Loans

Trillium Capital Arranges Financing for Multifamily Property, Industrial Facility in Phenix City, Alabama

by Julia Sanders March 29, 2021

PHENIX CITY, ALA. — Trillium Capital Resources has arranged financing for two real estate properties in Phenix City. The properties include Windsweep Luxury Apartments, a 108-unit apartment community, and a 103,680-square-foot industrial property. Trillium originated a $7.8 million Fannie Mae loan for Windsweep. The 10-year, non-recourse loan included a fixed 3.63 percent interest rate. The borrower was not disclosed. For the industrial transaction, Trillium arranged a $2.2 million loan through an unnamed regional bank on behalf of The Memory Co., a designer and marketer of licensed sports related gifts, collectibles and home décor. The five-year loan features a fixed 4.2 percent interest rate. Trillium Capital Resources is a commercial mortgage banking firm with offices located in Columbus, Ga., Atlanta and Jacksonville, Fla.

March 29, 2021

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges $2.7M Loan for Refinancing of Chicago Multifamily Asset

by Kristin Harlow March 29, 2021

CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.

March 29, 2021

Development Loans Mixed-Use New York Northeast

Progress Capital Arranges $15M Acquisition Loan for Harlem Development Site

by Taylor Williams March 29, 2021

NEW YORK CITY — Progress Capital has arranged a $15 million acquisition loan for a development site located at 124-132 E. 125th St. in Harlem. The site is situated near public transit outlets and several recreational areas such as McNair Park, Alice Kornegay Triangle and Harlem Art Park. The borrower, locally based developer Maddd Equities, plans to construct a building of an undisclosed size that will feature retail and other types of commercial space. Brad Domenico of Progress Capital arranged the loan, terms of which included two years of interest-only payments, through Metropolitan Bank.

March 29, 2021

Illinois Loans Midwest Multifamily

American Street Capital Secures $14.3M Loan for Refinancing of Multifamily Portfolio in Macomb, Illinois

by Kristin Harlow March 26, 2021

MACOMB, ILL. — American Street Capital (ASC) has secured a $14.3 million loan for the refinancing of a 317-unit multifamily portfolio in Macomb, located in western Illinois. Built between 2002 and 2005, the portfolio consists of four separate complexes. There is a mix of garden- and townhouse-style buildings with one-, two-, three- and four-bedroom units. Igor Zhizhin of ASC arranged the CMBS loan on behalf of the original developer. The 10-year, fixed-rate loan features a 30-year amortization schedule.

March 26, 2021

Development Florida Industrial Loans Southeast

Bridge Development Secures $78.2M Construction Financing for Bridge Point AVE Industrial Park in Miami

by Julia Sanders March 25, 2021

MIAMI — Bridge Development Partners has secured $78.2 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport. The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and is scheduled to be delivered in the third quarter. Steve Roth of CBRE’s Debt & Structured Finance team arranged the loan through Canadian Imperial Bank of Commerce (CIBC). Bridge acquired the nearly 50-acre development site located within the master-planned AVE, Aviation and Commerce Centre in late 2019. Building 1 will be located at 5590 NW 145th St. and span 199,800 square feet. Building 2 will be located at 14150 NW 56th Court and consist of 110,588 square feet. Lastly, Building 3 will be located at 14250 Aviation Drive and span 279,499 square feet. All three buildings will feature modern amenities and an ESFR fire suppression system. Bridge Point AVE will be bounded by Palmetto Expressway to the north and Gratigny Parkway to the south. Bridge has acquired 493 acres in 16 separate transactions throughout Miami-Dade and Broward counties and delivered approximately 7 million square feet of Class A industrial space across the South Florida region since entering the market in 2012.

