Loans

Cushman & Wakefield Arranges $37.1M Refinancing Loan for New Seniors Housing Community in Charleston

by Alex Tostado September 14, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged a $37.1 million refinancing loan for Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. Truist Financial provided the loan to the borrower and owner, an affiliate of Maxwell Group. The Cushman & Wakefield Senior Housing Capital Markets team involved in the transaction included Richard Swartz, Tim Hosmer and Chris Remeika.

September 14, 2020

Acquisitions Loans Office Texas

JLL Arranges Sale, Financing of 463,969 SF Chasewood Technology Park in Houston

by Taylor Williams September 11, 2020

HOUSTON — JLL has arranged the sale of Chasewood Technology Park, a 463,969-square-foot office campus in northwest Houston. The four-building campus spans 10.4 acres and was 93 percent leased at the time of sale to tenants in the energy, consulting, technology, architecture, healthcare and food services industries. Rick Goings and Ethan Goldberg of JLL represented the seller, The GenCap Group, and procured the buyer, Nitya Capital, in the sale. John Ream and Laura Sellingsloh of JLL arranged a $46 million acquisition loan through Morgan Stanley on behalf of Nitya Capital.

September 11, 2020

Georgia Loans Multifamily Southeast

Berkadia Provides $37.7M Refinancing Loan for Apartment Community Near Atlanta

by Alex Tostado September 11, 2020

NORCROSS, GA. — Berkadia has provided a $37.7 million Freddie Mac refinancing loan for The Reserve at Gwinnett, a 370-unit apartment community in Norcross. The 10-year loan features a fixed interest rate. Corby Chaffin and Michael Weinberg of Berkadia originated the financing on behalf of the owner, Broadtree Residential Inc. The Reserve at Gwinnett was built in 1999 and comprises 14 residential buildings offering one- through three-bedroom floor plans. Units range in size from 959 to 1,555 square feet. Communal amenities include a fitness center, clubhouse, business center, pool, grilling area, dog park and tennis courts. The asset is situated at 1780 Graves Road, 17 miles northeast of downtown Atlanta.

September 11, 2020

Affordable Housing Colorado Development Loans Multifamily Western

Bellwether Enterprise Arranges $47.6M Bond Financing for Affordable Housing Project in Colorado

by Amy Works September 10, 2020

LAKEWOOD, COLO. — Bellwether Enterprise Real Estate Capital has arranged $47.6 million in bond financing for the construction of The Notable, an affordable multifamily property in Lakewood. Anthea Martin of Bellwether Enterprise’s Denver office originated the loan on behalf of the borrower, Zocalo Development. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise’s New York office led the private placement. Located at 730 Simms St., The Notable is a proposed five-story, 218-unit adaptive reuse multifamily community situated on more than six acres. Currently, the site consists of a four-story commercial office building, which has been fully gutted in anticipation of the rehabilitation. Once complete, The Notable will feature 10 studio units, 165 one-bedroom units and 43 two-bedroom units. The majority of the apartments — 208 units — will be available to residents earning up to 60 percent of the area median income (AMI). The remaining 10 units will be available at or below 50 percent AMI. Community amenities will include on-site laundry facilities, a fitness center, art studio, performance studio, rooftop deck, dog washing station, central courtyard, bike storage and leasing office. RBC Community was the equity syndicator and Colorado Housing and Finance Authority was the bond issuer for the deal.

September 10, 2020

Loans Multifamily Texas

Colliers Mortgage Provides $6.4M Fannie Mae Loan for Multifamily Acquisition in Sherman

by Taylor Williams September 10, 2020

SHERMAN, TEXAS — Colliers Mortgage has provided a $6.4 million Fannie Mae acquisition loan for Northridge Villas, a 101-unit multifamily asset located in the North Texas city of Sherman. The property was built in 1969 and renovated in 2019. Amenities include a pool, playground, pet park and onsite laundry facilities. Colliers originated the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 3013 Northridge Villas LLC.

September 10, 2020

Loans Midwest Office Ohio

NorthMarq Arranges $13.5M Acquisition Loan for Office Campus in Beavercreek, Ohio

by Kristin Harlow September 10, 2020

BEAVERCREEK, OHIO — NorthMarq has arranged a $13.5 million loan for the acquisition of The Acropolis at Fairfield Commons in Beavercreek near Dayton. The 211,576-square-foot office property is located at 2611-2689 Commons Blvd. Susan Branscome of NorthMarq arranged the fixed-rate, 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.

September 10, 2020

Loans Midwest Multifamily Wisconsin

George Smith Partners Secures $31.5M Construction Loan for Workforce Housing Project in Sheboygan, Wisconsin

by Kristin Harlow September 9, 2020

SHEBOYGAN, WIS. — George Smith Partners has secured a $31.5 million loan for the construction of The Oscar, a 240-unit workforce housing project in Sheboygan. Green Street Real Estate Ventures was the borrower. Kyle Howerton of George Smith Partners sourced the debt through Colliers Funding. BMO Harris is the equity partner for the project. Construction is slated for completion in the third quarter of 2021.

September 9, 2020

Development Industrial Loans New York Northeast

JLL Arranges $105M in Predevelopment Financing for Industrial Project in The Bronx

by Taylor Williams September 9, 2020

NEW YORK CITY — JLL has arranged $105 million in predevelopment financing for Bronx Logistics Center, a 1.2 million-square-foot last-mile distribution center that will be situated on a 14.2-acre site at 980 E. 149th St. Building features will include 1,400 parking spaces, 28-foot clear heights and proximity to Interstate 278. Christopher Peck, Peter Rotchford and Kristin Knapp of JLL arranged the debt through JPMorgan on behalf of the borrower, Turnbridge Equities. In addition, Andrew Scandalios, Tyler Peck and Thomas Pryor of JLL secured Dune Real Estate Partners as a joint venture equity partner. The development team expects to break ground some time in early 2021.

September 9, 2020

Loans Office Oregon Western

NorthMarq Arranges $5.6M Refinancing for Willamette Wharf Office Building in Portland

by Amy Works September 9, 2020

PORTLAND, ORE. — NorthMarq has arranged the $5.6 million refinance of Willamette Wharf, an office property located at 4640 S.W. Macadam Ave. in Portland. Bob Spiro and Scott Moline of NorthMarq’s Seattle office secured the financing for the undisclosed borrower. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged the financing through its correspondent relationship with a life insurance company. The two-story building features 51,716 square feet of multi-tenant office space.

September 9, 2020

Development Loans New York Northeast Office

SL Green Completes $600M Refinancing for Office Redevelopment Project in Manhattan

by Taylor Williams September 8, 2020

NEW YORK CITY — Developer SL Green Realty Corp. has completed the $600 million refinancing of 410 Tenth Avenue, an office redevelopment project that will add 636,000 square feet of office space to the local supply. Amazon and First Republic Bank will anchor the 20-story property, which was originally built in 1927 as the Master Printers Building. The loan takes out $465 million in construction financing that SL Green received in 2019 and will fund all future development costs. Completion of 410 Tenth Avenue is slated for the third quarter of 2021.

September 8, 2020

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