Loans

PCCP Provides $39.8M Loan for Refinancing of Metro Boston Life Sciences, Office Portfolio

by Taylor Williams September 8, 2021

WATERTOWN AND NEWTON, MASS. — PCCP LLC has provided a $39.8 million loan for the refinancing of a portfolio of three life sciences and creative office buildings totaling 124,946 square feet in Watertown and Newton, two western suburbs of Boston. The two Watertown properties were built in the 1940s and total 43,344 square feet. The Newton property was constructed in 1900, renovated in 2017 and consists of 81,602 square feet. The borrower, Massachusetts-based KS Partners LLC, will use a portion of the proceeds to fund capital improvements. The portfolio was 94 percent leased at the time of sale.

September 8, 2021

Industrial Loans Northeast Office Pennsylvania

Eastern Union Arranges $9.7M in Financing for Philadelphia Flex Portfolio

by Taylor Williams September 8, 2021

PHILADELPHIA — Eastern Union has arranged $9.7 million in financing for a 218,961-square-foot flex portfolio in Philadelphia. The portfolio consists of three waterfront buildings with both office and industrial space. The financing comprises a $5.2 million acquisition loan and a $4.5 million credit facility to cover renovations and leasing costs. The borrower was a partnership between Michael Bauer of New York City-based BASH Capital and Joseph Cunane of West Chester, Pennsylvania. Marc Tropp of Eastern Union originated the financing.

September 8, 2021

Affordable Housing Georgia Loans Multifamily Southeast

Berkadia Secures $51.2M Financing for Affordable Housing Acquisition, Redevelopment in Metro Atlanta

by Julia Sanders September 7, 2021

JONESBORO, GA. — Berkadia has secured $51.2 million in financing for the redevelopment of Riverwood Townhouses, a 282-unit affordable housing development in Jonesboro, about 18.3 miles south of downtown Atlanta. Vitus, a national developer and owner of affordable housing, recently acquired the property for $30.5 million from an entity doing business as RWood Holdings LLC. Tim Leonhard of Berkadia secured both $25.9 million in acquisition bridge financing and $25.3 million in permanent financing used to rehabilitate the property. The bridge loan had a 4.3 percent adjustable interest rate and was provided through Berkadia’s proprietary bridge lending platform. The permanent loan was provided through Freddie Mac’s affordable housing program. Located at 681 Flint River Road, Riverwood Townhouses features one-, two-, three- and four-bedroom units. All the units are rent restricted to 60 percent of area median income. Community amenities include a business center and computer lab, clubhouse, community room, playground and picnic area. The property will be undergoing interior and exterior renovations as part of the redevelopment.

September 7, 2021

Development Loans Nevada Western

ACRES, George Smith Partners Provide $37.5M Construction Loan for Mixed-Use Project Near Las Vegas

by Amy Works September 7, 2021

HENDERSON, NEV. — ACRES Capital Corp. and George Smith Partners have provided a $37.5 million loan to fund the construction of The Watermark, a mixed-use multifamily property in Henderson. The borrower is Nevada-based Strada Development Group. Located at 215 S. Water St., The Watermark will feature 151 residential units and accompanying parking spaces, 9,928 square feet of retail space, 14,725 square feet of restaurant space and 11,923 square feet of office space. The property is situated in downtown Henderson’s Water Street District that features a mix of boutique shops, restaurants and nightlife venues. Chris Hetzel of ACRES’ Los Angeles office originated the loan, which features an initial term of 24 months.

September 7, 2021

Loans Lument Multifamily Texas

Lument Provides $29.4M Acquisition Loan for San Antonio Apartment Community

by Taylor Williams September 7, 2021

SAN ANTONIO — Lument has provided a $29.4 million bridge loan for the acquisition of Limestone Oaks, a 401-unit apartment and townhome community in northwest San Antonio. The property was originally built in 1981, renovated in 2007 and acquired by the undisclosed seller in 2013. Colin Cross and John Sloot led the transaction for Lument. John Brickson of Old Capital Lending arranged the debt. The borrower was locally based owner-operator DJE Texas Management Group.

