Loans

NorthMarq Secures $2.4M Acquisition Loan for Royal Eden Apartments in Metro New Orleans

by Julia Sanders April 28, 2021

SLIDELL, LA. — NorthMarq has secured a $2.4 million loan for the acquisition of Royal Eden Apartments, a 50-unit property situated outside of New Orleans in Slidell. Lawrence Larisma and Ryan Taylor of NorthMarq’s Charlotte office, in coordination with NorthMarq’s San Antonio office, secured the Freddie Mac loan through an unnamed regional bank. The 10-year loan was structured with two years of interest-only payments, a fixed interest rate and a 20-year amortization schedule. Royal Eden Apartments contains multiple buildings that were originally built in phases during the 1970s and 1980s. Community amenities include waterfront views, a sundeck, picnic tables and flat lot parking, as well as walk-in closets and private patios and balconies in select units. .

April 28, 2021

Loans Multifamily Texas

Dwight Capital Provides $23.6M in HUD Financing for Multifamily Asset in Montgomery, Texas

by Taylor Williams April 28, 2021

MONTGOMERY, TEXAS — New York City-based Dwight Capital has provided $23.6 million in HUD financing for Montgomery Trace & Stewart Creek Apartments, a 264-unit multifamily asset in Montgomery, about 50 miles north of Houston. Proceeds will be used to refinance existing debt. The property was built in two phases between 2005 and 2011 and features amenities such as three pools, a fitness center, resident clubhouse, playground and a dog park. Brian Yee of Dwight Capital originated the loan. The borrower was not disclosed.

April 28, 2021

Affordable Housing California Loans Mixed-Use Multifamily Retail Western

George Smith Partners Secures $58M in Construction Financing for Mixed-Use Project in Culver City, California

by Amy Works April 28, 2021

CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA. The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space. Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.

April 28, 2021

Affordable Housing Colorado Loans Multifamily Western

KeyBank Provides $18.4M in Financing for Mixed-Income Multifamily Property in Colorado Springs

by Amy Works April 28, 2021

COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs. Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once the renovation is complete, TWG plans secure long-term financing through KeyBank’s Commercial Mortgage Group. Kelly Frank and Alton Tinker of KeyBank’s CDLI team structured the financing.

April 28, 2021

Loans Retail Washington Western

NorthMarq Arranges $14.5M Refinancing for Lakeland Commons Retail in Auburn, Washington

by Amy Works April 28, 2021

AUBURN, WASH. — NorthMarq has secured $14.5 million in refinancing for Lakeland Commons Retail, a shopping center located at 1502 Lake Tapps Parkway SE in Auburn. The 10-year loan features a 30-year amortization schedule. Walgreens is a tenant at the 35,000-square-foot strip retail center. Bob Spiro and Scott Moline of NorthMarq’s regional Seattle office secured the refinancing.

April 28, 2021

Florida Loans Retail Southeast

Aztec Group Secures $7.6M Refinancing for South Florida Shopping Center Leased to Aldi, 7-Eleven

by Julia Sanders April 27, 2021

DANIA BEACH, FLA. — Aztec Group Inc. has arranged a $7.6 million loan for the refinancing of Stirling Square, a 25,515-square-foot shopping center located in Dania Beach. Located at 700 Stirling Road, Stirling Square is ground-leased to Aldi and 7-Eleven. The 22,000-square-foot Aldi was built in 2018, and the 3,515-square-foot 7-Eleven will be completed in May. The 4.1-acre property is situated at the northwest corner of Stirling and Phippen Waiters roads. Howard Taft and Joel Zusman of Aztec Group originated the financing through an unnamed life insurance company based in Idaho on behalf of the borrower, an affiliate of Salzman Real Estate Advisors. The 15-year loan featured a fixed interest rate below 3.8 percent and was structured at 60 percent loan-to-value.

April 27, 2021

Healthcare Loans Texas

CIT Provides $19.3M Acquisition Loan for Sugar Creek Health Center in Metro Houston

by Taylor Williams April 27, 2021

SUGAR LAND, TEXAS — New York City-based CIT Group Inc. has provided a $19.3 million acquisition loan for Sugar Creek Health Center, an 84,646-square-foot medical office building located in the southwestern Houston suburb of Sugar Land. The property is leased to providers of ambulatory surgery, imaging, orthopedics, women’s health, dentistry and optometry services. The borrower was an affiliate of Austin-based Virtus Real Estate Capital.

April 27, 2021

Affordable Housing California Loans Multifamily Seniors Housing Western

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Housing Property in Pomona, California

by Amy Works April 27, 2021

POMONA, CALIF. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the property offers one- and two-bedroom units, including Section 8 voucher units.

April 27, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Merchants Capital Provides $18.2M Loan for Affordable Seniors Housing Property in Harlem

by Taylor Williams April 27, 2021

NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance Inc., will use the proceeds to fund capital improvements and preserve the property’s affordability. The loan was structured with a 30-year term and a 40-year amortization schedule.

April 27, 2021

Loans Multifamily Texas

PCCP Provides $30M Acquisition Loan for Houston Multifamily Property

by Taylor Williams April 26, 2021

HOUSTON — Los Angeles-based PCCP LLC has provided a $30 million acquisition loan for Alexan Southside, a 270-unit multifamily property located at 4139 Bellaire Blvd. within Houston’s inner loop. The borrower was Lubbock-based Madera Residential. Built in 2017, the four-story property consists of 190 one-bedroom units averaging 752 square feet and 80 two-bedroom units averaging 1,241 square feet. Units are furnished with stainless steel appliances, custom cabinets, granite/quartz countertops, nickel fixtures and individual washers and dryers. Amenities include a pool, fitness center, business center, private courtyards, grilling areas and a private dining room.

April 26, 2021

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