Loans

CBRE Arranges $10M Financing for Emerald City Senior Living in Seattle

by Amy Works September 2, 2021

SEATTLE — CBRE Senior Housing has arranged $10 million in financing for Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle. The community sits six miles north of downtown Seattle within the Maple Leaf neighborhood, a burgeoning and affluent residential area of Seattle. Built in 2006 by a seniors housing architect, the community features high-end amenities. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing, arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living is the operator. The two-year, $10 million, floating-rate bridge loan features full-term interest-only payments and extension options through CBRE’s multifamily bridge lending program, MF1 Capital LLC.

September 2, 2021

Arizona Loans Multifamily Western

Tower Capital Completes Four Multifamily Financings in Arizona Totaling $21.3M

by Amy Works September 2, 2021

PHOENIX, SCOTTSDALE AND NOGALES, ARIZ. — Tower Capital has arranged acquisition financing for four multifamily properties in Arizona. The company facilitated a $7 million bridge loan for the purchase and rehabilitation of the Portofino, a 66-unit urban multifamily property in Phoenix. Originally a Best Western Inn & Suites, the hotel was converted into a multifamily property offering 65 one-bedroom/one-bath units and one two-bedroom/one-bath unit. Community amenities include on-site tenant storage and a community pool. The undisclosed borrower, which acquired the property in an off-market transaction, plans to implement a capital improvements program. Tower Capital secured $5.4 million in acquisition financing to an undisclosed borrower for the acquisition of Hayden Apartments, a two-story, 25-unit, garden-style property in Scottsdale. The five-year, interest-only loan carries a 3.2 percent fixed interest rate and 65 percent loan-to-value ratio. The apartment community was built in 1977 and renovated in 2020. Tower Capital facilitated $5.1 million in acquisition financing for the Filmore Apartments, a 41-unit property in Phoenix. The undisclosed borrower intends to capitalize the property by bringing the below-market rents up to market. The company also arranged $3.8 million in acquisition financing for Santa Carolina Apartments in Nogales. Built in 2005 on 6.2 acres, the two-story …

September 2, 2021

Loans Midwest Multifamily Ohio

PCCP Provides $31M Bridge Loan for Refinancing of Apartment Complex in Columbus

by Kristin Harlow September 2, 2021

COLUMBUS, OHIO — PCCP has provided a $31 million bridge loan for the refinancing of The Residences at the Sutton in Columbus. The newly built, 100-unit apartment complex is located in the Short North Arts District. Floor plans range from studios to two-bedrooms. Amenities include a courtyard, fitness center, yoga room and resident lounge. Columbus-based developer, owner and operator The Pizzuti Cos. was the borrower.

September 2, 2021

Acquisitions Loans Multifamily Texas

Bellrock Real Estate Buys 375-Unit Apartment Community in Houston

by Taylor Williams September 2, 2021

HOUSTON — Bellrock Real Estate Partners has purchased Broadstone Summer Street, a 375-unit apartment community in Houston. Built in 2019, the property features stainless steel appliances, quartz countertops, walk-in closets, individual washers and dryers and private patios/balconies in select units. Amenities include a pool, fitness center, game room, resident lounge, theater room, pet park, outdoor grilling stations and a rooftop terrace. Hank Glasgow and Braden Harmon of Newmark arranged a $64.7 million floating-rate acquisition loan on behalf of the new ownership through a fund sponsored by CBRE Global Investors. The new ownership will rebrand the property as Bellrock Summer Street. The seller was not disclosed, but Broadstone is a brand of Houston-based Alliance Residential.

September 2, 2021

Connecticut Loans Northeast Retail

Axiom Capital Arranges $11M CMBS Loan for Redevelopment of Retail Property in Fairfield, Connecticut

by Taylor Williams September 2, 2021

FAIRFIELD, CONN. — Axiom Capital Corp. has arranged an $11 million CMBS loan for the redevelopment of a retail property in Fairfield, located in the southern coastal part of the state. Kohl’s formerly occupied the asset, which is being converted into a multi-tenant property that will house stores of German discount grocer Aldi and Atlanta-based home improvement retailer Floor & Décor. The nonrecourse, fixed-rate loan was structured with a 10-year term and 10 years of interest-only payments. The borrower was an undisclosed private developer.

