Loans

Walker & Dunlop Arranges $61.3M Acquisition Loan for Bank of America Tower in Downtown Jacksonville

by John Nelson February 12, 2021

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged $61.3 million in financing for the acquisition of Bank of America Tower, a 44-story office building located at 50 N Laura St. in downtown Jacksonville. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Ianno, Sean Bastian and Ian Hawk of Walker & Dunlop arranged the financing for the buyer, Group RMC. Prime Finance provided the three-year, interest-only bridge loan, which features a low floating interest rate. Bank of America Tower is the only LEED-certified office tower in Jacksonville, according to Walker & Dunlop, and features views of the St. Johns River. The Class A high-rise building features over 662,241 rentable square feet, a five-story annex with an additional 35,881 square feet, as well as 900 parking spaces. In addition to a new HVAC system, recent upgrades have been made to the property’s amenities, lighting systems, security systems, elevator modernization, and refurbishment of all the common areas and lobby. Group RMC bought the tower from Hertz Investment Group, according to the Jacksonville Daily Record.

February 12, 2021

Hospitality Illinois Loans Midwest

Owner of Residence Inn Chicago Hotel Receives $141M Refinancing Loan

by Kristin Harlow February 12, 2021

CHICAGO — Prime LaSalle/Madison Partners (PLMP) has received $141 million for the refinancing of the 381-room Residence Inn Chicago Downtown hotel located at 11 S. LaSalle St. The hotel opened in September 2015 upon completion of the adaptive reuse of the 38-story Roanoke Building & Tower, a historic property built in three phases from 1915 to 1925. It was constructed originally as the Lumber Exchange Building and also served as a late Chicago school. The Prime Group Inc. and Michael Reschke own and control PLMP. Proceeds of the financing were used to repay the senior loan and preferred equity financing originally funded to acquire and construct the hotel; to establish reserves for working capital, interest and other items; and to pay fees and transaction costs. Loan terms were not disclosed.

February 12, 2021

Loans Midwest Office Ohio Walker & Dunlop

Walker & Dunlop Arranges $30.5M Loan for Acquisition of Office Tower in Columbus, Ohio

by Kristin Harlow February 12, 2021

COLUMBUS, OHIO — Walker & Dunlop has arranged a $30.5 million loan for the acquisition of 65 East State Street in Columbus. Built in 1983, the 26-story office tower comprises 494,487 rentable square feet. Located in the heart of the central business district, the building is across the street from the Ohio State Capitol Building on Capitol Square. Recent capital improvements to the property include an exterior façade renovation, a new conference center and fitness center, updated lobby and elevator cabs, renovated exterior patio space and new monument signage. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz arranged the loan on behalf of Group RMC. Voya provided the three-year bridge loan, which features a floating rate.

February 12, 2021

Loans Midwest Nebraska Office

CIT Provides $10.1M Construction Loan for Nebraska Office Building

by Kristin Harlow February 12, 2021

FREMONT, NEB. — CIT Group Inc. has provided a $10.1 million loan for the construction of a new owner-occupied office building in Fremont, about 40 miles northwest of Omaha. The borrower, WLG Fremont LLC, will use the financing to construct a 54,000-square-foot office building to serve as the new headquarters for RTG Medical, a veteran-owned healthcare staffing agency supporting medical facilities nationwide. In connection with the financing, CIT is also providing a package of treasury management and capital markets services. Treasury management refers to managing a firm’s liquidity and mitigating risk. The project is being developed under the federal new markets tax credit program with Chase Community Equity, Chase New Markets Corp., Hampton Roads Ventures, Massachusetts Housing Investment Corp. and Evernorth Rural Ventures.

February 12, 2021

Loans Multifamily Washington Western

Sage Creek Group Arranges $11.4M in Financing for Student Housing Complex in Western Washington

by Amy Works February 12, 2021

WASHINGTON — The Sage Creek Group has closed $11.4 million in permanent financing for a recently constructed student housing complex in Western Washington. The two-building property features 53 units for students. Further details on the asset were not disclosed. The undisclosed borrower used the loan proceeds to retire the senior construction loans, provide cash to the borrower and cover closing costs. The eight-year loan features a 3.37 percent fixed rate with 24 months interest-only payments followed by a 28-year payment schedule.

