Loans

SL Green Receives $3B Loan for Refinancing of One Vanderbilt Office Building in Manhattan

by Taylor Williams June 29, 2021

NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received a $3 billion loan for the refinancing of One Vanderbilt, a 1.7 million-square-foot office tower in the East Midtown neighborhood of Manhattan. Designed by Kohn Pederson Fox Associates and located across the street from Grand Central Station, One Vanderbilt rises 77 stories and 1,401 feet, making it the tallest building in Midtown Manhattan. SL Green developed the property, which carried a price tag of $3.3 billion, in partnership with Houston-based Hines and the National Pension Service of Korea. One Vanderbilt includes 10,000 square feet of ground-floor retail and restaurant space. In terms of tenant amenities, the building features a 30,000-square-foot space with meeting areas, a club-style lounge, curated food offerings and an outdoor terrace that faces Grand Central. A consortium of financial institutions led by Wells Fargo and Goldman Sachs provided the debt, which was structured with a 10-year term and all-in fixed interest rate of approximately 2.94 percent. Other lenders that contributed to the financing included Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase, Barclays Capital Real Estate Inc. and Citi. Chatham Financial acted as an advisor …

June 29, 2021

California Hospitality Loans Western

Columbia Pacific Advisors Provides $27M Loan for Hyatt Hotel Nue in Los Angeles

by Amy Works June 28, 2021

LOS ANGELES — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $27 million construction-to-bridge loan to recapitalize the Hyatt Hotel Nue in Los Angeles. Located at 1525 N. Cahuenga Blvd., the hotel will feature 64 guest rooms, a ground-floor lobby and restaurant, rooftop bar, lounge and pool, as well as an underground parking garage. The hotel is part of the Hyatt Unbound collection that caters to business travelers and tourists seeking a unique social experience. S3D Partners, led by Jayesh Kumar, owns the hotel. The group currently owns or maintains an interest in 12 hotels throughout California and Texas.

June 28, 2021

Acquisitions Loans Multifamily Southeast Virginia

Berkadia Secures $100.2M in Financing for Student Housing Portfolio Near Virginia Tech

by Julia Sanders June 28, 2021

BLACKSBURG, VA. — Berkadia has secured $100.2 million in financing and arranged the sale of a three-property student housing portfolio in Blacksburg. The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg and are approximately 1.3 to 2.1 miles from Virginia Tech. The student housing communities are also located close to the shops and restaurants along North Main Street. David Hudgins of Berkadia’s Newport News office represented the undisclosed seller and the buyer, California-based Reliant Group, in the transaction. John Richards of Berkadia’s Richmond office secured the acquisition financing for the portfolio. Pacific Life Insurance provided the five-year, interest-only loan, which features a 30-year amortization schedule and a fixed 2.66 percent interest rate. Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive. The student housing community features four-bedroom floor plans with balconies or patios, in-unit washers and dryers and full appliance packages. Community amenities include a clubhouse, coffee bar, gaming area with a pool table, grilling stations, full-sized basketball court, fitness center and a tanning salon. Maple Ridge Townhomes is located at 344 Red Maple Drive. The 314-unit property features two-, three- and four-bedroom floor plans with in-unit washers and …

June 28, 2021

Loans Midwest Missouri Multifamily

JLL Arranges $27.5M Loan for Refinancing of Multifamily Property in Suburban St. Louis

by Kristin Harlow June 28, 2021

ST. CHARLES, MO. — JLL Capital Markets has arranged a $27.5 million loan for the refinancing of Promenade at New Town, a 225-unit multifamily community in the St. Louis suburb of St. Charles. The property comprises 95 residential buildings with a combination of townhomes, garden-style apartments, row homes and single-family residences ranging from studios to three-bedrooms. Kristian Lichtenfels and Lucas Borges of JLL arranged the 10-year loan on behalf of the borrower, Gold Block Ventures. An undisclosed national lender provided the loan, which features a fixed interest rate of 3.15 percent.

