Loans

Berkadia Provides $24.6M Refinancing for Multifamily Property in Saraland, Alabama

by Julia Sanders October 7, 2021

SARALAND, ALA. — Berkadia has provided $24.6 million in permanent refinancing for Olde Oak Apartments, a garden-style multifamily property in Saraland. Pat Garlich of Berkadia originated the seven-year Freddie Mac loan on behalf of the borrower, Missouri-based Maxus Realty Trust Inc. Olde Oak Apartments features one- and two-bedroom floor plans with in-unit washers and dryers and air conditioning. Community amenities include a swimming pool, fitness center, business center, clubhouse, dog park, spa, off-street parking and a picnic area with grilling stations. Located at 1200 Grande Oak Blvd., the property is situated close to Interstate 65, about 10.7 miles from downtown Mobile and approximately 3.6 miles from the University of Mobile.

October 7, 2021

California Loans Office Western

Swig Co. Receives $190M Loan to Refinance 633 Folsom Street Office Building in San Francisco

by Amy Works October 6, 2021

SAN FRANCISCO — The Swig Co. has obtained $190 million in refinancing for 633 Folsom Street, an office building in the SOMA submarket of San Francisco. Bruce Ganong, Lillian Roos and Spencer Bergthold of JLL Capital Markets secured the seven-year, fixed-rate loan through Bank of China for the borrower. Originally developed in 1967, the building underwent significant a renovation and expansion, which was completed in 2021. The project added five new floors, all new building systems, exterior façade and an outdoor plaza. Asana, a cloud-based application for workplace management and team collaboration, fully leases the 271,000-square-foot property.

October 6, 2021

Development Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $91.9M Bond Financing for Eliseo Seniors Housing Expansion in Tacoma, Washington

by Amy Works October 6, 2021

TACOMA, WASH. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units (consisting of 50 apartments and 41 villas) and a new dining venue, as well as renovations to multipurpose and meeting rooms, administrative offices and the entrance to the health center. In addition to funding the project, the bonds will refinance bonds from 2013 and repay a loan used for pre-development expenses.

October 6, 2021

Development Loans New York Northeast

Greystone Arranges $35M for Multifamily Project in New Rochelle, New York

by Taylor Williams October 6, 2021

NEW ROCHELLE, N.Y. — Greystone has arranged a $14 million ground lease and a $21 million leasehold construction loan for a 75-unit multifamily project that will include 7,300 square feet of commercial space in New Rochelle, a northern suburb of New York City. Leasehold construction financing refers to a loan to develop a building on land that is ground-leased. RMWC, an investment advisory firm with four offices across the country, provided the loan to the borrower, locally based developer The Young Cos. Drew Fletcher and Matt Klauer of Greystone placed the debt and also arranged the ground lease with Haven Capital.

October 6, 2021

Indiana Loans Midwest Multifamily

Columbia Pacific Advisors Provides $66M Bridge Loan for Acquisition of Apartment Community in South Bend

by Kristin Harlow October 6, 2021

SOUTH BEND, IND. — Columbia Pacific Advisors Bridge Lending has provided a $66 million bridge loan to fund the acquisition of Prosper Apartments in South Bend. The 739-unit, garden-style apartment community is located at 3001 E. Jefferson Blvd. The property comprises 28 buildings across 47 acres. Amenities include a theater room, fitness center, indoor pool, billiards room, playground, dog park and community room. H&A Properties was the borrower. The property was 99 percent leased at the time of loan closing. Loan terms were not disclosed.

October 6, 2021

Healthcare Loans Midwest Ohio

Greystone Funds $50.1M Bridge Loan for Acquisition of Six-Property Skilled Nursing Portfolio in Ohio

by Kristin Harlow October 6, 2021

OHIO — Greystone has provided a $50.1 million bridge loan for the acquisition of a six-property skilled nursing portfolio in Ohio. The communities total 719 beds and are located in Berea, Cleveland, Clyde, Kent and Waterville. Fred Levine of Greystone originated the floating-rate, interest-only loan through Greystone’s nonrecourse bridge loan program. Greystone says it will work with the borrower to secure a permanent HUD-insured loan for the skilled nursing portfolio as soon as possible. The borrower was undisclosed.

October 6, 2021

Loans New York Northeast Office Top Stories

Tishman Speyer Receives $425M Green Bond Refinancing for JACX Office Building in Queens

by Taylor Williams October 6, 2021

LONG ISLAND CITY — Locally based developer Tishman Speyer has received a $425 million green bond refinancing for The JACX, a 1.2 million-square-foot office complex in the Long Island City neighborhood of Queens. Built in 2019 and fully leased at the time of closing, The JACX consists of two 26-story office towers connected by a five-story base. According to the developer, the property represents the single largest addition to the supply of office space in Long Island City since the opening of the Citicorp Building in 1990. The development houses more than 50,000 square feet of retail space, including a food hall with nine culinary concepts, a restaurant by chef Dan Kluger and an upscale grocer. Other amenities include a fitness center operated by The Wright Fit, a landscaped public plaza, access to multiple public transit lines and a 175-space bike parking area with showers. MdeAS Architects designed the building to LEED Silver certifications, and environmentally friendly features include a 100,000-gallon stormwater reclamation system and an air filtration system. These assets made the property eligible for the green bond refinancing, which Bank of America originated. The transaction retires existing construction debt with permanent CMBS financing. “Tishman Speyer is dedicated to …

October 6, 2021

Loans Multifamily Texas

Bellwether Enterprise Provides Agency Financing for Fort Worth Affordable Housing Property

by Taylor Williams October 5, 2021

FORT WORTH, TEXAS — Bellwether Enterprise Real Estate Capital has provided an undisclosed amount of Freddie Mac financing for the preservation of Metro 7000, a 206-unit affordable housing property in Fort Worth. The borrower, Comunidad Partners, plans to invest more than $1 million in physical upgrades to the garden-style property. In addition, Comunidad will introduce social services, including telehealth, concierge resource referral, resident council meetings, youth education services, health and wellness education and economic advancement education. Anthony Tarter of Bellwether structured the financing.

October 5, 2021

Loans Massachusetts Multifamily Northeast

MMCC Places $5.1M Loan for Refinancing of Multifamily Asset in Worcester, Massachusetts

by Taylor Williams October 5, 2021

WORCESTER, MASS. — Marcus & Millichap Capital Corp. (MMCC) has placed a $5.1 million loan for the refinancing of a 46-unit multifamily property located at 44 Byron St. in Worcester. Robert Damigella of MMCC arranged the loan, which carried a 10-year term, fixed interest rate of 3.5 percent and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 5, 2021

Illinois Loans Midwest Multifamily

Associated Bank Arranges $57.2M Loan for Construction of 22-Story Apartment Tower in Chicago

by Kristin Harlow October 5, 2021

CHICAGO — Associated Bank has arranged a $57.2 million loan for the construction of a 22-story apartment tower located at 513 S. Damen Ave. in Chicago. Marquette Cos. is developing the project, which is situated in the Illinois Medical District and within walking distance of Rush University Medical Center. The development will include 279 studios, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, coworking space, tenant lounge, rooftop deck, dog park, dog wash and bike storage. Completion is slated for March 2023. Elizabeth Hozian of Associated Bank arranged the loan with Wheaton Bank & Trust.

October 5, 2021

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