Loans

Parkview Financial Provides $22.7M Construction Loan for Townhome Project in Chicago

by Kristin Harlow September 21, 2020

CHICAGO — Parkview Financial has provided a $22.7 million loan for the construction of a 67-unit townhome project in Chicago’s Avondale neighborhood. The for-sale units will be housed in eight three-story buildings. The project will offer a mix of three-, four- and five-bedroom townhomes. Amenities will include a clubhouse, gym, playground and dog run. Construction recently commenced with completion slated for spring 2021. A joint venture between Noah Properties and MPM Holdings was the borrower.

September 21, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Originates $5.6M Refinancing for Seniors Housing Community in Bloomington, Minnesota

by Kristin Harlow September 21, 2020

BLOOMINGTON, MINN. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest rate.

September 21, 2020

Affordable Housing Loans Multifamily Texas

Bellwether Provides $32.6M Agency Loan for Austin Affordable Housing Project

by Taylor Williams September 18, 2020

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $32.6 million Freddie Mac permanent loan for the construction of Austin Colorado Creek, a 240-unit affordable housing project at 2917 Falwell Lane on the city’s east side. The property will offers one-, two-, three- and four-bedroom units and amenities such as a pool, clubhouse, business center and a playground. A majority of the units (192) will be reserved for renters earning 60 percent or less of the area median income (AMI) and 48 will be reserved for renters earning 50 percent or less of AMI. Phil Melton and Cindy Hannon of Bellwether originated the financing. The borrower was not disclosed.

September 18, 2020

Loans Multifamily New Jersey Northeast Walker & Dunlop

Walker & Dunlop Provides $87.4M Fannie Mae Loan for New Jersey Workforce Housing Portfolio

by Taylor Williams September 18, 2020

NEPTUNE CITY, RED BANK AND MATAWAN, N.J. — Walker & Dunlop has provided an $87.4 million Fannie Mae loan for the refinancing of a 792-unit workforce housing portfolio located in northern and coastal New Jersey. The portfolio includes Brighton Arms Apartments in Neptune City; Grandville Towers in Red Bank; and Tree Haven Apartments in Matawan. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the financing on behalf of the borrower, The PRC Group.

September 18, 2020

Industrial Loans New Jersey Northeast

Seagis Receives $65M Loan for Refinancing of Industrial Building in Kearny, New Jersey

by Taylor Williams September 18, 2020

KEARNY, N.J. — Pennsylvania-based investment firm Seagis Property Group has received a $65 million loan for the refinancing of a 415,533-square-foot industrial building located at 50 Central Ave. in Kearny, located west of New York City. The newly built property features 40-foot clear heights and 88 overhead doors and was fully leased at the time of the loan closing. New York Life Real Estate Investors provided the loan.

September 18, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Arranges $33M Sale of Villas de Azul Multifamily Property in Phoenix

by Amy Works September 18, 2020

PHOENIX — Berkadia has arranged the sale of Villas de Azul, a garden-style multifamily in Phoenix. North Carolina-based Sterling Real Estate Partners sold the property to Vancouver, Canada-based Western Wealth Capital for $33 million. Located at 2627 N. 45th Ave. on 17 acres, Villas de Azul features 301 apartments in a mix of one- and two-bedroom apartments and three-bedroom townhouse units. Community amenities include a swimming pool, basketball court, soccer field, playground and laundry facilities. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Clay Akiwenzie of Berkadia’s San Francisco office secured $26.4 million in financing for the acquisition of the property. The 10-year Freddie Mac loan features an 80 percent loan-to-purchase ratio, a five-year interest-only period and a 30-year amortization.

September 18, 2020

Loans Midwest Multifamily Ohio

Grandbridge Provides $10M Refinancing for Columbus Multifamily Property

by Kristin Harlow September 17, 2020

COLUMBUS, OHIO — Grandbridge Real Estate Capital has provided a $10 million Freddie Mac loan for the refinancing of Worthington Commons in Columbus. Built in 1973, the multifamily property is home to 156 rental townhome units. Ted Schmidt of Grandbridge arranged the fixed-rate, nonrecourse loan. It features a 10-year term and 30-year amortization.

September 17, 2020

Affordable Housing Development Loans Multifamily Texas

Bellwether Provides $42.6M Agency Perm Loan for Affordable Housing Project in Austin

by Taylor Williams September 17, 2020

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $42.6 million Freddie Mac permanent loan for the construction of Austin Manor, a 280-unit affordable housing project in East Austin. All of the units will be reserved for renters earning 60 percent or less of the area median income. Austin Manor will offer amenities such as a 6,000-square-foot clubhouse, pool, sports court and a playground, as well as family support services including counseling, adult education, health and nutrition courses and youth programs. Phil Melton and Cindy Hannon of Bellwether originated the loan. The borrower was not disclosed.

September 17, 2020

Florida Loans Multifamily Southeast Student Housing

Berkadia Arranges $23M Refinancing Loan for Student Housing Community Near Florida State University

by Alex Tostado September 16, 2020

TALLAHASSEE, FLA. — Berkadia has arranged a $23 million refinancing loan for College Town II, a 198-bed student housing community in downtown Tallahassee. Ameris Bank provided the 10-year term loan, which features a fixed 3.66 percent interest rate. The loan will be used to refinance the original construction loan, which Berkadia also arranged in 2015. The borrower is Seminole Boosters, the fundraising arm for Florida State University Athletics. College Town II comprises five seven-story buildings, 23,177 square feet of retail space and a seven-story parking garage. Retail tenants in the project include Township, 51 on Madison, Tin Lizzy’s Taqueria & Cantina, Barefoot Campus Outfitters, Little Masa and Sunstop Urban Market. The community is located at 805 W. Madison St., a half-mile from Florida State University (FSU) and two miles from Florida A&M University (FAMU). Brad Williamson of Berkadia arranged the loan on behalf of the borrower.

September 16, 2020

Affordable Housing Loans Multifamily New York Northeast

Bellwether Provides $5.6M Agency Perm Loan for Affordable Housing Project in Brooklyn

by Taylor Williams September 16, 2020

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided a $5.6 million Freddie Mac permanent loan for the construction of a 71-unit affordable housing project located at 461 Alabama Ave. in Brooklyn. More than half the residences will be reserved for homeless renters. The financing was structured with a 35-year amortization schedule and a 4.63 percent fixed interest rate. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise originated the loan on behalf of the borrower, a partnership between developer CB Emmanuel Realty and nonprofit Services for the Underserved.

September 16, 2020

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