Loans

Grandbridge Provides $26M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado July 30, 2020

CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has provided a $26 million Freddie Mac acquisition loan for Standifer Place, a 240-unit multifamily community in east Chattanooga. The non-recourse loan features a floating interest rate and a three-year interest-only payment period followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, business center, clubhouse, storage space, picnic area, fitness center and a basketball court. Standifer Place is located at 3400 Jenkins Road, 15 miles east of downtown Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge originated the loan on behalf of the undisclosed borrower.

July 30, 2020

Loans Multifamily New Mexico Western

Paragon Mortgage Arranges $18.8M Refinancing for Two Multifamily Communities in New Mexico

by Amy Works July 30, 2020

CLOVIS, N.M. — Paragon Mortgage has secured a total of $18.8 million in refinancing for Raintree I and II, two apartment developments in Clovis. The Phoenix-based firm arranged $11.2 million and $7.6 million in loans for the two properties through the U.S. Department of Housing and Urban Development’s 223(a)(7) mortgage insurance program. The HUD program provided the owners with a low-interest, 40-year, fully amortizing, non-recourse financing to restructure and lower the current debt service. The properties offer a total of 256 market-rate apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a pool and spa, 24-hour fitness center, business center, garages, storage units, gas grills and in-unit washers/dryers.

July 30, 2020

Loans Multifamily Texas

NKF Provides $54.8M Agency Loan for Refinancing of Nob Hill Apartments in Houston

by Taylor Williams July 30, 2020

HOUSTON — Newmark Knight Frank (NKF) has provided a $54.8 million Freddie Mac loan for the refinancing of Nob Hill Apartments in Houston. The community was built in four phases beginning in 1967 and is now operated as a single complex totaling 1,326 workforce housing units. The borrower, Steadfast Cos., recently implemented a value-add program that delivered shaker-style cabinets, granite-style countertops and modern appliances to the unit interiors. Amenities include nine pools, courtyards, a business center and a clubhouse. Matt Greer of NKF originated the loan.

July 30, 2020

Loans Multifamily New York Northeast

Black Bear Capital Arranges $62M in Permanent Financing for Multifamily Portfolio in The Bronx

by Taylor Williams July 30, 2020

NEW YORK CITY — Black Bear Capital Partners has arranged $62 million in permanent financing for a portfolio of nine multifamily properties totaling 432 units in The Bronx. Bryan Manz, Rob Serra, Emil DePasquale and Brandon Harris of Black Bear Capital Partners arranged the financing on behalf of the borrower, Finkelstein Timberger East Real Estate, an owner-operator with roughly 3,500 New York City-area units in its portfolio.

July 30, 2020

Kingsrow-Apartments-Lindenwold-New-Jersey

Loans Multifamily New Jersey Northeast

Greystone Provides $15.3M Fannie Mae Loan for Refinancing of Multifamily Asset in New Jersey

by Taylor Williams July 29, 2020

LINDENWOLD, N.J. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of Kingsrow Apartment Homes, a 208-unit multifamily community in Lindenwold, a suburb of Philadelphia. The garden-style property was built in 1971 and features one- and two-bedroom units and amenities such as a pool, picnic areas and onsite laundry facilities. Dan Sacks of Greystone originated the transaction. The loan carries a 12-year term, 30-year amortization schedule and three years of interest-only payments. Jack Miller of Platinum Capital Group placed the financing on behalf of the borrower, Goldcrest Properties.

July 29, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $6.5M Construction Loan for Multifamily Project in Hull, Massachusetts

by Taylor Williams July 29, 2020

HULL, MASS. — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 42-unit multifamily project in Hull, a town located on Nantasket Beach. The property will consist of studio and one-bedroom units, as well as 1,600 square feet of ground-floor retail space. Units will feature stainless steel appliances, granite countertops and living areas with a mix of vinyl-wood flooring and carpeting. The loan carried an 85 percent loan-to-value ratio, 24 months of interest-only payments and a 30-year amortization schedule. A contingent of community bankers provided the financing. The borrower was not disclosed.

