Loans

Greystone Provides $27.8M HUD-Insured Loan for Refinancing of Seniors Housing Property in Southfield, Michigan

by Kristin Harlow May 18, 2021

SOUTHFIELD, MICH. — Greystone has provided a $27.8 million HUD-insured loan for the refinancing of Solaire Apartments in Southfield. The 383-unit seniors housing property was built in 1970. The asset features two buildings with a variety of floor plans. Amenities include a clubhouse, pool, picnic area, beauty salon, library and fitness center. Dan Sacks of Greystone originated the loan on behalf of the borrower, Loop Investments. The HUD Section 223(a)(7) loan replaces an existing FHA loan and features a lower interest rate, a 35-year term and a 40-year amortization schedule.

May 18, 2021

Affordable Housing Loans Multifamily New Jersey Northeast

Bellwether Provides $7.9M Agency Perm Loan for Newark Mixed-Income Property

by Taylor Williams May 18, 2021

NEWARK, N.J. — Bellwether Enterprise has provided $7.9 million in Freddie Mac permanent financing for Aston Heights, a newly constructed mixed-income property located at 685 MLK Blvd. in Newark. The property totals 154 units, 51 of which will be set aside for public housing and be subsidized by the Newark Housing Authority. In addition, 49 units will be subsidized by a long-term Section 8 Housing Assistance Program (HAP) contract. The borrower, Pennrose Properties, developed the property in conjunction with the Newark Housing Authority. Victor Agusta of Bellwether Enterprise originated the financing, which retires the original Freddie Mac construction loan.

May 18, 2021

Development Loans Maryland Multifamily Southeast

JLL Arranges $82.6M Construction Financing for Multifamily Project in Columbia, Maryland

by Julia Sanders May 17, 2021

COLUMBIA, MD. — JLL has arranged an $82.6 million construction loan for the development of Marlow, a 472-unit apartment community with 32,340 square feet of ground-floor retail space located in downtown Columbia. Mark Gibson, Jamie Leachman, Drake Greer and Jackson Cabot of JLL secured the floating-rate construction loan on behalf of the borrower, an affiliate of The Howard Hughes Corp. The four-year loan includes a one-year extension option. Located at 6200 Valencia Lane, Marlow will total 510,181 rentable square feet and include studio, one-, two- and three-bedroom floorplans, in addition to eight loft units with two-story layouts. Initial delivery of the apartments is expected in fall 2022. The Marlow will be part of Merriweather District, Howard Hughes Corp.’s 14 million-square-foot master-planned development. Merriweather District will total 2.3 million square feet of office space; 320,000 square feet of retail space; 1,900 multifamily units; a 250-room hotel, community pavilion; and about 60 acres of open space. The Merriweather District features Symphony Woods, a 40-acre parkland area, and Merriweather Post Pavilion, a music and community venue.

May 17, 2021

Loans Multifamily Nevada Western

KeyBank Arranges $58.5M in Financing for Tanager Apartments in Las Vegas

by Amy Works May 17, 2021

LAS VEGAS — KeyBank has arranged a $58.5 million fixed-rate, investor-placed loan for the refinancing for Tanager, an apartment community in Las Vegas. The borrower is Texas-based The Howard Hughes Corp. Built in 2019, Tanager features 267 one- and two-bedroom apartments spread across three three-story residential buildings on nine acres. Amenities include a fitness center, game room, pool, spa, courtyard and outdoor kitchen with television lounge. Trevor Ritter of KeyBank Real Estate Capital’s Commercial Mortgage Group and Dan Silbert of KeyBank’s Institutional Real Estate Group structured the 10-year financing with full-term interest-only payments and a 30-year amortization schedule.

May 17, 2021

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Secures $18.5M Acquisition Loan for Alturas Embry Hills Apartments in Doraville, Georgia

by Julia Sanders May 17, 2021

DORAVILLE, GA. — Berkadia has secured $18.5 million in acquisition financing for Alturas Embry Hills, a 140-unit, garden-style multifamily property in Doraville. Josh Finley of Berkadia’s Atlanta office originated the Freddie Mac loan on behalf of the buyer, New York-based Quad Property Group. The seller was Liquid Capital based out of New York. The 10-year loan features five years of interest-only payments, 30-year amortization schedule and a 75 percent loan-to-value ratio. Upon acquiring the property, Quad Property Group plans to spend over $1 million on interior and exterior upgrades. Located at 3544 Old Chamblee Tucker Road, Alturas Embry Hills was originally built in 1966. It has since been rebranded as Summit Embry Hills. The apartment complex underwent exterior renovations between 2018 to 2020 and features a mix of one-, two- and three-bedroom floorplans. The property has access to nearby retail shops and is close to Interstate 285. The property is currently 97 percent occupied.

May 17, 2021

Loans Multifamily Texas

MMCC Arranges $18M Acquisition Loan for Multifamily Property in Corpus Christi

by Taylor Williams May 17, 2021

CORPUS CHRISTI, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18 million acquisition loan for a 250-unit multifamily property in Corpus Christi. Jamie Safier of MMCC structured the nonrecourse loan with a 10-year term, a fixed interest rate of 3.77 percent and five years of interest-only payments. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. The direct lender and property name were also not disclosed.

May 17, 2021

Indiana Loans Midwest Multifamily

CBRE Provides $56.7M Loan for Acquisition of Two Multifamily Communities in Metro Indianapolis

by Kristin Harlow May 17, 2021

GREENWOOD, IND. — A fund sponsored by CBRE Global Investors has provided a $56.7 million loan for the acquisition of two multifamily communities in Greenwood, a suburb approximately 15 miles south of Indianapolis. The floating-rate loan features an initial term of three years and can be extended up to two additional years. It also includes future funding to finance the borrower’s planned capital improvement program at the properties. The first asset, Barton Farms, includes 262 units and is located at 1630 Saddle Lane. The second property, Bexley Village, is located two miles away at 700 Bexley Place and includes 276 units. Both garden-style communities feature pools, fitness centers, clubhouses and outdoor grilling areas. The borrower was undisclosed.

May 17, 2021

Loans Multifamily New York Northeast Retail

Columbia Pacific Provides $39.1M Loan for Multifamily, Retail Asset in Manhattan

by Taylor Williams May 17, 2021

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.

May 17, 2021

California Healthcare Loans Western

CIT Arranges $17.4M in Financing for Medical Office Acquisition in Bakersfield, California

by Amy Works May 14, 2021

BAKERSFIELD, CALIF. — CIT Group has arranged a $17.4 million loan for the acquisition of a three-building medical office portfolio in Bakersfield. Totaling more than 65,000 square feet, the fully leased properties are located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital. CIT’s Healthcare Finance unit served as sole leader arranger for the financing. The name of the borrower was not released.

May 14, 2021

Development Loans Multifamily New Jersey Northeast

JLL Arranges $48M Construction Loan for Multifamily Project in Elmwood Park, New Jersey

by Taylor Williams May 14, 2021

ELMWOOD PARK, N.J. — JLL has arranged a $48 million construction loan for the third phase of Riverwalk, a project that will add 240 luxury rental units to the local supply of Elmwood Park, located in Bergen County. The previous phases of the Riverwalk master-planned community featured 158 units within two buildings that were constructed between 2012 and 2014, as well as retail, office and medical office space. The third phase will also include amenities such as a fitness center, business center, pool and clubhouse. Thomas Didio and Thomas Didio Jr. of JLL arranged the financing through Investors Bank and Provident Bank. Leasing is expected to begin in 18 to 24 months.

May 14, 2021

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