Loans

Colliers Mortgage Arranges $11.3M Acquisition Loan for Pointe North Hills Apartments Phase II in North Little Rock, Arkansas

by Jeff Shaw September 27, 2021

NORTH LITTLE ROCK, ARK. — The New York office of Colliers Mortgage has arranged an $11.3 million Fannie Mae loan for the acquisition of The Pointe North Hills Phase II, an 86-unit, market-rate apartment community in North Little Rock. The pet-friendly property was constructed in 2020 and shares resort-style amenities with Phase I of the property, including a 24-hour fitness center, pool, two private movie theaters, virtual fitness studio and sports simulator lounge. The borrower is The Pointe North Hills LLC. The seller was not disclosed. The loan features a 10-year term and 30-year amortization.

September 27, 2021

Build-to-Rent Illinois Loans Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $30.4M Construction Loan for Build-for-Rent Community in Antioch, Illinois

by Kristin Harlow September 27, 2021

ANTIOCH, ILL. — Walker & Dunlop Inc. has arranged a $30.4 million loan for the construction of The Clublands of Antioch by Moda Homes, a 110-unit, single-family build-for-rent community in the northern Illinois town of Antioch. Moda Homes is the developer and Ryan Homes is the builder. The project will sit within The Clublands of Antioch, a 1,000-unit master-planned community with roughly 450 existing homes. The one- and two-story homes will average 1,719 square feet and will include two-car garages. Eric McGlynn of Walker & Dunlop arranged the floating-rate loan. CoreVest Finance, a division of Redwood Trust, provided the loan.

September 27, 2021

Arkansas Florida Loans Multifamily Southeast Student Housing

Cushman & Wakefield Secures $73M in Acquisition Financing for Two Student Housing Properties in Arkansas, Florida

by Julia Sanders September 24, 2021

FAYETTEVILLE, ARK. AND TALLAHASSEE, FLA. — Cushman & Wakefield has secured $73 million in acquisition financing for two student housing properties in Arkansas and Florida. The borrowers, GFH Financial Group and Student Quarters, received the fixed-rate financing for VOX in Tallahassee and The Avenue in Fayetteville. Guardian Life Insurance provided the seven-year financing. VOX is a 602-bed student housing property serving Florida State University. Completed in 2020, the property features a mix of one- through five-bedroom floor plans, all offering bed-bath parity. Community amenities include an outdoor interval training center, a two-story indoor fitness center, social lounge, an outdoor courtyard and fire pit and a covered parking garage. The Avenue is a 652-bed student housing property serving the University of Arkansas. Built in the fall of 2019, The Avenue offers two- and four-bedroom floorplans, all offering bed-bath parity. Community amenities include 507 parking spaces, a fitness center and a swimming pool with cabanas. Gideon Gil, Alex Lapidus, Meredith Donovan and Sebastian Sanchez of Cushman & Wakefield arranged the loan on behalf of the borrowers.

September 24, 2021

Loans Multifamily Texas

Berkadia Arranges Acquisition Financing for 1,275-Unit Multifamily Portfolio in Houston

by Taylor Williams September 24, 2021

HOUSTON — Berkadia has arranged an undisclosed amount of acquisition financing for a portfolio of five multifamily properties totaling 1,275 units in the Westwood and Braeswood/Fondren submarkets in southwest Houston. The properties — Airport Crossing, The Townhomes, Terrace at West Sam Houston, Casa Grande and Plaza at Hobby Airport — were all built between 1976 and 1983. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia arranged the financing through Voya Investment Management on behalf of the borrower, New York-based July Residential. The debt was structured with a four-year term, a 75 percent loan-to-value ratio and provisions for funding capital expenditures.

September 24, 2021

Loans Multifamily New Jersey Northeast

Greystone Arranges $45.3M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams September 24, 2021

MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.

