Loans

Hunt Capital, Development Partners Secure $4M LIHTC Financing for Affordable Housing Project in Merritt Island, Florida

by Julia Sanders June 9, 2021

MERRITT ISLAND, FLA. — Hunt Capital Partners and co-developers HumanKind Housing LLC and Kingdom Development Inc. have secured $4 million in Low Income Housing Tax Credit (LIHTC) equity financing to acquire and rehabilitate 85 units of affordable housing in Merritt Island. Total development cost at the property, known as Tropical Manor Apartments, is $17.3 million. Other funding sources include Bonneville Multifamily Capital extending a $12.3 million HUD 223(f) construction-to-permanent loan and RBC Capital is the underwriter of the publicly sold bonds issued by Brevard County Housing Authority. Tropical Manor is located in the central part of Merritt Island, approximately six miles west of Cape Canaveral in Brevard County. The acquisition and rehab project of the two-bedroom/one-bathroom units will preserve nine two-story garden-style apartment buildings, a one-story community building and a one-story maintenance building. The units are restricted to households earning up to 60 percent of area median income (AMI). In addition, the financing will result in continued affordability for residents as Tropical Manor’s Department of Housing and Urban Development Section 8 HAP contract will be extended for 20 years. Five of the units will be Americans with Disabilities Act accessible. After the renovation, the in-unit amenities will include garbage disposals, …

June 9, 2021

Illinois Loans Midwest Multifamily

Dwight Capital Provides $47.4M HUD-Insured Loan for Refinancing of Apartment Property in South Elgin

by Kristin Harlow June 9, 2021

SOUTH ELGIN, ILL. — Dwight Capital has provided a $47.4 million HUD 223(f) loan for the refinancing of Springs at South Elgin, a 300-unit apartment property. Built in 2018, the asset consists of 15 townhome-style buildings. Amenities include a clubhouse, car care center, fitness center, pet park, pool and barbecue area. Josh Sasouness and Kevin Lifshitz of Dwight originated the loan on behalf of the borrower, Continental Properties. The loan includes a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points since the property is Energy Star-certified.

June 9, 2021

Development Industrial Loans Washington Western

New York Life Funds $44.5M Construction Loan for Two-Building Industrial Project in Kent, Washington

by Amy Works June 9, 2021

KENT, WASH. — New York Life Real Estate Investors has provided $44.5 million in construction financing for Bridge Point Kent 300, a two-building industrial project located in Kent. Situated on 16 acres on the former REI headquarters site, the property will feature 309,028 square feet of Class A warehouse distribution space spread across a 50,529-square-foot building and a 258,480-square-foot building. The buildings will feature 32- to 36-foot clear heights, 42 dock doors, 391 parking spaces and approximately 26,000 square feet of additional yard space. Steve Skok of Berkadia Commercial Mortgage placed the debt on the transaction.

June 9, 2021

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $8M Loan for Refinancing of Multifamily Community in Omaha

by Kristin Harlow June 9, 2021

OMAHA, NEB. — NorthMarq has arranged an $8 million loan for the refinancing of Maple Ridge Apartments, a 174-unit multifamily community in Omaha. Bill Mork of NorthMarq arranged the 15-year loan, which features a fixed interest rate of approximately 3 percent and a 30-year amortization schedule. A life insurance company provided the loan on behalf of the undisclosed borrower.

June 9, 2021

Arizona Development Loans Mixed-Use Office Restaurant Retail Western

Parkview Provides $28M Construction Loan for Verde at Cooley Lifestyle Center in Gilbert, Arizona

by Amy Works June 9, 2021

GILBERT, ARIZ. — Parkview Financial has provided a $28 million construction loan to Scottsdale-based Verde Gilbert LLC for the development of Verde at Cooley Station, a lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert. Verde Gilbert LLC is a joint venture between three development companies led by SB2 Communities. Upon completion, the 10-building, 96,000-square-foot property will offer 44,000 square feet of retail space, 13,000 square feet of office space, 31,000 square feet of restaurant space and 8,000 square feet of fitness space. Designed to be a restaurant-centric, mixed-used project, Verde at Cooley Station will offer 25 spaces for lease and The Green, a large open outdoor lawn area with a gazebo for musical events, fitness classes, movies in the park and other activities. Loan proceeds enabled the commencement of the first phase, which includes retail and a dozen dining concepts surrounded by The Green. Some of the stores are slated to open for business in late 2021, with a planned grand opening in first-quarter 2022. The second phase will include 24,000 square feet of retail space, 12,000 square feet of office space, 3,000 square feet of restaurant space and 8,000 square feet of fitness space. The second …

June 9, 2021

Loans Office Washington Western

Taylor Street Capital Arranges $12M Refinancing for Office Building in Downtown Seattle

by Amy Works June 9, 2021

SEATTLE — Taylor Street Capital Partners has arranged $12 million in cash-out refinancing for a historic mixed-use office and retail property located in downtown Seattle. Nick Martinez and Chris Nuccio of Taylor Street Capital Partners negotiated the refinancing on behalf of the undisclosed ownership group and structured the loan to provide capital back for the sponsors to expand their business. The non-recourse loan includes a 10-year term with a 3.2 percent fixed rate and no prepayment penalty upon a sale.

