Loans

Walker & Dunlop Provides $16.4M HUD Financing for Colorado Skilled Nursing Portfolio

by Amy Works August 13, 2020

ROCKY FORD, PAONIA AND GLENWOOD SPRINGS, COLO. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado. The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs. Kevin Giusti led the origination team. The HUD loans will refinance existing debt. Renovated in 1964, Pioneer Health Care Center is the only Veterans Affairs-contracted facility within 80 miles. Paonia Health Care Center is a skilled nursing and memory care facility built in 1984. Glenwood Springs Health Care is the sole skilled nursing facility in its area, located less than a mile from its local medical center, Valley View Hospital.

August 13, 2020

Arizona Industrial Loans Western

JLL Secures $16.1M Refinancing for Seven-Building Industrial Portfolio in Metro Phoenix

by Amy Works August 12, 2020

PHOENIX, GLENDALE AND CHANDLER, ARIZ. — JLL Capital Markets has arranged $16.1 million in financing for a seven-building light industrial distribution and manufacturing portfolio in metro Phoenix. The borrower is a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital. Casey Wenzel, Aldon Cole, Jeremy Womack and Alastair Barnes of JLL Capital Markets secured the five-year, fixed-rate, non-recourse loan with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility. The portfolio is situated on 16.1 acres at 10950 W. Northview Ave. in Glendale, 235 E. Pima St. in Phoenix, and 481 N. Dean Ave., 5740 W. Oakland St. and 5753, 5763 5773 W. Erie St. in Chandler. At the time of financing, the portfolio was 54.6 percent leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.7 million across the portfolio.

August 12, 2020

Loans Multifamily Utah Western

Gantry Arranges $9.8M in Financing for The Lake Apartments in Coeur d’Alene, Idaho

by Amy Works August 12, 2020

COEUR D’ALENE, IDAHO — Gantry has secured $9.8 million in permanent financing for The Lake Apartments, a newly constructed multifamily community located in Coeur d’Alene. Demetri Koston and Joyce Chen of Gantry arranged the 12-year, fixed-term, Fannie Mae refinancing, which includes a $1.5 million cash-out. The name of the borrower was not released. Delivered this year, The Lake Apartments features three interconnected buildings offering a total of 46 apartments in a mix of studio, one-, two- and three-bedroom units.

August 12, 2020

Loans Louisiana Multifamily Southeast

Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana

by Alex Tostado August 12, 2020

LAKE CHARLES, LA. — Columbia Pacific Advisors has provided a $15.5 million refinancing loan for Gulf Stream Manor, a mobile home park in Lake Charles. Billy Meyer of Columbia Pacific originated the loan on behalf of the undisclosed borrower, which plans to use the funds to refinance its existing mortgage, as well as provide working capital and finance expenditures. The property offers 265 residences with three- and four-bedroom floor plans ranging from 1,152 to 1,368 square feet. Amenities include a clubhouse, pool, playground and basketball courts. Southern Choice Properties manages the community, which is located at 8559 Gulf Highway, 10 miles south of downtown Lake Charles.

August 12, 2020

Loans Northeast Pennsylvania

NKF Provides $87M Freddie Mac Loan for Refinancing of Metro Philadelphia Apartments

by Taylor Williams August 11, 2020

EXTON, PA. — Newmark Knight Frank (NKF) has provided an $87 million Freddie Mac loan for the refinancing of Exton Crossing, a 405-unit apartment community in Exton, about 35 miles west of Philadelphia. The garden-style property was built in 1998 and is located within walking distance to SEPTA’s Exton Regional rail station Exton Crossing features one-, two- and three-bedroom units with stainless steel appliances, in-unit washers and dryers and private patio and balcony spaces. Amenities include a pool, fitness center, outdoor grilling areas and a pet park. Henry Stimler, Matthew Mense, Bill Weber and Dan Sarsfield of NKF originated the floating-rate loan on behalf of the borrower, Harbor Group International.

