Loans

Berkadia Arranges Acquisition Financing for 1,275-Unit Multifamily Portfolio in Houston

by Taylor Williams September 24, 2021

HOUSTON — Berkadia has arranged an undisclosed amount of acquisition financing for a portfolio of five multifamily properties totaling 1,275 units in the Westwood and Braeswood/Fondren submarkets in southwest Houston. The properties — Airport Crossing, The Townhomes, Terrace at West Sam Houston, Casa Grande and Plaza at Hobby Airport — were all built between 1976 and 1983. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia arranged the financing through Voya Investment Management on behalf of the borrower, New York-based July Residential. The debt was structured with a four-year term, a 75 percent loan-to-value ratio and provisions for funding capital expenditures.

September 24, 2021

Loans Multifamily New Jersey Northeast

Greystone Arranges $45.3M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams September 24, 2021

MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.

September 24, 2021

Affordable Housing Loans Midwest Minnesota Multifamily Northmarq

NorthMarq Arranges $32.2M Loan for Refinancing of Minneapolis Affordable Housing Community

by Kristin Harlow September 23, 2021

MINNEAPOLIS — NorthMarq has arranged a $32.2 million loan for the refinancing of Stone Arch Apartments in Minneapolis. The 221-unit affordable housing community, built in 2002, is located at 601 Main St. Amenities include a fitness center, business center, laundry facilities and grill area. Michael Padilla of NorthMarq arranged the loan through Freddie Mac’s Targeted Affordable Housing (TAH) program. The seven-year loan features a 30-year amortization schedule.

September 23, 2021

Loans Multifamily Texas

JLL Arranges Acquisition Financing for 292-Unit Alexan on Ross Apartments in Dallas

by Taylor Williams September 23, 2021

DALLAS — JLL has arranged an undisclosed amount of acquisition financing for Alexan on Ross, a 292-unit apartment community located in Dallas. Built in 2018, Alexan on Ross offers a mix of studio, one- and two-bedroom units with an average size of 877 square feet. Residences are furnished with stainless steel appliances, granite or quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, resident lounges and an outdoor skyline terrace. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through Northwestern Mutual on behalf of the borrower, private investment firm Internacional.

September 23, 2021

Loans Office Washington Western

Columbia Pacific Advisors Arranges $14.3M Loan for Labor Temple Office Building in Seattle

by Amy Works September 22, 2021

SEATTLE — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $14.3 million bridge loan to Labor Temple, a landmark office building located at 2800 First Ave. in Seattle’s Belltown neighborhood. Originally built in 1942 and expanded in 1955, the building now totals 40,000 square feet and sits on half-block site with high-end offerings designed for modern office tenants. The property features a roof deck, courtyard, private meeting rooms on each floor, a fitness center and 67 office suites. The property was landmarked in 2008. FAUL, a Seattle-based real estate owner and developer, acquired Labor Temple in December 2020.

September 22, 2021

Affordable Housing Development Loans Multifamily New York Northeast

JLL Arranges Construction Debt, Equity for 418-Unit Long Island Mixed-Income Project

by Taylor Williams September 22, 2021

BAY SHORE, N.Y. — JLL has arranged $113 million in construction financing and $55 million in joint venture equity for the capitalization of a 418-unit multifamily project in the Long Island community of Bay Shore. The property, which will be built in two phases, will consist of 334 market-rate apartments and 84 workforce housing units, as well as 1,650 square feet of retail space. Amenities will include a pool, outdoor grilling stations, a business center and coworking lounge, fitness center, clubrooms, game room and pet washing station. Andrew Scandalios, Rob Hinckley, Jeffrey Julien and Nicco Lupo of JLL arranged the joint venture equity with institutional investors advised by J.P. Morgan Asset Management on behalf of the developer, TRITEC Real Estate Co. Michael Gigliotti, Geoff Goldstein, Kelly Gaines and Jackie Ferrer of JLL sourced the four-year, floating-rate construction loan through Truist Financial Corp. and Santander Bank.

September 22, 2021

Affordable Housing Development Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $23.5M in Financing for Metro Boston Affordable Seniors Housing Expansion

by Taylor Williams September 22, 2021

NEWTON, MASS. — MassHousing has provided $23.5 million in financing for the expansion of Golda Meir House in the western Boston suburb of Newton. The project will expand the existing 199-unit affordable seniors housing property, adding 68 new apartment homes that will be reserved for renters at various income levels that fall below the area median income. The capital stack includes $17 million in Low-Income Housing Tax Credit equity allocated by the Massachusetts Department of Housing & Community Development, as well as various other subsidies. The borrower and developer is 2Life Communities. Prellwitz Chilinski Associates is the project architect, and Colantonio Inc. is the general contractor. Construction is expected to be complete in spring 2023. Golda Meir House was originally built between 1978 and 1995 and was renovated in 2018.

September 22, 2021

Acquisitions Florida Loans Office Southeast

Knighthead Funding Provides $50M Acquisition Loan for Office Portfolio in Downtown West Palm Beach

by Julia Sanders September 21, 2021

WEST PALM BEACH, FLA. — Knighthead Funding LLC has provided a $50 million loan for the acquisition of a three-property office portfolio in downtown West Palm Beach. The financing is a 48-month, interest-only loan. The borrower, Morning Calm Management, is buying the portfolio from an undisclosed seller. The three office buildings, which are located at 224 Datura St., 324 Datura St. and 319 Clematis St., are located within one mile of each other. The properties range in size from four to 15 stories and total 234,902 square feet. Collectively, the portfolio is approximately 80 percent leased. A portion of the loan proceeds will be used toward capital improvements, as well as leasing costs.

September 21, 2021

Alabama Loans Multifamily Southeast

Dwight Capital Funds $29M Loan for Monte Sano Terrace Apartments in Huntsville

by Julia Sanders September 21, 2021

HUNTSVILLE, ALA. — Dwight Capital has provided a $29 million loan for Monte Sano Terrace, a 324-unit apartment complex located in Huntsville. The property includes 23 garden and townhome-style buildings, as well as a clubhouse and leasing office. Located on over 25 acres at 125 Ridgegate Place, Monte Sano Terrace is situated about 2.3 miles from downtown Huntsville. Built in 1988, the community was 96 percent occupied at the time of the transaction. Community amenities feature a fitness center, swimming pool, business center, sports court, dog park, picnic area and a playground. The refinancing is a HUD 223(f) loan. The loan benefitted from a green mortgage insurance premium (Green MIP) reduction set at 25 basis points because the property qualifies as green/energy efficient housing. Brandon Baksh and Daniel Malka of Dwight Capital originated the loan on behalf of the borrower and property owner, Tibs Realty.

September 21, 2021

Hospitality Loans Mixed-Use Office Retail Washington Western

Gantry Arranges $190M in Financing for Carillon Point Mixed-Use Property Near Seattle

by Amy Works September 21, 2021

KIRKLAND, WASH. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.

September 21, 2021

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