Loans

Exclusive France Media Survey Shows Lenders Are Placing Their Bets on Multifamily, Industrial Sectors

by Taylor Williams February 2, 2022

By Matt Valley An overwhelming percentage of direct lenders and financial intermediaries believe the multifamily and industrial sectors provide the most attractive financing opportunities for the lending community today, according to France Media’s 11th annual reader forecast survey. Conversely, the hotel and office sectors offer the least attractive financing opportunities, say survey participants. More specifically, 83 percent of participants in the email survey conducted between Nov. 19 and Dec. 13 indicate that the multifamily sector provides the most attractive financing opportunities, followed by industrial (75 percent), mixed-use (25 percent), retail (17 percent), hotel (14 percent) and office (7 percent). Multiple answers were permitted for this question. On the flip side, 62 percent of respondents believe that the hotel sector provides the least attractive financing opportunities, followed by office (58 percent), retail (27 percent), multifamily (7 percent), industrial (3 percent) and mixed-use (0 percent). Despite the persistence of the COVID-19 pandemic — which as of early January had claimed the lives of more than 830,000 Americans and has hobbled the hotel, office and retail sectors for nearly two years — the real estate fundamentals of the apartment and industrial sectors have remained rock solid. Fueled by strong tenant demand, the national …

February 2, 2022

Florida Loans Multifamily Southeast

JLL Provides $37M Agency Refinancing for Multifamily Portfolio in Gainesville, Florida

by Julia Sanders February 1, 2022

GAINESVILLE, FLA. — JLL Capital Markets has secured $37 million for the refinancing of a four-property, 460-unit multifamily portfolio in Gainesville. Elliott Throne, Kenny Cutler and Karim Khaiboullin of JLL worked on behalf of the borrower, American Commercial Realty, to secure the 10-year, fixed-rate Fannie Mae loans. JLL Real Estate Capital LLC, a Fannie Mae DUS lender and a wholly owned indirect subsidiary of Jones Lang LaSalle Inc., will service the loans. The properties include the 141-unit Hammocks by Butler, the 98-unit Hammocks off 6th, the 69-unit Hammocks on 34th and the 152-unit Hammocks on 20th. American Commercial Realty recently completed renovations on all four properties, including updated amenities and new floors, quartz countertops, stainless steel appliances, modern cabinetry and walk-in closets in the units. Community amenities at the portfolio include swimming pools, outdoor grilling stations and fitness centers. The four multifamily communities are located close to Interstate 75, the University of Florida and Shands Medical Center. Three of the four properties are near Butler Plaza, a shopping center development with over 150 stores and restaurants.

February 1, 2022

Colorado Development Loans Multifamily Western

Realty Capital Residential, Lang Partners Receive $54.5M Construction Loan for Tree Farm Lofts in Basalt, Colorado

by Amy Works February 1, 2022

BASALT, COLO. — Dallas-based Realty Capital Residential and Lang Partners have secured a $54.5 million construction loan for the development of Tree Farm Lofts in Basalt. JLL Capital Markets arranged the construction financing, which was provided by Andy Kolos of Wintrust’s Denver Commercial Real Estate office. Located within the 40-acre Tree Farm mixed-use development, the six-building community will feature 196 apartments, ranging from 485 square feet to 1,110 square feet, in a mix of studios, one-bedroom, two-bedroom and co-living floor plans. Forty of the apartments will be designated as affordable. Community amenities will include co-working office space, an outdoor terrace with firepits, a resort-style pool, hot tubs, a grill area, clubhouse with a fitness center, pet wash and bike, kayak and ski storage. Construction is underway, with completion scheduled for July 2024.

February 1, 2022

Loans Multifamily New York Northeast

Parkview Financial Provides $90M Construction Loan for Newark Multifamily Project

by Taylor Williams February 1, 2022

NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $90 million construction loan for Phase I of The Halo, a 43-story high-rise apartment building in Newark. Phase I will consist of 297 units with a mix that comprises 156 studios, 84 one-bedroom units and 57 two-bedroom units. Amenities will include a pool, sauna, fitness center, multiple lounge rooms, a game room, conference rooms with private office suites, shared workspaces and a rooftop deck. The borrower, New Jersey-based Acier Holdings, has secured approval to develop up to 949 units across three towers on the site. Two New York City-based firms, INOA Architecture and general contractor Hudson Meridian HM, are respectively designing and constructing the project. Construction of the initial phase is set to begin immediately, with completion slated for January 2024.

