Loans

KeyBank Arranges $191M Refinancing for Five-Property Wasatch Group Multifamily Portfolio

by Amy Works March 9, 2022

LOGAN, UTAH — KeyBank Real Estate Capital has arranged $191 million in life company loans for the Wasatch Group, a fully integrated real estate development, construction, property management and guaranty capital company based in Logan. The loans will refinance debt on five apartment communities across the Rocky Mountains and Western United States. The portfolio comprises 1,398 units in Arizona, California, Colorado and Utah. Brian Caudel, Mike Keach, Greg Halvorson and Jack Tidrick of KeyBank structured the financing, which includes loans with seven-year, full-term interest-only structures and a 2.62 percent interest rate.

March 9, 2022

Loans Multifamily South Carolina Southeast

KeyBank Secures $40M Refinancing for Multifamily Property in Charleston

by Julia Sanders March 9, 2022

CHARLESTON, S.C. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for the refinancing of Paxton Pointe Hope Apartments, a 274-unit community in Charleston. Hayley Suminski of KeyBank structured the financing for the Framingham, Mass.-based borrower, VTT Management. The fixed-rate loan features five years of interest-only payments. Built in 2018 on more than 20 acres, Paxton Pointe Hope is a low-rise apartment complex featuring 12 three-story residential buildings. The property offers studios, one-, two- and three-bedroom floorplans. Unit features include patios or balconies, designer kitchens, full-size laundry appliances and walk-in closets. Community amenities include a saltwater pool, recreation room, fitness center and a fenced dog park.

March 9, 2022

Loans Multifamily Oregon Seniors Housing Western

Ziegler Arranges $58.4M Financing for Capital Manor Seniors Housing Community in Salem, Oregon

by Amy Works March 8, 2022

SALEM, ORE. — Ziegler has arranged $58.4 million in bond financing for Capital Manor, a continuing care retirement community (CCRC) in Salem. Capital Manor features 302 independent living units and 83 residential care beds with an additional 34 memory care beds. Life Care Services has operated the community since 2010. The financing will refund bonds from 2012 while funding a renovation project that will include a new façade and refreshed common areas. “It has been exciting to see Capital Manor, under Life Care Services’ leadership, execute a major operations turnaround, expand its living options, add memory care services, and beautify and expand its activity and hospitality areas,” says Mary Muñoz, senior managing director at Ziegler.

March 8, 2022

Illinois Loans Midwest Multifamily Northmarq Seniors Housing

Northmarq Arranges $19.2M Loan for Refinancing of Senior Living Community in Suburban Chicago

by Kristin Harlow March 8, 2022

OAK BROOK, ILL. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The seniors housing property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.

March 8, 2022

Florida Loans Multifamily Southeast

Pensam Capital Receives $32M Refinancing for Multifamily Property in Metro Orlando

by Julia Sanders March 8, 2022

OVIEDO, FLA. — Miami-based Pensam Capital has received $32 million for the recapitalization of Promenade at Aloma, a 233-unit multifamily community located in Oviedo, about 13.5 miles from Orlando. Charles Foschini and Christopher Apone of Berkadia originated the Freddie Mac loan. The 10-year, fixed-rate loan was underwritten with full-term interest-only payments and a loan-to-value ratio of 65 percent. Built in 1998, Promenade at Aloma features 26 two- and three-story buildings on an 18-acre site. The property offers one-, two- and three-bedroom floorplans ranging from 908 square feet to 1,268 square feet. Unit features include ceiling fans, vinyl plank and carpet flooring, laminated countertops and cabinetry, walk-in linen closets and a breakfast bar. Select units have built-in shelving and washers and dryers. Community amenities include a pool, spa, clubhouse with Wi-Fi, fitness center, tennis court, jogging trail, sand volleyball court and a car care area. Located at 2785 Chaddsford Circle, the property is situated five miles from the University of Central Florida, 6.2 miles from the Valencia College’s East Campus and 19.7 miles from Orlando International Airport. The property is also close to Central Florida Research Park, Quadrangle Office Park and downtown Orlando.

