Loans

Harbor Vista at Crawford Street Apartments

Berkadia Originates HUD Refinancing for Three Multifamily Properties in Virginia Totaling $81.7M

by Julia Sanders March 4, 2021

RICHMOND, VA. — Berkadia has originated $81.7 million in financing for three multifamily properties in Virginia known as Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Steve Murden of Berkadia’s Richmond office secured the permanent refinancing in three separate transactions on behalf of the borrower, Virginia-based The Breeden Co. All three loans were fully amortizing, long-term HUD 223(a)(7) MF products. Eagle Harbor West is located at 13420 Smiths Neck Road in Carrollton. Berkadia secured $26.2 million in financing at a fixed 2.9 percent interest rate. The apartment community comprises one-, two- and three-bedroom units with walk-in closets. Community amenities include a swimming pool, sundeck, fitness center, clubhouse and laundry facilities. Harbor Vista at Crawford Street, located at 800 Crawford St. in Portsmouth, features one- and two-bedroom floor plans with walk-in closets and private balconies. Berkadia secured $17.2 million loan at a fixed 2.9 percent interest rate. The community’s amenities include a business center, walking and biking trails and an outdoor area with grilling stations. The Marq is located at 4769 Alicia Drive in Virginia Beach. Berkadia secured a $38.3 million loan for the property at a fixed 3.4 percent interest rate. The Marq features one-, …

March 4, 2021

Loans Multifamily North Carolina Southeast

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

by Julia Sanders March 4, 2021

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule. Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, swimming pool and a gourmet coffee bar. Centennial Holding is an Atlanta-based real estate investment firm that owns and operates multifamily properties in the Southeast, Southwest and Mid-Atlantic. The firm has owned Century Afton Ridge since 2016.

March 4, 2021

Development Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley Seniors Housing in Oregon

by Amy Works March 3, 2021

HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital. CBRE secured a five-year, floating-rate loan with four years of interest-only payments from a consortium of banks, including a regional bank and a national bank, in a participated loan format.

March 3, 2021

California Loans Multifamily Western

Panoramic Interest Receives $104M in Refinancing for City Gardens Apartments in San Francisco

by Amy Works March 3, 2021

SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco. Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged. City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living areas, expansive windows and nine-foot ceilings. The 152,445-square-foot property features high-efficiency lighting and plumbing; laminated, heat-resistant glass; and energy recovery ventilation.

March 3, 2021

Loans Midwest Multifamily Wisconsin

American Street Capital Arranges $8M Acquisition Loan for Multifamily Portfolio in Kenosha, Wisconsin

by Kristin Harlow March 3, 2021

KENOSHA, WIS. — American Street Capital (ASC) has arranged an $8 million loan for the acquisition of a two-property, 108-unit multifamily portfolio in Kenosha. Built in the early 1970s, the portfolio features a mix of one-, two- and three-bedroom units. Both complexes were more than 95 percent leased at closing. Igor Zhizhin of ASC originated the seven-year agency loan. It features a fixed interest rate with two years of interest-only payments and a 30-year amortization schedule.

March 3, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Secures $18.6M for Construction of Affordable Housing Property in Cleveland

by Kristin Harlow March 2, 2021

CLEVELAND — KeyBank has secured $18.6 million in financing for the construction of Slavic Village Gateway, an 88-unit affordable housing property in Cleveland. The two-building project will feature 21,000 square feet of ground-floor retail space as well as 10 townhomes. The property will feature 23 units for renters that earn at or below 30 percent of area median income (AMI) and 65 units for those who earn at or below 60 percent of AMI. KeyBank Community Development Lending and Investment (CDLI) secured a $12.5 million construction loan, while KeyBank’s Commercial Mortgage Group arranged a $6.1 million forward commitment for a Freddie Mac permanent loan. Additionally, the project will use 9 percent low-income housing tax credit equity from the Ohio Capital Corp. for Housing, $600,000 from the City of Cleveland and $1.5 million from University Settlement, which is a nonprofit social service agency that will occupy some of the project’s retail space. Kyle Kolesar of KeyBank’s CDLI team and Robbie Lyn of KeyBank’s Commercial Mortgage Group structured the financing on behalf of the developer, The NRP Group LLC.

March 2, 2021

California Development Loans Mixed-Use Multifamily Retail Top Stories Western

Signature Development Receives $130M in Construction Financing for Mixed-Use Project in Oakland’s Brooklyn Basin

by Amy Works March 2, 2021

OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …

March 2, 2021

Development Florida Loans Multifamily Retail Southeast

Trez Capital Provides $70M Construction Loan for Block 40 Multifamily Project in South Florida

by Julia Sanders March 1, 2021

HOLLYWOOD, FLA. — Trez Capital has provided a $70 million construction loan for Block 40, a high-rise multifamily project located at 1818 Hollywood Blvd. in downtown Hollywood. The community will be situated along the city’s famous Young Circle. The borrower, an entity doing business as Block 40 LLC, has begun construction. Block 40 is a 19-story project with 273 apartment units and 20,779 square feet of ground-floor retail space. The apartments will have Class A finishes, including stainless appliances, stone counters, designer cabinets, modern plumbing and light fixtures, breakfast bars, washer and dryers and patios. Community amenities will include a rooftop pool and deck, fitness center, clubroom with kitchen, concierge, valet parking, Wifi in common areas and 24 hour security. The tenants in the retail space are undecided at this time. Trez Capital provides short-term debt and equity financing usually between six months and 36 months in term, ranging from $5 million to more than $100 million in loan value. The firm has offices in Vancouver, Toronto, Montreal, Dallas, New York and Palm Beach, Fla.

March 1, 2021

Loans Midwest Missouri Multifamily

Berkadia Secures $19.9M HUD-Insured Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow March 1, 2021

BLUE SPRINGS, MO. — Berkadia has secured a $19.9 million HUD-insured loan for the refinancing of Lakeview Crossing Townhomes in Blue Springs, about 20 miles east of Kansas City. Completed in March 2019 and located at 900 SE Tequesta Lane, Lakeview Crossing features floor plans ranging from one to four bedrooms. Amenities include a fitness center, clubhouse, resident lounge and pool. Kevin Kozminske and John Schorgl of Berkadia secured the HUD 223(f) loan with a 35-year term and a fixed rate. Missouri-based Worcester Investments was the borrower.

March 1, 2021

Industrial Loans Midwest Ohio

NorthMarq Arranges $10.2M Acquisition Loan for Two Industrial Flex Buildings in Mason, Ohio

by Kristin Harlow March 1, 2021

MASON, OHIO — NorthMarq has arranged a $10.2 million loan for the acquisition of two industrial flex buildings at Governor’s Pointe in Mason, about 22 miles north of Cincinnati. The two properties span 154,775 square feet and are located at 4900 Parkway Drive and 4700 Duke Drive. They feature both industrial and office space. Noah Juran of NorthMarq arranged the five-year loan, which features a 25-year amortization schedule and a fixed rate. A regional bank provided the loan.

March 1, 2021

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