Loans

CBRE Places $32.5M in Financing for Seattle South Lake Union Office Building

by Amy Works May 24, 2022

SEATTLE — CBRE, on behalf of Swift Real Estate Partners, has placed $32.5 million in financing for 425 Pontius, an office building located in Seattle’s South Lake Union neighborhood. The borrower acquired the property in March 2022. Swift Real Estate Partners will use the financing for the acquisition and renovation of the four-story, 75,000-square-foot office building. The property features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 and underwent a lobby renovation in 2018. Swift plans to reposition the asset into creative office space and renovate the exterior and make cosmetic upgrades to the lobby, elevators and common areas. Mike Walker and Brad Zampa of CBRE’s San Francisco office, alongside Jeff Henderson in the Seattle office, arranged the four-year, floating-rate loan through an undisclosed West Coast-based bank. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller, a local private partnership, in the sale of the property in March.

May 24, 2022

California Loans Retail Western

Gantry Arranges $24M Loan for Refinancing of Southern California Retail Center

by Amy Works May 24, 2022

MOORPARK, CALIF. — San Francisco-based mortgage banking firm Gantry has arranged a $24 million bridge loan for the refinancing of Village at Moorpark, a retail center located at 706-790 Los Angeles Ave. in Moorpark. Amazon Fresh, Dover Saddlery and other local, regional and national tenants occupy the 129,000-square-foot property. Mark Ritchie and Austin Ridge of Gantry’s Los Angeles office arranged the financing on behalf of the borrower, a private real estate investor. An investment management platform firm provided the loan, which features earn-out provisions with holdbacks tied to future performance milestones and extensions.

May 24, 2022

Development Hospitality Loans Multifamily New Jersey Northeast

Parkview Financial Provides $21.5M Loan for Hotel Conversion Project in Newark

by Taylor Williams May 24, 2022

NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $21.5 million loan for the acquisition and conversion of a 13-story vacant hotel located at 810 Broad St. in Newark. The borrower, a subsidiary of Winchester Equities LLC, plans to transform the property, which was originally constructed in 1912 as the headquarters of First National State Bank, into a multifamily complex. Upon completion, which is slated for late 2022, the property will house 106 apartments in studio and one-bedroom formats and a 7,500-square-foot restaurant.

May 24, 2022

Aaron Porter, NAI Global, Interest Rate Capital Markets group quote

Content Partner Features Healthcare Industrial Loans Midwest Multifamily NAI Northeast Office Southeast Texas Western

Rising Interest Rates and Inflation to Fuel Change in Property Markets

by Sarah Daniels May 24, 2022

Beginning in the fourth quarter of 2020, commercial real estate buyers and sellers moved off the sidelines and began fueling an impressive investment sales rebound as many pandemic-related lockdowns and restrictions eased or ended. The rush to purchase hard assets hit its apex a year later when commercial property sales surged to a record $362 billion in the fourth quarter of 2021 alone, according to Real Capital Analytics, a part of MSCI Real Assets that tracks property transactions of $2.5 million or more. The strong market is continuing this year: Deals of $170.8 billion closed in the first quarter, a year-over-year increase of 56 percent, Real Capital reports. Buyers in the first quarter also pushed up prices 17.4 percent over the prior year, according to Real Capital’s Commercial Property Price Indices (CPPI). But given rising interest rates and other recent headwinds, will investors continue to drive robust investment activity and bid up prices? The 10-Year Treasury yield has spiked some 150 basis points to around 3 percent since the beginning of 2022, and fixed 10-year mortgage rates of between 3 percent and 4 percent are up about 100 basis points. For short-term variable loans, the benchmark secured overnight financing rate …

May 24, 2022

Loans Multifamily Texas

Lument Provides $22.6M Acquisition Loan for Junction Apartments in Arlington

by Taylor Williams May 23, 2022

ARLINGTON, TEXAS — Lument has provided a $22.6 million bridge loan for the acquisition of The Junction, a 252-unit apartment community in Arlington. The garden-style property was built in 1970 and comprises 28 buildings, a leasing office and a laundry facility. Amenities include a pool, outdoor grilling areas, dog park and a playground. The sponsor, American Ventures, plans to use a portion of the proceeds to fund capital improvements. Ted Nasca led the transaction for Lument.

