Loans

Newmark Brokers Sale of 324-Unit Citizen House Decker Apartments in East Austin

by Taylor Williams January 5, 2022

AUSTIN, TEXAS — Newmark has brokered the sale of Citizen House Decker, a 324-unit apartment community in East Austin. According to Apartments.com, the property was built in 2021 and features one- and two-bedroom units that range in size from 650 to 1,250 square feet. Amenities include a pool, resident clubhouse with a kitchen, coworking spaces, an arcade, fitness center, business center and outdoor grilling areas. Locally based developer Endeavor Real Estate Group sold the asset to Toronto-based Prism Multifamily Group for an undisclosed price. Patton Jones and Andrew Dickson of Newmark brokered the deal. The new ownership will rebrand the property as Spectra Parks. Asia Capital Real Estate provided a $57.8 million bridge loan for the acquisition of the property. Mark Grace and Alison Williams of Walker & Dunlop arranged the debt.

January 5, 2022

Loans Midwest Multifamily Northmarq Wisconsin

Northmarq Arranges $40.2M for Recapitalization of Two Apartment Communities in Wisconsin

by Kristin Harlow January 5, 2022

BROOKFIELD, WIS. — Northmarq has arranged $40.2 million to recapitalize Artisan at Georgetown Square and Foxhaven Apartments in Brookfield near Milwaukee. The borrower completed development of Artisan at Georgetown Square in January 2021. The property includes 99 units that were fully leased at the time of loan closing. Foxhaven was developed in three phases between 1987 and 1994. The borrower acquired the asset in 2000. Brett Hood of Northmarq arranged the financing through Freddie Mac. Loan proceeds for Artisan at Georgetown Square retired a $15.6 million construction loan and returned equity to the borrower. For Foxhaven, the borrower received a $20.4 million loan, which retired maturing agency debt.

January 5, 2022

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $235M Refinancing for Distribution Center in Linden, New Jersey

by Taylor Williams January 5, 2022

LINDEN, N.J. — Cushman & Wakefield has arranged a $235 million loan for the refinancing of Buildings E and G at Linden Logistics Center in Northern New Jersey. The two buildings total approximately 1.3 million square feet. Northwestern Mutual provided the 10-year, fixed-rate loan to the borrower, a partnership between two New Jersey-based firms, Advance Realty Investors and Greek Development. John Alascio, Chuck Kohaut, T.J. Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev of Cushman & Wakefield arranged the financing. Construction of the three-building, 1.6 million-square-foot second phase of Linden Logistics Center is currently underway and expected to be complete in the third quarter.

January 5, 2022

Loans Office Southeast Virginia

CIM Group Provides $148M Loan for Office Campus in McLean, Virginia

by Julia Sanders January 4, 2022

MCLEAN, VA. — A fund managed by CIM Group has provided a $148 million loan to a joint venture between Westbrook Partners and American Real Estate Partners to refinance Highline at Greensboro, a Class A office campus in Tysons Corner. Highline at Greensboro features two 10-story buildings comprising approximately 461,000 square feet of office space, ground floor retail and amenity space and a 1,333-stall underground parking garage. The property recently underwent a renovation including upgrades to the façade, lobbies and common areas, as well as the addition of tenant amenities such as a health club, tenant lounge, outdoor plaza and a 60-person conference center. Located at 8401 and 8405 Greensboro Drive, Highline at Greensboro is situated close to the Metro Silver Line Spring Hill Station, Dulles Toll Road, Interstate 495 and Route 66, as well as downtown Washington, D.C., and Dulles International Airport. The property is also situated adjacent to The Boro, a 3.5 million-square-foot mixed-use development.

January 4, 2022

Build-to-Rent Loans Single-Family Rental Texas

Berkadia Arranges Acquisition Loan for 144-Unit Build-to-Rent Community in Kyle, Texas

by Taylor Williams January 4, 2022

KYLE, TEXAS — Berkadia has arranged an undisclosed amount of acquisition financing for Urbana at Plum Creek, a 144-unit build-to-rent community in the southern Austin suburb of Kyle. The property was built in 2021 within the Plum Creek master-planned development. Homes come in one-, two- and three-bedroom formats and range in size from 632 to 1,246 square feet. Communal amenities include a pet park with washing stations, a pool and an outdoor lounge with a fire pit and grilling spaces. Scott Wadler and Matt Nihan of Berkadia arranged the three-year loan through CrossHarbor Capital Partners on behalf of the buyer, Florida-based Beacon Real Estate Group.

