Loans

Berkadia Provides $20.6M Acquisition Loan for Mixed-Income Apartment Complex in Southwest Florida

by Alex Tostado November 20, 2020

NAPLES, FLA. — Berkadia has provided a $20.6 million Freddie Mac acquisition loan for Wild Pines of Naples. The 15-year loan features a fixed interest rate and 10 years of interest-only payments. Of the 200 units, 104 are reserved for those earning 60 percent of the area median income (AMI), while the remaining 96 units are being leased at market rate. The property offers one-bedroom floor plans averaging 600 square feet across 19 one- and two-story buildings. Communal amenities include two pools, two laundry rooms, a clubhouse, business center, fitness center and a picnic area. Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land that could be used to add more units or amenities. Mitch Sinberg and Matt Robbins of Berkadia originated the loan on behalf of the borrower, New York City-based GMF Capital.

November 20, 2020

Arkansas Loans Multifamily Southeast

Colliers Secures $19.4M Refinancing Loan for Multifamily Community Near Little Rock

by Alex Tostado November 20, 2020

CABOT, ARK. — Colliers Mortgage, a division of Colliers International, has provided a $19.4 million Fannie Mae refinancing loan for The Pointe at Cabot. The 180-unit multifamily community is situated at 3001 W. Main St. in Cabot, 26 miles northeast of downtown Little Rock. The 10-year loan features a 30-year amortization schedule. The Pointe at Cabot comprises 14 two- and three-story buildings, a single-story leasing office and a single-story pool building. Communal amenities include a pool, fitness center, clubhouse, a business center and grilling and picnic areas. The borrower was The Pointe at Cabot LLC.

November 20, 2020

Acquisitions Industrial Loans North Carolina Southeast

PGIM Provides $120M Acquisition Loan for Industrial Portfolio in North Carolina

by Alex Tostado November 19, 2020

DURHAM AND GREENSBORO, N.C. — PGIM Real Estate has provided a $120 million acquisition loan for Patriot Park and Triangle Industrial Portfolio, two industrial campuses totaling 24 buildings in Durham and Greensboro, respectively. Blackstone Real Estate Income acquired the properties, which span nearly 3 million square feet. Tom Goodsite of PGIM originated the floating-rate loan on behalf of Blackstone. Patriot Park is located at 4032 Patriot Park and 2 Freedom Court on the edge of Research Triangle Park. The property comprises two buildings featuring 30-foot clear heights. Triangle Industrial Portfolio comprises six properties near Piedmont Triad International Airport. The list of properties was not disclosed, and the seller was not disclosed.

November 19, 2020

Loans Multifamily Student Housing Washington Western

Highland Realty Capital Secures $41M Financing for 976-Bed Student Housing Community Near Washington State

by Amy Works November 19, 2020

PULLMAN, WASH. — Highland Realty Capital has secured a $41 million bridge loan for The Ruckus, a 976-bed student housing community located near Washington State University in Pullman. The company secured financing — $2 million of which will be used to convert 89 four-bedroom units into three-bedroom units with bed-to-bath parity — through a Los Angeles-based debt fund on behalf of the borrower, NB Private Capital (NBPC). “Bed-to-bath parity is always an issue, and with COVID-19, it became an obvious upgrade for us to make,” says Blake Wettengel, president of NBPC.

November 19, 2020

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $36M Construction Loan for Boston Affordable Housing Project

by Taylor Williams November 19, 2020

BOSTON — MassHousing has provided a $36 million construction loan for the development of The Loop at Mattapan Station, a 135-unit affordable housing community located in the Mattapan area on the south side of Boston. Preservation of Affordable Housing, a nonprofit organization, is developing the building, which will house 10,000 square feet of ground-floor retail space and is expected to be complete in June 2022. The unit mix will include six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments.  Approximately 30 percent of the units will be designated as workforce housing.

November 19, 2020

Development Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $19.9M Construction Loan for Metro Boston Multifamily Project

by Taylor Williams November 19, 2020

CANTON, MASS. — Mortgage banking firm Fantini & Gorga has arranged a $19.9 million construction loan for Millside at Heritage Park, a 60-unit multifamily project in the southern Boston suburb of Canton. The age-restricted community will offer one- and two-bedroom units averaging 1,076 square feet, with 25 percent of the units reserved for households earning 80 percent or less of the area median income. Casimir Groblewski and Lindsay Feig of Fantini & Gorga arranged the loan through HarborOne Bank and Bristol County Savings Bank on behalf of the borrower, 104 Revere Street LLC.

November 19, 2020

Development Loans New York Northeast

SL Green Receives $1.2B Construction Loan for 1.4 MSF Office Project in Manhattan

by Taylor Williams November 18, 2020

NEW YORK CITY — SL Green Corp. (NYSE: SLG) has received a $1.2 billion construction loan for One Madison Avenue, a 1.4 million-square-foot office project that will be situated on a full city block between Park and Madison avenues and East 23rd and 24th streets. SL Green is developing the 27-story building in partnership with Houston-based Hines, and Kohn Pederson Kohn is serving as the project architect. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. Amenities will include new retail space, an 800-person event space, 15,000-square-foot artisanal food market, 9,000-square-foot club-style tenant lounge and a full-service fitness center. An estimated completion date was not disclosed.

November 18, 2020

Acquisitions Loans Montana Multifamily Seniors Housing Washington Western

Ziegler Arranges $42.6M Acquisition Financing for Three-Property Seniors Housing Portfolio in Northwest

by Amy Works November 18, 2020

BOZEMAN, MONT., AND SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national seniors housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties feature a combined 36 independent living units and 204 assisted living units. Post-acquisition, Radiant’s portfolio totals 18 communities spanning across six states in the Pacific Northwest.

November 18, 2020

Georgia Loans Office Southeast

Cushman & Wakefield Arranges $89.7M Loan for Refinancing of Atlanta Office Tower

by Alex Tostado November 17, 2020

ATLANTA — Cushman & Wakefield has arranged an $89.7 million refinancing loan for Resurgens Plaza, a 26-story, 402,929-square-foot office tower in Atlanta’s Buckhead District. The property is 88 percent leased to 21 tenants. The borrower and landlord, a joint venture between Zeller Realty Group and Partners Group, acquired the asset in late 2017. The owners implemented an $8.2 million capital improvement program to enhance the elevators and conference spaces, add a rooftop deck and renovate the lobby. Other amenities include bike storage, a 6,000-square-foot fitness center, game lounge and a bistro. Aareal Capital Corp. provided the loan. Specific loan terms were not disclosed.

November 17, 2020

Loans Multifamily Oregon Retail Western

McBride Capital Secures $7.8M Bridge Refinancing for Mixed-Use Property in Portland

by Amy Works November 17, 2020

PORTLAND, ORE. — McBride Capital has secured $7.8 million in bridge debt for the refinancing of Kaya Camilla, a mixed-use property located in Portland’s Overlook neighborhood. The property features 36 residential units and 4,000 square feet of ground-floor retail space. The two-year loan refinanced the construction debt and provided additional loan proceeds for tenant improvements and leasing commissions. Danny Natsch of McBride Capital placed the loan on behalf of the undisclosed borrower with a national bridge lender.

November 17, 2020

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