Loans

Hunt Real Estate Provides $6.4M Refinancing Loan for Multifamily Community in Metro Baltimore

by Alex Tostado July 27, 2020

GLEN BURNIE, MD. — Hunt Real Estate Capital has provided a $6.4 million Fannie Mae refinancing loan for Glen Burnie Town Apartments, a 54-unit multifamily community in Glen Burnie. The 12-year loan features a fixed interest rate and four years of interest-only payments. In addition, the closing provides $125,000 for renovations, including resurfacing a concrete courtyard, upgrading units and improving elevated walkways. The property offers two- and three-bedroom floor plans. Communal amenities include a fitness center, community room and a courtyard. The asset is located at 201 Crain Highway N., 10 miles south of downtown Baltimore. Promark Real Estate Services LLC manages the property, which was built in 2000.

July 27, 2020

Arizona Loans Office Western

CIM Provides $95.6M Bridge Loan for Galleria Corporate Center in Scottsdale, Arizona

by Amy Works July 27, 2020

SCOTTSDALE, ARIZ. — CIM Group has funded a $95.6 million bridge loan for Stockdale Capital Partners for the firm’s Galleria Corporate Center in Scottsdale. Located at 4301-4343 N. Scottsdale Road, the asset features a 546,000-square-foot creative office building connected by a skybridge to a 10-story parking garage. The specific use of the funds was not disclosed.

July 27, 2020

California Industrial Loans Western

PSRS Arranges $6.1M in Refinancing for Warehouse Property in Temecula, California

by Amy Works July 27, 2020

TEMECULA, CALIF. — PSRS has secured a $6.1 million loan for the refinancing of a warehouse facility located along Remington Avenue in Temecula. The newly built, concrete tilt-up property features Class A industrial space. David Hamilton of PSRS’ San Diego office arranged the 10-year, fixed-rate, non-recourse loan for the undisclosed borrower. The lender was a life insurance company.

July 27, 2020

District of Columbia Loans Multifamily Southeast Virginia

Wells Fargo Provides $385M Refinancing Loan for Multifamily Portfolio in Metro D.C.

by Alex Tostado July 24, 2020

WASHINGTON, D.C. — Wells Fargo has provided $385 million in financing for a 1,255-unit, three-property multifamily portfolio in metro Washington, D.C. The borrower, JBG Smith, received the three separate Freddie Mac loans. The properties in the portfolio are The Bartlett and 220 20th Street in Northern Virginia’s National Landing submarket and 1221 Van St. in D.C. JBG Smith developed 1221 Van Street in 2018 and acquired the other two properties in 2017. The Bethesda, Md.-based company manages all three communities. The loans each feature 10-year terms with floating interest rates underwritten at LIBOR plus 251 basis points. Each loan also features five-year interest-only payment period and are not cross-collateralized or cross-defaulted with each other.

July 24, 2020

Affordable Housing Loans Louisiana Multifamily Southeast Walker & Dunlop

Walker & Dunlop Secures $23M Financing for Affordable Housing Complex in New Orleans

by Alex Tostado July 24, 2020

NEW ORLEANS — Walker & Dunlop has provided a $23 million Freddie Mac permanent financing loan for The Reveal, a 150-unit affordable housing community in eastern New Orleans. Upon completion, The Reveal will offer one- through four-bedroom floor plans, each with a balcony. Communal amenities will include conference rooms, a community room, fitness center and a therapy room. The community will also feature a 1,745-square-foot business incubator, which caters residents wanting to launch their own businesses. Heather Olson of Walker & Dunlop originated the loan on behalf of the developer, Commonwealth Cos. National Equity Fund is an equity partner with the developer. Sterling Bank, the Louisiana Housing Corp. and the Housing Authority of New Orleans are providing additional funding. A timeline for completion was not disclosed.

