Loans

Phillips Realty Capital Arranges $96.2M in Financing for Two Boston Multifamily Assets

by Taylor Williams June 18, 2021

BOSTON — Maryland-based Phillips Realty Capital has arranged two loans totaling $96.2 million for the refinancing and renovation of a pair of multifamily assets totaling 279 units in Boston. In the first transaction, Voya Commercial Mortgage LLC provided funds for Atrium on the Commonwealth, a 187-unit community near Boston University that was originally built in the 1920s as an assembly plant and dealership for Packard Motors. In the second deal, Hingham Institution for Savings provided financing for the 92-unit Longfellow Apartments near Harvard University in Cambridge. That property was originally built in 1917 and features studio, one-, two- and three-bedroom floor plans. Adam Bieber of Phillips Realty Capital led the debt placement efforts in conjunction with Harmon Handorf, Emily Beeler and Bill Wrench. The borrower was full-service real estate firm The Hamilton Co.

June 18, 2021

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Places $5.2M Perm Loan for Multifamily Building Near Harvard University

by Taylor Williams June 18, 2021

CAMBRIDGE, MASS. — Locally based mortgage banking firm Fantini & Gorga has placed $5.2 million in permanent financing for a 31-unit multifamily building located at 1558 Massachusetts Ave. in the Harvard Square area of Cambridge. The five-story building was originally constructed in the 1920s and sits directly across the street from Harvard Law School. Eastern Mortgage Capital provided the loan, which was structured with a 35-year term and a fixed interest rate. The borrower was not disclosed.

June 18, 2021

California Loans Multifamily Seniors Housing Western

Ziegler Arranges $297M Financing for Ensō Village Seniors Housing Development in Sonoma County

by Amy Works June 17, 2021

HEALDSBURG, CALIF. — Ziegler has arranged $297 million in bond financing for the development of Ensō Village, a continuing care retirement community in the Sonoma County city of Healdsburg. The borrower is Kendal Corp., which is developing the property. The California Public Finance Authority issued the tax-exempt bonds. Ensō Village is located on approximately 16 acres and will feature 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent living apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments. “Clearly the groundbreaking concept of a Zen-inspired retirement community embodying Zen and Quaker values, with a net zero energy footprint that shows care for the planet and for residents, has resonated with depositors,” says Mary Muñoz, senior managing director, Ziegler Senior Living Finance. “The community achieved 95 percent presales in record time, and bond investor appetite for the transaction exceeded all expectations.”

June 17, 2021

Florida Loans Multifamily Southeast

Berkadia Secures $58.7M Refinancing for Advenir at San Tropez Apartments in South Florida

by Julia Sanders June 17, 2021

PEMBROKE PINES, FLA. — Berkadia has secured the $58.7 million refinancing for Advenir at San Tropez, a 480-unit apartment community in Pembroke Pines. Charles Foschini and Christopher Apone of Berkadia originated the Freddie Mac loan on behalf of the borrower, an entity doing business as Advenir at San Tropez LLC. The fixed-rate, seven-year loan was structured with a partial interest-only payment period and a 70 percent loan-to-value ratio. Advenir at San Tropez is located at 7840 NW 3rd St. and was built in 1975. The property has one- and two-bedroom units that range from 625 to 850 square feet. Community amenities include laundry facilities, barbecue and picnic areas and three swimming pools. The apartment community is situated near the Boulevard Heights neighborhood of Pembroke Pines, and adjacent to the property is both the North Perry Airport and Broward College-South Campus. The apartment complex is also 4.8 miles from the Seminole Hard Rock Hotel & Casino and 15 miles from Fort Lauderdale–Hollywood International Airport.