September 24, 2021

Affordable Housing Loans Midwest Minnesota Multifamily Northmarq

NorthMarq Arranges $32.2M Loan for Refinancing of Minneapolis Affordable Housing Community

by Kristin Harlow September 23, 2021

MINNEAPOLIS — NorthMarq has arranged a $32.2 million loan for the refinancing of Stone Arch Apartments in Minneapolis. The 221-unit affordable housing community, built in 2002, is located at 601 Main St. Amenities include a fitness center, business center, laundry facilities and grill area. Michael Padilla of NorthMarq arranged the loan through Freddie Mac’s Targeted Affordable Housing (TAH) program. The seven-year loan features a 30-year amortization schedule.

September 23, 2021

Loans Multifamily Texas

JLL Arranges Acquisition Financing for 292-Unit Alexan on Ross Apartments in Dallas

by Taylor Williams September 23, 2021

DALLAS — JLL has arranged an undisclosed amount of acquisition financing for Alexan on Ross, a 292-unit apartment community located in Dallas. Built in 2018, Alexan on Ross offers a mix of studio, one- and two-bedroom units with an average size of 877 square feet. Residences are furnished with stainless steel appliances, granite or quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, resident lounges and an outdoor skyline terrace. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through Northwestern Mutual on behalf of the borrower, private investment firm Internacional.

September 23, 2021

Loans Office Washington Western

Columbia Pacific Advisors Arranges $14.3M Loan for Labor Temple Office Building in Seattle

by Amy Works September 22, 2021

SEATTLE — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $14.3 million bridge loan to Labor Temple, a landmark office building located at 2800 First Ave. in Seattle’s Belltown neighborhood. Originally built in 1942 and expanded in 1955, the building now totals 40,000 square feet and sits on half-block site with high-end offerings designed for modern office tenants. The property features a roof deck, courtyard, private meeting rooms on each floor, a fitness center and 67 office suites. The property was landmarked in 2008. FAUL, a Seattle-based real estate owner and developer, acquired Labor Temple in December 2020.

September 22, 2021

Affordable Housing Development Loans Multifamily New York Northeast

JLL Arranges Construction Debt, Equity for 418-Unit Long Island Mixed-Income Project

by Taylor Williams September 22, 2021

BAY SHORE, N.Y. — JLL has arranged $113 million in construction financing and $55 million in joint venture equity for the capitalization of a 418-unit multifamily project in the Long Island community of Bay Shore. The property, which will be built in two phases, will consist of 334 market-rate apartments and 84 workforce housing units, as well as 1,650 square feet of retail space. Amenities will include a pool, outdoor grilling stations, a business center and coworking lounge, fitness center, clubrooms, game room and pet washing station. Andrew Scandalios, Rob Hinckley, Jeffrey Julien and Nicco Lupo of JLL arranged the joint venture equity with institutional investors advised by J.P. Morgan Asset Management on behalf of the developer, TRITEC Real Estate Co. Michael Gigliotti, Geoff Goldstein, Kelly Gaines and Jackie Ferrer of JLL sourced the four-year, floating-rate construction loan through Truist Financial Corp. and Santander Bank.

September 22, 2021

Affordable Housing Development Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $23.5M in Financing for Metro Boston Affordable Seniors Housing Expansion

by Taylor Williams September 22, 2021

NEWTON, MASS. — MassHousing has provided $23.5 million in financing for the expansion of Golda Meir House in the western Boston suburb of Newton. The project will expand the existing 199-unit affordable seniors housing property, adding 68 new apartment homes that will be reserved for renters at various income levels that fall below the area median income. The capital stack includes $17 million in Low-Income Housing Tax Credit equity allocated by the Massachusetts Department of Housing & Community Development, as well as various other subsidies. The borrower and developer is 2Life Communities. Prellwitz Chilinski Associates is the project architect, and Colantonio Inc. is the general contractor. Construction is expected to be complete in spring 2023. Golda Meir House was originally built between 1978 and 1995 and was renovated in 2018.

September 22, 2021

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