Loans

Hartford Investment Provides $25M Loan for Refinancing of 706,487 SF Distribution Center in Secaucus

by Taylor Williams September 28, 2020

SECAUCUS, N.J. — Hartford Investment Management Co. has provided a $25 million loan for the refinancing of a 706,487-square-foot distribution center located at 500 Meadowland Parkway in the New York City metro of Secaucus. Built in 1977 and renovated multiple times over the years, the property is situated within the 750-acre Harmon Cove development, about three miles from Manhattan and proximate to Newark Liberty International Airport. Building features include 24- to 26-foot clear heights, 200 loading docks and ample car and trucking parking spaces. Thomas Didio led a JLL team that placed the fixed-rated debt with Hartford on behalf of the borrower, 500 Meadowland Parkway LLC.

September 28, 2020

Loans Multifamily New Hampshire Northeast

Cornerstone Arranges $13.6M Loan for Refinancing of New Hampshire Multifamily Portfolio

by Taylor Williams September 28, 2020

MANCHESTER, N.H. — Cornerstone Realty Capital has arranged a $13.6 million loan for the refinancing of a 242-unit multifamily portfolio in Manchester, located near the New Hampshire-Massachusetts border. The portfolio consists of 10 buildings offering a mix of studio, one-, two- and three-bedroom units, as well as several retail spaces. The nonrecourse loan was structured with a 10-year term and an unspecified period of interest-only payments. The borrower and direct lender were not disclosed.

September 28, 2020

Loans Multifamily Utah Western

RED Mortgage Capital Provides $39.3M Loan for Mixed-Income Multifamily Housing in Salt Lake City

by Amy Works September 25, 2020

SALT LAKE CITY — RED Mortgage Capital has provided a $39.3 million in Federal Housing Administration (FHA) financing for Liberty BLVD, an apartment community located in Salt Lake City. The borrower is Cowboy Properties. Liberty BLVD features 266 mixed-income apartments with a walkable location on the east side of downtown Salt Lake City. Twenty percent of the units are restricted to households earning up to 50 percent of the area median income. The community features 3,900 square feet of commercial space and resident amenities, including a lounge, fitness center, swimming pool, sun deck and rooftop terrace. The FHA Section 223(a)(7) loan will refinance existing debt derived from the property’s FHA Section 207/221(d)(4) financing in 2016. The reduced interest rate from the refinance will result in additional cash flow for the borrower.

September 25, 2020

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $23.2M Freddie Mac Loan for Development of Michigan Affordable Housing Property

by Kristin Harlow September 25, 2020

KENTWOOD, MICH. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac tax-exempt loan for the development of CityLine Apartments, a 240-unit affordable housing property in Kentwood, just south of Grand Rapids. This is the first Freddie Mac tax-exempt loan to be utilized in Michigan, according to KeyBank. Herman & Kittle Properties Inc. is developing the project, which will be built and operated according to the Section 42 low-income housing tax credit program. Situated on 11.5 acres, the development is expected to serve families that are part of the local workforce. Construction is scheduled for completion in 2022.

September 25, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Merchants Capital Originates $7.2M in Financing for New Affordable Housing Complex in Madison, Wisconsin

by Kristin Harlow September 25, 2020

MADISON, WIS. — Mortgage banking company Merchants Capital has utilized Freddie Mac’s unfunded forward commitment program to provide $7.2 million in financing for The Ace, a new affordable housing complex to be constructed in Madison. Following the 30-month construction forward commitment, the 15-year permanent loan features a 35-year amortization and a fixed interest rate. Additionally, Merchants Bank of Indiana is providing $16.9 million in construction financing on behalf of the co-developers, Movin’ Out Inc. and Commonwealth Development Corp. Merchants Capital affiliate Farmers-Merchants Bank of Illinois also secured an Affordable Housing Program grant award of $885,000. The Ace will include 70 units across two buildings. Fourteen of the units will be designated as supportive housing for individuals with disabilities, veterans or those at risk of homelessness. A total of 59 units will be reserved for residents who earn at or less than 60 percent of the county median income. A timeline for construction was not disclosed.

September 25, 2020

Connecticut Loans Multifamily Northeast

JLL Provides $107.2M Agency Loan for Acquisition of Waypointe Apartments in Norwalk, Connecticut

by Taylor Williams September 25, 2020

NORWALK, CONN. — JLL has provided a $107.2 million Freddie Mac acquisition loan for The Waypointe, a 464-unit apartment community in Norwalk that also houses 56,000 square feet of retail and restaurant space. Units come in one-, two- and three-bedroom floor plans, and amenities include a fitness center, game room, saltwater pool and two parking garages totaling 1,027 spaces. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL arranged the loan on behalf of the borrower, Invictus Real Estate Partners. The Waypointe was 93 percent occupied at the time of the loan closing.

September 25, 2020

Loans Multifamily Northeast Pennsylvania

Aquinas Realty Receives $13.2M Loan for Refinancing of Philadelphia Multifamily Asset

by Taylor Williams September 25, 2020

PHILADELPHIA — An affiliate of Aquinas Realty Partners LLC has received a $13.2 million loan for the refinancing of AQ Overbrook, a 128-unit multifamily asset in Philadelphia. The borrower acquired the property, which formerly served as a student housing complex for St. Joseph’s University, in 2018 and implemented a capital improvements program to reposition the asset as a market-rate apartment community. Cronheim Mortgage arranged the loan, which carries a five-year term and a fixed interest rate, through an undisclosed local bank.

September 25, 2020

Development Hospitality Loans Northeast Pennsylvania

CHC Arranges $10.5M Construction Loan for Hotel Project in Wilkes-Barre, Pennsylvania

by Taylor Williams September 24, 2020

WILKES-BARRE, PA. — CHC Hotel Capital has arranged a $10.5 million construction loan for a Home2 Suites by Hilton property in Wilkes-Barre, located south of Scranton. The property will feature 107 rooms and is expected to be complete in late spring of next year. The loan was structured with a 30-month term and a 75 percent loan-to-value ratio. The borrower and lender were not disclosed.

September 24, 2020

Loans Midwest Multifamily Office Ohio

BridgeCore Provides $8M Bridge Loan for Office-to-Apartment Conversion in Downtown Cleveland

by Kristin Harlow September 24, 2020

CLEVELAND — BridgeCore Capital has provided an $8 million bridge loan for the acquisition of a historic office building in downtown Cleveland. The undisclosed borrower plans to convert the building, currently 42 percent occupied, into a 436-unit apartment property with a mix of office and retail space. The loan features a 12-month term with a fully funded reserve for interest and a 65 percent loan-to-value ratio. Akron-area businessman Agostino Pintus and his business partner Kenny Wolfe purchased the Rockefeller Building for $13.3 million, according to Cleveland.com.

September 24, 2020

Development Loans Multifamily Texas

Pearlstone Partners to Develop 113-Unit Multifamily Project in Austin

by Taylor Williams September 23, 2020

AUSTIN, TEXAS — Pearlstone Partners will develop Cascade Condominiums, a 113-unit multifamily project that will be located in the heart of historic Old West Austin. Designed by Mark Hart Architecture, the property will house two commercial units and offer amenities such as a pool, fitness center, coworking space and a resident clubhouse. Bartlett Cocke served as the general contractor for the project, and Austin-based Prospect Real Estate is the listing agent. Presales are expected to begin in October, with prices ranging from $280,000 to 635,000 per unit. Connecticut-based Knighthead Funding provided a $26.5 million construction loan for the project.

September 23, 2020

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