Loans

CIM Group Provides $121.3M Bridge Loan for AMP&RSAND Office Complex in San Diego

by Amy Works February 5, 2021

SAN DIEGO — CIM Group has closed a $121.3 million bridge loan to refinance and provide future leasing capital to an affiliate of Westbrook Partners and The Casey Brown Co. The funds will be used toward AMP&RSAND, a 342,742-square-foot office complex in San Diego. Situated on 13 acres in the Mission Valley submarket, AMP&RSAND comprises two Class A creative office buildings with average floor plates of 37,852 square feet, 14-foot ceilings and floor-to-ceiling windows. The property, which is the former San Diego Union Tribune headquarters, features an on-site café, fitness studio and 1,371 parking spaces. The recently renovated complex is currently leased to two full-floor tenants that use the space as regional and corporate headquarters. Rob Rubano of Cushman & Wakefield arranged the financing for the borrower.

February 5, 2021

Delaware Loans Multifamily Northeast

Greystone Provides $25M Agency Acquisition Loan for Multifamily Asset in New Castle, Delaware

by Taylor Williams February 5, 2021

NEW CASTLE, DEL. — Greystone has provided a $25 million Fannie Mae acquisition loan for The Garrison, a 120-unit multifamily property in New Castle, located south of Wilmington. The property was built in 2019. Dan Sacks of Greystone originated the nonrecourse loan, which was structured with a fixed interest rate, 12-year term and a 30-year amortization schedule. Jack Miller of Platinum Capital Group arranged the debt on behalf of the borrower, Goldcrest Management.

February 5, 2021

Acquisitions Georgia Loans Restaurant Retail Southeast

Media Reports: Lenders Foreclose on Town Center at Cobb Mall in Metro Atlanta

by John Nelson February 4, 2021

KENNESAW, GA. — Town Center at Cobb Mall, a nearly 1.3 million-square-foot enclosed regional mall in the northern Atlanta suburb of Kennesaw, was foreclosed on by its lenders, according to the Marietta Daily Journal. Indianapolis-based Simon Property Group (NYSE: SPG) was the previous owner, manager and developer of the mall. Deutsche Bank Trust Corp. was the lead lender and trustee of the $200 million loan, which the global bank made with other investors in 2012. Deutsche Bank Trust auctioned the mall on Tuesday, Feb. 2 and set the opening bid at $130.4 million, but no bids were made at the auction. Deutsche Bank Trust and its co-lenders now own and manage the mall. No additional plans were reported. Town Center at Cobb Mall is located in Cobb County at 400 Ernest W. Barrett Parkway NW, approximately 33 miles north of Hartsfield-Jackson Atlanta International Airport. The mall opened in February 1986 and features more than 170 stores and restaurants, including anchors Macy’s, Belk, H&M and JC Penney. The property features a food court and a children’s play area as well. Simon’s stock price closed on Wednesday, Feb. 3 at $93.38 per share, down from $137.29 a year ago.

February 4, 2021

Indiana Loans Midwest Multifamily

CIM Group Provides $83M Bridge Loan for Apartment Complex in Indianapolis

by Kristin Harlow February 4, 2021

INDIANAPOLIS — CIM Group has provided an $83 million bridge loan to TWG Development for The Whit Apartments in Indianapolis. Built in 2019, the 334-unit property includes 10,700 square feet of retail space and an adjacent 526-stall parking garage. The asset is approximately 80 percent leased. Amenities include a rooftop pool, sundeck, lounge and fitness center. The retail space is fully leased to 16-Bit Arcade Bar and MassageLux. CIM Group originates commercial real estate loans through its CIM Real Estate Credit Strategies business. Michael Zaremski and Michael Shmuely of Berkadia’s New York office secured the loan.

February 4, 2021

Loans Michigan Midwest Multifamily

Berkadia Arranges $75.1M in Financing for Three Multifamily Properties in Michigan

by Kristin Harlow February 4, 2021

INKSTER, ROCHESTER HILLS AND LANSING, MICH. — Berkadia has arranged $75.1 million in combined financing for three garden-style multifamily properties in Michigan. Aaron Moll of Berkadia arranged the loans on behalf of the borrower, Valleytree Partners. Moll secured a $31.5 million Fannie Mae loan for the refinancing of Dearborn View in Inkster. The loan features five years of interest-only payments and an interest rate below 2.7 percent. Moll arranged a $35.9 million loan with a bridge lender for the acquisition of Bedford Square in Rochester Hills. The nonrecourse loan features an 80 percent loan-to-cost ratio and three years of interest-only payments. Lastly, Moll secured a $7.6 million Freddie Mac loan for the acquisition of Delta Square Apartments in Lansing. The 10-year loan features three years of interest-only payments and a 75 percent loan-to-value ratio.