August 11, 2020

Acquisitions Georgia Loans Multifamily Southeast

Beacon Real Estate Acquires Two Multifamily Communities in Metro Atlanta for $46.1M

by Alex Tostado August 10, 2020

DECATUR, GA. — Beacon Real Estate Group has acquired Domain at Cedar Creek and Gateway at Cedar Brook, two multifamily communities totaling 332 units in Decatur. Atlanta-based Audubon Communities sold the communities for $46.1 million. Domain at Cedar Creek, located at 3073 Cedar Creek Parkway, and Gateway at Cedar Brook, located at 3117 Cedar Brook Drive, are considered sister communities and are situated less than one mile from each other and nine miles northeast of downtown Atlanta. Each property offers one-, two- and three-bedroom apartments ranging in size from 750 square feet to 1,350 square feet. The two communities were 99 percent occupied at the time of sale. The seller recently made substantial investments to upgrade roofs, siding, HVAC systems and clubhouses at the communities. Scott Wadler, Mitch Sinberg and Matt Nihan of Berkadia originated $35.2 million in Fannie Mae acquisition financing on behalf of Beacon. The Coral Gables, Fla.-based buyer received $19.2 million to purchase Domain at Cedar Creek and $16 million for Gateway at Cedar Brook. Both loans feature 15-year terms with fixed interest rates and nine years of interest-only payments.

August 10, 2020

Florida Loans Office Southeast

New York Life Provides $38.3M Refinancing Loan for Office Building in Fort Lauderdale

by Alex Tostado August 10, 2020

FORT LAUDERDALE, FLA. — New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale. The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts. The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022. Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.

August 10, 2020

Georgia Loans Multifamily Southeast

Berkadia Provides $24M Refinancing Loan for New Workforce Housing Community in Hinesville, Georgia

by Alex Tostado August 7, 2020

HINESVILLE, GA. — Berkadia has provided a $24 million Fannie Mae refinancing loan for Liberty Club Apartments, a 240-unit workforce housing complex in Hinesville. The borrower, Winter Park, Fla.-based Hillpointe, delivered the property in 2019. The 12-year loan features a fixed interest rate with five years of interest-only payments. Loan proceeds will be used to retire the existing construction loan. The community is located at 915 E. General Stewart Way, 40 miles southwest of downtown Savannah. Liberty Club comprises nine residential buildings, a clubhouse and 11 garage buildings. The property offers two-bedroom floor plans averaging 1,153 square feet. According to Apartments.com, rents range from $1,100 to $1,450 per month. Communal amenities include a pool, fitness center, a dog park and fishing ponds. Michael Weinberg, Alec Fox and Wesley Moczul of Berkadia originated the loan on behalf of the borrower.

August 7, 2020

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $5.5M Agency Loan for Refinancing of Multifamily Asset in Lowell, Massachusetts

by Taylor Williams August 7, 2020

LOWELL, MASS. — NorthMarq has arranged a $5.5 million Freddie Mac loan for the refinancing of Mill Falls Apartments, a 72-unit multifamily asset in Lowell, located north of Boston near the Massachusetts-New Hampshire border. The property features one- and two-bedroom units. Robert Ranieri of NorthMarq arranged the 10-year loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower.

August 7, 2020

Affordable Housing Illinois Loans Midwest Multifamily

Bellwether Enterprise Arranges $20.5M in Financing for Preservation of Nine Affordable Housing Properties in Chicago

by Kristin Harlow August 6, 2020

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has arranged $20.5 million in financing for the rehabilitation and preservation of nine affordable housing properties in the West Town and Humboldt Park neighborhoods of Chicago. The nine properties are collectively known as Victory Apartments and span 107 units. Victor Agusta of Bellwether arranged an FHA loan on behalf of the borrower, Bickerdike Redevelopment Corp. The financing also included tax-exempt bonds, a 4 percent low-income housing tax credit and a subordinate mortgage from the Illinois Housing Development Authority. The existing Section 8 Housing Assistance Payments contract was renewed for 20 years.

August 6, 2020

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