Loans

Aries Capital Arranges $3.4M Loan for Acquisition of Restaurant Building Occupied by Hampton Social in Chicago

by Kristin Harlow January 15, 2021

CHICAGO — Aries Capital has arranged a $3.4 million loan for the acquisition of an 8,700-square-foot restaurant building located at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The Hampton Social fully occupies the property. Neil Freeman and Brandon Perdeck of Aries arranged the five-year, fixed-rate loan on behalf of the borrower, Rüger Holding, which is a Germany-based real estate owner and developer. A local bank provided the loan, which features an interest rate under 4 percent, a 60 percent loan-to-value ratio and a 25-year amortization schedule. Chicago-based Parker Restaurant Group owns and operates The Hampton Social, which will continue its 10-year lease that will end in 2027. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, R2, in the transaction. The property sold for $6.3 million.

January 15, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $8M in Financing for Multifamily Property in Phoenix

by Amy Works January 15, 2021

PHOENIX — Ready Capital has closed $8 million in financing for the acquisition, renovation and stabilization of a multifamily community in Phoenix. Situated in the Paradise Valley submarket, the Class C property features 80 apartments. David Cohen of Ready Capital handled the financing for the undisclosed borrower. Further details were not disclosed.

January 15, 2021

Features Loans

What an Uncertain Commercial Real Estate Outlook in 2021 Means for Financing

by Jeff Shaw January 15, 2021

By Steven Caligor, BHI In these early days of 2021, there appears to be some cautious prospects of hope. A COVID-19 resurgence both internationally and domestically, further lockdowns, and even a new variant of the virus create uncertainty. However, the vaccine rollout has sparked market rallies, along with hopes of returning to a degree of normalcy toward the end of the year. We now have a stimulus package and a new presidential administration. Yet this scenario is tempered by a focus on the predicted winter COVID activity, thus creating further question marks. Even the economic forecasts present a mixed picture. The base case from the Conference Board calls for a 3.4 percent annual expansion of the U.S. economy in 2021. Yet the Congressional Budget Office (CBO) projects that GDP will increase 4.2 percent in 2021, and the CBRE Real Estate Market Outlook forecasts 4.5 percent GDP growth this year. The ambiguity of where we are in the COVID crisis — whether there is an end in sight and when — will determine prospects for the real estate sector. In 2021, the real estate story will be all about asset class, density and geography. For each of these aspects, to paraphrase …

January 15, 2021

Loans Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Arranges Acquisition Financing for Seniors Housing Portfolio in New Jersey

by Taylor Williams January 14, 2021

CHERRY HILL, VOORHEES AND STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield has arranged an undisclosed amount of acquisition financing for a three-property seniors housing portfolio in New Jersey. The borrower was a joint venture between Chicago-based Harrison Street and LCB Senior Living. The communities, which are all operated under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield arranged the nonrecourse financing through Synovus Bank, with portions of the proceeds earmarked for capital expenditures. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Bailey Nygard of Cushman & Wakefield handled the transaction.

January 14, 2021

Affordable Housing Loans Multifamily New York Northeast

Greystone Provides $59M in HUD-Insured Financing for Affordable Housing Portfolio in Harlem

by Taylor Williams January 14, 2021

NEW YORK CITY — Greystone has provided $59 million in HUD-insured financing for a portfolio of three affordable housing properties totaling 143 units in Harlem. Proceeds will be used to preserve the affordability of the Section 8 properties and to take out a $45 million bridge loan previously provided by Greystone for the acquisition of the assets. Leor Dimant of Greystone originated the nonrecourse financing, which carries a fixed interest rate, a 35-year term and a 35-year amortization schedule, through HUD’s 223(f) program. The borrower was not disclosed.

