Loans

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

Loans Multifamily Texas

HALL Structured Finance Provides $15.5M Construction Loan for Multifamily Project in Gregory, Texas

by Taylor Williams January 19, 2021

GREGORY, TEXAS — Dallas-based HALL Structured Finance has provided a $15.5 million construction loan for The Glades II, a 144-unit multifamily project in Gregory, located 10 miles outside of Corpus Christi. The garden-style complex will consist of seven three-story buildings with an average unit size of 948 square feet. Amenities will include a clubhouse, business center, media room, fitness center, pool and a playground. Elad Dattelkramer of ARC Israel sourced the debt on behalf of the borrower, a partnership between Torno Properties LLC and Cleburne Oaks GP. Completion is scheduled for the first quarter of 2022.

January 19, 2021

Development Loans Multifamily New Jersey Northeast

Parkview Provides $12.5M Construction Loan for Multifamily Project in Orange, New Jersey

by Taylor Williams January 19, 2021

ORANGE, N.J. — Los Angeles-based Parkview Financial has provided a $12.5 million construction loan for The Legacy, a 51-unit apartment project in the Northern New Jersey community of Orange. The unit mix will include one- and two-bedroom residences that feature stainless steel appliances, quartz countertops and in-unit washers and dryers. Onsite amenities will include a resident lounge area, fitness center and a rooftop terrace. The borrower was an affiliate of New Jersey-based KW Contracting Construction Corp. Construction is underway, and the project is expected to be complete in summer 2022.

January 19, 2021

Loans Midwest Missouri Multifamily

CIT Provides $42.5M in Construction Financing for St. Louis Apartment Project

by Kristin Harlow January 19, 2021

ST. LOUIS — CIT Group Inc. has provided $42.5 million in construction financing for Terra at the Grove, a 300-unit apartment project in St. Louis. Plans call for ground-floor retail space, a 52,000-square-foot courtyard and outdoor pool, a business center, clubroom and four-level parking garage. Units will range in size from studios to two-bedroom floor plans. Each unit will feature a balcony or patio. St. Louis-based Green Street is developing the four-story project. A timeline for construction was not released.

January 19, 2021

Florida Hospitality Loans Southeast

Sonnenblick-Eichner Arranges $30.5M Refinancing Loan for Resort Near Florida Keys

by Alex Tostado January 18, 2021

LITTLE TORCH KEY, FLA. — Sonnenblick-Eichner Co. has arranged a $30.5 million interim first mortgage loan for Little Palm Island Resort & Spa, a 30-unit hotel in Little Torch Key. The property is situated on a four-acre island 30 miles east of Key West. Mast Capital and RWN Management provided the loan to the undisclosed borrower. Amenities at the property include a fitness center, pool and oceanfront restaurant SpaTerre. The resort also has three boat docks that can accommodate up to 120-foot yachts. Elliott Eichner and Patrick Brown of Sonnenblick-Eichner arranged the loan on behalf of the borrower.

January 18, 2021

Loans Maryland Office Southeast

Ready Capital Closes $19.8M Refinancing Loan for Office Building in Annapolis

by Alex Tostado January 18, 2021

ANNAPOLIS, MD. — Ready Capital has closed a $19.8 million refinancing loan for the renovation and lease-up of a 120,000-square-foot office building in Annapolis. The financing will be used to retire existing debt, execute a tenant improvement plan and fund light capital improvements. The non-recourse loan features a 36-month term with interest-only payments and a floating interest rate. The borrower was not disclosed.

January 18, 2021

Loans Multifamily Texas

Colliers Provides Fannie Mae Acquisition Financing for 160-Unit Multifamily Property in Denton

by Taylor Williams January 18, 2021

DENTON, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for The Loop Apartments, a 160-unit multifamily property located in the North Texas city of Denton. The property was built in 1969 and consists of 12 two-story residential buildings, a leasing office and two maintenance buildings. Colliers Mortgage originated the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, a local entity doing business as 517 Loop LLC.

January 18, 2021

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