June 28, 2021

Loans Multifamily Texas

CBRE Arranges $100.2M Loan for Refinancing of Houston Multifamily Portfolio

by Taylor Williams June 28, 2021

HOUSTON — CBRE has arranged a $100.2 million loan for the refinancing of a portfolio of four multifamily properties located in Houston’s Westchase neighborhood totaling 1,330 units. Derek Fasulo and Frances Rogers of CBRE arranged the nonrecourse, floating-rate loan through an undisclosed bridge lender on behalf of the borrower, a joint venture doing business as Westchase Houston LLC. The loan was structured with a five-year term and 60 months of interest-only payments. The names of the properties were not disclosed.

June 28, 2021

Loans Office Texas

Bank of America Provides $95M Loan for Refinancing of Irving Office Complex

by Taylor Williams June 28, 2021

IRVING, TEXAS — Bank of America has provided a $95 million loan for the refinancing of Urban Towers, an 850,000-square-foot office complex located on 11.2 acres in Irving. Built in 1982 and 1984, the property consists of a 22-story tower and a 17-story building with five- and seven-story parking structures, respectively. David Milestone of Newmark arranged the five-year loan on behalf of the borrower, San Diego-based Parallel Capital Partners Inc. At the time of the loan closing, Urban Towers was 82 percent leased to tenants such as The Pasha Group, Celanese, MultiPlan Inc. and Hyundai Merchant Marine.

June 28, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $12.4M Loan for Refinancing of Multifamily Asset in The Bronx

by Taylor Williams June 28, 2021

NEW YORK CITY — Ariel Property Advisors has arranged a $12.4 million loan for the refinancing of a 36-unit multifamily building in The Bronx. Eli Weisblum of Ariel Property Advisors led the debt placement for the newly constructed building. The borrower and direct lender were not disclosed.

June 28, 2021

Affordable Housing California Loans Lument Multifamily Seniors Housing Western

Lument Closes $28M Loan for Affordable, Age-Restricted Apartment Community in Sacramento

by Amy Works June 25, 2021

SACRAMENTO, CALIF. — Lument has closed a $28 million bridge loan to facilitate the refinancing and limited partner buyout of Greenfair Apartments, an age-restricted, low-income apartment property located in Sacramento. Aaron Wooler of Lument led the transaction on behalf of the borrower, Western America Properties, an affordable housing owner/developer. The firm specializes in acquiring, rehabilitating, preserving and managing HUD-insured, Section 8 apartment communities. Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the 386-unit property. All units at the property benefit from project-based Section 8 housing assistance payment (HAP) contracts. The bridge loan will enable the sponsor to focus on obtaining permanent financing, renewing its HAP contracts and continuing to provide housing for low-income seniors.

June 25, 2021

Illinois Loans Midwest

Newmark Secures $565 Million in Financing for 26-Property Parking Facility Portfolio

by Kristin Harlow June 25, 2021

CHICAGO — Newmark has secured a $565 million in financing on behalf of InterPark Holdings for a 26-property portfolio of parking facilities located across nine U.S. cities, including Chicago and St. Louis. Joel Simmons of Newmark’s Chicago office placed the five-year loan through Apollo Global Management’s externally managed mortgage REIT, Apollo Commercial Real Estate Finance Inc. (NYSE: ARI). No further details were provided regarding the location of the properties. Founded in 1998, InterPark is one of the largest owners, operators and developers of private parking facilities in the U.S. The company currently owns 58 properties and operates over 100 facilities in various central business districts and off-airport sites nationally.

June 25, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $12.2M Loan for Refinancing of Massachusetts Apartment Building

by Taylor Williams June 25, 2021

JAMAICA PLAIN, MASS. — Cornerstone Realty Capital has arranged a $12.2 million loan for the refinancing of a five-story apartment building in the Egleston Square neighborhood of Jamaica Plain near Boston. Completed in 2020, the property houses 39 apartment units and retail space on the ground floor. Units range in size from 515 to 1,320 square feet. Cornerstone arranged a fixed-rate loan with 12 months of interest-only payments followed by a 30-year amortization schedule. The borrower and direct lender were not disclosed.

June 25, 2021

Newer Posts

Older Posts