Loans

Maverick Commercial Mortgage Arranges $3.5M Acquisition Loan for Two Chicago Industrial Buildings

by Kristin Harlow September 7, 2022

CHICAGO — Maverick Commercial Mortgage Inc. has arranged a $3.5 million loan for the acquisition of two industrial buildings leased to SCR Medical Transportation in Chicago. The building at 8801 S. Greenwood Ave. spans 47,000 square feet, while the property at 8835 S. Greenwood Ave. totals 16,125 square feet. The properties serve as the Chicago headquarters of Beacon Mobility, which acquired SCR Medical Transportation. Benjamin Kadish arranged the five-year loan, which features a fixed interest rate of 4.15 percent. A Midwest-based financial institution provided the loan to the borrower, a Maryland-based national real estate investment firm specializing in single-tenant, net leased industrial properties.

September 7, 2022

Loans Multifamily Oregon Western

Trion Properties Receives $99.2M Recapitalization for Two Multifamily Communities Near Portland, Oregon

by Amy Works September 7, 2022

TIGARD AND BEAVERTON, ORE. — Trion Properties, in partnership with Tokyu Land US Corp., has recapitalized two apartment properties in Tigard and Beaverton totaling 373 units. The properties include Hudson Tigard Apartments, a 227-unit community in Tigard, and Aster Parc Apartments and Townhomes, a 146-unit property at 18745 SW Farmington Road in Beaverton. Trion implemented upgrades, executed rebranding and improved operations in order to increase value since purchasing the assets in 2018 and 2019. Trion acquired Hudson North Apartments and Hudson South Apartments separately in 2018 for $38.1 million and combined them into Hudson Tigard Apartments. The assets were recapitalized for a total of $59.2 million, with a new loan amount of $39.4 million secured through Freddie Mac and serviced by Walker & Dunlop. Hudson North Apartments is located at 10890 SW Canterbury Lane and Hudson South Apartments is located at 10695 SW Murdock St. Aster Parc Apartments and Townhomes, which Trion purchased in two phases in 2018 and 2019 for a total of $20.4 million, was recapitalized for approximately $40 million. The recapitalization involves a new $24 million loan secured through Pacific Premier Bank and an equity partnership formed between Trion and Tokyu Land US Corp.

September 7, 2022

Development Industrial Loans Northeast Pennsylvania

Provident Bank Provides $32.1M Loan for Industrial Redevelopment in Langhorne, Pennsylvania

by Taylor Williams September 6, 2022

LANGHORNE, PA. — Provident Bank has provided a $32.1 million loan for an industrial redevelopment project in Langhorne, located near Philadelphia in Bucks County. The borrower, a partnership between Greek Development and Principal Real Estate Investors, first acquired the site at 900 Wheeler Way in 2006 and subsequently expanded one of the two onsite buildings by 60,000 square feet. The partnership is now demolishing the second building in order to construct a last-mile distribution center with a clear height of 40 feet, truck court depths of 150 feet and parking for 242 cars and 80 trailers. Construction is slated for a second-quarter 2023 completion.

September 6, 2022

Alabama Florida Hospitality Loans Southeast

Mag Mile Capital Arranges $63M Refinancing of Gulf Coast Hotel Portfolio in Alabama, Florida

by John Nelson September 6, 2022

CHICAGO — Mag Mile Capital has arranged a $63 million CMBS loan for the refinancing of a portfolio of nine hotels in the Gulf Coast region of Alabama and Florida. The borrower is A&R Hospitality, an institutional hospitality owner and developer based in Gulf Shores, Ala. The direct lender was not disclosed. The 10-year loan features cash-out proceeds, a loan-to-value ratio of 60 percent, 30-year amortization schedule and four years of interest-only payments. The assets include five hotels in Gulf Shores: Beachside Resort Hotel, Motel 6, Quality Inn, Red Roof Inn and Staybridge Suites. The other four assets include Fairfield Inn & Suites in Orange Beach, Ala.; Home2 Suites in Daphne, Ala.; Home2 Suites in Mobile, Ala.; and Red Roof Inn in Pensacola, Fla.

