Loans

JLL Arranges $15.7M in Acquisition Financing for Retail Center in Libertyville, Illinois

by Kristin Harlow October 26, 2020

LIBERTYVILLE, ILL. — JLL Capital Markets has arranged $15.7 million in post-acquisition financing for Red Top Plaza, a 147,840-square-foot retail center anchored by Jewel-Osco in the suburban Chicago town of Libertyville. The property is also home to a mix of service, essential, restaurant and medical tenants. Christopher Drew, Brian Gaswirth, Christopher Knight and Michael DiCosimo of JLL worked on behalf of the borrower, Florida-based Sterling Organization. An insurance company provided the 10-year, fixed-rate loan.

October 26, 2020

California Development Loans Restaurant Retail Western

Buchanan Street Funds $25M Construction Loan for Whittier Retail Center in California

by Amy Works October 26, 2020

WHITTIER, CALIF. — Buchanan Mortgage Holdings has provided a $25 million construction loan for the development of Whittier Retail Center, a family-oriented shopping center at the entrance of The Groves residential community in Whittier. The 16-acre retail site will feature a Stater Bros. Markets, In-N-Out Burger, Raising Cane’s Chicken Fingers, Chipotle Mexican Grill, EOS Fitness and a public food market.

October 26, 2020

Indiana Loans Midwest Multifamily

Merchants Capital Provides $25M Construction Loan for Multifamily Project in Elkhart, Indiana

by Kristin Harlow October 23, 2020

ELKHART, IND. — Mortgage banking company Merchants Capital has provided $25 million in financing for River Point West, a 173-unit apartment project under construction in Elkhart. The development includes 6,000 square feet of ground-floor retail space and a separate 42,000-square-foot Martin’s Supermarket. Roughly $20 million is dedicated to the apartments, while $5 million is for the Martin’s. Merchants financed the new construction loan through Merchants Bank of Indiana on behalf of the borrower, Great Lakes Capital. The project is a public-private partnership between the City of Elkhart, CRG Residential, the Regional Cities Initiative and Great Lakes Capital. Under the Land Use Restriction Agreement, 10 percent of River Point West’s apartment units are restricted to residents earning up to 60 percent of the area median income. The first of three apartment buildings is on track to begin leasing this year. Full completion is slated for spring 2021.

October 23, 2020

Loans Multifamily New York Northeast

JLL Arranges $27.5M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams October 23, 2020

NEW YORK CITY — JLL has arranged a $27.5 million loan for the refinancing of a 44-unit apartment building located at 812-814 Amsterdam Ave. on Manhattan’s Upper West Side. The 15-story building was completed in March and houses 12,302 square feet of retail space. Units come in studio, one- and two-bedroom formats and range in size from 414 to 1,167 square feet. Scott Aiese, Peter Rotchford, Alex Staikos and Andrew Cohen of JLL arranged the loan through MetLife on behalf of the borrower, a partnership between Invictus Real Estate Partners LLC and MJM Associate Contracting LLC. Proceeds were used to retire the original construction loan and mezzanine financing.

October 23, 2020

Loans Multifamily Texas

NorthMarq Provides $24.6M Agency Acquisition Loan for Multifamily Property in San Antonio

by Taylor Williams October 22, 2020

SAN ANTONIO — NorthMarq has provided a $24.6 million Fannie Mae acquisition loan for The Park on Wurzbach, a 264-unit multifamily asset in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool and a fitness center with yoga and spin studios, as well as a clubhouse with a kitchen, billiards table and TVs. Faron Thompson, Ali Meek and Matthew Bronstein of NorthMarq originated the 10-year loan on behalf of the borrower, Houston-based Venterra Realty. Martin Bronstein, Ralph Howard and Bryan Tran, along with Scott LeMontagne, Moses Siller and Zar Haro of NorthMarq, negotiated the transaction on behalf of the seller, a partnership between BHW Capital and Gray Street Partners.