September 7, 2021

Harbour-Pointe-Senior-Living-Mukilteo-WA

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $19.5M Financing for Harbour Pointe Senior Living in Mukilteo, Washington

by Amy Works September 7, 2021

MUKILTEO, WASH. — CBRE Senior Housing has arranged $19.5 million in financing for Harbour Pointe Senior Living, a 106-unit assisted living and memory care community in Mukilteo, approximately 25 miles north of downtown Seattle. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living operates the community. The community, originally acquired by the owners in 2015, sits directly adjacent to Paine Field, a once-commercial airfield that is now primarily used as a Boeing assembly plant. Home to generations of former Boeing employees, the Harbour Pointe neighborhood is an affluent pocket of Mukilteo with numerous local amenities, including the nearby Harbour Pointe Golf Club. CBRE Senior Housing originated a seven-year, floating-rate loan with four years of interest-only payments through its Freddie Mac Optigo lending program.

September 7, 2021

Loans Michigan Midwest Multifamily

Dwight Capital Provides $23M Construction Loan for City View Apartments in Lansing, Michigan

by Kristin Harlow September 7, 2021

LANSING, MICH. — Dwight Capital has provided a $23 million loan for the construction of City View Apartments in Lansing. Upon completion, the five-story building will include 117 apartment units and 3,500 square feet of ground-level retail space. Amenities will include a fitness center and parking garage. Adam Sasouness of Dwight originated the loan on behalf of the undisclosed borrower.

September 7, 2021

Loans Mixed-Use New York Northeast

Emerald Creek Capital Provides $15M Bridge Loan for Mixed-Use Building in Queens

by Taylor Williams September 7, 2021

NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $15 million first mortgage bridge loan for a 300,000-square-foot mixed-use building located in the Flushing neighborhood of Queens. The property consists of 22 floors of hotel space, 10 levels of medical office space and 50,000 square feet of retail and event space. The building also features 300 below-grade parking spaces. Dean Wang of Emerald Creek Capital originated the financing on behalf of the borrower, Fleet Financial Group.

September 7, 2021

Alabama Loans Office Southeast

Berkadia Secures $51M Refinancing Loan for Office Portfolio in Huntsville

by Julia Sanders September 3, 2021

HUNTSVILLE, ALA. — Berkadia has secured a $51 million refinancing loan for a 670,890-square-foot office and flex portfolio in Huntsville. The three-property portfolio, which includes Perimeter Center, Progress Center and 110 Wynn, sits approximately six miles from downtown Huntsville and was 91 percent leased at the time of financing. Located at 1500 and 1525 Perimeter Parkway, Perimeter Center includes two mid-rise buildings built in 1987 and 1989. The buildings total 234,146 square feet and are 87 percent leased to 41 tenants. Situated at 6767 Old Madison Pike NW, Progress Center features five buildings totaling 221,259 square feet that were built in 1985, 1989 and 1992. The property is 86 percent leased to 34 tenants. Lastly, 110 Wynn, formerly known as the DRS Building, was built in 1967 and later renovated in 2003 and 2021. The property includes two buildings totaling 215,485 square feet, and is 100 percent occupied by one tenant. The properties are all located within Cummings Research Park, which is a science and technology park housing nearly 300 companies, 26,000 employees and 13,500 students. The property’s anchor tenants include Teledyne Brown Engineering, UAH, Lockheed Martin, Redstone Federal Credit Union and Calhoun Community College. The property is located about …

September 3, 2021

Healthcare Loans Office Washington Western

Essex Financial Group Arranges $75M Refinancing for Medical Dental Building in Seattle

by Amy Works September 3, 2021

SEATTLE — Essex Financial Group has arranged a $75 million permanent loan for Menashe Properties to refinance Medical Dental Building, an infill medical office building in downtown Seattle. The sponsor purchased the 297,470-square-foot historic building in 2019 and assumed existing debt on the property. The seven-year loan features a fixed interest rate with three years of interest-only payments followed by a 30-year amortization. Alex Riggs and Blaire Butler of Essex Capital Markets secured the financing for the borrower. Originally built in 1924, the 18-story office building has undergone several renovations with the most recent completed in 2014. At time of financing, the property was 91 percent occupied by 123 tenants. The property also features ground-floor retail space, which a coffee shop and local pharmacy occupy.

September 3, 2021

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