September 6, 2022

Development Hospitality Loans Texas

HALL Structured Finance Provides $15.3M Construction Loan for Shenandoah, Texas Hotel

by Taylor Williams September 2, 2022

SHENANDOAH, TEXAS — Dallas-based private lender HALL Structured Finance (HSF) has provided a $15.3 million construction loan for a new Hampton Inn & Suites hotel in Shenandoah, about 40 miles north of Houston. The five-story, 106-room hotel will house a fitness center, lobby workstation, outdoor pool, dining area with a full bar and more than 1,000 square feet of meeting and event space. The borrower, Texas-based hospitality developer K&K Hotel Group, expects to complete construction in late 2023. Matt Mitchell of HSF originated the financing.

September 2, 2022

Development Loans Multifamily New York Northeast Office

Brookfield Provides $272.5M Construction Loan for Manhattan Multifamily Conversion Project

by Taylor Williams September 2, 2022

NEW YORK CITY — Brookfield Real Estate Financial Partners has provided a $272.5 million construction loan for a project that will convert a 530,000-square-foot office building at 160 Water Street in Manhattan’s Financial District into a 588-unit apartment community. The redevelopment, a tentative completion date for which was not disclosed, will add six levels to the 24-story building. The new apartment building will feature units with stainless steel appliances, quartz countertops and individual washers and dryers, as well as amenities such as a lobby lounge, coffee bar, fitness center and rooftop deck. Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus of Cushman & Wakefield arranged the loan on behalf of the borrower, Vanbarton Group.

September 2, 2022

Industrial Loans Northmarq Texas

Northmarq Arranges $4.8M Acquisition Loan for Industrial Flex Property in Houston

by Taylor Williams September 1, 2022

HOUSTON — Northmarq has arranged a $4.8 million acquisition loan for an 88,000-square-foot industrial flex property in Houston’s Second Ward district. The crane-served property was originally built on 6.2 acres in 1980 and renovated in 2020. Matt Franke of Northmarq arranged the 10-year, fixed-rate loan, which carried a 25-year amortization schedule, through an undisclosed life insurance company. The name of the Houston-based borrower was also not disclosed.

September 1, 2022

Loans New York Northeast Office

Newmark Arranges $260M Loan for Refinancing of Manhattan Office Building

by Taylor Williams September 1, 2022

NEW YORK CITY — Newmark has arranged a $260 million loan for the refinancing of 75 Rockefeller Plaza, a 627,000-square-foot office building located within Midtown Manhattan’s Plaza District. Office users at 75 Rockefeller Plaza, which was originally constructed in 1947, include WeWork and Bank of America, and American Girl anchors the ground-floor retail space. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the financing through Bank of America and Carlyle Group. The borrower, RXR Realty, originally acquired the leasehold interest in the asset in 2013 and has subsequently invested $150 million in capital improvements. RXR Realty also operates its New York City headquarters out of the building.

September 1, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $10.4M in Construction Financing for Metro Boston Mixed-Income Project

by Taylor Williams September 1, 2022

CHELSEA, MASS. — MassHousing has provided $10.4 million in construction financing for a project that will convert a former light industrial site in the northeastern Boston suburb of Chelsea into a 62-unit mixed-income complex. Units will come in one-, two- and three-bedroom formats and will be reserved for renters earning up to 30, 60 and 90 percent of the area median income (AMI). In addition, six units will be available for purchase by households that are first-time homebuyers earning up to 80 or 100 percent of AMI. The borrower is nonprofit organization The Neighborhood Developers. NEI General Contracting is constructing the project, and Utile Architecture & Planning is designing it. A tentative completion date was not disclosed. WinnCos. will manage the property.

September 1, 2022

Development Illinois Industrial Loans Midwest

Logistics Property Co. Receives $150M Construction Loan for Multi-Story Warehouse in Chicago

by Kristin Harlow September 1, 2022

CHICAGO — Logistics Property Co. (LPC) has received a $150 million loan for the construction of a multi-story warehouse at 1237 W. Division St. in Chicago. The project will span 1.2 million square feet of logistics space across two floors. Plans call for both rooftop parking and an adjacent five-story parking garage. The development will include direct loading on both the first and second floors, each with a 135-foot truck court. The first floor will feature a clear height of 36 feet, 28 dock doors and two drive-in doors. The second floor, which will be accessible by 53-foot tractor trailers via separate up and down ramps, will feature a clear height of 33 feet, 28 dock doors and two drive-in doors. The project marks the first multi-story warehouse in Chicago, according to LPC. A timeline for completion was not disclosed. Wells Fargo led the financing, along with Inland Bank and Trust and Associated Bank. Michael Svets and Jeff Goodman led the financing on behalf of Wells Fargo.

September 1, 2022

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