March 8, 2022

Loans Multifamily North Carolina Northmarq Southeast

Northmarq Secures $23.2M Acquisition Loan for Two Multifamily Properties in Winston-Salem

by Julia Sanders March 8, 2022

WINSTON-SALEM, N.C. — Northmarq has secured $23.2 million in acquisition financing for two multifamily properties in Winston-Salem. The lender and borrower were not disclosed. The two properties, Villas at the Vineyard and Townhomes at Little Creek, have a combined 229 units. The properties are located one mile apart from each other and are located close to downtown Winston-Salem with access to Interstate 40. The properties were renovated in 2020. Built in 1970, Villas at the Vineyard is a 134-unit apartment community located at 3401 Old Vineyard Road. Unit features include high-speed internet access, in-unit washers and dryers, ceiling fans and fireplaces. Community amenities include a pool, fitness center, laundry facilities, package service, onsite maintenance and property management, a pet play area, clubhouse, fitness center, sundeck, courtyard, grills and a picnic area. Built in 1966, Townhomes at Little Creek is a 95-unit multifamily community located at 4340 Johnsborough Court. Unit features include in-unit washers and dryers, hardwood floors and garbage disposals. Community amenities include laundry facilities, onsite maintenance and property management, a pet play area, clubhouse, pool and grills.

March 8, 2022

Affordable Housing Connecticut Loans Multifamily Northeast Walker & Dunlop

Walker & Dunlop Provides $302.2M Agency Loan for Refinancing of Connecticut Multifamily Portfolio

by Taylor Williams March 8, 2022

BETHESDA, MD. — Walker & Dunlop has provided a $302.2 million Freddie Mac loan for the refinancing of a portfolio of 10 multifamily properties totaling 2,286 units in central Connecticut. The properties have construction dates ranging from 1926 to 2008. About 75 percent of the units have income restrictions that qualify them as affordable housing under FHA guidelines. Taylor Williams led a Walker & Dunlop team that originated the financing on behalf of the borrower, New York City-based Beachwold Residential.

March 8, 2022

Acquisitions Hospitality Loans New York Northeast

Premier Hotels Acquires 213-Room Hotel @ Times Square in Manhattan

by Taylor Williams March 8, 2022

NEW YORK CITY — Hospitality owner-operator Premier Hotels has acquired Hotel @ Times Square, a 213-room property in Midtown Manhattan. The hotel, which was renovated in 2021, also houses 10,000 square feet of retail space and 8,000 square feet of office space. Cronheim Mortgage arranged $41.2 million in acquisition financing through an undisclosed direct lender on behalf of Premier Hotels for the transaction. The seller was also not disclosed.

March 8, 2022

Industrial Loans New Jersey Northeast Pennsylvania

JLL Arranges $22M Acquisition Loan for Philadelphia-Area Light Industrial Portfolio

by Taylor Williams March 8, 2022

PHILADELPHIA — JLL has arranged a $22 million acquisition loan for a portfolio of six light industrial properties totaling 251,922 square feet in the Philadelphia area. Specifically, the properties are located in Pennsauken, Moorestown and Marlton, N.J., and Boothwyn and Reading, Pa. The properties are primarily leased to electronics manufacturer Syscom Tech and industrial machinery provider Flowserve Corp. Steven Klein, Michael Klein and Ryan Carroll of JLL arranged the nonrecourse loan through Ready Capital on behalf of the borrower, Wharton Industrial, an affiliate of New York City-based Wharton Equity Partners. The loan was structured with a floating interest rate and a four-year term.

March 8, 2022

Delaware Industrial Loans Northeast

IPA Arranges $138M Loan for Refinancing of Industrial Portfolio in New Castle, Delaware

by Taylor Williams March 7, 2022

NEW CASTLE, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $138 million loan for the refinancing of a portfolio of 14 industrial properties spanning 2.2 million square feet in New Castle. James Conley and Neil Campbell of IPA arranged the loan through Barclays and Citibank on behalf of the undisclosed borrower.

March 7, 2022

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