Loans

Atlanta Hawks Refinance Sports Medicine Clinic in Brookhaven with $35M Syndicate Loan from Black-Owned Banks

by Alex Tostado December 11, 2020

BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club has received a $35 million refinancing loan for its Emory Sports Medicine Clinic in Brookhaven. The new National Black Bank Foundation organized the syndicate loan, with Carver State Bank serving as lead arranger. All contributing banks of the syndicate loan are Black-owned banks, which are classified as financial institutions where either 51 percent or more of the voting stock is owned by minority individuals or a majority of the board or directors and the community it serves are predominantly minority, according to Investopedia. The Hawks are the first professional sports organization to have a “significant” loan underwritten exclusively by Black-owned banks, according to the team. The Atlanta Journal-Constitution reports that the other member banks in the deal are Citizens Savings Bank, Citizens Trust Bank, Commonwealth National Bank, Industrial Bank, Liberty Bank & Trust, M&F Bank and Optus Bank. The new loan replaces the original construction loan for the center, which was delivered in fall 2017. The 90,000-square-foot property contains the official training and practice facility of the Hawks, the hub of Emory Healthcare’s Sports Medicine program and Sports Science and Research division and the Peak Performance Project (P3). Emory Sports Medicine Clinic …

December 11, 2020

Georgia Loans Mixed-Use Southeast

Patterson Real Estate Arranges Construction Financing for Phase II of Lee + White Project in Atlanta

by Alex Tostado December 11, 2020

ATLANTA — Patterson Real Estate Advisors has arranged construction financing for Phase II of Lee + White, a 423,000-square-foot mixed-use development along the Atlanta BeltLine. MetLife Investment Management provided the financing. The borrower and developer, a partnership between Ackerman & Co. and MDH Partners, will use the undisclosed financing to build office space, a food hall, retail outlets and a multifamily community. The co-developers expect the project to cost $85 million to build. A timeline for completion was not disclosed. Existing tenants at Lee + White include Wild Haven Beer, Monday Night Brewing ASW Distillery, Honeysuckle Gelato and HopCity. The developers acquired the former industrial property in fall 2019.

December 11, 2020

Loans Multifamily Texas

Greystone Provides $22.9M HUD-Insured Loan for Refinancing of Multifamily Asset in Metro Dallas

by Taylor Williams December 11, 2020

GARLAND, TEXAS — Greystone has provided a $22.9 million HUD loan for the refinancing of Carriage Homes on the Lake, a 147-unit multifamily asset located in the northeastern Dallas suburb of Garland. Built in 2015, the property consists of 15 three-story buildings housing one- and two-bedroom units. Amenities include a pool, fitness center, business center, clubhouse and outdoor picnic areas. Eric Rosenstock, Paul Smyth and Cary Williams of Greystone originated the loan, which carries a fixed interest rate and a 39-year term and amortization schedule, through HUD’s 223(a)(7) program. The borrower was Bridgeview Multifamily.

December 11, 2020

Arizona Development Loans Multifamily Western

ACRES Capital Originates $28M Construction Loan for Apartment Community Near Phoenix

by Amy Works December 11, 2020

MARICOPA, ARIZ. — ACRES Capital has originated a $28 million loan for the construction and stabilization of Bungalows on Bowlin, a single-story multifamily property located at Bowlin Road and John Wayne Parkway in Maricopa. Cavan Cos., a Scottsdale, Arizona-based real estate developer, is the borrower and has developed multiple Bungalow-branded projects across the Phoenix area. Bungalows on Bowlin will feature 196 apartments, a resort-style swimming pool and spa, a farmhouse-style clubhouse and 426 on-site parking spaces. Once completed, the 16-acre property will be one of the only single-story rental communities in the Maricopa submarket. Jeremy Korer of Cushman & Wakefield arranged the loan.

December 11, 2020

Loans Midwest Multifamily Wisconsin

JLL Arranges $87.6M in Construction Financing for 25-Story Ascent Apartments in Milwaukee

by Kristin Harlow December 11, 2020

MILWAUKEE — JLL Capital Markets has arranged $87.6 million in construction financing for Ascent, a 25-story, 259-unit luxury apartment tower in Milwaukee. Upon completion, Ascent will be the tallest mass timber building in the world, according to JLL. The 272,475-square-foot development will offer one-, two- and three-bedroom units averaging 1,052 square feet. Slated to deliver in summer 2022, the development will also include 8,000 square feet of retail space. Amenities will include an indoor and outdoor pool, sauna, lounge, fitness center and a rooftop with event space, fire pits, outdoor cinema area, shared workspaces and views of Lake Michigan. Timothy Joyce and Trent Niederberger of JLL arranged the financing on behalf of the borrower, a partnership between New Land Enterprises and Wiechmann Enterprises. Bank OZK provided senior financing while Hines Realty Income Fund provided a mezzanine loan. Construction is now underway. Mass timber is a category of framing styles typically characterized by the use of large solid wood panels for wall, floor, and roof construction.