May 23, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $205M in Financing for 10 Affordable Seniors Housing Communities

by Taylor Williams May 23, 2022

BOSTON — MassHousing has provided $205 million in financing for 10 affordable seniors housing communities totaling 931 units that are located in various parts of Massachusetts. The borrower, Providence Realty Investment LLC, will use the proceeds to refinance existing debt and preserve affordability. Providence Realty Investment previously utilized $125 million from MassHousing to purchase the communities in 2011. At that time, nearly a third of the 931 apartments involved were at risk of being converted to market rents and being lost from the state’s inventory of affordable housing. That transaction ensured that rents at the 10 properties would remain affordable for lower-income renters for at least 60 years. Rockport Mortgage worked on behalf of Provident Realty to place the loan with MassHousing.

May 23, 2022

Industrial Loans Michigan Midwest

Alliant Provides $16M Loan for Refinancing of Industrial Building in Sterling Heights, Michigan

by Kristin Harlow May 23, 2022

STERLING HEIGHTS, MICH. — Alliant Credit Union has provided a five-year, $16 million loan for the refinancing of a 370,656-square-foot industrial building in Sterling Heights, about 20 miles north of downtown Detroit. The property includes 47,856 square feet of office space. The borrower was a private investor group that closed an original loan with Alliant in December 2017.

May 23, 2022

Colorado Industrial Loans Office Western

Good Investment Partners Receives $27M Acquisition Loan for Boulder Industrial, Office Portfolio

by Amy Works May 23, 2022

BOULDER, COLO. — Good Investment Partners (GIP) has received a $27 million loan for the acquisition of a light industrial and office portfolio comprising six properties in Boulder. The single- and multi-tenant buildings are located at 6797, 6837 and 6899 Winchester Circle and 4695, 4697 and 4699 Nautilus Court. Completed between 1982 and 2001, the portfolio was 87.8-percent leased to 23 tenants at the time of the loan closing. The buildings offer clear heights ranging from 13.6 to 20.5 feet, high office finishes, 21 grade-level doors, 19 dock-high doors and ample parking. GIP plans to enhance the properties, which total 184,462 square feet, serve small- to mid-sized companies in the market. Jason Carlos and William Haass of JLL Capital Markets arranged the floating-rate loan through Argentic Investment Management.

May 23, 2022

Colorado Loans Retail Western

JLL Arranges $54M Loan for Refinancing of Retail Portfolio in Denver, Fort Collins Areas

by Amy Works May 20, 2022

ARVADA, AURORA, DENVER AND FORT COLLINS, COLO. — JLL has arranged a $54 million loan for the refinancing of a four-property, 436,055-square-foot retail portfolio in Denver and Fort Collins. The borrower is Denver-based Gart Properties. Eric Tupler of JLL placed the 10-year, fixed-rate loan with an undisclosed life insurance company. Gart used the proceeds from the nonrecourse loan to retire existing debt and to realize significant value that has been created through the renovation and repositioning of the assets, including strategic leasing and management over several years. The portfolio includes Indian Tree Shopping Center at 7705-7739 Wadsworth Blvd. in Arvada; Saddle Rock Village at 7400 S. Gartrell Road in Aurora; Micro Center Shopping Center at 8800 E. Quincy Ave. in Denver; and Pavilion Shopping Center at 4200-4372 S. College Ave. in Fort Collins. Constructed between 1974 and 2005, the portfolio was 92.5 percent leased at the time of closing. Current tenants include Sprouts Farmers Market, Super Target, Ace Hardware, Anytime Fitness, Christy Sports, Hand & Stone, Michaels, Micro Center, Natural Grocers, Sherwin-Williams and T.J. Maxx.

May 20, 2022

Development Florida Loans Mixed-Use Multifamily Retail Southeast

Aztec Group Arranges $81M Construction-to-Perm Loan for Metro Miami Mixed-Use Development

by John Nelson May 20, 2022

HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing loan. Upon completion, Residences and Shoppes of Highland will feature 244 garden-style apartments in four- and five-story buildings and a shopping center spanning 190,000 square feet. The retail component will house a Publix grocery store and Publix Liquors, HomeGoods, dd’s Discounts, Burlington, Five Below, Famous Footwear and Taco Bell, among others. Sitework has already commenced on the 70-acre project, which is scheduled for completion in the third quarter of 2023.

May 20, 2022

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