September 2, 2021

Georgia Hospitality Loans South Carolina Southeast

PMZ Realty Arranges $70M Financing for Two Hotel Properties in Charleston, Augusta

by Julia Sanders September 1, 2021

CHARLESTON, S.C. AND AUGUSTA, GA. — PMZ Realty Capital LLC has arranged $70 million in joint venture equity and debt financing to recapitalize two hotels in Charleston and Augusta. The properties include the Holiday Inn Express Charleston Downtown – Medical Center in Charleston and The Partridge Inn Augusta Curio Collection by Hilton in Augusta. Rio Partners is the owner of the properties, and the firm plans to use the proceeds from the two separate transactions to pay off existing debt and upgrade the properties. The 150-room Holiday Inn Express is located close to Charleston Farmer’s Market, Folly Beach, The Citadel – Johnson Hagood Stadium, Boone Hall Plantation and Gardens and the South Carolina Aquarium. Located at 250 Spring St., the hotel is only 12 miles from Charleston International Airport. Hotel amenities include a pool, breakfast provided for guests, complimentary Wi-Fi and a fitness center. Located at 2110 Walton Way, the 153-room Partridge Inn Augusta is situated less than two miles from Daniel Field Private Airport, 10 miles from Augusta Regional Airport and about 4 miles from the Augusta National Golf Club. Hotel amenities include complimentary Wi-Fi, an onsite restaurant, outdoor pool, fitness center, room service, business center and meeting rooms.

September 1, 2021

Loans Multifamily Southeast Tennessee

KeyBank Provides $44.8M Acquisition Loan for Overlook at Farragut Apartments in Knoxville

by Julia Sanders September 1, 2021

KNOXVILLE, TENN. — KeyBank Real Estate Capital has provided a $44.8 million loan for the acquisition of Overlook at Farragut, a 267-unit multifamily property in Knoxville. The borrower, Valor Residential, is acquiring the community for $61.7 million utilizing the three-year, senior bridge loan. Overlook at Farragut offers one-, two- and three-bedroom units with features including stainless steel appliances, granite countertops, walk-in closets, private patios and washer and dryer connections. Located at 11613 Vista Terrace Way, the property is situated about 16.1 miles from downtown Knoxville and about 15.3 miles from the University of Tennessee. Community amenities include a saltwater pool, business center, café, gaming area with shuffleboard and pool table, fire pit, grilling station, fitness center with an infrared sauna, car wash, pet grooming station, bark park, car wash and a clubhouse. Alan Isenstadt, Pranav Sarda and Jack Hoffman of KeyBank originated the senior loan financing. Moshe Feiner of Sevenstone Capital arranged the acquisition financing and assisted in raising an additional $5.6 million of preferred equity from Walker & Dunlop Investment Partners. Valor Residential contributed the remaining cash equity. The total financing package was provided at 82.5 percent loan-to-cost.

September 1, 2021

Loans Northmarq Office Texas

NorthMarq Arranges Acquisition Financing for 64,132 SF Office Building in Metro Houston

by Taylor Williams September 1, 2021

MISSOURI CITY, TEXAS — NorthMarq has arranged an undisclosed amount of acquisition financing for a 64,132-square-foot office building located in the southwestern Houston suburb of Missouri City. Matt Franke of NorthMarq arranged the nonrecourse loan, which carried a 10-year term and a 25-year amortization schedule, through Innovative Capital Advisors on behalf of the undisclosed borrower. The building was 91 percent leased at the time of the loan closing, with Wells Fargo serving as the anchor tenant.

September 1, 2021

Iowa Loans Midwest Multifamily

Colliers Mortgage Provides $3.8M Loan for Refinancing of Iowa Multifamily Property

by Kristin Harlow September 1, 2021

SPIRIT LAKE, IOWA — Colliers Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Tallgrass Village II in northern Iowa’s Spirit Lake. Built in 2019, the 49-unit multifamily property consists of one two-story apartment building and three two-story townhome buildings. The 10-year loan features a 30-year amortization schedule. An entity doing business as Tallgrass Village II LLC was the borrower.

September 1, 2021

Florida Hospitality Loans Southeast Top Stories

Encore Capital Management Receives $98.4M Loan for Refinancing, Expansion of Margaritaville Resort Orlando

by Kristin Harlow September 1, 2021

KISSIMMEE, FLA. — Encore Capital Management has received a $98.4 million loan for the refinancing and expansion of Margaritaville Resort Orlando. Concord Summit Capital LLC arranged the loan with Starwood Property Trust. The loan refinances the existing construction senior and mezzanine debt and provides additional capital for the resort expansion. Encore plans to build 75 additional hotel rooms on the east wing of the resort, which is located in Kissimmee, just south of Orlando. Construction is expected to begin later this year, but a timeline for completion was not disclosed. The resort, which opened in January 2019, offers rooms, suites and cottage rentals. Resort guests can dine at Euphoria Fish House, an upscale seafood restaurant; Salty Rim Bar & Grill, a poolside grill; or On Vacation, a cocktail and comedian lounge. The property also offers space for hosting meetings, conferences and weddings. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit arranged the loan on behalf of Encore. The team began marketing the opportunity to potential lenders in spring 2021. Concord Summit also arranged the original construction financing for Margaritaville Resort Orlando in 2017. “The owners have planned the resort’s expansion carefully and enhanced the brand significantly,” says O’Grady. …

September 1, 2021

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