Loans

Walker & Dunlop Originates $80.1M Refinancing of 1,155-Unit Multifamily Community in Suburban Chicago

by Katie Sloan November 6, 2020

GLENDALE HEIGHTS, ILL. — Walker & Dunlop Inc. has originated an $80.1 million refinancing of Ellyn Crossing, a garden-style multifamily community located about 30 miles west of Chicago in Glendale Heights. Ellyn Crossing was built from 1973 to 1978, and Rockwell Partners acquired the property in phases from 2014 to 2020. Since acquiring the property, the company has invested $4.5 million in unit upgrades and $1.5 million in common area upgrades. The loan provides an additional $1 million for ongoing renovations, which are scheduled for completion in six to nine months from the loan closing. Pat Dempsey of Walker & Dunlop secured the loan through Freddie Mac’s floating-rate program. “Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community,” says Dempsey. The 1,155-unit, 30-building community offers shared amenities including a resident clubhouse, business center, activity room, fitness center, pool, sundeck, tennis court, sand volleyball court, playground and picnic areas. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S. Chicago-based Rockwell Partners is a real estate investment firm with a portfolio of properties …

November 6, 2020

Loans Multifamily New York Northeast

Greystone Provides $6.5M Fannie Mae Loan for Refinancing of Multifamily Asset in Queens

by Taylor Williams November 5, 2020

NEW YORK CITY — Greystone has provided a $6.5 million Fannie Mae loan for the refinancing of Madrid Towers, a 58-unit multifamily asset located in the Astoria neighborhood of Queens. The nonrecourse loan was structured with a 10-year term and a fixed interest rate. Jason Yuen of Greystone originated the financing on behalf of the borrower, a family that has owned the six-story property for 35 years, with George Eliopoulos of Velios Capital acting as correspondent.

November 5, 2020

California Loans Multifamily Seniors Housing Western

HJ Sims Arranges $77M in Financing for Casa de las Campanas CCRC in San Diego

by Amy Works November 4, 2020

SAN DIEGO — HJ Sims has arranged $77 million in financing for Casa de las Campanas, a continuing care retirement community (CCRC) in San Diego. Life Care Services operates the community, which LCS Development built. The community is in the middle of a multi-phase master plan that includes renovation and expansion of its facilities, including new skilled nursing, independent living and memory care areas. In 2014, Sims secured bank financing through City National Bank (CNB) for Phase I of the plan. Sims negotiated the Phase II financing terms with CNB in 2017. Structuring the financing with CNB and Cal Mortgage, Sims worked to secure $39 million in direct bank placement bonds from CNB for Phase II expansion in 2017. LCS applied $7.1 million of equity and transferred $5.5 million of unused Phase I proceeds toward Phase II. Sims and Casa then explored refinancing options for outstanding 2010 bonds and outstanding bank debt to reduce overall cost of capital. In 2017, the passage of the Tax Cuts and Jobs Act eliminated the ability for Casa to advance refund its outstanding 2010 bonds. Sims and CNB considered pricing a tax-exempt refinancing, helping Casa to lock in an interest rate to refinance its …

November 4, 2020

Loans Mixed-Use Multifamily South Carolina Southeast

Dwight Capital Finances $27.4M HUD Loan for Drayton Mills Lofts in Upstate South Carolina

by John Nelson November 4, 2020

SPARTANBURG, S.C. — Dwight Capital has provided a $27.4 million HUD loan for Drayton Mills Lofts, a 289-unit multifamily community in Spartanburg. The HUD 223(a)(7) loan is a refinancing of the existing HUD 221(d)(4) loan that Grandbridge Real Estate Capital financed in 2014, the same year Westbridge Partners and TMS Development purchased the 118-year-old Drayton Mill. The former textile mill now features a 60-foot saltwater lap pool, two-story fitness center, walking trails and community rooms. Individual apartments come with large mill windows and 17-foot tall natural wood ceilings in one-, two- and three-bedroom floor plans. Rental rates range from $1,088 to $1,899. Also within the 203-acre Drayton Mills complex is 60,000 square feet of commercial and event space known as Drayton Mills Marketplace. Tenants include Bareknuckle Barbershop, Bella Late, Burn Boot Camp of Spartanburg, Dray Café, Edward Jones, Holiday Brewing, 1800 Drayton Catering & Events, Pi-Squared Pizza, Sparkle City Chiropractic, Palmetto Proactive Healthcare and The Lauren Ashley Collection Salon and Bar.

