Loans

Lument Provides $22M Acquisition Loan for Daytona Beach Apartment Community

by John Nelson February 2, 2021

DAYTONA BEACH, FLA. — Lument has provided a $22 million Fannie Mae acquisition loan for a multifamily community in Daytona Beach. The 288-unit property, The Park at Via Roma, was acquired by an unnamed sponsor that has a multifamily portfolio of approximately 2,800 units located throughout the Southeast. Trey Palmedo of Lument’s Nashville office originated the 10-year loan, which features a 30-year amortization schedule, 75 percent loan-to-value (LTV) ratio and five years of interest-only payments. The Park at Via Roma has 56 studio units, 56 one-bedroom units, 96 two-bedroom units and 80 three-bedroom units across 29 buildings. Common amenities include two swimming pools, tennis courts, a fitness center, clubhouse and onsite laundry. The community was originally built in 1974 and was renovated in 2017.

February 2, 2021

Acquisitions Industrial Loans Texas

Lightstone Acquires 649,361 SF Industrial Facility in Garland, Texas

by Taylor Williams February 2, 2021

GARLAND, TEXAS — New York City-based investment firm Lightstone has acquired a 649,361-square-foot manufacturing and distribution facility in the northeastern Dallas suburb of Garland. Built in 1960 and renovated in 2016, the property features clear heights ranging from 12 to 40 feet, 40 loading docks, 18 overhead doors, six drive-in doors, a low office finish and substantial truck and vehicle parking space. The facility was 97 percent leased to five tenants in the retail and logistics industries at the time of sale. Peter Rotchford, Cullen Aderhold, Alex Staikos, Ross Crawford and Bo Beidleman of JLL arranged a $14.4 million acquisition loan through RGA Reinsurance Co. for the transaction. The loan was structured with a seven-year term and a fixed interest rate.

February 2, 2021

Affordable Housing Illinois Loans Midwest Multifamily

UnitedHealth Group Provides $15.4M for Construction of Mixed-Income Housing Project in Chicago

by Kristin Harlow February 2, 2021

CHICAGO — UnitedHealth Group has provided $15.4 million in construction financing for 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. Of the apartment building’s 53 units, 68 percent will be designated as affordable for households earning up to 80 percent of the area median income. The remaining 32 percent of units will be market-rate. Twenty of the units will receive public housing subsidies, enabling residents to pay income-based rent equal to 30 percent of their adjusted gross incomes. Amenities will include a resident lounge, fitness center, dog wash and bike storage. The four-story development will also include 3,500 square feet of ground-floor retail space. National Affordable Housing Trust and The Community Builders Inc. (TCB) are the developers. TCB will also provide onsite resident services, such as workforce development, youth development and health and wellness. Construction is underway with completion slated for the first quarter of 2022.

February 2, 2021

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Originates $11M HUD-Insured Loan for Refinancing of Seniors Housing Property Near Minneapolis

by Kristin Harlow February 2, 2021

BLOOMINGTON, MINN. — Colliers Mortgage has originated an $11 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington on Lyndale. The 96-unit seniors housing property is located in Bloomington, just south of Minneapolis. The loan, which is fully amortized over 36 years, lowered the interest rate and provided substantial annual savings, according to Colliers.

February 2, 2021

Loans Multifamily New Jersey Northeast

JLL Provides $20M Agency Loan for Refinancing of Apartment Building in Jersey City

by Taylor Williams February 2, 2021

JERSEY CITY, N.J. — JLL has provided a $20 million Freddie Mac loan for the refinancing of Solaris Lofts, a 72-unit apartment building with ground-floor retail space in Jersey City. Built in 2019, the five-story building features studio, one-, two- and three-bedroom units averaging 733 square feet and amenities such as a fitness center, dog park, resident lounge and a rooftop deck. Matthew Pizzolato and Thomas Didio of JLL originated the 10-year, floating-rate loan on behalf of the borrower, PERE Holdings.