June 17, 2021

Loans New Jersey Northeast Office

New York Life Provides $100M Acquisition Loan for Two Office Buildings in Warren, New Jersey

by Taylor Williams June 17, 2021

WARREN, N.J. — New York Life Real Estate Investors has provided a $100 million acquisition loan for two office buildings totaling 315,086 square feet that are located within the 176-acre Warren Corporate Center office campus in Warren, about 35 miles west of New York City. Both four-story buildings, which are situated on a combined 68 acres, recently underwent capital improvement programs. The loan carried a five-year term and a fixed interest rate. Lucas Borges, Michael Johnson and Matthew Pizzolato of JLL placed the debt on behalf of the borrower, a partnership between Miami-based Exan Capital and Mirabaud Group, an international banking group based in Geneva, Switzerland. Jaime Fink, Kevin O’Hearn and Jose Cruz of JLL represented the seller, a joint venture between affiliates of Rubenstein Partners LP and Vision Real Estate Partners, in the disposition of the two buildings. Warren Corporate Center serves as the headquarters campus of Everest Reinsurance Co. and features amenities such as a fitness center, full-service cafeteria, basketball court and a conference area.

June 17, 2021

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $42.6M Construction Loan for New Jersey Industrial Project

by Taylor Williams June 17, 2021

LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $42.6 million construction loan for the second phase of Logan North Industrial Park, a 3.2 million-square-foot development in the Southern New Jersey community of Logan Township. The funds will finance construction of Buildings A and F, which will measure 164,112 and 326,937 square feet, respectively. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield placed the debt through Wells Fargo on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development. The first phase of the 415-acre project spanned 1.6 million square feet

June 17, 2021

Affordable Housing Illinois Loans Midwest Multifamily

KeyBank Provides $22.6M Bridge Loan for Two Affordable Housing Properties in Chicago

by Kristin Harlow June 17, 2021

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided a $22.6 million bridge loan on behalf of Evergreen Real Estate Group. The loan will be utilized to acquire and preserve two contiguous affordable housing properties totaling 217 units in Chicago. All but two of the units operate with a Housing Assistance Payment contract. The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. David Lacki and Alton Tinker of KeyBank’s CDLI team structured the 18-month loan.

June 17, 2021

Loans New York Northeast Office

Newmark Arranges $350M Loan for Refinancing of Long Island Office Portfolio

by Taylor Williams June 16, 2021

NEW YORK CITY — Newmark has arranged a $350 million loan for the refinancing of a portfolio of 16 office properties totaling approximately 2 million square feet that are located throughout Long Island’s Nassau and Suffolk counties. The portfolio, which includes both traditional and medical office buildings, was 89.3 percent leased at the time of sale. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the floating-rate financing through Barclays and Citigroup on behalf of the borrower, a joint venture between global alternative investment manager Angelo Gordon and locally based developer The We’re Group.

June 16, 2021

Development Loans Mixed-Use New York Northeast

Parkview Financial Provides $90M Construction Loan for Manhattan Mixed-Use Project

by Taylor Williams June 16, 2021

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $90 million construction loan for a 23-story mixed-use project that will be located at 1 Park Row in Manhattan’s Financial District. The 103,000-square-foot building will comprise 58 condos in one-, two- and three-bedroom formats, as well as 19,000 square feet of office space and retail condos. Residential amenities will include a gym, package room, common garden/terrace and a children’s playroom. Demolition is underway on an existing six-story building at the site, and the new project is slated for completion in April 2023. The borrower and developer is 1 Park Row Development LLC, an entity of Circle F Capital. New York-based Fogarty Finger is the project architect, and New York-based MJM Associates Construction is the general contractor.

June 16, 2021

Industrial Loans New York Northeast

3650 REIT Funds $59M Acquisition Loan for Industrial Property in Yaphank, New York

by Taylor Williams June 16, 2021

YAPHANK, N.Y. — 3650 REIT has funded a $59 million acquisition loan for 50 Horseblock, a 491,200-square-foot industrial property in the Long Island community of Yaphank. Built in 1986, the property was fully leased to New Jersey-based drug manufacturer Amneal Pharmaceuticals at the time of sale. Building features include a clear height of 28 feet and 12 loading docks. Adam Licari and Jeff Shriver of Eastdil Secured arranged the 10-year loan on behalf of the borrower, private equity firm New Mountain Capital.

June 16, 2021

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