July 24, 2020

Acts-Retirement-Fort-Washington-Pennsylvania

Loans Multifamily Northeast Pennsylvania Seniors Housing

Ziegler Arranges $199.4M Bond Financing for Pennsylvania-Based Seniors Housing Owner

by Taylor Williams July 23, 2020

FORT WASHINGTON, PA. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities, a seniors housing owner-operator based in Fort Washington, Pa. Acts is the country’s third-largest nonprofit seniors housing operator in the country with a portfolio of 26 communities in nine states totaling 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia and one location in Alabama. The bond issue includes $115.1 million in tax-exempt bonds issued through the Public Finance Authority (Wisconsin), Palm Beach County Health Facilities Authority (Florida) and the Montgomery County Industrial Development Authority (Pennsylvania). The remaining $84.3 million in taxable bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania). The proceeds of the bonds will be used to finance or refinance costs associated with the 20 communities, while refinancing bonds from 2012 and two revolving lines of credit from Bank of America and Truist.

July 23, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $30.3M in Loans for Refinancing, Renovation of Boston Apartments

by Taylor Williams July 23, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided a $30.3 million in loans for the refinancing, renovation and preservation of affordability of Newcastle Saranac in Boston’s South End neighborhood. The borrower, a partnership between Fenway Community Development Corp. and Schochet Cos., acquired the property in 2018 when its 97 affordable housing units were at risk of being converted to market-rate residences. The financing package consists of a $17.6 million tax-exempt construction and permanent loan, a $10.5 million tax credit equity bridge loan and $2.25 million in Section 13A preservation financing. The latter piece of the capital stack preserves the affordability of units, 38 of which are reserved for renters earning 30 percent or less of the area median income (AMI); 31 of which are for households earning 60 percent or less of AMI; 13 of which are restricted for tenants earning 90 percent or less of AMI; and 15 of which are earmarked for renters earning 100 percent or less of AMI.

July 23, 2020

Connecticut Loans Multifamily Northeast

Marcus & Millichap Arranges $4M Loan for Refinancing of New Haven Multifamily Portfolio

by Taylor Williams July 23, 2020

NEW HAVEN, CONN. — Marcus & Millichap Capital Corp. has arranged a $4 million loan for the refinancing of a portfolio of 13 multifamily properties totaling 45 units in New Haven. The portfolio was fully occupied at the time of the loan closing. Robert Noeldechen of Marcus & Millichap arranged the loan through CoreVest Finance on behalf of the undisclosed borrower.

July 23, 2020

Indiana Loans Midwest Multifamily

Berkadia Provides $16.6M Refinancing for Mid-Rise Multifamily Property in Indianapolis

by Kristin Harlow July 22, 2020

INDIANAPOLIS — Berkadia has provided a $16.6 million Freddie Mac loan for the refinancing of River House in Indianapolis. Built in 2018, the 90-unit multifamily property is located at 6311 Westfield Blvd. within Broad Ripple Village. Amenities include a rooftop balcony, fitness center and enclosed parking garage. Michael Zaremski and Michael Shmuely of Berkadia secured the permanent refinancing on behalf of the undisclosed borrower. The 10-year loan, which features a 30-year amortization schedule, was used to retire a construction loan.

July 22, 2020

Acquisitions California Loans Multifamily Western

Berkadia Arranges $8M Preferred Equity Investment in Amber Ridge Apartments Near Los Angeles

by Amy Works July 22, 2020

LA VERNE, CALIF. — Berkadia has has arranged $8 million preferred equity investment for Silver Star Real Estate’s purchase of Amber Ridge Apartments, a garden-style multifamily property located in La Verne, 30 miles east of Los Angeles. Orange County, Calif.-based Silver Star Real Estate acquired the property through its affiliated purchasing entity, Amber Property Investments, for $49.7 million, or $338,000 per unit. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia’s Joint Venture Equity and Structured Capital Group delivered Harbor Group International as the preferred equity partner. Built in 1973 and renovated in 2006, Amber Ridge features 147 units spread across 25 two-story residential buildings. On-site amenities include a swimming pool with spa; clubhouse with full kitchen and fireplace; business center; outdoor picnic area with barbecue; pet grooming salon; and fitness center.

July 22, 2020

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