Loans

JLL Arranges Acquisition Financing for Two Multifamily Assets Totaling 586 Units Near Fort Worth

by Taylor Williams January 22, 2021

HALTOM CITY, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Hidden Lakes and Ranch at Fossil Creek, two multifamily properties totaling 586 units in Haltom City, a northern suburb of Fort Worth. Hidden Lakes totals 312 units that average 928 square feet and come in one-, two- and three-bedroom floor plans. The property was 94 percent occupied at the time of sale. Ranch at Fossil Creek was built in 2002 and features 274 units across 13 buildings on a 17.5-acre site. The community was 92 percent leased at the time of sale. Both properties offer amenities such as pools, fitness centers, business centers, clubhouses and sports courts. Jeremy Sain and Brooks Burgin of JLL arranged the financing through Global Atlantic Financial Group on behalf of the borrower, Exponential Property Group.

January 22, 2021

Affordable Housing Loans Multifamily Texas

Bellwether Provides $33.9M Agency Loan for Refinancing of Austin Affordable Housing Community

by Taylor Williams January 22, 2021

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $33.9 million Freddie Mac loan for the refinancing of Waters at Bluff Springs, an affordable housing community in Austin. According to Apartments.com, the property was built in 2001 and offers 300 units in one-, two- and three-bedroom formats. Residences are reserved for renters earning between 50 and 80 percent of the area median income. Amenities include a pool, fitness center, business center and a community garden. Phil Melton of Bellwether originated the 12-year, fixed-rate loan on behalf of the undisclosed borrower.

January 22, 2021

Industrial Loans New Jersey Northeast Retail

Madison Realty Capital Provides $73.5M Loan for Refinancing of New Jersey Commercial Portfolio

by Taylor Williams January 22, 2021

NEW YORK CITY — Madison Realty Capital, a New York-based real estate private equity firm, has provided a $73.5 million loan for the refinancing of a portfolio of eight commercial properties in New Jersey. The portfolio consists of an 8.7-acre residential, commercial and self-storage development site in Harrison; three industrial assets in Harrison, Kearny and Boonton; a Class A industrial flex building; a net-leased retail property in Harrison; and two parcels totaling 8.1 acres in Kearny and Brick. Glenn Thomas and Thomas Ravert of Pathway Capital Corp. arranged the loan. The borrower was not disclosed.

January 22, 2021

Loans New Jersey Northeast Office

G.S. Wilcox Arranges $6.8M Loan for Refinancing of Office Building in Bridgewater, New Jersey

by Taylor Williams January 22, 2021

BRIDGEWATER, N.J. — G.S. Wilcox & Co. has arranged a $6.8 million loan for the refinancing of Greymark at Bridgewater, a 111,500-square-foot office building in Northern New Jersey. According to LoopNet Inc., the three-story property was built in 1985, renovated in 2017 and features a conference facility and onsite food services. David Fryer of G.S. Wilcox originated the loan through an undisclosed lender. The borrower was also undisclosed.

January 22, 2021

Acquisitions Florida Loans Multifamily Southeast

Ready Capital Closes $12M Acquisition Loan for Fractured Condominium Property in Metro Tampa

by Alex Tostado January 21, 2021

TOWN N’ COUNTRY, FLA. — Ready Capital has closed a $12 million acquisition loan for a 176-unit fractured condominium community in Town N’ Country. The undisclosed borrower will use the funds to acquire 110 units and buy out the remaining units, as well as renovate and de-convert the property into a market-rate multifamily property. Capital improvements include upgrading countertops, appliances and lighting, in addition to upgrading the roof, landscaping, amenities and exterior paint. Ready Capital closed the non-recourse, interest-only, floating-rate loan which features a 36-month term, two extension options and flexible prepayment options.

January 21, 2021

Loans Lument Multifamily Texas

Lument Provides $40M Agency Loan for Refinancing of Multifamily Asset in League City, Texas

by Taylor Williams January 21, 2021

LEAGUE CITY, TEXAS — Lument, the newly formed organization between Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $40 million Freddie Mac loan for the refinancing of Fairways at South Shore, a 432-unit multifamily asset in League City. The property was built in 2000 and is located between Houston and Galveston. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, spa, fitness center and a basketball court. Colin Cross of Lument originated the fixed-rate debt, which was structured with a 30-year amortization schedule and 24 months of interest-only payments, on behalf of the borrower, Houston-based Venterra Realty.

January 21, 2021

Development Idaho Loans Multifamily Western

LOCAL Ventures Receives Development Financing for Apartment Project in Downtown Boise

by Amy Works January 21, 2021

BOISE, IDAHO — LOCAL Ventures has received joint venture equity and construction financing for the development of LOCAL Boise, a residential property located at 250 E. Myrtle St. in downtown Boise. Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing. Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower. Slated for completion in November 2022, LOCAL Boise will comprise a six- and seven-story mid-rise building offering 252 apartments, approximately 11,200 square feet of amenity space, 7,100 square feet of retail space and 356 parking spaces. Located across from the 90-acre Julia Davis Park, LOCAL Boise is immediately adjacent to two upscale supermarkets and a half mile from the core of Boise’s business district. LOCAL Ventures and Appian Capital purchased the development site from WinCo Foods in November 2020, and construction of LOCAL Boise started in January 2021.

January 21, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $89.5M Construction Loan for Harrison Yards Multifamily Project Near Newark

by Taylor Williams January 21, 2021

HARRISON, N.J. — JLL has arranged an $89.5 million construction loan to fund completion of Phase I and predevelopment of Phase II of Harrison Yards, a mixed-use project by Eastone Equities located outside of Newark. Phase I, which is nearly complete, features a 205-unit multifamily community with 7,670 square feet of retail space. Phase II will consist of 898 apartment units, 204,709 square feet of commercial space, a 200-key hotel and 1,350 parking spaces. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL arranged the loan through Invictus Real Estate Partners.

January 21, 2021

Loans Midwest Missouri Multifamily

NorthMarq Arranges $24.7M Loan for Refinancing of Multifamily Asset in St. Louis

by Kristin Harlow January 20, 2021

ST. LOUIS — NorthMarq has arranged a $24.7 million loan for the refinancing of Spanish Cove Townhomes in St. Louis. The 784-unit rental townhome property, located at 1708 San Remo Court, was constructed in 1971. It underwent a significant renovation from 2015 to 2018. Amenities include a pool, clubhouse, fitness center, business center, recreation room, media room, playground and onsite laundry facility. Noah Juran and David Garfinkel of NorthMarq structured the 10-year loan, which features a 30-year amortization schedule. A national bank provided the fixed-rate loan. The borrower was undisclosed.

January 20, 2021

Affordable Housing Loans Multifamily Texas

Bellwether Funds $18.5M Loan for Refinancing of Mixed-Income Housing Community in San Antonio

by Taylor Williams January 19, 2021

SAN ANTONIO — Bellwether Enterprise Real Estate Capital has funded an $18.5 million Freddie Mac loan for the refinancing of Waters at Elm Creek, a mixed-income housing community located on the north side of San Antonio. The property includes one-, two- and three-bedroom units that are restricted to earners making between 50 and 80 percent of the area median income. Communal amenities include a pool and a 24-hour fitness center. Phil Melton of Bellwether’s Dallas office originated the loan. The borrower was not disclosed.

January 19, 2021

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