WASHINGTON, D.C. — The total amount for commercial and multifamily mortgages originated in the third quarter is up 119 percent compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Thursday. The third-quarter volume is also up by 19 percent from second-quarter 2021. All property types showed an increase in year-over-year originations. The highest dollar volume hike was for hotel loans, with an 866 percent increase. Following that figure was a 317 percent increase for retail loans, 156 percent increase for industrial properties, 105 percent increase for multifamily properties, 102 percent increase for office properties and a 45 percent increase for healthcare property loan originations. “Borrowing hit an all-time quarterly high during the third quarter, driven by strong or improving market fundamentals, higher property values, low interest rates and solid mortgage performance,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Borrowing and lending backed by industrial and multifamily properties are each running at a record annual pace. And while year-to-date office and retail lending are each up significantly from last year, both remain below 2019 levels.” The dollar volume of loans originated for investor-driven lenders (such …
SAN ANTONIO — New York City-based Dwight Capital has provided a $27.6 million bridge loan for the acquisition of Parc 410, a 344-unit apartment community in San Antonio. The property encompasses 21 buildings on a 10-acre site and offers amenities such as two pools, a basketball court, fitness center, business center and a dog park. Adam Sasouness of Dwight Capital originated the loan on behalf of the undisclosed borrower.
LEHIGH COUNTY, PA. — G.S. Wilcox, a commercial mortgage banking firm based in Northern New Jersey, has arranged a $44 million construction loan for a 70,000-square-foot healthcare project in Pennsylvania’s Lehigh Valley. The exact location of the single-tenant project was not disclosed. Wesley Wilcox of G.S. Wilcox arranged the fixed-rate loan, which carried a 23-year term, on behalf of the undisclosed borrower.
OAK CREEK, WIS. — Northmarq has provided $12.2 million in construction takeout financing for the recently completed first phase of Residences at Oak View in Oak Creek, just south of Milwaukee. The build-for-rent community, located at 10730 S. Howell Ave., includes 42 rental homes. Residents have access to a clubhouse with a fitness center, game room, community room and outdoor pool. The property was fully pre-leased within two months of the first home delivery and achieved occupancy stabilization within five months. Construction on a 41-home second phase is currently underway, with completion slated for summer 2022. Brett Hood of Northmarq arranged the 10-year loan, which features five years of interest-only payments followed by a 30-year amortization schedule. Northmarq originated the financing for the borrower, ModHomes, through its status as a Freddie Mac Optigo lender.
EAST HAVEN, CONN. — JLL has provided a $20.4 million Freddie Mac loan for the refinancing of 510 Main, a 214-unit multifamily asset in East Haven, located in the southern coastal part of the state. The property features studio and one-bedroom units that range in size from 425 to 482 square feet and include private balconies/patios. The amenity package consists of a fitness center, coffee bar, a Wi-Fi resident lounge and a package locker system. Elliott Throne, Mona Carlton, Alex Staikos and Amit Kakar of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Beachwold Residential.
AUSTIN, TEXAS AND COLLEGE PARK, MD. — Greystar has closed on $600 million in financing for the development of three student housing projects located in Texas and Maryland. Construction on all developments began in October with completion scheduled for fall 2024. The projects include Union on San Antonio, a $171 million, 991-bed high-rise being built through a public-private partnership with the St. Austin Catholic Parish. The project is located one block from the University of Texas at Austin campus and will include a new Catholic parish, rectory and K-8 school for $32 million. Page designed the student housing tower, which will feature shared amenities including a swimming pool, rooftop deck and fitness center. Greystar’s Austin team will oversee the construction of the project with Hensel Phelps as general contractor. The second development serving students attending the University of Texas is Union on 24th, a $262 million, 1,448-bed high-rise community in Austin’s West Campus neighborhood. Greystar will lead the development and self-perform construction. The final project is Knox Road, a $140 million community near the University of Maryland in College Park. The project is being developed through a public-private partnership with Terrapin Development Co., an entity comprised of the University of Maryland …
CHATHAM, N.J. — New Jersey-based Cronheim Mortgage has arranged a $7.8 million loan for the refinancing of a self-storage and retail asset located in the Fort Worth area. The property, formerly a grocery-anchored retail center, consists of a CubeSmart-branded self-storage facility with roughly 1,000 units and a 10,000-square-foot retail space occupied by Goodwill. David Turley, Janet Proscia and David Poncia of Cronheim arranged the nonrecourse, fixed-rate loan on behalf of the borrower, an affiliate of California-based DealPoint Merrill. An undisclosed national bank provided the loan. The address of the property was not disclosed.
NEW YORK CITY — Greystone has provided two Fannie Mae acquisition loans totaling $17.5 million for a pair of affordable seniors housing properties totaling 151 units in the New York City area. In the first deal, Greystone originated a $12.4 million loan for Highland Avenue Senior Apartments, an 88-unit community in Yonkers that was built in 2008. In the second transaction, the company provided $5.1 million in acquisition financing for 2120 Hughes Avenue, a 63-unit property in The Bronx that was constructed in 1995. Dan Sacks and Ilan Bassali of Greystone originated the loans on behalf of the borrower, Heritage Affordable Communities LLC.
SAN DIEGO — Berkadia has secured a $148 million loan for the refinancing of Town & Country Resort in San Diego. The borrower is a partnership between Lowe and Atlas Hotels. Scott Hall and Aaron Lapping of Berkadia arranged the floating-rate loan through Värde Partners for the borrower. Situated on 31 acres in San Diego’s Mission Valley submarket, Town & Country Resort features 671 guest rooms, five food and beverage outlets, two resort pools, a water slide and more than 292,000 square feet of indoor and outdoor meeting space. CoralTree Hospitality Group manages the resort.
HOLLYWOOD, FLA. — FM Capital has arranged the $6.2 million financing of Lincoln Gardens Apartments, a 77-unit multifamily community in Hollywood. Sheridan Capital provided the loan, which was structured with an 80 percent loan-to-cost ratio and full-term interest-only payments. Noam Temchin of FM Capital arranged the financing for the borrower, Gelt Team. Located at 2711 Lincoln St., Lincoln Gardens is situated about 3.6 miles from Hollywood Beach, 7.6 miles from Fort Lauderdale-Hollywood International Airport and 10.5 miles from Fort Lauderdale. Built between 1952 and 1987, the property was 80 percent occupied at the time of financing. Community amenities include a pool, courtyard and parking.