February 2, 2021

Loans Multifamily Texas

Berkadia Provides $69.5M HUD Loan for North Austin Multifamily Property

by Taylor Williams February 1, 2021

AUSTIN, TEXAS — Berkadia has provided $69.5 million in HUD construction and permanent financing for 27 Eleven Apartments, a 320-unit multifamily property located at 2711 W. Anderson Lane in North Austin. The community features studio, one- and two-bedroom units and amenities such as a pool, clubhouse, courtyard and a fitness center. Chad Bedwell of Berkadia originated the 40-year loan through HUD’s 221(d)(4) program on behalf of the borrower, California-based Paydar Properties.

February 1, 2021

Development Loans Multifamily Northeast Student Housing

ACRES Capital Provides $32.5M Construction Loan for Buffalo Student Housing Project

by Taylor Williams February 1, 2021

BUFFALO, N.Y. — ACRES Capital Corp. has provided a $32.5 million construction loan for Auden Buffalo, a 481-bed student housing project that will be located a mile from State University of New York (SUNY) at Buffalo’s campus. The 154-unit property will offer a fitness center, clubroom, study lounges and a pool. Richard Horowitz, Nicholas Barbato and Justin Horowitz of Cooper Horowitz LLC arranged the debt on behalf of the sponsor and developer, New York City-based DMG Investments. An expected completion date was not released.

February 1, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $14.8M Acquisition Loan for Multifamily Property Near Boston

by Taylor Williams February 1, 2021

RANDOLPH, MASS. — Cornerstone Realty Capital has arranged a $14.8 million acquisition loan for Reed Street Apartments, an 88-unit multifamily property in Randolph, a southern suburb of Boston. The property’s unit mix consists of 15 studios, 49 one-bedroom apartments and 24 two-bedroom residences. The borrower, True North Capital Partners, plans to upgrade unit interiors, common areas and amenity spaces. The financing was structured with a fixed interest rate, a 30-year amortization schedule and 36 months of interest-only payments.

February 1, 2021

Affordable Housing Development District of Columbia Loans Multifamily Southeast

DCHFA Finances 112-Unit Affordable Housing Development in D.C.

by John Nelson January 29, 2021

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has financed a 112-unit affordable housing development in Washington, D.C.’s Anacostia neighborhood on the city’s southeast side. Mid-Atlantic Realty Partners and Taylor Adams Associates are the borrowers and co-developers of the $52.6 million development. DCHFA financed the project with a $27 million in tax-exempt bond financing and the underwriting of $20.6 million in 4 percent low income housing tax credits (LIHTC). Additionally, the DC Department of Housing and Community Development is providing a $16.5 million loan from its Housing Production Trust Fund for the property. The new community will be located at 2442 Martin Luther King Ave SE, just 500 feet from the Anacostia Metro Station. The apartments will be priced at 30 to 50 percent of area median income relative to Ward 8’s Anacostia neighborhood. The property will consist of 24 one-bedroom, 57 two-bedroom and 31 three-bedroom apartments. Six units will be designated Permanent Supportive Housing (PSH) units and will be supported by the Local Rent Supplement Program. Community Connections of DC will provide supportive services for the residents of the PSH units. The community’s planned amenities include a business center, community room and a parking garage with …

January 29, 2021

Loans Multifamily New York Northeast

Greystone Provides $61.2M Agency Loan for Refinancing of Upstate New York Multifamily Portfolio

by Taylor Williams January 29, 2021

CANANDAIGUA, BROCKPORT AND FAIRPORT, N.Y. — Greystone has provided a $61.2 million Fannie Mae loan for the refinancing of a portfolio of multifamily properties totaling 769 units in Upstate New York. The portfolio comprises the 295-unit Centerpointe Apartments & Townhomes in Canandaigua, the 160-unit Willowbrooke Manor Apartments in Brockport and the 314-unit Highview Manor Apartments & Townhomes in Fairport. Drew Fletcher, Matthew Hirsch and Paul Fried of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, locally based investment and development firm Sinatra & Co. Real Estate.

January 29, 2021

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