October 22, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $67.4M in Acquisition Financing for Boston Apartments

by Taylor Williams October 22, 2020

BOSTON — MassHousing has provided $67.4 million in acquisition financing for Blue Mountain Apartments, a 217-unit historic affordable housing property located in the Roxbury neighborhood of Boston. The borrower, NHP Foundation, will use a portion of the proceeds to rehabilitate the property and preserve its affordability through 2045. Blue Mountain Apartments consists of 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and five five-bedroom apartments. Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacements, kitchen and bathroom upgrades and upgrades to the buildings’ HVAC, plumbing and electrical systems.

October 22, 2020

Development Illinois Loans Midwest Multifamily Top Stories

JLL Arranges More Than $100M in Financing for Multifamily Tower Under Construction in Chicago

by Alex Tostado October 22, 2020

CHICAGO — JLL has arranged more than $100 million in financing for a 278-unit multifamily community in Chicago’s West Loop neighborhood. The developer broke ground on the community in late September and expects to deliver it in spring 2022. JLL worked on behalf of developer Marquette Cos. to secure a $65 million construction loan through Bank OZK. Further details of the financing were not disclosed. Power Construction is the general contractor and Chicago-based Brininstool + Lynch is the architect. The 25-story property, located at 1400 Randolph St., will feature coworking spaces, a fitness center, club room and a pool on the 18th floor. Amenities in the surrounding neighborhood include the 13-acre Union Park; the L Train Ashland Station; and “Restaurant Row,” which features restaurants such as Au Cheval, Bad Hunter, Bandit, Girl & the Goat, Haymarket Tavern, La Josie, Lena Brava and Rooh. Matthew Schoenfeldt of JLL represented the Naperville-based developer in securing the construction financing. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept,” says Schoenfeldt. According to research from CBRE, there were 2,500 multifamily units delivered in the Chicago area in the …

October 22, 2020

Loans Maryland Multifamily Southeast

MAC Realty Advisors Arranges $72.5M Loan for Multifamily Development in Metro D.C.

by Alex Tostado October 21, 2020

NORTH BETHESDA, MD. — MAC Realty Advisors has arranged a $72.5 million construction-to-permanent loan for East Village at North Bethesda Gateway, a 335-unit multifamily community in North Bethesda. The borrower/developer, a partnership between Foulger-Pratt and Promark Partners, expects to deliver the asset by the end of 2020. The property is located at 5616 Nicholson Lane, 11 miles north of downtown Washington, D.C., on the former site of White Flint Mall. Andrew McAllister, Nick Rubenstein and Pate Hardison of MAC Realty originated the loan on behalf of the borrower through an undisclosed national lender.

October 21, 2020

Loans Multifamily New Hampshire Northeast Office

Fantini & Gorga Arranges Two Loans Totaling $10.8M for Commercial Assets in Dover, New Hampshire

by Taylor Williams October 21, 2020

DOVER, N.H. — Boston-based mortgage banking firm Fantini & Gorga has arranged two loans totaling $10.8 million for the refinancing of a pair of commercial assets in Dover, located near the Maine-New Hampshire border. The first property is a 32-unit apartment building with 9,000 square feet of commercial space that was built in 2015. The second asset is a historic building constructed in the late 1800s that features 24 commercial units and 21 residential units. Derek Columbe and Lindsay Feig of Fantini & Gorga placed the loans through a regional bank on behalf of the undisclosed borrower.

October 21, 2020

California Loans Multifamily Seniors Housing Western

CBRE Arranges $80M Refinancing for Crestavilla Seniors Housing Community in Laguna Niguel, California

by Amy Works October 21, 2020

LAGUNA NIGUEL, CALIF. — CBRE National Senior Housing has arranged an $80 million loan to refinance debt on Crestavilla, a recently built, “ultra-luxury” seniors housing community in Laguna Niguel, located in Orange County. The property features 201 units of independent living, assisted living and memory care on an 11.6-acre site. Atria Senior Living is the operator. Construction began in 2016 and was completed in 2018. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between Fremont Realty Capital and Steadfast Senior Living. MF1 Capital provided the three-year, floating-rate bridge loan with full-term interest-only payments.

October 21, 2020

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