Loans

Progress Capital Arranges $53M Loan for Refinancing of Multifamily Building in East Orange, New Jersey

by Taylor Williams July 22, 2021

EAST ORANGE, N.J. — Progress Capital has arranged a $53 million loan for the refinancing of LOTUS 315, a 180-unit multifamily building located in the Northern New Jersey community of East Orange. The property also houses 33,151 square feet of ground-floor commercial space. The borrower, locally based developer Blackstone 360, delivered the eight-story building in 2019. Units feature stainless steel appliances and individual washers and dryers, and amenities include an outdoor garden with a lounge, private garden terraces, a fitness center and shuttle service to Newark Penn Station. Brad Domenico of Progress Capital arranged the nonrecourse loan through Arbor Commercial Mortgage.

July 22, 2021

Florida Loans Multifamily Southeast

Berkadia Secures $52M Refinancing for Pier 19 Residences & Marina in Miami

by Julia Sanders July 22, 2021

MIAMI — Berkadia has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit apartment community along Miami River. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the sponsor, Neology Life Development Group, a Miami-based residential and commercial real estate firm. LoanCore Capital originated the two-year, floating-rate loan with three 12-month extension options at a 72 percent loan-to-value ratio. Suzanne Amaducci-Adams and Alexandra Lehson of Bilzin Sumberg were the legal team representing the venture in the refinancing and initial financing. Located at 1951 NW S River Drive, Pier 19 Residences & Marina is located 3.8 miles from downtown Miami and 4.9 miles from Miami International Airport. The property was originally built in 2011 as condominiums. In 2018, Neology purchased the 21-story property and invested more than $2 million to transform the property into a lifestyle-driven residential community. Pier 19 offers one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Individual units feature granite countertops, marble and ceramic flooring, stainless steel kitchen appliances, walk-in closets, in-unit washer/dryer and balconies. Community amenities include a marina with 10 slips, a pool deck with pool and hot tub, a dog …

July 22, 2021

Connecticut Loans Lument Multifamily Northeast

Lument Provides $26M Fannie Mae Loan for Refinancing of Connecticut Workforce Housing Portfolio

by Taylor Williams July 22, 2021

HARTFORD, CONN. — Lument has provided a $26 million Fannie Mae loan for the refinancing of a 591-unit workforce housing portfolio in Hartford. All units are restricted to renters earning 60 percent or less of the area median income (AMI). Josh Messier of Lument originated the financing, which carried a 10-year term that includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. The portfolio was approximately 98 percent occupied at the time of sale.

July 22, 2021

Illinois Loans Midwest Office

Newmark Arranges $147.5M Loan for Refinancing of Chicago Office Complex

by Kristin Harlow July 22, 2021

CHICAGO — Newmark has arranged a $147.5 million loan for the refinancing of President’s Plaza in Chicago. The Class A office complex spans 830,789 square feet and is located on West Bryn Mawr Avenue. The property recently underwent a $20 million renovation. Amenities include a lounge with a bar, pool tables and TVs, as well as a café, outdoor terrace and a fitness center operated by Midtown Fitness. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani, Eden Abraham and Ben Kroll of Newmark arranged the loan with Bank of America. Angelo Gordon Real Estate and Glenstar Properties were the borrowers.

July 22, 2021

California Industrial Loans Western

Ready Capital Closes $7.5M Loan for Industrial Property in City of Industry, California

by Amy Works July 22, 2021

CITY OF INDUSTRY, CALIF. — Ready Capital has closed $7.5 million in financing for an industrial property located in the City of Industry that is currently. The undisclosed borrower will implement a strategy to sign new leases at market rents and extend the weighted average lease term across the 85,000-square-foot property. The borrower plans to achieve market rents through the completion of tenant improvements and minor capital upgrades to the property. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.

July 22, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $43.6M in Financing for Multifamily Property in Glendale, Arizona

by Amy Works July 21, 2021

GLENDALE, ARIZ. — Ready Capital has closed $43.6 million in financing for the acquisition, renovation and stabilization of an apartment community located in Glendale’s South West Valley submarket. 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 307-unit, Class B 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, an earn-out option and a facility to provide future funding for capital expenditures.

July 21, 2021

Hospitality Loans Mississippi Southeast

Knighthead Funding Provides $12.1M Refinancing for Two Marriott Hotels Near Memphis

by Julia Sanders July 21, 2021

SOUTHAVEN, MISS. — Knighthead Funding LLC has provided a $12.1 million first mortgage loan to refinance two adjacent Marriott-branded hotels in the Memphis submarket of Southaven. The undisclosed borrower will use proceeds from the three-year, non-recourse loan to take out a maturing CMBS loan. The properties include a 78-room Residence Inn by Marriott located at 7165 Sleepy Hollow Drive and an 85-room Courtyard by Marriott located at 7225 Sleepy Hollow Drive. Located along Interstate 55, both properties are within 15 miles of Memphis International Airport, approximately 8.3 miles from Graceland and 15 miles from FedEx Forum. Both hotels have been updated, including renovations to guestrooms, lobbies and restaurants. Knighthead Funding LLC is a national real estate finance company based in New York.

July 21, 2021

Loans Multifamily Texas

Colliers Provides Agency Loan for Refinancing of Affordable Housing Property in Fort Worth

by Taylor Williams July 21, 2021

FORT WORTH, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Sedona Village, a 172-unit affordable housing property in Fort Worth. The property was built in 2012 and consists of five three-story buildings and a single one-story maintenance building. Colliers Mortgage originated the loan, which carried a 15-year term and a 30-year amortization schedule, on behalf of the borrower, Fort Worth Housing Solutions.

July 21, 2021

Loans New York Northeast Office

Black Bear Capital Arranges $24M Perm Loan for Office Building in White Plains, New York

by Taylor Williams July 21, 2021

WHITE PLAINS, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million CMBS permanent loan for a 160,000-square-foot office building in White Plains, located north of New York City. Morgan Stanley provided the loan, which featured a fixed interest rate of 3.85 percent for 10 years with full-term, interest-only payments. The borrower, Caspi Development, has invested almost $3 million in capital improvements to the building over the last three years. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing.

July 21, 2021

California Loans Multifamily Seniors Housing Western

KeyBank Provides $10.2M HUD Financing for Livermore Healthcare Skilled Nursing Facility in California

by Amy Works July 20, 2021

LIVERMORE, CALIF. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a healthcare real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio of 35 skilled nursing properties, which included the Livermore Healthcare facility. Livermore Healthcare features 30 units and 83 beds. The property was originally built in 1966 and underwent minor renovations in 2019, including the installation of new vinyl flooring in several common area rooms and hallways. John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Group structured the financing.

July 20, 2021

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