet that are located throughout Southern New Jersey and Bucks County, Pennsylvania. Specifically, the properties are located in Delran, Bridgeport, Evesham, Cinnaminson and Mount Laurel, New Jersey, and Bristol, Pennsylvania. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the debt. The borrower was Camber Real Estate Partners, an investment firm based in Northern New Jersey.

October 14, 2022

Loans Multifamily Seniors Housing Texas

Colliers Mortgage Arranges $38M Loan for Refinancing of Seniors Housing Property in Bryan, Texas

by Taylor Williams October 13, 2022

BRYAN, TEXAS — Colliers Mortgage has arranged a $38 million loan for the refinancing of an undisclosed seniors housing property in the Central Texas city of Bryan. The property, which is situated within a larger master-planned community, offers 159 assisted living, independent living and memory care units. Corley Audorff, Troon Dowds and Josh Williams of Colliers Mortgage arranged the three-year loan on behalf of the undisclosed borrower.

October 13, 2022

Loans Multifamily Student Housing Texas

iBorrow Provides $11.2M Acquisition Loan for Austin Student Housing Property

by Taylor Williams October 13, 2022

AUSTIN, TEXAS — iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided an $11.2 million acquisition loan for a 140-bed student housing property located at 900 W. 23rd St. near the University of Texas at Austin. According to Apartments.com, the property features three-bedroom units with an average size of 1,104 square feet. The borrower, Hawkwood Ventures LLC, plans to use a portion of the proceeds to fund capital improvements.

October 13, 2022

California Loans Multifamily Western

PSRS Arranges $62.5M Refinancing for Mobile Home Park in Anaheim, California

by Amy Works October 13, 2022

ANAHEIM, CALIF. — PSRS has arrange the $62.5 million refinancing of a mobile home park in Anaheim. Michael Tanner and Tony Messiah of PSRS secured the non-recourse, five-year, interest-only loan through a correspondent life insurance company for the undisclosed borrower. Built in 1977, the property is 98.5 percent occupied and features 387 mobile homes on single and double-wide lots. The property features padded parking spaces, 100 additional visitor parking spaces, paved roads, clubhouses and a community pool and park.

October 13, 2022

Development Loans Mixed-Use North Carolina Office Southeast

Avison Young Arranges $139M Construction Loan for 1000 Social Office Project at Exchange Raleigh

by John Nelson October 13, 2022

RALEIGH, N.C. — Avison Young has arranged a $139 million loan for the construction of 1000 Social, a 12-story trophy office building in Raleigh. The 350,000-square-foot project represents the first phase of vertical construction at The Exchange Raleigh, a $1 billion, 40-acre mixed-use development that will feature nearly 1 million square feet of trophy office space, a park, apartments, stores and restaurants upon full buildout. Wes Boatwright, Michael Yavinsky, Jon Goldstein and Connor Burke of Avison Young’s Structured Finance Group arranged the financing on behalf of the developer, Dewitt Carolinas. The direct lender was not disclosed. The groundbreaking for 1000 Social took place last month, with construction expected to be completed in about 18 months. The new landmark tower will offer 20,000 square feet of ground-floor retail space, outdoor patios, individual bathroom pods on every floor, event center and a parking structure with over 1,500 spaces.

October 13, 2022

Loans Midwest Multifamily Ohio

Northmarq Arranges Two Loans Totaling $6.7M for Refinancing of Multifamily Properties in Cincinnati

by Kristin Harlow October 12, 2022

CINCINNATI — Northmarq has arranged two loans totaling $6.7 million for the refinancing of three multifamily properties in Cincinnati. Madison & Riddle Apartments is a two-property portfolio totaling 72 units. The loan is fully amortized over 25 years. Sutton Place Apartments consists of 59 units and is fully occupied. The seven-year loan features two years of interest-only payments and a 30-year amortization schedule. Noah Juran of Northmarq arranged the loans through a life insurance company.

October 12, 2022

Colorado Loans Multifamily Seniors Housing Western

Ziegler, M&T Partner for $19.5M Refinancing of Carmel Oaks Active Adult Community in Lakewood, Colorado

by Amy Works October 12, 2022

LAKEWOOD, COLO. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carries a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital improvement expenditures and initial equity.

October 12, 2022

Florida Industrial Loans Southeast

JLL Secures $112M Refinancing for South Florida Industrial Portfolio

by John Nelson October 11, 2022

MIAMI — JLL has secured the $112 million refinancing of a 12-property industrial portfolio in South Florida’s Miami-Dade and Broward counties. Jim Cadranell, Gregory Nalbandian, Maxx Carney and Michael Lachs of JLL arranged the seven-year, fixed-rate loan through an unnamed life company on behalf of the borrower, Seagis Property Group LP, which acquired most of the properties in the portfolio in the past two years. The properties in the 895,958-square-foot portfolio include: • 255 NE 181st St. in Miami • 3075 NW 10th Ave. in Doral • 8850 NW 15th St. in Doral • 9700 NW 17th St. in Doral • 10100 NW 25th St. in Doral • 10005 NW 58th St. in Doral • 12800 NW 113th Court in Medley • 3501 Commerce Parkway in Miramar • 1919 NW 19th St. in Fort Lauderdale • 2765 SW 36th St. in Fort Lauderdale • 3400-3406 SW 26th Terrace in Fort Lauderdale • 280 NW 12th Ave. in Pompano Beach

October 11, 2022

Development Loans Seniors Housing Southeast Tennessee

CBRE Arranges Construction Financing for 12-Story Seniors Housing Development in Nashville

by John Nelson October 11, 2022

NASHVILLE, TENN. — CBRE has arranged an undisclosed amount of financing for construction of The Crestmoor at Green Hills, a 12-story seniors housing community in Nashville’s Green Hills neighborhood. A joint venture between Bridgewood Property Co. and Harrison Street are developing the property, which will feature 117 independent living units, 45 assisted living units and 29 memory care units. Aron Will and Tim Root of CBRE National Senior Housing arranged the five-year construction loan through a regional bank. Bridgewood’s wholly owned management company, The Aspenwood Co., will operate the community upon completion.

October 11, 2022

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