Loans

Colliers Mortgage Secures $36.8M Refinancing for Pointe North Hills Apartments in North Little Rock

by Julia Sanders April 30, 2021

NORTH LITTLE ROCK, ARK. — The Minneapolis office of Colliers Mortgage, formerly Dougherty Mortgage, has secured a $36.8 million Fannie Mae loan for the refinancing of The Pointe North Hills in North Little Rock. The 305-unit, market-rate multifamily property was built in 2019. The gated community includes eight three-story buildings, a clubhouse, playground, community and corporate suites, fitness center, business center, pool, picnic area, golf simulator and an onsite maintenance and leasing office. Colliers Mortgage arranged the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, an entity doing business as The Pointe North Hills LLC.

April 30, 2021

Industrial Loans Texas

NorthMarq Arranges $5M Acquisition Loan for Industrial Flex Property in Metro Austin

by Taylor Williams April 30, 2021

ROUND ROCK, TEXAS — NorthMarq has arranged a $5 million acquisition loan for a 38,024-square-foot industrial flex property in Round Rock, a northern suburb of Austin. The property was fully leased to two medical and diagnostic lab users at the time of the loan closing. Chase Johnson of NorthMarq arranged the loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also undisclosed.

April 30, 2021

Indiana Loans Midwest Retail

Mag Mile Capital Arranges $5.7M Acquisition Loan for Indiana Retail Center

by Kristin Harlow April 30, 2021

MUNSTER, IND. — Mag Mile Capital has arranged a $5.7 million loan for the acquisition of an 18,440-square-foot retail center in Munster, about 30 miles southeast of Chicago. Situated at 8201-8231 Calumet Ave., the property is leased to a mix of national and local retailers, including Target, Starbucks and Panera Bread. Prabhat Jayara of Mag Mile arranged the five-year, fixed-rate loan on behalf of Translucence Management. A local bank provided the loan, which features a 75 percent loan-to-value ratio, an interest rate of 4.25 percent and a 25-year amortization schedule.

April 30, 2021

Loans Multifamily New Jersey Northeast Retail

NorthMarq Arranges $16.2M Loan for Refinancing of Two Multifamily, Retail Buildings in Princeton

by Taylor Williams April 30, 2021

PRINCETON, N.J. — NorthMarq has arranged a $16.2 million loan for the refinancing of two five-story multifamily and retail buildings in Princeton. The first property is located at 25 Spring St. and consists of 52 apartments and three retail spaces. The second property is located at 55 Witherspoon St. and comprises 24 units and two retail spaces. Principal Financial provided the funds. The borrower was a public-private partnership between Nassau HKT Associates and the Borough of Princeton.

April 30, 2021

Development Florida Loans Multifamily Southeast

JLL Secures $59M Financing for Apartment Development in Kissimmee, Florida

by Julia Sanders April 29, 2021

KISSIMMEE, FLA. — JLL Capital Markets has secured $59 million in bridge financing for the development of Dolce Living Royal Palm, a 326-unit multifamily property located in Kissimmee. Gregory Nalbandian and Jesse Wright of JLL led the team representing the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The property is set to open in May. The lease-up bridge financing will retire the existing constriction loan and preferred equity, lower the sponsor’s cost of capital as it begins to lease-up the property, fund remaining construction costs to complete the project and return a portion of the sponsor’s invested equity. Dolce Living Royal Palm apartments will include one-, two- and three-bedroom units averaging 956 square feet. Community amenities will include a swimming pool, media center, movie theater, billiards and game room and golf simulator. Located at 3250 Orleans Ave., the property is situated 5.3 miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 31 miles from downtown Orlando.

April 29, 2021

Acquisitions District of Columbia Florida Loans Retail Southeast

JLL Arranges $197M Refinancing for 10-Property Portfolio of Shopping Centers

by Julia Sanders April 28, 2021

JACKSONVILLE, FLA. — JLL Capital Markets has arranged $197 million in senior debt for the refinancing of a 10-property retail portfolio totaling over 1 million square feet located in the Washington, D.C., Baltimore, Chicago, San Diego, Los Angeles, San Francisco and Seattle metros. Tarik Bateh, Greg Brown, Bruce Ganong, Keith Largay, Chris Hew and Drew Heitstuman of JLL arranged the financing on behalf of the borrower, a co-investment partnership managed by Jacksonville-based Regency Centers Corp. Hartford Investment Management Co. (HIMCO) provided the 10 interest-only loans, all of which featured 10-year terms and fixed interest rates. The portfolio is approximately 97 percent leased overall and includes grocery and pharmacy neighborhood centers anchored by Trader Joe’s, Giant, Safeway, Ralph’s, Albertson’s, Mariano’s, Walgreens, CVS and Rite Aid.

April 28, 2021

Acquisitions Loans Louisiana Multifamily Southeast

NorthMarq Secures $2.4M Acquisition Loan for Royal Eden Apartments in Metro New Orleans

by Julia Sanders April 28, 2021

SLIDELL, LA. — NorthMarq has secured a $2.4 million loan for the acquisition of Royal Eden Apartments, a 50-unit property situated outside of New Orleans in Slidell. Lawrence Larisma and Ryan Taylor of NorthMarq’s Charlotte office, in coordination with NorthMarq’s San Antonio office, secured the Freddie Mac loan through an unnamed regional bank. The 10-year loan was structured with two years of interest-only payments, a fixed interest rate and a 20-year amortization schedule. Royal Eden Apartments contains multiple buildings that were originally built in phases during the 1970s and 1980s. Community amenities include waterfront views, a sundeck, picnic tables and flat lot parking, as well as walk-in closets and private patios and balconies in select units. .

April 28, 2021

Loans Multifamily Texas

Dwight Capital Provides $23.6M in HUD Financing for Multifamily Asset in Montgomery, Texas

by Taylor Williams April 28, 2021

MONTGOMERY, TEXAS — New York City-based Dwight Capital has provided $23.6 million in HUD financing for Montgomery Trace & Stewart Creek Apartments, a 264-unit multifamily asset in Montgomery, about 50 miles north of Houston. Proceeds will be used to refinance existing debt. The property was built in two phases between 2005 and 2011 and features amenities such as three pools, a fitness center, resident clubhouse, playground and a dog park. Brian Yee of Dwight Capital originated the loan. The borrower was not disclosed.

April 28, 2021

Affordable Housing California Loans Mixed-Use Multifamily Retail Western

George Smith Partners Secures $58M in Construction Financing for Mixed-Use Project in Culver City, California

by Amy Works April 28, 2021

CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA. The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space. Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.

April 28, 2021

Affordable Housing Colorado Loans Multifamily Western

KeyBank Provides $18.4M in Financing for Mixed-Income Multifamily Property in Colorado Springs

by Amy Works April 28, 2021

COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs. Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once the renovation is complete, TWG plans secure long-term financing through KeyBank’s Commercial Mortgage Group. Kelly Frank and Alton Tinker of KeyBank’s CDLI team structured the financing.

April 28, 2021

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