Loans

Silver-Ridge-Health-Care-Center-Las-Vegas-NV

KeyBank Provides $30.8M in HUD-Insured Financing for Two Seniors Housing Properties in Las Vegas

by Amy Works March 1, 2021

LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech and occupational therapy. Silver Ridge, built in 1999, comprises 147 operating beds (78 units) and provides in-house and outpatient physical, occupational, speech and respiratory therapy. The two FHA-insured loans were structured with a 35-year, fully amortizing term. John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders and Peter Trazzera of Key’s Healthcare Finance Group originated and structured the financing.

March 1, 2021

Loans Multifamily Southeast Top Stories Virginia

JLL Arranges $135M Refinancing for Altaire Apartments in Arlington, Virginia

by Taylor Williams March 1, 2021

ARLINGTON, VA. — JLL has arranged a $135 million loan for the refinancing of Altaire Apartments, a 451-unit luxury high-rise community located in Arlington. The property is located on the border of the Crystal City and Pentagon City neighborhoods near major landmarks and institutions such as Arlington National Cemetary, the Pentagon and Ronald Reagan International Airport. Pentagon City is the neighborhood where Amazon is building its $2.5 billion second headquarters. Constructed in 2018, Altaire Apartments is a two-building development that features studio, one- and two-bedroom floor plans. Units are furnished with stainless steel appliances, kitchen islands, wood-style flooring, walk-in closets, individual washers and dryers and keyless entry mechanisms. Rents start at approximately $1,800 per month for a studio unit, according to Apartments.com. Communal amenities include a sky lounge, rooftop terrace, fitness center, courtyard, fire pits, grilling area, pool, game room, penthouse lounge and pet washing area. The property is LEED Gold certified. Residents are offered concierge package handling services along with Luxer package lockers. Jamie Leachman and Paul Spellman of JLL arranged the five-year, floating-rate loan through an undisclosed lender on behalf of the borrower, LCOR, an investment and management firm with offices throughout the mid-Atlantic. Proceeds will be used to …

March 1, 2021

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $18.2M Acquisition Loan for Apartment Complex in Suburban Minneapolis

by Kristin Harlow February 26, 2021

MAPLE GROVE, MINN. — Colliers Mortgage has provided an $18.2 million Fannie Mae loan for the acquisition of Crossroads at Elm Creek in Maple Grove. The 98-unit apartment complex rises three stories. Amenities include a fire pit, children’s play area, outdoor seating, a fitness center, coffee bar, community room and storage lockers. Peak Capital Partners LLC was the borrower. The 10-year loan features a 30-year amortization schedule.

February 26, 2021

Crossings-Industrial-Portfolio-Philadelphia

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $69.5M Acquisition Loan for Philadelphia-Area Industrial Portfolio

by Taylor Williams February 26, 2021

PHILADELPHIA — Cushman & Wakefield has arranged a $69.5 million acquisition loan for the Crossings Industrial Portfolio, a collection of 25 light industrial buildings totaling 1.2 million square feet in the Philadelphia area. John Alascio, Sridhar Vankayala, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan through Natixis on behalf of the borrower, Camber Real Estate Partners.

February 26, 2021

Loans Multifamily New York Northeast Retail

Urban Standard Capital Provides $2.3M Acquisition Loan for Brooklyn Multifamily, Retail Asset

by Taylor Williams February 26, 2021

NEW YORK CITY — Urban Standard Capital has provided a $2.3 million acquisition loan for a multifamily and retail building located at the corner of Montague and Henry streets in the Brooklyn Heights neighborhood. The three-story building houses nine residential units and features retail space on the ground and second floors. The borrower, a partnership between Conway Capital and Davean Holdings, will use a portion of the proceeds to renovate the building.

February 26, 2021

Gregg Gerken, Head of Commercial Real Estate for TD Bank

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

TD Bank: Why We Need to Address Affordable Housing Needs Now

by Sarah Daniels February 26, 2021

By Gregg Gerken, Head of Commercial Real Estate for TD Bank Even prior to the COVID-19 pandemic, it was a struggle to build or find affordable housing. But since the pandemic broke out, finding affordable housing may be even harder for those who now need it most. A Problem Made Worse by a Global Pandemic The lack of affordable housing was an urban, suburban and rural problem even before COVID-19. Rent-burdened families and seniors living on a budget reside in almost every small and large city in America. While the $600 per month unemployment payments, stimulus checks and extension of eviction moratoriums have helped, the bottom line is that those most affected by COVID-19 financially still have the longest road to recovery and need more assistance – especially affordable housing – to get back on their feet. The Tenant Versus Landlord Narrative Multifamily housing renters are trying hard to make rent, but some just can’t, and that hardship then tilts onto landlords who are trying to cover payroll, taxes, utilities, upkeep and mortgages. The looming crisis now is that millions of renters are behind on their rent with approximately $70 billion due in back payments that could create a wave …

February 26, 2021

Idaho Loans Retail Utah Washington Western

JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio

by Amy Works February 25, 2021

SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset, all leased to a mix of national and credit-worthy tenants across various retail sectors. Kevin MacKenzie, Bruce Ganong, Paul Brindley, Sam Godfrey and Spencer Bergthold of JLL represented the borrower in the financing.

February 25, 2021

Illinois Loans Midwest Office

JLL Arranges $153M Loan for Refinancing of Chicago Office Tower

by Kristin Harlow February 25, 2021

CHICAGO — JLL Capital Markets has arranged a $153 million loan for the refinancing of 123 North Wacker, a 33-story office tower in Chicago’s central business district. The 550,000-square-foot building is situated in the West Loop submarket. The property has undergone more than $33 million in capital improvements over the past few years, including a reimagined lobby, a new tenant lounge and barista bar. Additional amenities include a conference center, fitness center, bike room and private rooftop terrace. The occupancy rate was not disclosed, but the property is home to 36 tenants. Keith Largay and Lucas Borges of JLL arranged the five-year, floating-rate bridge loan on behalf of the borrower, LaSalle Investment Management’s Income & Growth Fund Series. Mesa West Capital provided a $37 million mezzanine loan. LaSalle has owned the building since early 2017.

February 25, 2021

Loans Multifamily Texas

BridgeCore Capital Provides Loan for Refinancing of 34-Unit Multifamily Asset in Dallas

by Taylor Williams February 25, 2021

DALLAS — California-based BridgeCore Capital has provided a $1 million bridge loan for the refinancing of an undisclosed 34-unit multifamily asset in Dallas. The undisclosed borrower required a nonrecourse loan to cash out and to make capital improvements at the property. The borrower expects the loan to be taken out by a Freddie Mac Small Balance Loan and to eventually sell the property. The asset’s occupancy rate was 62 percent at the time of the loan closing.

February 25, 2021

Loans Multifamily New Jersey Northeast Seniors Housing

Ziegler Arranges $114.8M Bond Refinancing for New Jersey Senior Living Community

by Taylor Williams February 25, 2021

WALL TOWNSHIP, N.J. — Ziegler has arranged $114.8 million in bond financing for Springpoint Senior Living, located near the Jersey Shore in Wall Township. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. In addition to refinancing all of the outstanding debt of the previous obligated group, the refinancing also reimbursed Springpoint for approximately $25 million in recent capital expenditures. The fixed-rate, tax-exempt bonds were underwritten simultaneously with $85 million of taxable bank financings with two regional banks. Marathon Capital Strategies LLC provided municipal advisory services to Springpoint in connection with the transaction.

February 25, 2021

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