June 9, 2021

Acquisitions Affordable Housing California Loans Multifamily Western

Hunt Capital Closes $8.5M Loan for Acquisition, Rehabilitation of Affordable Housing in Palm Desert, California

by Amy Works June 9, 2021

PALM DESERT, CALIF. — Hunt Capital Partners and developer D.L. Horn & Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credits equity financing for the acquisition and rehabilitation of an affordable multifamily project in Palm Desert. The Hovley Gardens project consists of 16 two-story, walk-up residential buildings offering a total of 163 units, as well as a community building. The unit mix includes 72 two-bedroom units, 72 three-bedroom units, 18 four-bedroom units and one three-bedroom manager’s unit. Eighteen of the units will be restricted to households earning up to 30 percent of area median income (AMI), 55 units will be restricted to households earning up to 45 percent of AMI, 82 units will be for households earning up to 50 percent of AMI and seven units will be for households earning up to 60 percent of AMI. Units renovations will include upgraded cabinets, countertops, sinks, faucets and flooring. Twelve units will be converted to fully accessible and the five existing accessible units will be modified to be compliant with current regulations. Community upgrades will include improvements to the building systems, commons areas and community spaces. The project team includes ConAm Management Corp., Multi-Family Builders, …

June 9, 2021

Acquisitions Loans Multifamily Texas

Sterling Real Estate Sells 332-Unit Multifamily Property in Cedar Park, Texas

by Taylor Williams June 8, 2021

CEDAR PARK, TEXAS — Arizona-based investment firm Sterling Real Estate Partners has sold Muir Lake, a 332-unit luxury multifamily property in Cedar Park, a northwestern suburb of Austin. Built in 2014 by developer Larry Peel, the waterfront community is located within the 189-acre Lakeline Park master-planned community, which includes walking trails, sport fields, water activities and festival/event areas. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances, full-sized washers and dryers and private balconies/patios. Amenities include a pool, outdoor lounge, business center, billiards room, fitness center, dog park and a boat and canoe dock. Matt Pohl, Forrest Bass and Spencer Roy of Walker & Dunlop brokered the deal. An affiliate of Chicago-based Walton Street Capital provided a $61.4 million acquisition loan to the buyer, a partnership between Old Three Hundred Capital and ArrowMark Partners. Marko Kazanjian, Chris McColpin and Andrew Cohen of JLL placed the debt. Muir Lake was 96 percent occupied at the time of sale.

June 8, 2021

Healthcare Loans New Jersey Northeast Office

Progress Capital Arranges $35.2M Loan for Refinancing of Medical Office Building in Clifton, New Jersey

by Taylor Williams June 8, 2021

CLIFTON, N.J. — New Jersey-based mortgage banking firm Progress Capital has arranged a $35.2 million loan for the refinancing of a 203,000-square-foot medical office building in the Northern New Jersey city of Clifton. Tenants at the property include Summit Medical Group, AECOM and SSB Realty, and building amenities include a cafeteria, fitness center and a conference room. Natixis Real Estate Capital provided the nonrecourse, interest-only loan. The borrower was ERCT Capital Group. Brad Domenico of Progress Capital placed the debt.

June 8, 2021

Loans Massachusetts Multifamily Northeast

KeyBank Closes $25M Agency Acquisition Loan for Apartment Complex in Lawrence, Massachusetts

by Taylor Williams June 8, 2021

LAWRENCE, MASS. — KeyBank Real Estate Capital has closed a $25 million Freddie Mac acquisition loan for Saunders Crossing, a 222-unit apartment community in Lawrence, located north of Boston near the Massachusetts-New Hampshire border. The eight-acre, garden-style property was built in phases between 1972 and 2005 and offers studio, one- and two-bedroom floor plans. Amenities include a pool and a business center. Dirk Falardeau and Matt Purtell of KeyBank originated the 10-year, interest-only loan on behalf of the borrower, locally based multifamily investment and management firm Dolben.

June 8, 2021

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