February 4, 2021

Development Loans Multifamily New Mexico Western

Trez Capital Closes $52M Construction Loan for ViaVerde Multifamily Developments in Albuquerque

by Amy Works February 4, 2021

ALBUQUERQUE, N.M. — Trez Capital has closed on a $52 million construction loan for ViaVerde, a 171-unit for-rent townhome project, and ViaVerde II, a 154-unit garden-style apartment community, in Albuquerque. Sonata Green, a joint venture between Sonata Trails and MultiGreen Properties, is developing the rental townhome community, which is located within The Trails, a 400-acre, mixed-use, master-planned community. Situated on 11.6 acres on Universe Boulevard NW, ViaVerde is the first phase within the residential development that will include more than 1,000 rental units at build-out. Designed to reach LEED Gold certification, ViaVerde offers units with Energy Star-rated appliances, WaterSense plumbing fixtures and 16+ SEER air conditioning units, as well as other measures to help residents reduce monthly utility bills. The property will also feature smart home technologies, including smart parking, smart lighting, thermostat control, entry access to units and common areas, leak detection and smart parcel lockers. Upon completion, The Trails will comprise more than 2,200 apartment units, 1,600 single-family units, 120,000 square feet of office and retail space, a hospital urgent care center, parks, trails, three schools and a church. Wexford Construction is serving as construction manager for the project.

February 4, 2021

Affordable Housing Development Loans Multifamily North Carolina Seniors Housing Southeast

Hunt Capital, Durham Housing Authority Plan Redevelopment of 177-Unit J.J. Henderson Senior Apartments in North Carolina

by John Nelson February 3, 2021

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with Signature Bank called Hunt Capital Partners Tax Credit Fund 39. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a public subsidy contract to a long-term Project-Based Rental Assistance Section 8 Housing Assistance Payment (HAP) contract. Situated on 1.8 acres, J.J. Henderson Senior Apartments is an existing public housing property featuring a nine-story residential complex that contains 177 units for seniors 62 and older, or any age if disabled. It is currently 98 percent occupied and has a waiting list of six to 12 months. This will be the first major rehabilitation of J.J. Henderson Senior Apartments since it was built in 1978. Rehabilitation will include ADA and …

February 3, 2021

Affordable Housing Loans Midwest Multifamily Wisconsin

KeyBank Structures $29.3M in Construction Financing for Affordable Housing Property in Wisconsin

by Kristin Harlow February 3, 2021

FITCHBURG, WIS. — KeyBank has structured $29.3 million in financing for the construction of Limestone Ridge Apartments in Fitchburg, a suburb of Madison. The four-story project will be home to 116 units that are designated for households earning between 50 and 80 percent of the area median income. Madison-based JT Klein Co. is the developer. KeyBank Community Development Lending and Investment provided a $16 million construction loan, while KeyBank’s Commercial Mortgage Group originated a $13.3 million Freddie Mac forward tax-exempt loan. Additionally, Cinnaire is providing a 4 percent low-income housing tax credit investment of $6 million and HUD and Dane County are providing $4.3 million of soft funding. Steve Sparks of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing. Completion of the project is slated for October 2022.

February 3, 2021

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $106M Construction Loan for NYC Mixed-Use Project

by Taylor Williams February 3, 2021

NEW YORK CITY — Locally based real estate private equity firm Madison Realty Capital has provided a $106 million construction loan for Myrtle Point, a mixed-use project that will be located along the Brooklyn-Queens border. Designed by S9 Architecture, the 17-story building will house 130,000 square feet of commercial space that is preleased to two big box retailers and 133 residential units, 30 percent of which will be designated as affordable housing. The borrower was a partnership between developers Arch Cos. and AB Capstone. A tentative completion date was not disclosed.

February 3, 2021

Development Industrial Loans New York Northeast

Newmark Arranges $76M Construction Loan for New Amazon Distribution Center in Brooklyn

by Taylor Williams February 3, 2021

NEW YORK CITY — Newmark has arranged a $76 million construction-to-perm loan for a last-mile distribution center at 280 Richards St. in Brooklyn that will be occupied by Amazon. Located in the Red Hook neighborhood, the property will span 312,100 square feet and will feature 28 loading docks, 128-foot truck courts and additional rooftop parking for fleet vans and trucks. The borrower and developer is Thor Equities Group, which has owned the site since 2005. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, and Dominick Calisto of Newmark arranged the fixed-rate loan through Apollo Global Management.

February 3, 2021

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