Loans

JLL Arranges Financing for Development of 253-Unit Multifamily Project in Ann Arbor

by Kristin Harlow September 16, 2021

ANN ARBOR, MICH. — JLL Capital Markets has arranged $17.8 million in joint venture equity and $39.9 million in construction financing for Avant, a 253-unit multifamily project in Ann Arbor. With an anticipated completion date of April 2023, Avant will include one-, two- and three-bedroom units averaging 1,029 square feet with a mix of flats and townhomes. Amenities will include a dog park, clubhouse, pool, walking trail, fitness center, bike parking and personal storage. Matthew Schoenfeldt of JLL represented the development team, S.R. Jacobson Development Corp. and ARCO Construction, and arranged the equity partnership with a life insurance company. Flagstar Bank provided the 42-month, floating-rate construction loan.

September 16, 2021

California Colorado Loans Multifamily Seniors Housing Western Wyoming

Capital Funding Group Provides $262.6M Refinancing for Skilled Nursing Portfolio in Colorado, California, Wyoming

by Amy Works September 15, 2021

BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.

September 15, 2021

Loans Lument Multifamily Texas

Lument Provides $32.3M Acquisition Loan for Metro Houston Multifamily Community

by Taylor Williams September 15, 2021

PORTER, TEXAS — Lument has provided a $32.3 million bridge loan for the acquisition of Villas at Valley Ranch, a 312-unit apartment community located in the northeastern Houston suburb of Porter. Units feature one- and two-bedroom floor plans, and amenities include a pool, clubhouse, fitness center, conference room and a theater room. 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 of Lument led the transaction.

September 15, 2021

Loans Multifamily New York Northeast

MetLife Provides $143.1M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams September 15, 2021

NEW YORK CITY — MetLife Investments & Management has provided a $143.1 million loan for the refinancing of 475 Clermont, a 363-unit multifamily property in Brooklyn. The 12-story building includes 33,000 square feet of retail space and 45,000 square feet of parking. Units feature individual washers and dryers, stainless steel appliances and private terraces/balconies. Amenities include a fitness center, business center, children’s play area, landscaped courtyard with artwork and a theater room. Drew Fletcher and Matthew Hirsch of Greystone arranged the debt, which was structured with a 10-year term and a fixed interest rate. The borrower was New York City-based RXR Realty.

September 15, 2021

Industrial Loans New Jersey Northeast

JLL Arranges $14.3M in Financing for New Jersey Industrial Portfolio

by Taylor Williams September 15, 2021

EDISON, N.J. — JLL has arranged $14.3 million in financing for a portfolio of industrial buildings totaling approximately 430,000 square feet within Raritan Center Business Park in the Northern New Jersey community of Edison. The buildings were constructed between 1980 and 1991 and were 99 percent leased to a roster of 20 tenants at the time of sale. Michael Klein and Max Custer of JLL arranged three fixed-rate loans through an undisclosed life insurance company to retire existing debt on the properties and fund tenant improvements. The borrower was Summit Associates Inc.

September 15, 2021

Indiana Loans Midwest Multifamily

Eastern Union Arranges $9.7M Bridge Loan for Indianapolis Apartment Complex

by Kristin Harlow September 15, 2021

INDIANAPOLIS — Eastern Union has arranged a $9.7 million bridge loan to facilitate the acquisition of Meridian Towers in Indianapolis. The 195-unit apartment complex is located at 3710 N. Meridian St. and dates to the 1950s. Michael Wyne of Eastern Union arranged the loan with assistance from Boruch Mandel of Eastern Equity Advisors, an affiliate of Eastern Union. The borrower was a joint venture between New York City-based Crown Capital Ventures and Toronto-based Whitestone Capital. The lender was not disclosed.

September 15, 2021

Loans New York Northeast Northmarq Retail

NorthMarq Arranges $30M Loan for Refinancing of Retail Asset in Queens

by Taylor Williams September 14, 2021

NEW YORK CITY — NorthMarq has arranged a $30 million loan for the refinancing of Springnex Plaza Shopping Center, a 96,019-square-foot retail asset located in the Springfield Gardens area of Queens. The grocery-anchored retail property was built in 2000. Robert Delitsky of NorthMarq arranged the fixed-rate loan through an undisclosed credit union on behalf of the borrower, an affiliate of New York-based Mattone Investors LLC that originally developed the property.

September 14, 2021

Illinois Loans Midwest Office

North Wells Capital Receives $21M Loan for Refinancing of Chicago Office Building

by Kristin Harlow September 14, 2021

CHICAGO — North Wells Capital LLC has received a $21 million loan for the refinancing of 440 North Wells in Chicago’s River North neighborhood. The office and retail building rises eight stories and spans 95,316 square feet at the intersection of Wells and Hubbard streets. The property is currently 97 percent occupied, with the office space anchored by Curo Technologies and the retail space anchored by Ligne Roset. Urban Innovations provides property management, leasing and construction services for the building. North Wells Capital and Urban Innovations have owned and managed the property since 1996. CIBC Bank USA provided the loan, terms of which were undisclosed.

September 14, 2021

California Loans Multifamily Northmarq Washington Western

NorthMarq Arranges $132M Refinancing for Six Multifamily Properties in California, Washington

by Amy Works September 14, 2021

SAN FRANCISCO — NorthMarq’s San Francisco office has arranged the $132 million in refinancing for six multifamily properties in California and Washington comprising 965 units. Dennis Williams and Tom Wright of NorthMarq arranged the financing for the borrower, JB Matteson, through its long-time correspondent relationship with Allianz. The six permanent loans featured fixed interest rates with interest-only payments for the full 10-year terms. The financing includes: A $19.2 million loan for Avanti Apartments, a 216-unit property located at 4450 El Centro Road in Sacramento. A $31.4 million loan for Millworks Apartments, a 124-unit community located at 900 Reichert Ave. in Novato, Calif. An $18.5 million loan for Reflections at the Park, a 244-unit complex located at 11510 NE 112th Drive in Vancouver, Wash. A $19.4 million loan for Tustin Cottages, a 93-apartment community at 1361 El Camino Real in Tustin, Calif. A $25.5 million loan for Urban Village, a 129-unit property at 1081 Long Beach Blvd. in Long Beach, Calif. An $18 million loan for Waterfront Apartments, a 96-unit community with 4,000 square feet of commercial space in Petaluma, Calif.

September 14, 2021

Hospitality Loans Oregon Western

Coast Hospitality Receives $51.1M Refinancing for Benson Hotel Renovations in Portland

by Amy Works September 14, 2021

PORTLAND, ORE. — Seattle-based Coast Hospitality has received a $51.1 million loan for the refinancing and renovation of Benson Hotel in downtown Portland. Dallas-based Hall Structured Finance closed a first lien bridge loan for the borrower. Originally built in 1912 and expanded in 1959, the 13-story hotel features 287 guest rooms, including 57 suites; two restaurants; a bar/mezzanine lounge; and almost 18,000 square feet of indoor meeting space spanning across 18 different rooms, including two separate ballrooms; a 12-story historic stairwell; fitness center; and business center. The borrower plans to renovate the hotel’s common areas, including the meeting space, lobby and food and beverage outlets. The property, which previously operated independently of a national brand, will be flagged under the Hilton Curio Collection in the fourth quarter of 2021. Jonathan Falik of JF Capital Advisors advised Coast Hospitality on the loan and the branding.

September 14, 2021

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