July 29, 2020

Loans Multifamily New York Northeast

Procida Provides $8.7M Acquisition Loan for Multifamily Portfolio in Sleepy Hollow, New York

by Taylor Williams July 28, 2020

SLEEPY HOLLOW, N.Y. — Procida Funding has provided an $8.7 million bridge loan for the acquisition of a 70-unit portfolio in Sleepy Hollow. The portfolio consists of 63 multifamily spaces and seven commercial units. The borrower, Sleepy Hollow Holdings LLC, will use a portion of the proceeds to fund a capital improvements program that is already underway. The portfolio was 94 percent occupied at the time of the loan closing.

July 28, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Greystone Provides $30.8M Freddie Mac Loan for Expansion of Affordable Housing Property Near Minneapolis

by Kristin Harlow July 28, 2020

BLOOMINGTON, MINN. — Greystone has provided a $30.8 million Freddie Mac loan for the refinancing and expansion of Village Club in Bloomington, about 10 miles south of Minneapolis. The loan, in combination with other capital sources, will be used to construct 172 new apartment units on land adjacent to the existing complex. Two new buildings will offer three- and four-bedroom floor plans and will be known as SoLo Apartments. Construction is slated to begin in August. Kyle Jemtrud of Greystone originated the loan on behalf of the borrower, Aeon. The 18-year loan features a fixed rate and a 40-year amortization. The existing 306 units at Village Club serve mixed-income residents, with more than half of the units restricted to residents who earn at or below 60 percent of the area median income (AMI). The remaining units are at or below 80 percent of the AMI. Two-thirds of the new units at SoLo will be affordable at or below 60 percent of the AMI and one-third will be at or below 80 percent AMI.

July 28, 2020

Acquisitions Loans Nevada Office Western

Moonwater Capital Receives $35M in Equity for Purchase of NV Energy Pearson Office Building in Las Vegas

by Amy Works July 28, 2020

LAS VEGAS — Los Angeles-based Dekel Capital has arranged $35 million in debt equity on behalf of Moonwater Capital for its acquisition of the NV Energy Pearson Building, an office building in Las Vegas. Located at 6226 W. Sahara Ave., the four-story property features 262,000 square feet of office space. NV Energy has been the sole tenant of the corporate headquarters building since it was constructed in 1983. The public utility, wholly owned by Berkshire Hathaway Energy, provides a wide range of services throughout the state of Nevada. In additional to raising joint venture equity for the Las Vegas-based borrower, Dekel arranged $23.8 million in long-term, fixed-rate, first mortgage debt from a West Coast-based regional bank. The borrower acquired the property as a core-plus asset to add to its office portfolio in the Las Vegas market, which totals approximately 700,000 square feet of commercial office space.

July 28, 2020

California Loans Multifamily Nevada Western

NorthMarq Arranges $31M Refinancing for Multifamily Portfolio in Nevada, California

by Amy Works July 28, 2020

LAS VEGAS AND LAKESIDE, CALIF. — NorthMarq has arranged a $31 million refinancing for a three-property multifamily portfolio in Las Vegas and Lakeside. The portfolio includes a combined 924 units. Gardiner Champlin of NorthMarq’s San Diego office secured the refinancing that was structured with 10-year, interest-only terms. The firm arranged the permanent-fixed loan for the borrower, a San Diego-based client, through its in-house Fannie Mae team. The two Las Vegas properties are Silverado Village at 3750 Arvill St. and Summerlin Entrada at 1701 Rock Springs Drive. Built in 1981, Silverado Village features 440 units, a clubhouse, two pools, an indoor spa, two dry saunas, three tennis courts and six laundry facilities. Summerlin Entrada, which was constructed in 1987, offer 352 units, a gated entrance, clubhouse, two pools, a spa, tennis court, basketball courts, fitness center, business center, tot lot and three laundry facilities. Located at 12840 Mapleview St. in Lakeside, Stoneridge Apartments features 132 units, tuck-under private garages, a pool and five laundry facilities. The property was built in 1986.

July 28, 2020

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