Loans

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

Loans Midwest Multifamily Nebraska

American Street Capital Arranges $5.5M Refinancing for Omaha Multifamily Property

by Kristin Harlow September 16, 2020

OMAHA, NEB. — American Street Capital (ASC) has arranged a $5.5 million loan for the refinancing of a 111-unit multifamily property in Omaha. Built in 1968, the asset features a mix of studio, one- and two-bedroom floor plans with updated interiors and private patios. Amenities include a pool and onsite laundry facilities. The property was 99 percent occupied at the time of closing. Igor Zhizhin of ASC arranged the CMBS loan, which features a fixed rate for 10 years. The new loan will retire the existing HUD debt on the complex. The borrower was undisclosed.

September 16, 2020

Loans Multifamily Texas

LMI Capital Arranges $8M Acquisition Loan for Houston Apartment Complex

by Taylor Williams September 15, 2020

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged an $8 million bridge loan for the acquisition of a 150-unit apartment community in southwest Houston. Kurt Dennis of LMI Capital placed the loan, which was structured with three years of interest-only payments and a floating interest rate, on behalf of the undisclosed borrower. A portion of the funds will be used to complete renovations

September 15, 2020

Loans Multifamily North Carolina Southeast

NKF Provides $49M Freddie Mac Loan for Multifamily Community in Charlotte

by Alex Tostado September 15, 2020

CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has provided $49 million Freddie Mac acquisition loan for Addison Park in Charlotte. The 426-unit community was built in 1999 and renovated in 2015. The property offers one- through three-bedroom floor plans with nine-foot ceilings, fireplaces, hardwood flooring and granite countertops. Communal amenities include a business center, fitness center, two pools, dog park and a playground. The asset is situated at 6265 Hackberry Creek Trail, 10 miles north of downtown Charlotte and two miles from healthcare firm Centene’s planned 1 million-square-foot headquarters campus. Josh Davis and Chris Caison of NKF originated the loan on behalf of the borrower, Dermot Co. The seller was not disclosed.

September 15, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $5.9M HUD Loan for Refinancing of Seniors Housing Property in Minnesota

by Kristin Harlow September 14, 2020

ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the loan.

September 14, 2020

Loans Midwest Multifamily Ohio

Gelt Financial Provides $3M Loan for 152-Unit Multifamily Community in Columbus

by Kristin Harlow September 14, 2020

COLUMBUS, OHIO — Gelt Financial has provided a $3 million first mortgage loan for Crown Pointe Apartments in Columbus. The multifamily community, built in 1989, features 152 units. Loan proceeds of the two-year bridge loan will be used for property improvements. South Florida-based Gelt says it plans to close an additional $15 million in non-stabilized property loans by the end of the year.

September 14, 2020

Loans Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $37.1M Refinancing Loan for New Seniors Housing Community in Charleston

by Alex Tostado September 14, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged a $37.1 million refinancing loan for Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. Truist Financial provided the loan to the borrower and owner, an affiliate of Maxwell Group. The Cushman & Wakefield Senior Housing Capital Markets team involved in the transaction included Richard Swartz, Tim Hosmer and Chris Remeika.

September 14, 2020

Acquisitions Loans Office Texas

JLL Arranges Sale, Financing of 463,969 SF Chasewood Technology Park in Houston

by Taylor Williams September 11, 2020

HOUSTON — JLL has arranged the sale of Chasewood Technology Park, a 463,969-square-foot office campus in northwest Houston. The four-building campus spans 10.4 acres and was 93 percent leased at the time of sale to tenants in the energy, consulting, technology, architecture, healthcare and food services industries. Rick Goings and Ethan Goldberg of JLL represented the seller, The GenCap Group, and procured the buyer, Nitya Capital, in the sale. John Ream and Laura Sellingsloh of JLL arranged a $46 million acquisition loan through Morgan Stanley on behalf of Nitya Capital.

September 11, 2020

Georgia Loans Multifamily Southeast

Berkadia Provides $37.7M Refinancing Loan for Apartment Community Near Atlanta

by Alex Tostado September 11, 2020

NORCROSS, GA. — Berkadia has provided a $37.7 million Freddie Mac refinancing loan for The Reserve at Gwinnett, a 370-unit apartment community in Norcross. The 10-year loan features a fixed interest rate. Corby Chaffin and Michael Weinberg of Berkadia originated the financing on behalf of the owner, Broadtree Residential Inc. The Reserve at Gwinnett was built in 1999 and comprises 14 residential buildings offering one- through three-bedroom floor plans. Units range in size from 959 to 1,555 square feet. Communal amenities include a fitness center, clubhouse, business center, pool, grilling area, dog park and tennis courts. The asset is situated at 1780 Graves Road, 17 miles northeast of downtown Atlanta.

September 11, 2020

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