Loans

CBRE Arranges Financing for 133-Unit Apartment Project in Jacksonville

by Julia Sanders April 1, 2021

JACKSONVILLE, FLA. — CBRE has arranged financing for a new 133-unit multifamily project in Jacksonville called The Hendricks at San Marco. The $30 million apartment development in the city’s San Marco neighborhood will be located near the corner of Atlantic Boulevard and Hendricks Avenue. Jeff Kinney and Phil Rachels of CBRE arranged the funding on behalf of the development team, Harbert Realty Services and Corner Lot Development. The financing included a three-year construction loan through First Horizon Bank and joint venture equity from GMC Properties, which will also manage the property upon completion. The Hendricks at San Marco will be located next to the Publix-anchored East San Marco shopping center. Construction on the apartment community is expected to start this month.

April 1, 2021

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Secures $21M in Financing for Workforce Housing Property Under Development in Indiana

by Kristin Harlow April 1, 2021

EVANSVILLE, IND. — Mortgage banking company Merchants Capital has secured $21 million in financing for Forge on Main, a 180-unit workforce housing property currently under development in Evansville. Located in an Opportunity Zone, the project will include 15,000 square feet of commercial space. Of the 180 units, 18 will be reserved for residents earning no more than 60 percent of the area median income (AMI), while the rest of the units will be priced for tenants at 60 to 120 percent of the AMI. Construction began in August and pre-leasing is underway for fall 2021 move-ins. Developers are working to put a grocery store in the commercial space. The three-year construction loan is combined with an equity bridge loan of $3.4 million in redevelopment tax credits from the Indiana Economic Development Corp. (IEDC). The borrower was House Investments. Project partners include the Partnership for Affordable Housing Inc., IEDC and the City of Evansville, which awarded tax-increment financing bonds and a 10-year property tax abatement. Additionally, the Centerpoint Energy Foundation, a nonprofit arm of Centerpoint Energy, provided a grant for the project. Indianapolis-based Blackline is the architect.

April 1, 2021

Loans Lument Multifamily New York Northeast Seniors Housing

Lument Provides $8.3M HUD-Insured Loan for Refinancing of Senior Living Property in Upstate New York

by Taylor Williams April 1, 2021

OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f) program.

April 1, 2021

Connecticut Loans Multifamily Northeast

MMCC Arranges $4M Loan for Refinancing of 59-Unit Apartment Building in Norwich, Connecticut

by Taylor Williams April 1, 2021

NORWICH, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4 million loan for the refinancing of a 59-unit apartment building located at 206 Washington St. in Norwich, located in the southeastern part of the state. Robert Damigella of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.99 percent for seven years and a 30-year amortization schedule, on behalf of the undisclosed borrower.

April 1, 2021

Iowa Loans Midwest Multifamily Nebraska

NorthMarq Provides $73.2M in HUD-Insured Financing for Three-Property Multifamily Portfolio in Iowa, Nebraska

by Kristin Harlow March 31, 2021

NORWALK, IOWA AND OMAHA, NEB. — NorthMarq has arranged $73.2 million in FHA debt for the refinancing of a three-property, 721-unit multifamily portfolio in Norwalk, Iowa, and Omaha. Torrey Pines and Old Market Lofts are both located in Omaha. Built in 1998, Torrey Pines features 264 units. Old Market Lofts was originally constructed in 1901 as a warehouse but was redeveloped into 265 apartments in 2002. High Pointe is situated in Norwalk, just south of Des Moines. The 192-unit property was built in 2000. All three communities were eligible for HUD’s 223(a)(7) refinance program. Loan amounts range from $16.5 million to $34.8 million, and each loan features a 35-year term and amortization period. Brett Hood of NorthMarq’s Chicago office arranged the loans on behalf of Monitor Finance.

March 31, 2021

California Loans Multifamily Seniors Housing Western

NorthMarq Arranges $31M Refinancing for Seniors Housing Property in Rancho Cucamonga, California

by Amy Works March 31, 2021

RANCHO CUCAMONGA, CALIF. — NorthMarq has arranged $31 million in refinancing for Merrill Gardens Rancho Cucamonga, a seniors housing property located at 9942 Highland Ave. in Rancho Cucamonga. Built in 2018 on 4.2 acres, the property features 112 independent living, assisted living and memory care units. Stuart Oswald and Gordan Mickelson of NorthMarq secured the permanent, fixed-rate loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a five-year term on a 30-year amortization schedule. The property is a joint venture between Merrill Gardens and AEW Capital Management LP.

March 31, 2021

Loans Multifamily Texas

NorthMarq Provides $2.7M Agency Acquisition Loan for North Austin Apartment Complex

by Taylor Williams March 30, 2021

AUSTIN, TEXAS — NorthMarq has provided a $2.7 million Freddie Mac acquisition loan for Village Flats, a 48-unit apartment complex located at 8930 Galewood Drive in North Austin. According to Apartments.com, the property was built in 1980 and offers one-bedroom units. Chase Johnson of NorthMarq originated the financing through Freddie Mac’s Small Balance Loan program on behalf of the undisclosed borrower.

March 30, 2021

Development Healthcare Loans Northeast Pennsylvania

JLL Arranges $220M Construction Loan for Downtown Philadelphia Healthcare Project

by Taylor Williams March 30, 2021

PHILADELPHIA — JLL has arranged a $220 million construction loan for a 452,000-square-foot healthcare project that will be located at 1101 Chestnut St. in downtown Philadelphia’s Center City district. Jefferson Health will occupy the 19-story ambulatory clinic, which is expected to be complete in the first quarter of 2024. Chad Orcutt and Jim Galbally of JLL arranged the debt through a syndicate of banks on behalf of the development team, a joint venture between National Real Estate Advisors LLC, Joss Realty Partners, SSH and Young Capital.

March 30, 2021

Acquisitions Industrial Kentucky Loans Southeast

NorthMarq Arranges $4.7M Refinancing of Fortune Plaza Industrial Center in Lexington, Kentucky

by Julia Sanders March 30, 2021

LEXINGTON, KY. — Randall Waddell of NorthMarq has arranged the $4.7 million refinancing of Fortune Plaza Industrial Center, a 50,000-square-foot industrial property located at 2473 Fortune Drive in Lexington. The transaction was structured with a five-year term and a 25-year amortization schedule. NorthMarq arranged financing for the borrower, an entity doing business as Fortune Plaza LLC, through its relationship with an unnamed regional bank. The loan includes a period of interest-only payments and future funding capabilities.

March 30, 2021

California Development Loans Multifamily Seniors Housing Western

JLL Capital Markets Arranges Development Financing for 92-Unit Seniors Housing Project in Santa Rosa, California

by Amy Works March 29, 2021

SANTA ROSA, CALIF. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both a local bus stop and a Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco. Bercut Smith led the JLL Capital Markets team in the financing.

March 29, 2021

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