January 14, 2021

Affordable Housing Loans Multifamily Texas

KeyBank Arranges $47.6M Construction Loan for Affordable Housing Project in Austin

by Taylor Williams January 13, 2021

AUSTIN, TEXAS — KeyBank’s Community Development Lending & Investment team has arranged a $47.6 million construction loan for Bridge at Turtle Creek, a 307-unit affordable housing project in south-central Austin. Units will consist of studio, one- and two-bedroom residences that will be reserved for renters earning between 50 and 70 percent of the area median income. The borrower, locally based developer JCI Residential, is developing the property in partnership with an affiliate of the Housing Authority of the City of Austin, which is serving as general managing partner of the development. Construction of the 4 percent low-income housing tax credit (LIHTC) project is scheduled to be complete in November 2022. Additionally, Enterprise Community Partners provided LIHTC equity for the development, and KeyBanc Capital Markets underwrote and sold $40.1 million of short-term tax-exempt bonds that were provided by Austin Housing Finance Corp. Hector Zuniga, Keven Ruf and Robbie Lynn of KeyBank originated the construction loan. Separately, KeyBank’s Commercial Mortgage Group provided a $40 million Freddie Mac forward commitment, tax-exempt loan for the project. The forward commitment period will be for 36 months. Upon conversion, the permanent loan term will be 17 years with a 40-year amortization schedule.

January 13, 2021

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $24M Refinancing for Multifamily Property in Lincoln, Nebraska

by Kristin Harlow January 13, 2021

LINCOLN, NEB. — NorthMarq has arranged a $24 million loan for the refinancing of Flats at Shadow Creek in Lincoln. The 219-unit multifamily property is located at the intersection of 90th and O streets. Amenities include a pet wash station, clubhouse, fitness center, yoga studio, pool, hot tub and outdoor grills. John Reed of NorthMarq arranged the fixed-rate loan, which is fully amortized over 25 years. A life insurance company provided the loan.

January 13, 2021

Industrial Loans Massachusetts Northeast Self-Storage

Talonvest Arranges $15.6M Acquisition Loan for Metro Boston Self-Storage Facility

by Taylor Williams January 13, 2021

NEEDHAM, MASS. — Talonvest Capital, a mortgage banking firm focused on the self-storage sector, has arranged a $15.6 million bridge loan for the acquisition of a 970-unit facility in Needham, a western suburb of Boston. The property was built on 1.9 acres in 2020 and spans 92,500 net rentable square feet. Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler and Jim Davies of Talonvest arranged the nonrecourse, floating-rate loan on behalf of the borrower, a joint venture between Westport Properties Inc. and investment management firm Heitman.

January 13, 2021

Florida Loans Multifamily Southeast

JLL Provides $50.5M Refinancing Loan for Multifamily Community in South Florida

by Alex Tostado January 12, 2021

AVENTURA, FLA. — JLL has provided a $50.4 million Freddie Mac refinancing loan for Lincoln Pointe Apartments in Aventura. JLL Real Estate Capital LLC, a Freddie Mac Optigo lender, will service the loan. The 285-unit property comprises four three-story buildings with one- and two-bedroom floor plans averaging 904 square feet. Communal amenities include a clubhouse, fitness center, business center and a pool. The complex is located at 17900 NE 31st Court, 19 miles north of downtown Miami. Elliott Throne and Steven Klein of JLL originated the loan on behalf of the borrower, a partnership between New York City-based firms LCOR and Madison International Realty.

January 12, 2021

Loans Multifamily Texas

Berkadia Provides $29.7M Agency Loan for Refinancing of Palazzo Apartments in San Marcos

by Taylor Williams January 12, 2021

SAN MARCOS, TEXAS — Berkadia has provided a $29.7 million Freddie Mac loan for the refinancing of Palazzo, an apartment community located in the Central Texas city of San Marcos. According to Apartments.com, the property was built in 1997 and totals 300 units in one-, two- and three-bedroom formats. Amenities include a pool, a fitness center, clubhouse, business center and a dog park. Andy Hill and Tyler Nowlin of Berkadia originated the 10-year loan, which was structured with five years of interest-only payments and a 30-year amortization schedule. The borrower, Florida-based Atlantic Pacific Real Estate Group, originally acquired the property in 2014.

January 12, 2021

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