January 4, 2022

Loans Midwest Missouri Office Retail

Emerald Capital Arranges $6M in Financing for Development of Office, Retail Building in St. Louis

by Kristin Harlow January 3, 2022

ST. LOUIS — Emerald Capital Strategic Advisors, an affiliate of Green Street Real Estate Ventures, has arranged financing for Elevation, an office and retail development in St. Louis. Funding includes $6 million in New Market Tax Credits (NMTC) in addition to debt and Property Assessed Clean Energy (PACE) financing. Matt Drinen and Luke Pope of Emerald Capital sourced and closed debt financing with Chicago-based IFF as well as Elm Tree Unity Debt Fund. St. Louis Development Corp. provided a $6 million allocation in NMTC, and US Bank was the NMTC investor. Kingsway Development is the project developer. Elevation will be situated at 4731 Delmar Blvd. within the Fountain Park neighborhood. The project serves as the first development within the planned 207-acre Kingsway District. Elevation will include 5,000 square feet of street-level retail space for Jamba Juice, UPS and The Original Hot Dog Factory, as well as 12,500 square feet of second-floor office space for the Ethical Society of Police and Park Central Development Corp. Simms Building Group is the general contractor and CASCO is the architect. Construction is scheduled to begin this month, with completion slated for January 2023.

January 3, 2022

Loans Massachusetts Multifamily Northeast

Berkadia Provides $64.1M Agency Loan for Refinancing of Boston-Area Multifamily Portfolio

by Taylor Williams January 3, 2022

BOSTON AND CAMBRIDGE, MASS. — Berkadia has provided a $64.1 million Freddie Mac loan for the refinancing of the Brookline Cambridge Portfolio, a collection of five multifamily properties in the Boston area. Two of the properties, Auburn Harris Courtyard and St. Paul Gardens, are located in the Brookline area. The other three — Wendell Terrace, Brattle Arms and John Harvard Apartments — are located across the Charles River in Cambridge. Robert Lipson of Berkadia originated the financing on behalf of the locally based borrower, Chestnut Hill Realty.

January 3, 2022

Loans Multifamily Seniors Housing Washington Western

Blueprint Arranges Refinancing of 160-Bed Seniors Housing Portfolio in Washington State

by Jeff Shaw January 3, 2022

KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the cash-out refinancing for a pair of Green Lake Senior Living Communities, located in the tri-cities area of Washington State. The two communities totaling approximately 160 beds were purchased during COVID as value-add communities from a pair of national operators looking to transition away from operating older, Class C communities. Green Lake Senior Living, a Washington-based owner-operator already in this market, was able to quickly and drastically improve performance through hands-on management and presence at the communities, in conjunction with fully adopting the state’s Medicaid program to make quality care attainable for a wider subset of the local population. VIUM, a national debt fund affiliated with Merchant’s Bank of Indiana, was chosen as the lender. The refinancing was structured to provide meaningful cash out today, an earnout for additional proceeds once the communities are fully stabilized, and a path to a non-recourse execution through HUD.

January 3, 2022

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $9M Loan for Refinancing of Boston Apartment Building

by Taylor Williams January 3, 2022

BOSTON — Cornerstone Realty Capital has arranged a $9 million loan for the refinancing of a 23-unit apartment building in Boston’s historic Washington Street Corridor. The newly constructed building houses studio, one-, two-, three- and four-bedroom units with quartz countertops, stainless steel appliances and tile backsplashes. Cornerstone arranged the loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the buyer, Boston Real Estate Collaborative.

January 3, 2022

California Life Sciences Loans Office Western

Square Mile Capital Arranges $73.9M Loan for Life Sciences, Office Campus in Fremont, California

by Amy Works December 23, 2021

FREMONT, CALIF. — Square Mile Capital Management has originated a $73.9 million loan secured by Ardenwood Life Science Park, a Class A life sciences and office campus in Fremont. Square Mile Capital provided the acquisition financing to a joint venture between Invesco Real Estate and Lincoln Property Company West. Eastdil Secured’s San Francisco office arranged the financing. Originally developed in 2001, the property underwent a comprehensive renovation for lab and office use in 2006. Affiliates of Tyco Electronics Corp. fully occupy the 186,000-square-foot, two-building campus.

December 23, 2021

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