December 11, 2020

Loans New York Northeast Retail

G.S. Wilcox Arranges $18M Loan for Refinancing of Shopping Center on Long Island

by Taylor Williams December 11, 2020

PLAINVIEW, N.Y. — G.S. Wilcox, an intermediary based in Northern New Jersey, has provided an $18 million loan for the refinancing of a 118,000-square-foot shopping center in the Long Island hamlet of Plainview. The loan was structured with a 15-year term and a 30-year amortization schedule. David Fryer of G.S. Wilcox arranged the loan through one of the firm’s correspondent lenders on behalf of the undisclosed borrower.

December 11, 2020

Loans Multifamily New Hampshire Northeast Seniors Housing

Greystone Provides $23.8M HUD Refinancing for Courville Assisted Living Portfolio in New Hampshire

by Taylor Williams December 10, 2020

MANCHESTER, BEDFORD AND NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The communities include Courville at Manchester in Manchester, Courville at Carlyle Place in Bedford and Courville Nashua & Aynsley in Nashua. Lisa Fischman of Greystone originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. The borrower and owner was The Courville Company.

December 10, 2020

Loans Midwest Minnesota Multifamily

Merchants Capital Provides $21.5M in Debt Financing for Apartment Property Under Construction in Minneapolis

by Kristin Harlow December 9, 2020

MINNEAPOLIS — Mortgage banking company Merchants Capital has provided more than $21.5 million in debt financing for The Bessemer at Seward Commons, a 128-unit apartment community currently under construction in Minneapolis. Located at 2200 Snelling Avenue, the transit-oriented development will include a clubroom, fitness center, outdoor terrace, dog run, package system, pet wash station and bicycle storage. The property is part of a larger development known as Seward Commons, which includes four separate housing developments. Merchants secured the 30-month construction loan on behalf of the co-developers, Schafer Richardson, Seward Redesign and Noor Cos. The City of Minneapolis awarded $5.4 million in tax-increment financing over a 26-year period. The project also received environmental clean-up funds from Hennepin County, Metropolitan Council and MN Department of Employment and Economic Development. A timeline for completion was not disclosed.

December 9, 2020

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $21.5M Agency Loan for Affordable Housing Property in El Paso

by Taylor Williams December 9, 2020

EL PASO, TEXAS — Lument, the newly combined organization of Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $21.5 million Freddie Mac loan for the renovation of Jackie Robinson Memorial Apartments in El Paso. Built in 1975, the property consists of 186 units that are restricted to renters earning 60 percent or less of the area median income. The loan features a fixed interest rate, 18-year term with three years of interest-only payments and a 35-year amortization schedule. The capital improvement program will include a gut renovation of all residential units, from new drywall to new kitchen appliances. In addition, exteriors will be improved with new windows and doors, repaired or replaced roofs and new stair towers. Construction began in October 2020 and is expected to be complete within 24 months.

December 9, 2020

Colorado Development Loans Multifamily Western

X Company Receives $105.3M Construction Loan for 22-Story Residential Tower in Denver

by Amy Works December 9, 2020

DENVER — The X Company has received $105.3 million in construction financing for X Denver2 (XD2), a multifamily project in the Arapahoe Square neighborhood of downtown Denver. Eric Tupler, Christopher Peck and Josh Smith of JLL Capital Markets arranged the loan through CIM Group for the borrower. Located at the corner of 21st and Arapahoe streets, the 22-story XD2 will offer private residences and fully furnished co-living suites with individual bedrooms and bathrooms. Additionally, the property will feature more than 15,700 square feet of collaborative working space; a three-story members-only club offering a resort-style pool and deck; full-serve fitness center with daily classes; and entertainment lounge equipped with a bar. The project also borders the upcoming infrastructure updates that are transforming 21st and Wynkoop streets into an easily accessible walk-path, restricting vehicles on each street.

December 9, 2020

Newer Posts

Older Posts