NEW YORK CITY — Lument has provided three agency loans totaling $18.5 million for multifamily properties totaling 118 units in Brooklyn. The deals include a $3 million Freddie Mac Small Balance Loan for 900 East 18th Street, a $6 million Fannie Mae conventional loan for 1436-1438 Ocean Avenue and a $9.5 million Fannie Mae conventional loan for 991-993 President Street. The properties were all constructed between 1925 and 1927 and have undergone substantial capital improvements in recent years. All three loans carry 10-year terms and 30-year amortization schedules, while two of the loans feature interest-only payment periods. Kristian Molloy of Lument led the transactions on behalf of the undisclosed borrower.
IRVING, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of Courtyard of Roses, a 224-unit apartment community in Irving. The property, which consists of 17 two-story apartment buildings and a single-story clubhouse, was originally built in 1972 and renovated between 2015 and 2019. Colliers Mortgage originated the financing, which was structured with a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, MM Courtyards LLC.
WILMINGTON, MASS. — Natixis has provided a $104.7 million loan for the Boston Infill Portfolio, a collection of industrial buildings totaling 687,000 square feet in Wilmington, located north of the state capital. The portfolio offers proximity to Interstates 93 and 95 and was leased to 20 tenants at the time of the loan closing. Tim O’Donnell and David Douvadjian Jr. of Newmark arranged the five-year, floating-rate loan on behalf of the borrower, a joint venture between Oliver Street Capital and an undisclosed global alternative investment firm. The joint venture originally acquired the portfolio in December 2020.
NEW YORK CITY — Meridian Capital has arranged a $107.7 million senior loan for the refinancing of 55 Broadway, a 32-story office building in Manhattan’s Financial District. The 356,059-square-foot building was 89 percent leased at the time of the loan closing to tenants such as The Kingdom of Morocco, Bank of Communications, Syscom and Assurant Inc. As part of the recapitalization, the borrower, Harbor Group International, also received a future funding component of up to $8.4 million for leasing costs. In addition, an undisclosed capital source invested new equity in the property to retire Paramount Group Inc.’s preferred equity and to fund costs associated with significant recent leasing activity at the building. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the financing through an undisclosed life insurance company.
DAYTON, OHIO — Lument has provided a $12.9 million Fannie Mae loan for the acquisition of The Landing Apartments in Dayton. The multifamily community includes 166 units across several buildings. A high-rise building was originally developed in 1929 and townhouse-style buildings were added in 1991. Approximately 60 percent of the units are affordable to renters who earn 80 percent of the area median income. Steven Cox of Lument originated the 10-year loan, which features three years of interest-only payments and a 30-year amortization schedule. In addition to providing acquisition financing, the loan provides for approximately $145,000 for roofing, landscaping and other repairs. John Dragone and Chris Senzapaura of Trinity Street Capital arranged the loan.
BRISBANE, CALIF. — Phase 3 Real Estate Partners and Bain Capital Real Estate have received a more than $400 million construction loan for Genesis Marina, a waterfront life sciences campus in Brisbane. Located on 8.7 acres within South San Francisco’s life sciences cluster, Genesis Marina will offer 570,000 square feet of Class A life sciences space. Tim Wright, Todd Sugimoto and Daniel Pinkus of JLL Capital Market arranged the financing through Barings LLC for the borrower.
PORTLAND, ORE. — Cushman & Wakefield has secured a $55 million loan for Security Properties to refinance Heartline Apartments, an apartment community located at 1250 NW Kearney St. in Portland. Dave Karson, Keith Padien, Chris Moyer, Alex Lapidus and Emily Johansen of Cushman & Wakefield Equity, Debt & Structured Finance arranged the financing for the borrower. Constructed in 2018, the 15-story Heartline Apartments features 218 apartments, a full suite of amenities and a shared parking garage with 131 dedicated parking stalls.
NEW YORK CITY — Madison Realty Capital, a New York City-based private equity firm, has provided a $395 million loan for a portfolio of three nearly completed residential properties totaling 1,161 units and a development site that is zoned for 4,200 units in New Jersey. The three buildings in various stages of construction are located in Bayonne, Raritan and Linden and will all offer studio, one- and two-bedroom units. The development parcel is located at the site of the former Bears Stadium, a 6,200-seat ballpark in downtown Newark. The borrower, Accurate Builders & Developers, plans to develop the site in nine phases as part of a master-planned community. The project will include 200 affordable housing units, 3,000 parking space and 100,000 square feet of commercial and green space. Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for the transaction.
SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.7 million loan for the refinancing of a 78-unit apartment community in Sartell, about 70 miles northwest of Minneapolis. Tony Carlson of Grandbridge arranged the nonrecourse loan, which features a 15-year term, a 20-year amortization schedule and a fixed interest rate. An insurance company provided the loan on behalf of the undisclosed borrower.
WESTPORT, CONN. — Finance and advisory firm Axiom Capital Corp. has arranged a $10.3 million loan for the refinancing of an office building in Westport, located in the southern coastal part of the state. The building features proximity to Interstate 95 and U.S. Route 1 and is leased to tenants such as Northwestern Mutual Life Insurance, Charter Oak Equity and Lime Rock Partners. The nonrecourse loan was structured with a five-year term and a fixed interest rate. The borrower and direct lender were not disclosed.