Loans

NorthMarq Arranges Acquisition Financing for 64,132 SF Office Building in Metro Houston

by Taylor Williams September 1, 2021

MISSOURI CITY, TEXAS — NorthMarq has arranged an undisclosed amount of acquisition financing for a 64,132-square-foot office building located in the southwestern Houston suburb of Missouri City. Matt Franke of NorthMarq arranged the nonrecourse loan, which carried a 10-year term and a 25-year amortization schedule, through Innovative Capital Advisors on behalf of the undisclosed borrower. The building was 91 percent leased at the time of the loan closing, with Wells Fargo serving as the anchor tenant.

September 1, 2021

Iowa Loans Midwest Multifamily

Colliers Mortgage Provides $3.8M Loan for Refinancing of Iowa Multifamily Property

by Kristin Harlow September 1, 2021

SPIRIT LAKE, IOWA — Colliers Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Tallgrass Village II in northern Iowa’s Spirit Lake. Built in 2019, the 49-unit multifamily property consists of one two-story apartment building and three two-story townhome buildings. The 10-year loan features a 30-year amortization schedule. An entity doing business as Tallgrass Village II LLC was the borrower.

September 1, 2021

Florida Hospitality Loans Southeast Top Stories

Encore Capital Management Receives $98.4M Loan for Refinancing, Expansion of Margaritaville Resort Orlando

by Kristin Harlow September 1, 2021

KISSIMMEE, FLA. — Encore Capital Management has received a $98.4 million loan for the refinancing and expansion of Margaritaville Resort Orlando. Concord Summit Capital LLC arranged the loan with Starwood Property Trust. The loan refinances the existing construction senior and mezzanine debt and provides additional capital for the resort expansion. Encore plans to build 75 additional hotel rooms on the east wing of the resort, which is located in Kissimmee, just south of Orlando. Construction is expected to begin later this year, but a timeline for completion was not disclosed. The resort, which opened in January 2019, offers rooms, suites and cottage rentals. Resort guests can dine at Euphoria Fish House, an upscale seafood restaurant; Salty Rim Bar & Grill, a poolside grill; or On Vacation, a cocktail and comedian lounge. The property also offers space for hosting meetings, conferences and weddings. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit arranged the loan on behalf of Encore. The team began marketing the opportunity to potential lenders in spring 2021. Concord Summit also arranged the original construction financing for Margaritaville Resort Orlando in 2017. “The owners have planned the resort’s expansion carefully and enhanced the brand significantly,” says O’Grady. …

September 1, 2021

Acquisitions Arizona Loans Multifamily Western

CBRE Arranges $29.4M Acquisition Loan for 208-Unit Apartment Property in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — CBRE has secured a $29.4 million loan for InTrust Property Group to acquire Sunflower and Veranda Apartments in Glendale. Terms of the acquisition were not released. Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties offer a total of 208 units ranging from 450 square feet to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas and on-site property management. The Newport Beach, Calif.-based buyer plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan, which was structured with a three-year term and two one-year extensions, will provide funding for the future capital improvements and renovation of the asset. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan for the borrower.

August 31, 2021

Indiana Loans Midwest Multifamily

Greystone Provides $22M Acquisition Loan for Indianapolis Apartment Community

by Kristin Harlow August 31, 2021

INDIANAPOLIS — Greystone has provided a $22 million Fannie Mae loan for the acquisition of Wildwood Village Apartments in Indianapolis. The garden-style apartment community includes 324 units across 33 buildings. Amenities include a clubhouse, business center, fitness center, pool, sports court and dog park. Dan Sacks of Greystone originated the 12-year loan, which features a 30-year amortization schedule, a fixed interest rate and five years of interest-only payments. An entity doing business as Cyclone Wildwood 324 LLC was the borrower.

August 31, 2021

Healthcare Loans New Jersey Northeast

Meridian Capital Arranges $60M in Financing for Hudson Regional Hospital in Secaucus

by Taylor Williams August 30, 2021

SECAUCUS, N.J. — New York City-based Meridian Capital Group has arranged $60 million in financing for Hudson Regional Hospital, a 204-bed healthcare facility located outside of Manhattan in Secaucus. Cross River provided the financing, which consisted of a $50 million senior loan to refinance existing debt and a $10 million credit facility. Jake Handelsman, Ari Adlerstein, Ari Dobkin, Josh Simpson and David Gottlieb of Meridian Capital originated the financing. The sponsor, Yan Moshe, who serves as the hospital’s chairman of the board, has invested more than $10 million in capital improvements to the property since acquiring it in 2018.

