Loans

MRP Realty, Barings Obtain $69.4M Construction Loan for Multifamily Development in D.C.

by John Nelson June 22, 2022

WASHINGTON, D.C. — A joint venture between MRP Realty and Barings has received a $69.4 million construction loan for Phase III of Washington Gateway, a mixed-use development in Washington, D.C.’s NoMa district. Eastdil Secured arranged the loan through Santander Bank. Located at 202 Florida Ave. NE, the third phase will comprise a 16-story high-rise called The 202 that features 254 apartment and 3,800 square feet of retail space. The property will include a mix of studio, one- and two-bedroom apartments with 10-foot ceilings, designer kitchens and high-end finishes. Amenities will include a rooftop clubroom, pet facilities, fitness center, shared workspaces and a direct connection to the Metropolitan Bike Trail. The previous phases of Washington Gateway included Elevation at Washington Gateway that delivered in 2014 and The Burton, which delivered in December 2021 and is currently in lease-up. MRP Realty and Barings plan to break ground on The 202 in August. Bozzuto Management will oversee the leasing and management of the property.

June 22, 2022

California Development Industrial Loans Western

JLL Arranges $210M Construction Loan for Ontario Ranch Business Park in Ontario, California

by Amy Works June 22, 2022

ONTARIO, CALIF. — JLL Capital Markets has arranged $210 million in construction financing for the development of the first phase of Ontario Ranch Business Park, a Class A industrial project currently under construction in Ontario. A joint venture between Newport Beach-based Real Estate Development Associates (REDA) and an industrial fund managed by Clarion Partners is building the asset. Once complete, Ontario Ranch Business Park will feature seven buildings totaling 1.7 million square feet with 30- to 40-foot clear heights, 287 loading positions and 775 parking stalls. The Home Depot hasp preleased the largest building, totaling 1.1 million square feet. Located at the intersection of Euclid and Eucalyptus avenues, the project offers direct access to Interstate 15, State Route 71 and California 60. Brian Top, Peter Thompson, Samuel Godfrey and Jordan Leake of JLL Capital Markets Debt Advisory team secured the three-year, floating-rate, interest-only, nonrecourse loan with a national bank for the borrower.

June 22, 2022

Acquisitions Kentucky Loans Southeast

Colliers Mortgage Provides Acquisition Loan for Brookefield Apartments in Elizabethtown, Kentucky

by John Nelson June 21, 2022

ELIZABETHTOWN, KY. — Colliers Mortgage has provided a Fannie Mae acquisition loan for Brookefield Apartment Homes, a 91-unit, market-rate multifamily community in Elizabethtown. Built in 2020, the property features attached garages, 24-hour emergency maintenance, a clubhouse, pool, fitness center, dog park and a pet wash station. Colliers Mortgage and partner Old Capital Lending provided the undisclosed amount of financing to the borrower, an entity doing business as BFA202 LLC. The 10-year loan features a 30-year amortization schedule.

June 21, 2022

California Development Hospitality Loans Western

Arriba Capital Closes $40.5M Construction Loan for Two Hotels in Woodland, California

by Amy Works June 21, 2022

WOODLAND, CALIF. — Arriba Capital has closed a $40.5 million ground-up construction loan for two adjacent hotel properties in Woodland. The three-year loan was features an 80 percent loan-to-cost ratio. The two hotel developments include a four-story, 95-room, extended-stay Home2 Suites by Hilton and a five-story, 109-room Courtyard by Marriott. Details of the financing, including the borrower’s name, were not released.

June 21, 2022

Development Loans Multifamily Texas

Fifth Third Bank, Pearlmark Provide Construction Financing for 336-Unit Dallas Apartment Community

by Taylor Williams June 20, 2022

DALLAS — Fifth Third Bank and Chicago-based Pearlmark have provided construction financing for Resia National Dallas, a 336-unit apartment community that will be located in the North Oak Cliff/West Dallas submarket. The property will feature one-, two- and three-bedroom units, including 17 affordable housing residences. Amenities will include a pool, fitness center and a business center. Fifth Third Bank provided a senior loan of an undisclosed amount, and Pealmark originated the $11.1 million junior loan. The borrower was Miami-based Resia, formerly known as AHS Residential. Completion is slated for the third quarter of 2023.

June 20, 2022

Loans Multifamily Texas

Lument Provides Five Agency Loans Totaling $16.1M for Texas Multifamily Assets

by Taylor Williams June 20, 2022

NEW YORK CITY — Lument has provided five Freddie Mac loans totaling $16.1 million for the refinancing of four multifamily properties totaling 312 units in Texas. Three of the properties are located in Amarillo, and one is in Wichita Falls. Owen Breheny led the transaction for Lument on behalf of the borrower, Trans Pacific Construction Inc. Doug Solether of Commercial Real Estate Finance Co. of America served as the correspondent broker on the deal.

June 20, 2022

Industrial Loans Northeast Pennsylvania

CIT Provides $17M in Construction Financing for Two Industrial Projects in Hazleton, Pennsylvania

by Taylor Williams June 20, 2022

HAZLETON, PA. — CIT, a division of First Citizens Bank, has provided $17 million in construction financing for two industrial projects in Hazleton, located roughly midway between Scranton and Allentown. The sites are located within the 3,000-acre Humboldt Park and can support Class A developments of 105,000 and 115,000 square feet. The borrower was Saxum Real Estate.

June 20, 2022

Industrial Loans Midwest Nebraska Self-Storage

MMCC Arranges $7.2M Loan for Refinancing of Self-Storage Facility in Suburban Omaha

by Kristin Harlow June 20, 2022

LA VISTA, NEB. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of an All About Storage property located at 11109 Olive St. in the Omaha suburb of La Vista. Built in 2005, the self-storage facility features 780 units, 83 percent of which are occupied. Phillip Gause of MMCC arranged the 10-year loan, which features a loan-to-value ratio of 60 percent and an interest rate of 4.1 percent. The lender was undisclosed.

June 20, 2022

Loans Multifamily Texas

NewPoint Provides $14M Acquisition Loan for Dallas Apartment Complex

by Taylor Williams June 17, 2022

DALLAS — NewPoint Real Estate Capital has provided a $14 million bridge loan for the acquisition of Chesapeake Apartments, a 127-unit multifamily complex in northeast Dallas that was built in 1982. The property offers one- and two-bedroom units, two pools and a business center. The interest-only loan carries a floating interest rate and an initial two-year term with three one-year extension options. Vincent Langan of NewPoint originated the financing, which John Brickson of McKinney Realty Capital arranged. The borrower, a partnership between GBB Multifamily, Admirable Group and Prime Investment Holdings, will use a portion of the proceeds to fund capital improvements.

June 17, 2022

Loans Multifamily Seniors Housing Texas

Greystone Provides $12.7M Acquisition Loan for Metro Dallas Skilled Nursing Facility

by Taylor Williams June 17, 2022

ROCKWALL, TEXAS — Greystone has provided a $12.7 million bridge loan for the acquisition of Highland Meadows Health & Rehab, a 120-bed skilled nursing facility in Rockwall, an eastern suburb of Dallas. The property offers private and semi-private residential units, as well as a salon and a library. D.J. Elefant of Greystone originated the nonrecourse, interest-only loan, which carries a 24-month term with one 12-month extension option. Helios Healthcare Advisors arranged the loan on behalf of the borrower, HACO Properties Inc.

June 17, 2022

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