Loans

Kawa Closes $15M Preferred Equity Investment for Multifamily Project in Chicago

by Kristin Harlow November 17, 2021

CHICAGO — Kawa Capital Solutions has closed a $15 million preferred equity investment for a Class A multifamily project to be developed in Chicago’s River North. Located at 808 N. Cleveland Ave., the development will include 200 apartment units, 20,000 square feet of office space, 7,500 square feet of retail space and a 101-space parking garage. Chicago-based developers Bayview USA and DAC Developments will co-develop and manage the property. Project costs are estimated at $104.6 million. A timeline for completion was not provided.

November 17, 2021

Ready-Capital-100-Apt-Portfolio-Seattle-WA

Loans Multifamily Washington Western

Ready Capital Closes $14.9M Acquisition Loan for Two-Property Multifamily Portfolio in Seattle

by Amy Works November 17, 2021

SEATTLE — Ready Capital has closed $14.9 million in acquisition, renovation and lease-up financing for a two-property, 100-unit multifamily portfolio in Seattle. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, cure deferred maintenance and upgrade common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

November 17, 2021

Loans Office Texas

CBRE Investment Management Provides $66.3M Acquisition Loan for Dallas Office Campus

by Taylor Williams November 17, 2021

DALLAS — A fund sponsored by CBRE Investment Management has provided a $66.3 million acquisition loan for The Plaza at Solana, a 366,000-square-foot office campus located in the Southlake/Westlake submarket of Dallas. The three-building property was recently renovated and includes 21,000 square feet of retail and restaurant space. Cullen Aderhold of JLL arranged the debt on behalf of the borrower, Boston-based Albany Road Real Estate Partners. The floating rate loan has an initial term of three years and can be extended up to an additional two years.

November 17, 2021

Loans New Jersey Northeast Office

JLL Arranges $113.5M Acquisition Loan for Downtown Newark Office Portfolio

by Taylor Williams November 17, 2021

NEWARK, N.J. — JLL has arranged a $113.5 million acquisition loan for a portfolio of two downtown Newark office buildings totaling roughly 816,000 square feet. The portfolio also includes a 901-space parking garage. Originally built in the 1920s, the buildings are leased on a long-term basis to The State of New Jersey, which houses more than 3,500 employees across 35 departments at the site. Michael Klein, Jon Mikula and Matthew Pizzolato of JLL, along with Brad Domenico of Progress Capital, arranged the three-year, floating-rate loan through ACORE Capital. The borrower, a partnership between SHIFT Capital, The Hanini Group and CoInvestment Partners, will use a portion of the proceeds to fund capital improvements.

November 17, 2021

Loans Multifamily New Hampshire Northeast

Dwight Capital Provides $27M Loan for Refinancing of New Hampshire Apartments

by Taylor Williams November 17, 2021

BEDFORD, N.H. — New York City-based Dwight Capital has provided a $27 million loan for the refinancing of Bedford Hills Apartments, a 144-unit community located near Manchester in the southern part of the Granite State. Built in 2016, the property comprises four residential buildings and a clubhouse/leasing office on a 13-acre site. Other amenities include a pool and a courtyard with a grilling area. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.

November 17, 2021

Indiana Loans Midwest Multifamily

Greystone Provides $44M Loan for Acquisition of Indiana Apartment Complex

by Kristin Harlow November 16, 2021

CROWN POINT, IND. — Greystone has provided a $44 million bridge loan for the acquisition of Hidden Creek Apartments in Northwest Indiana’s Crown Point. The 432-unit apartment complex was built in 1976 and renovated in 2006. The garden-style community is comprised of 12 three-story buildings along with a clubhouse. Amenities include a pool, fitness center, playground, banquet room, lounge and tennis courts. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 24-month term and two six-month extension options. Greystone intends to transition the bridge loan secured by the property to permanent HUD-insured financing. Bayshore Properties was the borrower.

November 16, 2021

Illinois Loans Midwest Multifamily

Ready Capital Closes $10.7M Acquisition Loan for Multifamily Property in Suburban Chicago

by Kristin Harlow November 16, 2021

DES PLAINES, ILL. — Ready Capital has closed a $10.7 million loan for the acquisition, renovation and stabilization of a 120-unit multifamily property in Des Plaines. The undisclosed borrower plans to implement a capital improvement program to address deferred maintenance and renovate unit interiors, building exteriors and common areas. The nonrecourse loan features a floating rate and a three-year term.

November 16, 2021

Loans Multifamily Texas

Madera Residential Acquires 165-Unit Apartment Community in Dallas

by Taylor Williams November 16, 2021

DALLAS — Lubbock-based multifamily investment and development firm Madera Residential has acquired Armstrong at Knox, a 165-unit apartment community located in the Knox-Henderson area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge and a business center. Jon Wooton, Mike Bryant and Victoria Langston of CBRE arranged $47.9 million in acquisition financing through a fund sponsored by CBRE Investment Management on behalf of Madera Residential.

November 16, 2021

Loans Multifamily Texas

Ready Capital Closes $23.4M Acquisition Loan for South Dallas Apartments

by Taylor Williams November 16, 2021

DALLAS — New York City-based Ready Capital has closed a $23.4 million loan for the acquisition, renovation and stabilization of an unnamed 218-unit multifamily property in South Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 16, 2021

Acquisitions Life Sciences Loans Massachusetts Northeast Office

True North, Celera Buy Metro Boston Office Complex, Plan Life Sciences Conversion

by Taylor Williams November 16, 2021

BOSTON — A partnership between True North Management Group and Boston-based Celera Properties has purchased a two-building office complex in the northern Boston suburb of Andover with plans to convert the property into a life sciences facility. The complex spans 233,726 square feet. Greg LaBine and Martha Nay of JLL arranged a $35.3 million floating-rate loan through OceanFirst Bank on behalf of the partnership. Proceeds will be used to acquire and reposition the complex.

November 16, 2021

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