Loans

Mag Mile Capital Arranges $43.1M Construction Loan for New Hotel in Nashville’s West End

by John Nelson August 18, 2022

NASHVILLE, TENN. — Mag Mile Capital has arranged a $43.1 million construction loan for the development of a four-story hotel located at 2221 Elliston Place in Nashville. Situated near Vanderbilt University in the city’s West End submarket, the 184-room hotel will feature a 70-space parking garage and nearly 30,000 square feet of commercial space. Francisco Nacorda of Mag Mile originated the three-year loan through an undisclosed lender on behalf of the borrower, an entity doing business as Elliston Hospitality LLC. The loan features interest-only payments, two one-year extension options, a loan-to-cost (LTC) ratio of 82.5 percent and a 10.35 percent interest rate. The borrower plans to receive the certificate of occupancy for the hotel next summer and reach full stabilization by spring 2024.

August 18, 2022

Build-to-Rent Loans Midwest Missouri Northmarq Single-Family Rental

Northmarq Arranges $23.5M Construction Loan for Build-to-Rent Townhome Development in Missouri

by Kristin Harlow August 18, 2022

CHESTERFIELD, MO. — Northmarq has arranged a $23.5 million loan for the construction of the Terraces at Wildhorse Village in Chesterfield, a western suburb of St. Louis. The 70-unit, luxury build-to-rent project is part of the larger Wildhorse Village, a $500 million mixed-use development. Each of the townhomes will feature three bedrooms spanning 2,250 square feet and include two-car garages. Construction is expected to begin later this summer and be completed in roughly 12 months. David Garfinkel of Northmarq arranged the five-year, fixed-rate loan through regional bank INB. St. Louis-based Pier Property Group (PPG) was the borrower. The Terraces will be located immediately adjacent to the Flats at Wildhorse Village, PPG’s 266-unit luxury apartment development that is slated for completion in fall 2023.

August 18, 2022

Industrial Loans New Jersey Northeast

JLL Arranges $14.5M Loan for Refinancing of Central New Jersey Distribution Center

by Taylor Williams August 18, 2022

EWING, N.J. — JLL has arranged a $14.5 million loan for the refinancing of a 130,000-square-foot distribution center located in the Central New Jersey city of Ewing. The newly built property sits on 22.6 acres and features a clear height of 40 feet, 18 dock-high doors and 32 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan through Nationwide Life Insurance Co. on behalf of the borrower, Herring Properties. At the time of the loan closing, the facility was fully leased to Binsky & Snyder, a provider of mechanical construction services.

August 18, 2022

Loans Multifamily Northeast Pennsylvania Seniors Housing

VIUM Capital Provides $14.3M Bridge Loan for 144-Unit Seniors Housing Community in Pennsylvania

by Taylor Williams August 18, 2022

PENNSYLVANIA — VIUM Capital has provided a $14.3 million bridge-to-HUD loan for the refinancing of a 144-unit seniors housing community in Pennsylvania. The name and address of the property, which provides independent living, assisted living and memory care services, were not disclosed. The undisclosed borrower will use a portion of the proceeds to fund a change in unit mix and other capital upgrades.

August 18, 2022

Development Loans Multifamily New York Northeast

JLL Arranges $176M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams August 17, 2022

NEW YORK CITY — JLL has arranged a $176 million construction loan for a 360-unit multifamily project that will be located at 420 Carroll St. in Brooklyn’s Gowanus neighborhood. Designed by FX Collaborative and Studio Mainer, the transit-served, waterfront building will rise 20 stories and include roughly 27,500 square feet of retail and commercial space. In addition, 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through Bank OZK on behalf of the developer, a joint venture led by The Domain Cos. Completion is slated for December 2024.

August 17, 2022

Loans New York Northeast Office

ACORE Capital Provides $127.5M Loan for Refinancing of Manhattan Office Building

by Taylor Williams August 17, 2022

NEW YORK CITY — ACORE Capital has provided a $127.5 million loan for the refinancing of 77 Water Street, a 26-story office building in Manhattan’s Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Sage Realty and Principal Real Estate Investors that will use a portion of the proceeds to fund capital improvements. William Kaufman Co., the parent company of Sage Realty, originally constructed the 614,000-square-foot building in 1970.

August 17, 2022

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $64.1M Acquisition Loan for Apartment Community in Tampa

by John Nelson August 17, 2022

TAMPA, FLA. — Berkadia has arranged a $64.1 million acquisition loan for Arbors at Carrollwood, a 325-unit apartment community located at 3939 Ehrlich Road in Tampa. Built in 2001 and renovated in 2019, the 15-building property is situated on 56 acres in Tampa’s Carrollwood submarket. Mitch Sinberg, Matthew Robbins, Brad Williamson and Scott Wadler of Berkadia arranged the five-year, floating-rate loan through an unnamed bank on behalf of the borrower, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management LP. Arbors at Carrollwood features one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washers/dryers and kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a resort-style pool; cabanas, fire pits and a summer kitchen; 24-hour fitness center; fenced-in bark park with agility equipment and pet spa; a renovated clubhouse with a Wi-Fi café and business center; and attached and detached garages.

August 17, 2022

Acquisitions Loans South Carolina Southeast Student Housing

Newmark Secures $29M Acquisition Financing for Student Housing Property in Clemson

by John Nelson August 17, 2022

CLEMSON, S.C. — Newmark has secured $29 million in acquisition financing for Cambridge Creek, a 380-bed student housing community near Clemson University. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, Holden Witkoff and Marshall Dickson of Newmark arranged the loan through Synovus Bank on behalf of the borrower, Center Court Mass. Cambridge Creek’s floor plans include two- and three-bedrooms that span up to 1,431 square feet of living space. Amenities include a 5,000-square-foot clubhouse, resort-style pool, fitness studio, cabanas, a coffee bar and a study lounge.

August 17, 2022

Development Life Sciences Loans Massachusetts Northeast

JLL Arranges $230M Construction Loan for Life Sciences Project in Somerville, Massachusetts

by Taylor Williams August 16, 2022

SOMERVILLE, MASS. — JLL has arranged a $230 million construction loan for 15 McGrath Highway, a 262,000-square-foot life sciences project that will be located in the northern Boston suburb of Somerville. The nine-story, transit-served facility will include commercial space and below-grade parking. Completion is slated for late 2024. Brett Paulsrud, Henry Schaffer and Mike Shepard of JLL arranged the nonrecourse loan on behalf of the borrower, a partnership between DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America. Oxford Properties Group provided the financing.

August 16, 2022

Acquisitions Loans North Carolina Seniors Housing Southeast

Ziegler Arranges Acquisition Financing for 203-Unit Seniors Housing Property in Burlington, North Carolina

by John Nelson August 16, 2022

BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns and operates a second CCRC in nearby Greensboro, N.C. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring was installed as operator. Ziegler served as the placement agent for the taxable loans with Pinnacle Bank as the lender. The amount of the financing was not disclosed. In addition to the acquisition, the transaction will fund capital improvements at the campus.

August 16, 2022

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