February 12, 2021

Loans Massachusetts Northeast Retail

JLL Arranges $33.5M Loan for Refinancing of Metro Boston Shopping Center

by Taylor Williams February 11, 2021

SAUGUS, MASS. — JLL has arranged a $33.5 million loan for the refinancing of Saugus Plaza Shopping Center, a 208,500-square-foot retail power center in the northern Boston suburb of Saugus. The property spans 16 acres along Route 1 and houses tenants such as Petco and Kohl’s. John Fowler, Chris Angelone, Brett Paulsrud and Amy Lousararian of JLL placed the fixed-rate loan through HarborOne Bank and Salem One on behalf of the borrower, locally based development and management firm Finard Properties.

February 11, 2021

Loans Multifamily Oregon Western

Dwight Capital Provides $26.8M Refinancing for Springwater Crossing Apartments in Oregon

by Amy Works February 11, 2021

GRESHAM, ORE. — Dwight Capital has closed a $26.8 million HUD 223(a)(7) refinancing for Springwater Crossing Apartments in Gresham. Built in 2010, the property features 32 apartments, a resident lounge, fitness center and four playgrounds. Additionally, Springwater Crossing qualifies as a green/energy-efficient property and therefore received a Green Mortgage Insurance Premium Reduction set at 25 basis points. Josh Sasouness of Dwight Capital originated the transaction.

February 11, 2021

Development Loans Multifamily Washington Western

Parkview Financial Funds $9.4M Construction Loan for Multifamily Development in Tacoma, Washington

by Amy Works February 11, 2021

TACOMA, WASH. — Parkview Financial has provided a $9.4 million construction loan to Emerald Bay Apartments LLC for the development of a multifamily property in Tacoma. Construction is under way at the project, with completion slated for early 2022. Located at 1624 E 32nd St., Emerald Bay Apartments will feature 82 units in a mix of 53 studios and 29 one-bedroom units. The units feature plank vinyl and treated concrete floors, exposed wood truss ceilings and stone surfaces. On-site amenities include a fitness center, rooftop terrace, community room, event space, dog wash and grass area, and a bike storage and repair room.

February 11, 2021

Acquisitions Colorado Hospitality Loans Western

PCCP Provides $30.2M Acquisition Loan for Hotel Indigo in Downtown Denver

by Amy Works February 10, 2021

DENVER — PCCP has provided a $30.2 million loan to Colorado-based McWhinney for the acquisition of Hotel Indigo Denver Downtown, a full-service hotel located at 1801 Wewatta St. in Denver. Built in 2017 as part of the Union Tower West Development, the hotel features 180 guest rooms, 1,400 square feet of meeting space, a fitness center, business center and small pantry shop. Additionally, the hotel includes an 85-seat restaurant that the new ownership will re-concept to cater to both hotel visitors and local customers.

February 10, 2021

Indiana Loans Midwest Multifamily Seniors Housing

Greystone Provides $23.8M HUD-Insured Loan for Refinancing of Seniors Housing Asset in Elkhart, Indiana

by Kristin Harlow February 10, 2021

ELKHART, IND. — Greystone has provided a $23.8 million HUD-insured loan for the refinancing of a newly expanded, 220-unit seniors housing and healthcare campus in Elkhart. Lisa Fischman of Greystone originated the loan on behalf of nonprofit Hubbard Hill Retirement Community. Located on 70 acres, Hubbard Hill offers independent living, assisted living, long-term skilled nursing and short-term rehab as well as the Living Wisdom Center for Dementia. The 232/223(a)(7) loan refinances the skilled nursing, assisted living and memory care portion of the campus. The loan carries a 30-year term with a fixed interest rate.

February 10, 2021

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