November 4, 2020

Acquisitions Loans Multifamily Seniors Housing Southeast Virginia

M&T Realty Capital Provides $17.1M Acquisition Loan for Seniors Housing Community in Sterling, Virginia

by John Nelson November 4, 2020

STERLING, VA. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower, Avanath Capital Management. The financing features 10 years of interest-only payments and a fixed interest rate of 2.58 percent. Amenities at Cascades Village include community room with a kitchen, library, TV room, movie theater, beauty parlor, onsite dentist and podiatrist, exercise room, sitting porch and a patio with a grill and a gazebo.

November 4, 2020

Illinois Industrial Loans Midwest

Cushman & Wakefield Secures $55.8M in Acquisition Financing for Suburban Chicago Industrial Portfolio

by Kristin Harlow November 3, 2020

CHICAGO — Cushman & Wakefield has secured $55.8 million in acquisition financing for the Regent O’Hare Industrial Portfolio in Elk Grove Village. CIBC provided the financing on behalf of the borrowers, Investcorp International Realty Inc. and Brennan Investment Group. Regent O’Hare includes eight industrial buildings totaling 955,460 square feet. The portfolio is 92 percent leased by roughly 55 tenants. Jeff Altenau, Gideon Gil and Zach Yarnoff of JLL represented the borrowers. Loan terms were not disclosed.

November 3, 2020

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $38.4M in HUD Financing for Skilled Nursing Portfolio Near Chicago

by Kristin Harlow November 3, 2020

PALATINE, WAUKEGAN, ELGIN AND CHICAGO, ILL. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed property in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed asset in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment schedule and terms ranging from 30 to 34 years.

November 3, 2020

Industrial Loans Michigan Midwest Self-Storage

Alliant Credit Union Provides $18M Acquisition Loan for Self-Storage Portfolio in Michigan

by Kristin Harlow November 3, 2020

DETROIT AND GRAND RAPIDS, MICH. — Alliant Credit Union has provided an $18 million loan for the acquisition of a six-property self-storage portfolio located in the metro Detroit and Grand Rapids areas. Pogoda Cos. was the borrower. The 10-year loan features 30 months of interest-only payments followed by a 30-year amortization schedule. Shoy McKen of Lev Capital arranged the loan with Alliant.

November 3, 2020

Development Loans Multifamily Texas

JPI Receives Construction Financing for 424-Unit Jefferson at The Grove Apartments in Frisco

by Taylor Williams October 30, 2020

FRISCO, TEXAS — JPI has received construction financing for Jefferson at The Grove, a 424-unit apartment community in Frisco. Jefferson at The Grove is part of a larger residential and commercial master plan in Frisco that will consist of more than 17 acres of open space, five planned parks and more than four miles of trails. Units will feature 10-foot ceilings, glass-enclosed showers and large bathtubs, walk-in closets, private yards and balconies, granite countertops, hardwood-style flooring, designer cabinetry, stainless steel appliances and full-sized washers and dryers in all units. Amenities will include a pool with cabanas, fitness center with a spin studio, private courtyards and a dog park. The opening is scheduled for spring 2022.

October 30, 2020

Loans Multifamily Northeast Pennsylvania

JLL Provides Agency Loan for Refinancing of 136-Unit Multifamily Asset Near Philadelphia

by Taylor Williams October 29, 2020

PHOENIXVILLE, PA. — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Westridge Gardens, a 136-unit multifamily asset in Phoenixville, a northwestern suburb of Philadelphia. Renovated in 2017, the property consists of 15 buildings housing one-, two- and three-bedroom units on a 13-acre site. The average unit size is 986 square feet, and each residence offers in-unit washers and dryers and outdoor patio space. Communal amenities include a pool, sport court and a playground. Ryan Ade, Jamie Leachman and Travis Hess originated a 10-year, fixed-rate loan for the acquisition on behalf of the borrower, Relative Properties LLC.

October 29, 2020

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