Loans

JLL Provides Loan for Refinancing of Two Multifamily Assets Totaling 235 Units in Philadelphia

by Taylor Williams September 4, 2020

PHILADELPHIA — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Yardley Crossing and RiverQuick Apartments, two adjacent multifamily assets totaling 235 units in Philadelphia. Yardley Crossing consists of 196 units in one-, two- and three-bedroom floor plans. RiverQuick Apartments totals 39 units in one- and two-bedroom formats. Ryan Ade, Jamie Leachman and Travis Hess of JLL arranged the 10-year, fixed-rate loan on behalf of the borrower, Relative Properties LLC.

September 4, 2020

Loans Multifamily Northeast

Cornerstone Arranges $6.9M Construction Loan for Boston Apartment Project

by Taylor Williams September 4, 2020

BOSTON — Cornerstone Realty Capital has arranged $6.9 million in construction financing for a 12-unit apartment project in the Jamaica Plain neighborhood of Boston. Units will average 1,300 square feet and will feature stainless steel appliances, custom cabinetry and in-unit washers and dryers. The loan was structured with 24 months of interest-only payments and a 28-year amortization schedule.

September 4, 2020

Loans Midwest Multifamily North Dakota

NorthMarq Arranges $33.4M Acquisition Financing for 691-Unit Multifamily Portfolio in North Dakota

by Kristin Harlow September 4, 2020

GRAND FORKS, N.D. — NorthMarq has arranged $33.4 million in combined agency debt financing for the acquisition of four multifamily properties in Grand Forks, the third-largest city in North Dakota. The workforce housing properties total 691 units and include Forest Park Apartments, Valley Park Manor, Southwind Apartments and Landmark Estates. The Freddie Mac loans range from $2.9 million to $15.9 million. The 15-year loans feature 30-year amortization schedules. Brett Hood of NorthMarq’s Chicago office structured the loans.

September 4, 2020

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $5M Bridge Loan for Affordable Housing Property in Michigan

by Kristin Harlow September 4, 2020

INKSTER, MICH. — KeyBank Community Development Lending and Investment has provided a $5 million bridge loan for the preservation of Cherry Hill Place Apartments in Inkster, about 20 miles west of Detroit. The 186-unit affordable housing property was constructed in 1979 as a HUD Section 8 community. Within the development, 150 units are designated for low-income seniors and 36 are designated for low-income families. Derek Reed and Alton Tinker of KeyBank structured the financing on behalf of the borrower, Larc Community Development Group.

September 4, 2020

Acquisitions California Industrial Loans Net Lease Western

JLL Arranges $23.7M Acquisition Loan for Pellisier Logistics Center in Colton, California

by Amy Works September 4, 2020

COLTON, CALIF. — JLL Capital Markets has secured $23.7 million in acquisition financing for Pellisier Logistics Center, an industrial warehouse and distribution property located at 1901 W. Center St. in Colton. Marc Schillinger, Keith Rosso and Eric Boucher of JLL’s Debt & Structured Finance group in Century City, Calif., placed the two-year, fixed-rate loan with Thorofare Capital for the borrower, a privately owned apparel manufacturer. Loan proceeds were used to purchase the asset immediately upon completion by developer Hillwood Investment Properties, a Perot Co. The property was 100 percent leased simultaneously with closing for an initial lease term of 10 years, excluding two five-year extensions options at a fair-market, triple-net rate. Situated on 12.5 acres, the newly constructed, 232,588-square-foot Pellisier Logistics Center features 36- to 42-foot clear heights, 24 dock-high doors, 168 trailer parking spaces and 219 auto parking spaces.

September 4, 2020

Industrial Loans Washington Western

Gantry Secures $5.6M Refinancing for Industrial Property in Suburban Seattle

by Amy Works September 4, 2020

WOODINVILLE, WASH. — Gantry has arranged a $5.6 million loan for Underwood Gartland 216 LLC. The funds will refinanc debt on UG216, an industrial property in Woodinville. Michael Wood and Colin Ceithaml of Gantry represented the borrower and secured the loan with a 10-year term and 30-year amortization through State Farm. Bio-Rad Laboratories, a life sciences research and clinical diagnostic products company, occupies the 71,750-square-foot building, which is located at 8415 216th St. SE. Built in 1999, the facility features 20 dock-high doors, four grade-level doors and 24-foot clear heights.

September 4, 2020

Loans Multifamily Oklahoma Seniors Housing Texas

Carnegie Capital Arranges $11.5M Refinancing Loan for Skilled Nursing Portfolio in Oklahoma

by Taylor Williams September 3, 2020

OKLAHOMA — Carnegie Capital has arranged an $11.5 million loan for the refinancing for three skilled nursing facilities totaling 330 licensed beds in southern-central Oklahoma. The borrower is a local owner-operator, and the lender is an Arkansas-based regional bank. J.D. Stettin of Carnegie Capital arranged the loan, which features a fixed 3.99 percent interest rate for five years. The names of the facilities were not disclosed.

September 3, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $25M in Financing for Renovation of Affordable Housing Community in Boston

by Taylor Williams September 3, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $25 million in financing for the renovation of Morse Apartments, a 99-unit community located in the Brookline neighborhood of Boston. The financing, which includes tax-exempt housing revenue bonds and Low Income Housing Tax Credits, will preserve the affordability of the community for another 75 years. The borrower was Brookline Housing Authority. Morse Apartments was constructed in 1973 at 90 Longwood Ave. and is reserved for low-income senior citizens. Renovations are expected to be complete by summer 2022.

September 3, 2020

Hawaii Loans Multifamily Seniors Housing Western

Lancaster Pollard Provides $33M Fannie Mae Refinancing for Seniors Housing Asset in Honolulu

by Amy Works September 3, 2020

HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The Plaza at Punchbowl is located on the slopes of Punchbowl Crater, an extinct volcanic tuff cone located in the heart of the city. The Punchbowl Crater is known for being home to the National Memorial Cemetery of the Pacific, a U.S. armed services memorial that draws millions of visitors each year.

September 3, 2020

Development Loans New Jersey Northeast

Procida Funding Provides $52M Construction Loan for Multifamily Project in North Bergen, New Jersey

by Taylor Williams September 2, 2020

NORTH BERGEN, N.J. — Procida Funding has provided a $52.5 million construction loan for Manhattan Transit Village North Bergen, a 214-unit multifamily project in North Bergen Township, located across the Hudson River from Manhattan. The property will be located adjacent to the Tonnelle Avenue public transit station and will feature a mix of studio, one- and two-bedroom units, as well as a pool and a fitness center. The borrower and developer was the Demetrakis Family. Specific loan terms were not disclosed.

September 2, 2020

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