August 30, 2021

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Places $17M Loan for Refinancing of Metro Boston Apartments

by Taylor Williams August 30, 2021

WEYMOUTH, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $17 million loan for the refinancing of Spanish Trace, an 87-unit apartment complex in Weymouth, about 15 miles south of downtown Boston. Casimir Groblewski of Fantini & Gorga placed the loan with an undisclosed, New England-based bank. The borrower was a Massachusetts-based, family-owned development and management firm doing business as Spanish Trace LLC.

August 30, 2021

Florida Loans Mixed-Use Retail Southeast

PMG, Raven Capital Secure $120M Construction Loan for Society Orlando Mixed-Use Tower

by Julia Sanders August 30, 2021

ORLANDO, FLA. — Property Markets Group (PMG) and Raven Capital Management has secured a $120 million construction loan for the development of Society Orlando, a 26-story multifamily and retail project located at 434 N Orange Ave. in downtown Orlando. Chris Peck and Mark Fisher of JLL arranged the loan through a fund managed by Los Angeles-based CIM Group. PMG was represented internally by Lowell Plotkin, Andrew Warman, Jonathan Blank and Randy Marble. The loan will provide financing for the first phase of the development, which broke ground in 2020. Slated for completion in 2023, Society Orlando’s first phase will include 462 apartments and 33,000 square feet of ground-floor commercial space. Society Orlando will offer a blend of traditional units as well as co-living options. With over 100,000 square feet of amenity space, the community amenities will include a pool deck, coworking lab, gym and fitness studio, entertainment lounges, yoga lawn, craft food and beverage operations, smart package lockers and app-based keys. Society Orlando is part of the Society Living brand, which focuses on primarily market-rate apartments along with making co-living apartments better by making it easier to find good roommates, splitting up the bills and eliminating shared bathrooms. Other Society …

August 30, 2021

Florida Industrial Loans Southeast

Phillips Realty Capital Secures $57.5M Loan for Industrial Portfolio in Metro Miami, Tampa

by Julia Sanders August 27, 2021

HIALEAH AND TAMPA, FLA. — Washington, D.C.-based Phillips Realty Capital has secured a $57.5 million bridge loan for HighBrook Investors, which is acquiring and repositioning a four-property, 740,400-square-foot industrial portfolio located near Miami and in Tampa. The portfolio includes three buildings in metro Miami and one in Tampa. The metro Miami properties were delivered between 1959 and 1968, and the Tampa warehouse was built in 1987. The Miami-area properties include three industrial warehouses totaling 306,000 square feet. These properties are located at 3455 NW 54th St., 5400 NW 32nd Court and 5530 NW 32nd Court in Hialeah, which is two miles northeast of Miami International Airport and less than six miles northwest of downtown Miami and Port of Miami. Building amenities include reinforced concrete buildings on approximately 10.9 total acres of land with onsite access to a CSX freight rail line. Located at 6708 Harney Road in the East Tampa submarket, the fourth property is a 434,000-square-foot warehouse situated one mile northwest of Interstate 4, six miles northeast of downtown Tampa and eight miles east of Tampa International Airport. The property is located within three miles of two new Amazon fulfillment centers. Additionally, the property includes 13.2 acres of vacant …

August 27, 2021

Hospitality Loans Massachusetts Northeast

Ashford Hospitality Receives $98M Loan for Refinancing of Hilton Boston Back Bay Hotel

by Taylor Williams August 27, 2021

BOSTON — Ashford Hospitality Trust (NYSE: AHT) has received a $98 million loan for the refinancing of the 309-room Hilton Boston Back Bay hotel. Located near Fenway Park, the hotel offers amenities such as an indoor pool, fitness center, business center, meeting rooms and onsite food and beverage options. The nonrecourse, floating-rate loan features a four-year initial term with a one-year extension option. An undisclosed balance sheet lender provided the loan. Robert Douglas, a real estate advisory firm that specializes in providing capital solutions for the hospitality industry, assisted Ashford with this transaction.

August 27, 2021

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