Loans

Talonvest Capital Secures $45.5M Construction Loan for Self-Storage Project in Bethesda, Maryland

by Julia Sanders July 27, 2021

BETHESDA, MD. — Talonvest Capital Inc. has secured a $45.5 million construction loan to fund the ground-up development of a self-storage facility in Bethesda. Upon completion, the self-storage facility will feature a 131,559 net rentable square feet of climate-controlled space in approximately 1,560 units across nine levels. The project is expected to be completed in 2022. The loan features a low interest rate, a three-year term with an extension option and prepayment flexibility. Jim Davies, Erich Pryor, Mason Brusseau and Tom Sherlock of Talonvest secured the loan on behalf of the borrower, 1784 Capital Holdings, which is a self-storage developer based in Scottsdale, Arizona. Talonvest Capital is an Irvine, Calif.-based real estate firm that provides advisory services to self-storage and commercial real estate investors, owners and developers nationally.

July 27, 2021

Loans Multifamily Texas

Alliant Credit Union Funds $39M Acquisition Loan for Austin Student Housing Property

by Taylor Williams July 27, 2021

AUSTIN, TEXAS — Alliant Credit Union has funded a $39 million acquisition loan for a newly built, 451-unit student housing tower located two blocks from the University of Texas at Austin’s campus. The 18-story building, the name of which was not disclosed, offers amenities such as a rooftop pool, fitness center and various study areas. Alliant provided the loan, which was structured with a period of interest-only payments and flexible exit options, to the borrower, Versity Investments. Josh Perew of Walker & Dunlop arranged the financing.

July 27, 2021

Loans Multifamily Texas

Berkadia Provides $33.3M Construction Loan for Multifamily Project in College Station

by Taylor Williams July 27, 2021

COLLEGE STATION, TEXAS — Berkadia has provided a $33.3 million construction loan for Midtown Station Apartments, a 264-unit multifamily project in College Station. Midtown Station will feature 178 one-bedroom, one-bathroom units and 86 two-bedroom, two-bathroom units. Amenities will include a clubhouse, pool and deck, dog parks, dog wash station and a mail kiosk. The borrower was a partnership between Cross Development and StoneCreek Real Estate Partners. Construction is slated for a spring 2023 completion.

July 27, 2021

Arkansas Loans Multifamily Southeast

Colliers Mortgage Provides Refinancing for Two Metro Little Rock Apartment Communities

by Julia Sanders July 26, 2021

MAUMELLE, ARK. — Colliers Mortgage has provided two separate Fannie Mae Loans for the refinancing of Bay Pointe Apartments and Millwood Apartments, two multifamily communities located about 16.6 miles north of Little Rock in Maumelle. Together, the two loans totaled $2.4 million. The borrower(s) for the two refinancing transactions was not disclosed. Built in 1986, Bay Pointe Apartments includes 65 units located throughout four two-story apartment buildings, as well as a one-story residential building. Bay Pointe is located at 400 Valencia Drive and has one- or two-bedroom options. Community amenities include a business center, pool, parking and community room. Located at 200 Millwood Circle, Millwood Apartments was constructed in 1980 and includes 96 units located throughout eight two-story apartment buildings. The apartments include one-, two- and three-bedroom unit options. Community amenities include parking, a business center, community room and a pool. The Fannie Mae loan provided for Bay Pointe Apartments was a little more than $1 million and carries a 15-year term and 30-year amortization schedule. The loan provided for Millwood Apartments totaled $1.4 million. The refinancing loan carried a 15-year term and 30-year amortization schedule.

July 26, 2021

Loans Multifamily Oklahoma Seniors Housing Texas

Berkadia Arranges $5.6M HUD-Insured Refinancing for Skilled Nursing Facility Near Tulsa

by Taylor Williams July 26, 2021

TULSA, OKLA. — Berkadia has arranged a $5.6 million HUD-insured loan for the refinancing of a 54-unit, 111-bed skilled nursing facility in Muskogee County, located southeast of Tulsa. The property was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent. Jay Healy of Berkadia originated the loan on behalf of the undisclosed borrower through HUD’s 232/223(f) program. The name and address of the property were not disclosed.

July 26, 2021

Indiana Loans Midwest Retail

Parkview Financial Provides $34M Bridge Loan for Lifestyle Center in Plainfield, Indiana

by Kristin Harlow July 26, 2021

PLAINFIELD, IND. — Parkview Financial has provided a $34 million bridge loan for the refinancing and repositioning of Shops at Perry Crossing in Plainfield, a southwest suburb of Indianapolis. Built in 2006 and located at 2499 Futura Parkway, the lifestyle center spans 600,000 square feet. It is home to 40 tenants, including JC Penney, Dick’s Sporting Goods, AMC Theaters, H&M, DSW and Old Navy. The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, Poag Shopping Centers was able to regain ownership and plans to embark on a marketing program in order to lease up the 20 percent vacancy. Ownership plans to list the asset for sale once it is stabilized. The bridge loan has a term of 18 months.

July 26, 2021

Loans Midwest Multifamily Wisconsin

JLL Arranges $21.2M Loan for Acquisition of Milwaukee-Area Apartment Community

by Kristin Harlow July 26, 2021

WEST ALLIS, WIS. — JLL Capital Markets has arranged a $21.2 million loan for the acquisition of Six Points Apartments in West Allis, just west of Milwaukee. Built in phases between 2007 and 2010, the property features 178 units averaging 1,038 square feet. Amenities include a clubhouse, rooftop deck, business center, fitness center and heated underground parking. Brian Walsh of JLL led the team that represented the borrower, Spaulding Group. Prime Finance provided the three-year, floating-rate loan.

July 26, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $28.1M Loan for Multifamily Acquisition in Phoenix

by Amy Works July 23, 2021

PHOENIX — Ready Capital has closed $28.1 million in financing for the acquisition, renovation and stabilization of an apartment in the South West Valley submarket of Phoenix. Upon purchase, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors and improve landscaping that will help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 23, 2021

Loans Multifamily New York Northeast

Black Bear Capital Arranges $22.6M Agency Loan for Refinancing of Bronx Multifamily Assets

by Taylor Williams July 23, 2021

NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged a $22.6 million Fannie Mae loan for the refinancing of two multifamily assets totaling 140 units in The Bronx. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which featured a fixed interest rate of 3.37 percent for 12 years with five years of interest-only payments and a 30-year amortization schedule, through PGIM Real Estate. The borrower was Finkelstein Timberger East Real Estate.

July 23, 2021

Industrial Loans New Jersey Northeast

Denholtz Properties Refinances 90,000 SF Industrial Facility in Fairfield, New Jersey

by Taylor Williams July 23, 2021

FAIRFIELD, N.J. — New Jersey-based investment firm Denholtz Properties has received a loan of an undisclosed amount for the refinancing of a 90,000-square-foot industrial facility in the Northern New Jersey community of Fairfield. The two-building property was built on six acres in 1970 and features a clear height of 19 feet and 20,700 square feet of office space. Jon Mikula, Michael Klein and Gerard Quinn of JLL placed the 10-year, fixed-rate loan through Principal Real Estate Investors on behalf of Denholtz Properties.

July 23, 2021

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