Loans

NorthMarq Provides $10.6M Agency Loan for Houston Multifamily Acquisition

by Taylor Williams May 28, 2021

HOUSTON — NorthMarq has provided a $10.6 million Fannie Mae acquisition loan for Coral Island Apartments, a 316-unit multifamily property located on the city’s southwest side. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, playground and walking trails. Travis Fite of NorthMarq originated the loan, which was structured with a 10-year term and a 30-year amortization schedule. The buyer was an undisclosed 1031 exchange investor. The seller was not disclosed.

May 28, 2021

Development Industrial Loans Northeast Pennsylvania

PCCP Provides $62M Construction Loan for Industrial Facility Preleased to TJX in Philadelphia

by Taylor Williams May 28, 2021

PHILADELPHIA — Los Angeles-based PCCP LLC has provided a $62 million senior construction loan for a 282,737-square-foot industrial facility in northeast Philadelphia that is preleased to TJX Cos., the parent company of discount retailers Marshalls and T.J. Maxx. The borrower, DH Property Holdings, expects to break ground on the 22-acre facility in June and to complete it in third quarter of 2022. Building features will include 52-foot clear heights, 149 trailer parking spaces and 141 car parking spaces.

May 28, 2021

Edgemere-Crossing-Shrewsbury-Massachusetts

Development Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $53.3M Construction Loan for Multifamily Project in Shrewsbury, Massachusetts

by Taylor Williams May 28, 2021

SHREWSBURY, MASS. — Cornerstone Realty Capital has arranged a $53.3 million construction loan for Edgemere Crossing, a 250-unit multifamily project in Shrewsbury, located outside of Worcester. The property will consist of 116 one-bedroom units and 134 two-bedroom units that will be furnished with stainless steel appliances, granite countertops and vinyl plank flooring. Amenities will include a conference center, kitchen room, fitness center, dog park, pool and a resident clubhouse. The borrower, a joint venture between The Dolben Co. Inc. and Belmont Capital, expects to complete construction by the first quarter of 2023. The loan was structured with a floating interest rate, 36 months of interest-only payments and a 30-year amortization schedule.

May 28, 2021

Acquisitions Loans Multifamily Southeast Tennessee

CBRE Global Investors Provides $52M Acquisition Loan for Avana Overlook Apartments in Nashville

by Julia Sanders May 27, 2021

NASHVILLE, TENN. — A fund sponsored by CBRE Global Investors has provided a $52 million acquisition loan for a 452-unit multifamily property in Nashville. The borrower is a subsidiary of Charleston, S.C.-based Greystar Real Estate Partners. The seller was not disclosed. The property, known as Avana Overlook, is a garden-style apartment located at 727 Bell Road. Built in 1998, the property offers one-, two- and three- bedroom units that include in-unit washers and dryers, private patios and balconies and walk-in closets. Community amenities include two swimming pools with cabanas, a 24-hour fitness center, playground, outdoor grilling area, clubhouse and a dog park. Avana Overlook is situated one mile from Interstate 24 and State Highway 41. The property is 14 miles from downtown Nashville, 7.2 miles from Nashville International Airport and less than two miles from the Century Farms Development, a 310-acre, $1.7 billion mixed-use project currently under construction. Nate Sittema of CBRE’s Charlotte office arranged the loan on behalf of Greystar.

May 27, 2021

Loans Midwest Multifamily Seniors Housing Wisconsin

Greystone Provides $35M in HUD-Insured Financing for Skilled Nursing Portfolio in Wisconsin

by Kristin Harlow May 27, 2021

ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, WIS. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.

May 27, 2021

Arizona Loans Multifamily Western

Taylor Street Arranges $3M Bridge Loan for Multifamily Property Acquisition in Tempe

by Amy Works May 27, 2021

TEMPE, ARIZ. — Taylor Street Capital Partners has structured a $3 million bridge loan for the acquisition and renovation of a 20-unit apartment community in Tempe. Nick Martinez and Chris Nuccio of Taylor Street closed the loan for the undisclosed borrower. The fixed-rate financing, with interest-only payments, features an 80 percent loan-to-cost ratio. A private lender looking to deploy capital in the Sunbelt markets provided the capital.

May 27, 2021

Loans Massachusetts Northeast Office

EagleBridge Capital Arranges $4.7M Acquisition Loan for Metro Boston Office Building

by Taylor Williams May 27, 2021

FOXBOROUGH, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $4.7 million acquisition loan for a 64,319-square-foot office building in Foxborough, a southern suburb of Boston. The two-story building sits on 6.4 acres within Foxborough Business Center. Ted Sidel of EagleBridge Capital placed the debt through a New England-based financial institution on behalf of the undisclosed borrower.

May 27, 2021

Loans Multifamily New Jersey Northeast

Thorofare Capital Provides $30.8M Loan for Redevelopment of Newark Apartment Tower

by Taylor Williams May 26, 2021

NEWARK, N.J. — New Jersey-based Thorofare Capital has provided a $30.8 million loan for the redevelopment of a 25-story apartment tower located at 440 Elizabeth Ave. in Newark. Formerly known as Carmel Towers, the property consists of 216 units within a structure that was originally built in 1969 but has been vacant since 2012. The redevelopment will upgrade the flooring, appliances, fixtures and utility systems of the units. The project will also add enhanced amenities like a gym, bike room and a laundry room. Jonathan Bodner and Emanuel Westfried of Two Bins Capital arranged the loan on behalf of the sponsor, The Chetrit Group.

May 26, 2021

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $29.5M in Financing for Warehouse in South Brunswick, New Jersey

by Taylor Williams May 26, 2021

SOUTH BRUNSWICK, N.J. — G.S. Wilcox has arranged two loans totaling $29.5 million for the refinancing of a 449,000-square-foot warehouse in South Brunswick, located in Middlesex County. Gretchen Wilcox and Albert Raymond of G.S. Wilcox arranged the debt through Thrivent Financial on behalf of the borrower, a New Jersey-based family office. The loans were both structured with 15-year terms and fixed interest rates.

May 26, 2021

Acquisitions District of Columbia Loans Retail Southeast

EagleBank Provides $26M Loan for Acquisition, Redevelopment of Mazza Gallerie in D.C.

by Julia Sanders May 26, 2021

WASHINGTON, D.C. — EagleBank, a community bank in the Washington, D.C., area, has provided $26 million in acquisition financing for the revitalization of Mazza Gallerie, a landmark retail space in D.C.’s Friendship Heights neighborhood. The borrower, Tishman Speyer, a real estate developer and owner based in New York City, will use the loan to fund both the purchase of the property and the ground-up construction of approximately 350 apartments and 26,000 square feet of ground-floor retail at the site. Barb Mackin, Sameera Rizvi and Jeniffer Mejia of EagleBank originated the loan, the terms of which were not disclosed. Mazza Gallerie is situated on the Wisconsin Avenue retail corridor and is adjacent to the Friendship Heights Metro rail station. The property has access to walkable outdoor amenities and 440,000 square feet of shops and restaurants.

May 26, 2021

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