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Avana Overlook
AcquisitionsLoansMultifamilySoutheastTennessee

CBRE Global Investors Provides $52M Acquisition Loan for Avana Overlook Apartments in Nashville

by Julia Sanders

NASHVILLE, TENN. — A fund sponsored by CBRE Global Investors has provided a $52 million acquisition loan for a 452-unit multifamily property in Nashville. The borrower is a subsidiary of Charleston, S.C.-based Greystar Real Estate Partners. The seller was not disclosed. The property, known as Avana Overlook, is a garden-style apartment located at 727 Bell Road. Built in 1998, the property offers one-, two- and three- bedroom units that include in-unit washers and dryers, private patios and balconies and walk-in closets. Community amenities include two swimming pools with cabanas, a 24-hour fitness center, playground, outdoor grilling area, clubhouse and a dog park. Avana Overlook is situated one mile from Interstate 24 and State Highway 41. The property is 14 miles from downtown Nashville, 7.2 miles from Nashville International Airport and less than two miles from the Century Farms Development, a 310-acre, $1.7 billion mixed-use project currently under construction. Nate Sittema of CBRE’s Charlotte office arranged the loan on behalf of Greystar.

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LoansMidwestMultifamilySeniors HousingWisconsin

Greystone Provides $35M in HUD-Insured Financing for Skilled Nursing Portfolio in Wisconsin

by Kristin Harlow

ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, WIS. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.

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ArizonaLoansMultifamilyWestern

Taylor Street Arranges $3M Bridge Loan for Multifamily Property Acquisition in Tempe

by Amy Works

TEMPE, ARIZ. — Taylor Street Capital Partners has structured a $3 million bridge loan for the acquisition and renovation of a 20-unit apartment community in Tempe. Nick Martinez and Chris Nuccio of Taylor Street closed the loan for the undisclosed borrower. The fixed-rate financing, with interest-only payments, features an 80 percent loan-to-cost ratio. A private lender looking to deploy capital in the Sunbelt markets provided the capital.

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LoansMassachusettsNortheastOffice

EagleBridge Capital Arranges $4.7M Acquisition Loan for Metro Boston Office Building

by Taylor Williams

FOXBOROUGH, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $4.7 million acquisition loan for a 64,319-square-foot office building in Foxborough, a southern suburb of Boston. The two-story building sits on 6.4 acres within Foxborough Business Center. Ted Sidel of EagleBridge Capital placed the debt through a New England-based financial institution on behalf of the undisclosed borrower.

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LoansMultifamilyNew JerseyNortheast

Thorofare Capital Provides $30.8M Loan for Redevelopment of Newark Apartment Tower

by Taylor Williams

NEWARK, N.J. — New Jersey-based Thorofare Capital has provided a $30.8 million loan for the redevelopment of a 25-story apartment tower located at 440 Elizabeth Ave. in Newark. Formerly known as Carmel Towers, the property consists of 216 units within a structure that was originally built in 1969 but has been vacant since 2012. The redevelopment will upgrade the flooring, appliances, fixtures and utility systems of the units. The project will also add enhanced amenities like a gym, bike room and a laundry room. Jonathan Bodner and Emanuel Westfried of Two Bins Capital arranged the loan on behalf of the sponsor, The Chetrit Group.

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IndustrialLoansNew JerseyNortheast

G.S. Wilcox Arranges $29.5M in Financing for Warehouse in South Brunswick, New Jersey

by Taylor Williams

SOUTH BRUNSWICK, N.J. — G.S. Wilcox has arranged two loans totaling $29.5 million for the refinancing of a 449,000-square-foot warehouse in South Brunswick, located in Middlesex County. Gretchen Wilcox and Albert Raymond of G.S. Wilcox arranged the debt through Thrivent Financial on behalf of the borrower, a New Jersey-based family office. The loans were both structured with 15-year terms and fixed interest rates.

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AcquisitionsDistrict of ColumbiaLoansRetailSoutheast

EagleBank Provides $26M Loan for Acquisition, Redevelopment of Mazza Gallerie in D.C.

by Julia Sanders

WASHINGTON, D.C. — EagleBank, a community bank in the Washington, D.C., area, has provided $26 million in acquisition financing for the revitalization of Mazza Gallerie, a landmark retail space in D.C.’s Friendship Heights neighborhood. The borrower, Tishman Speyer, a real estate developer and owner based in New York City, will use the loan to fund both the purchase of the property and the ground-up construction of approximately 350 apartments and 26,000 square feet of ground-floor retail at the site. Barb Mackin, Sameera Rizvi and Jeniffer Mejia of EagleBank originated the loan, the terms of which were not disclosed. Mazza Gallerie is situated on the Wisconsin Avenue retail corridor and is adjacent to the Friendship Heights Metro rail station. The property has access to walkable outdoor amenities and 440,000 square feet of shops and restaurants.

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LoansMidwestMultifamilyOhio

Grandbridge Arranges $8.5M Loan for Refinancing of Apartment Property in Zanesville, Ohio

by Kristin Harlow

ZANESVILLE, OHIO — Grandbridge Real Estate Capital LLC has arranged an $8.5 million loan for the refinancing of Kensington Village Apartments Phase I, a 156-unit property in Zanesville, about 55 miles east of Columbus. Developed in 2007 and 2008, the community sits on 21.3 acres. Amenities include a clubhouse and pool. Ken Bowen and Ben Williams of Grandbridge’s Columbus office arranged the fixed-rate loan through Freddie Mac. The borrower was undisclosed.

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LoansMidwestMultifamilyOhio

Trevian Capital Provides $3.5M Bridge Loan for Multifamily Asset Near Cleveland

by Kristin Harlow

EUCLID, OHIO — Trevian Capital has provided a $3.5 million bridge loan for the acquisition and renovation of a 94-unit apartment complex in Euclid, an inner-ring suburb of Cleveland. The seller, which acquired the garden-style property in 2018 as part of a 3,500-unit portfolio, elected to dispose of the property since it was one of only two assets outside the Columbus market, according to Trevian. Proceeds from the acquisition loan also funded $1.1 million for capital expenditures. The borrower was undisclosed.

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IllinoisLoansMidwestRetail

Maverick Commercial Arranges $2.1M Loan for Two Retail Properties in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Maverick Commercial has arranged a $2.1 million first mortgage loan for two retail properties in Naperville. The first asset at 236 S. Washington St. spans 6,500 net rentable square feet and is leased to Potbelly Sandwich Works and several professional services companies. The second property, located at 116 S. Webster St., spans 8,820 net rentable square feet and is leased to a variety of long-term tenants. The fixed-rate loan features a five-year term and a 25-year amortization schedule. The loan paid off the existing first mortgage, funded a tax and insurance escrow and paid for closing costs.

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