Loans

MassHousing Provides $31.4M for Refinancing, Preservation of Boston Affordable Housing Community

by Taylor Williams September 21, 2021

BOSTON — MassHousing has provided $31.4 million for the refinancing and preservation of Franklin Park, an affordable housing community in Boston’s Dorchester/Roxbury neighborhood. The unit mix consists of 95 one-bedroom units, 99 two-bedroom apartments, 10 three-bedroom residences, five four-bedroom apartments and 10 five-bedroom units. The financing will preserve the affordable status for 155 of the property’s 219 units for another 29 years. In addition, the borrower, The Community Builders Inc., will use a portion of the proceeds to fund capital improvements.

September 21, 2021

Loans Multifamily New Jersey Northeast

Progress Capital Places $31M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams September 21, 2021

HAMBURG, N.J. — Progress Capital has placed a $31 million loan for the refinancing of Carlton Village Apartments, a 240-unit multifamily complex located in the Northern New Jersey community of Hamburg. The property consists of 21 buildings that are situated on a 37-acre site and that house studio, one- and two-bedroom units. Brad Domenico and Gabby Cali of Progress Capital arranged the debt on behalf of the undisclosed borrower, a private investor who has owned the property since 1985 and made various capital improvements since that time.

September 21, 2021

Connecticut Industrial Loans Northeast

EagleBridge Capital Arranges $14.5M Permanent Loan for Industrial Flex Property in Stamford

by Taylor Williams September 21, 2021

STAMFORD, CONN. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $14.5 million permanent loan for a 140,000-square-foot industrial flex property in Stamford, located in the southern coastal part of the state. The property consists of six warehouse buildings that include office space and that range in size from 3,800 to 45,150 square feet. Tenants include CenturyLink, Lowa Boots, Site One, Kaster Moving and Alba Stone. Brian Walsh of EagleBridge Capital arranged the loan through an undisclosed national bank. The borrower was also not disclosed.

September 21, 2021

Hospitality Loans Mixed-Use Multifamily Washington Western

Gantry Secures $102.7M Refinancing for Arrive Apartments, Sound Hotel Tower in Seattle

by Amy Works September 20, 2021

SEATTLE — Gantry has secured $102.7 million in permanent financing from life company sources to retire and replace construction financing for The Arrive Apartments and The Sound Hotel in Seattle. Situated in the Belltown neighborhood, the mixed-use, high-rise development features 344 apartments above the 142-key Sound Hotel. George Mitsanas, Josh Natker and Pat Taylor of Gantry secured the loan on behalf of the undisclosed property owners.

September 20, 2021

Affordable Housing California Loans Multifamily Western

Greystone Provides $20.1M Fannie Mae Loan for Affordable Housing Purchase in California

by Amy Works September 20, 2021

CHICO, CALIF. — Greystone has provided a $20.1 million Fannie Mae DUS loan for the acquisition of Cedar Village Apartments, an affordable multifamily property in Chico. Scott Wallace of Greystone originated the loan for the undisclosed borrower. Built in 1979, Cedar Village Apartments features 10 two-story buildings offering a total of 116 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a laundry room, playground and business center. Cedar Village Apartments is a section 8 HAP property. The loan carries a 15-year term at a fixed rate with a 35-year amortization schedule.

September 20, 2021

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $9.6M Acquisition Loan for Southern New Jersey Shopping Center

by Taylor Williams September 20, 2021

VINELAND, N.J. — Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located in the Southern New Jersey city of Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union.

September 20, 2021

Loans Office Top Stories Washington Western

JLL Arranges $468.7M Construction Loan for Amazon-Leased Office Tower in Metro Seattle

by Taylor Williams September 20, 2021

BELLEVUE, WASH. — JLL has arranged a $468.7 million construction loan for The Artise, a 25-story office tower that will be located in the Seattle suburb of Bellevue. The 609,000-square-foot building is 100 percent preleased to a global e-commerce tenant, which Bloomberg reports is Amazon. New York City-based global investment firm KKR provided the loan to the borrower, a joint venture between developer Schnitzer West and Boston-based The Baupost Group. Specific loan terms were not disclosed. Slated for a fourth-quarter 2023 completion, The Artise will house 4,783 square feet of retail space and 1,158 parking spaces. The building’s location at 788 106th Ave. in the downtown area puts it one block north of Bellevue’s main pedestrian corridor and the site of the future East Link Light Rail extension. Additionally, The Artise will be located two blocks from Bellevue Transit Center and three blocks from the Interstate 405. Global architecture firm NBBJ designed the building, which will seek LEED Gold certification. Mike Tepedino, Geoff Goldstein and Tom Wilson of JLL arranged the debt. “The Artise will cultivate Bellevue’s position as a critical business hub in the Puget Sound area and deliver in-demand, Class A office space with features that allow the …

September 20, 2021

Development Loans Mixed-Use Texas

Knighthead Funding Provides $59.5M Construction Loan for Austin Mixed-Use Project

by Taylor Williams September 17, 2021

AUSTIN, TEXAS — Knighthead Funding has provided a $59.5 million construction loan for a mixed-use project that will be located about three miles from downtown Austin. The project will comprise 200 multifamily units, 22,318 square feet of office space and 4,884 square feet of retail space. The residential component will consist of 170 market-rate units and 30 affordable housing units. The borrower was a partnership between Austin-based Pearlstone Partners and New York City-based ATCO Properties. A tentative completion date was not released.

September 17, 2021

Loans Multifamily Texas

JLL Arranges $39.5M Loan for Refinancing of South Houston Multifamily Property

by Taylor Williams September 16, 2021

HOUSTON — JLL has arranged a $39.5 million loan for the refinancing of South Main, a 186-unit multifamily property located near the Texas Medical Center in South Houston. The property was built in 2019 and was 99 percent occupied at the time of sale. Units features stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, outdoor grilling stations and indoor/outdoor lounges. Mark Brandenburg of JLL arranged the loan through a fund sponsored by CBRE Global Investors on behalf of the borrower, locally based development firm Allen Harrison. The loan was structured with a floating interest rate and an initial term of three years.

September 16, 2021

Loans Lument Multifamily Texas

Lument Provides $37.8M Loan for Refinancing of Metro Houston Apartments

by Taylor Williams September 16, 2021

KINGWOOD, TEXAS — Lument has provided a $37.8 million loan for the refinancing of Paramount at Kingwood, a 372-unit apartment community in the northern Houston suburb of Kingwood. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a clubhouse. The loan carried a fixed interest rate and a three-year term. The borrower, San Antonio-based investment firm LYND Co., will use a portion of the proceeds to fund capital improvements. Marc Suarez led the transaction for Lument.

September 16, 2021

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