February 1, 2022

Loans Multifamily New Jersey Northeast

Greystone Arranges $47M Loan for Refinancing of Jersey City Multifamily Property

by Taylor Williams February 1, 2022

JERSEY CITY, N.J. — Greystone has arranged a $47 million bridge loan for the refinancing of 28 Cottage, a 166-unit multifamily property located in the Journal Square neighborhood of Jersey City. According to Apartments.com, the property features studio and one-bedroom units and amenities such as a fitness center, clubhouse and rooftop terrace. Cerberus Capital Management provided the loan, which retires the original construction debt issued by Centennial in 2019, on behalf of the borrower, New York-based Namdar Group. Drew Fletcher, Matthew Hirsch and Bryan Grover led the debt placement for Greystone.

February 1, 2022

Loans Northmarq Retail Texas

Northmarq Arranges $11.5M Acquisition Loan for Metro Dallas Shopping Center

by Taylor Williams January 31, 2022

GARLAND, TEXAS — Northmarq has arranged an $11.5 million acquisition loan for North Garland Crossing, a 75,811-square-foot shopping center in the northeastern Dallas suburb of Garland. Shadow-anchored by a Super Target, the center was built in 2004 and houses tenants such as Michaels, PetSmart, AT&T and Starbucks. David Garfinkel and Ron Reese of Northmarq arranged the debt on behalf of the buyer, St. Louis-based Bianco Properties. Mutual of Omaha provided the loan.

January 31, 2022

Loans Multifamily New York Northeast

Greystone Arranges $125M Loan for Refinancing of Harlem Apartment Building

by Taylor Williams January 31, 2022

NEW YORK CITY — Greystone has arranged a $125 million bridge loan for the refinancing of The Smile, a 233-unit apartment building located at 158 E. 126th St. in Harlem. The property, which includes 25,000 square feet of commercial space that is leased to Beth Israel Medical Center, features a mix of market-rate residences (70 percent) and affordable housing units (30 percent). Amenities include coworking space, a fitness center, spa and an outdoor space with four pools, a lounge and a movie theater. Drew Fletcher and Matthew Klauer led a Greystone team that arranged the loan through insurance giant AIG on behalf of the borrower, a partnership between New York-based Blumenfeld Development Group and global asset manager Invesco Real Estate.

January 31, 2022

California Healthcare Loans Western

GreenRock Capital Leads $103M in C-PACE Funding for Chinese Hospital in San Francisco

by Amy Works January 31, 2022

SAN FRANCISCO — GreenRock Capital has led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St. in San Francisco. This is the largest single C-PACE transaction in industry history and is the first to combine both taxable and tax-exempt financing in the same transaction, according to GreenRock. The C-PACE transaction reduced the cost of financing seismic and other building improvements associated with a new patient tower. The transaction will also refinance outstanding debt associated with the new tower and, by doing so, Chinese Hospital will realize respective cashflow savings of more than $40 million during the next 10 years. C-PACE is a financing mechanism that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing for efficient building improvements, including seismic and other resiliency measures. The financing is repaid through a property assessment payment paid through the term of financing.

January 31, 2022

Healthcare Loans New York Northeast

Webster Bank Provides $22.3M Loan for Refinancing of Long Island Healthcare Property

by Taylor Williams January 31, 2022

AMITYVILLE, N.Y. — Webster Bank has provided a $22.3 million loan for the refinancing of a 146-bed behavioral hospital in the Long Island community of Amityville. The facility spans 146,000 square feet and provides care for patients with acute psychiatric disorders. Anthony Sardo, Elliott Throne and C.J. Kodani of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, an entity doing business as 81 Louden Real Estate Group LLC.

January 31, 2022

Development Georgia Loans Multifamily Southeast

Allen Morris Receives $64M Loan for Apartment Development in Atlanta’s North Druid Hills District

by Julia Sanders January 28, 2022

ATLANTA — The Allen Morris Co. has received $64 million in construction financing for the development of Bryn House, a 337-unit, five-story apartment project in the North Druid Hills neighborhood of Atlanta. Truist and PNC provided the financing. Juneau Construction Co. will serve as the general contractor for the project, which is expected to be completed by spring of 2023. Bryn House will include 574,479 buildable square feet, including a 175,000-square-foot parking deck. The property will offer one-, two- and three-bedroom floorplans and will also feature 2,000 square feet of ground floor retail, including a coffee shop and wine bar connected to a pocket park with shaded outdoor seating and games. Community amenities will include a pool deck with private cabanas and trellised grilling areas, gym, event space, game room and an onsite dog park.

January 28, 2022

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