March 25, 2021

Healthcare Loans Northeast Pennsylvania

CIT Group Provides $39M Loan for Refinancing of Philadelphia Medical Office Building

by Taylor Williams March 25, 2021

PHILADELPHIA — New York City-based CIT Group Inc. (NYSE: CIT) has provided a $39 million loan for the refinancing of a 95,000-square-foot medical office building located at 3 Crescent Drive near the Philadelphia Navy Yard. The property was fully leased to provider Jefferson Health at the time of the loan closing. The borrower, Norvin Healthcare Properties, acquired the asset in December 2019. Michael Gigliotti, Ryan Ade and Peter Rotchford of JLL arranged the loan.

March 25, 2021

Iowa Loans Midwest Multifamily

Marcus & Millichap Capital Corp. Arranges $14.7M Loan for Refinancing of Multifamily Property in Iowa

by Kristin Harlow March 24, 2021

WAVERLY, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.7 million loan for the refinancing of Pinnacle Villages in Waverly, located in northeast Iowa. The newly constructed multifamily property features 110 townhouse-style units. Robert Bhat of MMCC arranged the 12-year loan, which features a fixed interest rate of 3.5 percent, a 30-year amortization schedule and four years of interest-only payments.

March 24, 2021

California Development Loans Multifamily Western

CIM Group Arranges $89M Construction Loan for AMCAL’s Bayview Apartment Building in Northern California

by Amy Works March 23, 2021

EMERYVILLE, CALIF. — CIM Group has closed an $89 million construction loan for AMCAL’s development of Bayview, a seven-story multifamily property in Emeryville. Situated on 2.3 acres, Bayview will feature 186 units with studio, one-, two-, three-bedroom and townhome-style floor plans and 257 parking spaces. Community amenities will include a fitness center, co-working spaces, a clubhouse and an indoor/outdoor roof deck. Construction is slated to begin this month. Bryan Gortikov of Gortikov Capital arranged the financing.

March 23, 2021

Features Loans

Loan Modifications Have Been Key to Keeping Deals Going, Mortgage Bankers Say

by Taylor Williams March 23, 2021

Like the rest of the working world, commercial real estate lenders, intermediaries and borrowers have developed new ways of doing business over the last year. They recognize that mutual flexibility is crucial to keeping deals from falling through. At the most fundamental level, the pandemic has forced providers and arrangers of debt and equity to elevate their due diligence processes, to scrutinize terms of underwriting even more closely based on a variety of factors. Lenders have found themselves reckoning with political dynamics, revising loan terms for commercial properties based on the severity of COVID-19 infection rates and shelter-in-place orders in a given region. The nuts and bolts of dealing with elevated requests for loan modifications were central topics at the “Commercial Mortgage Stress in the Age of COVID-19” panel at the annual Mortgage Bankers Association (MBA) CREF 2021 event. The event was conducted in a virtual format this year. Mark Weibel, partner and chair of real estate capital markets practice group at law firm Thompson & Knight LLP, moderated this panel. The pandemic has produced clear winners and losers in terms of asset classes, forcing lenders to be more selective with their deals. In many cases, this selectivity has led …

March 23, 2021

Acquisitions Florida Loans Multifamily Southeast

Trez Capital Funds $44.1M Construction Loan for Apartment Community Near Daytona Beach

by Julia Sanders March 22, 2021

PORT ORANGE, FLA. — Trez Capital, a private real estate lender, has provided a $44.1 million construction loan for a new Class A, garden-style apartment community in Port Orange, a city near Daytona Beach. The 288-unit development is known as EDEN Crystal Lake. Ben Jacobson of Trez Capital originated the loan on behalf of the developer, EDEN Multifamily. Located on 19.5 acres at 1270 Reed Canal Road, EDEN Crystal Lake will have a mix of one-, two- and three-bedroom apartments with nine-foot ceiling heights, granite countertops, high-end appliances, walk-in closets and balconies/patios in three-story buildings. Planned community amenities include a clubhouse, resort-style pool, fitness center, lakefront boardwalk, dog park with a grooming station, expansive lawn areas and detached garages. The EDEN Crystal Lake site is located within four miles from the beaches in Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. The property is also near Interstates 95 and 4. Construction of EDEN Crystal Lake is scheduled for completion in mid-2022.

March 22, 2021

Newer Posts

Older Posts