Loans

Spinnaker, Eastpointe to Develop 300-Unit Apartment Community in Bridgeport, Connecticut

by Taylor Williams November 23, 2020

BRIDGEPORT, CONN. — A partnership between Spinnaker Real Estate Partners LLC and Eastpointe LLC will develop Canfield Park at Fairfield Metro, a 300-unit apartment community in Bridgeport. The property will feature studio, one- and two-bedroom units averaging 850 square feet, as well as 20,000 square feet of amenity space and 500 parking spaces for residents. Christopher Peck, Peter Rotchford, Kristen Knapp and Rob Root of JLL arranged $68 million in construction financing for the developer through Sculptor Real Estate. Completion is slated for 2022.

November 23, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $12M Loan for Refinancing of Multifamily Asset in Somerset, New Jersey

by Taylor Williams November 23, 2020

SOMERSET, N.J. — JLL has arranged a $12 million loan for the refinancing of 745 Hamilton, a 61-unit multifamily asset located in the Northern New Jersey city of Somerset. The property was built in 2020 and houses 4,322 square feet of retail space. Units feature quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Jim Cadranell, Matthew Pizzolato and Michael Lachs of JLL arranged the 12-year, fixed-rate loan through Nationwide Life Insurance Co. The borrower was Country Classics of Hamilton.

November 23, 2020

Colorado Loans Multifamily Seniors Housing Western

PGIM Real Estate Arranges $60M Freddie Mac Loan for Lincoln Meadows Senior Living in Parker, Colorado

by Amy Works November 23, 2020

PARKER, COLO. — PGIM Real Estate has arranged a $60 million Freddie Mac loan for the refinancing of Lincoln Meadows Senior Living in Parker. Trace Wilson of PGIM originated the transaction on behalf of Denver-based Spectrum Retirement Communities, which owns and operates the property. The floating-rate loan has a 10-year term, with five years of interest-only payments and a 30-year amortization. Located 20 miles south of Denver, Lincoln Meadows features 208 independent living, assisted living and memory-care units, a beauty salon, bistro, fitness center, resident lounges and movie theater, as well as 24-hour staffing for assisted living and memory-care residents. The breakdown of units includes 130 independent living units, 60 assisted living units and 18 memory care units.

November 23, 2020

California Development Loans Multifamily Western

Janone Development Receives $16.6M Construction Loan for Apartment Community in Los Angeles

by Amy Works November 23, 2020

LOS ANGELES — Los Angeles-based Janone Development has received $16.6 million in construction financing for the development of a six-story multifamily property in Los Angeles’ Koreatown. Parkview Financial provided the $16.6 million loan. Located at 1100-1110 S. Hobart Blvd., the 39-unit project will include a one-bedroom unit, 19 two-bedroom units and 19 three-bedroom units, with floor plans averaging 1,194 square feet. All residences will feature balconies and a full appliance package, including in-unit washers/dryers. Five units are slated for low-income tenancy. Additionally, the community will feature a courtyard and two levels of parking with 80 spaces and a 39-space bike rack. Construction is underway at the fully entitled infill site, with completion slated for August 2022.

November 23, 2020

Affordable Housing Development Loans Multifamily Texas

KeyBank Provides $54.4M in Financing for San Antonio Affordable Housing Project

by Taylor Williams November 20, 2020

SAN ANTONIO — KeyBank has provided $54.4 million in financing for Kitty Hawk Flats, a 212-unit affordable housing development that will be located in San Antonio. The financing consisted of a $23.5 million low-income housing tax credit (LIHTC) construction loan, a $7.4 million bridge loan and a $23.5 million fixed-rate Freddie Mac loan. Kitty Hawk Flats will comprise six one-bedroom, 70 two-bedroom, 100 three-bedroom and 36 four-bedroom units, with units reserved for renters earning between 30 and 70 percent of the area median income. The borrower was The NRP Group. Construction is expected to be complete by March 2022. Kyle Kolesar and Robbie Lynn of KeyBank originated the transaction.

November 20, 2020

Acquisitions Florida Loans Multifamily Southeast

Berkadia Provides $20.6M Acquisition Loan for Mixed-Income Apartment Complex in Southwest Florida

by Alex Tostado November 20, 2020

NAPLES, FLA. — Berkadia has provided a $20.6 million Freddie Mac acquisition loan for Wild Pines of Naples. The 15-year loan features a fixed interest rate and 10 years of interest-only payments. Of the 200 units, 104 are reserved for those earning 60 percent of the area median income (AMI), while the remaining 96 units are being leased at market rate. The property offers one-bedroom floor plans averaging 600 square feet across 19 one- and two-story buildings. Communal amenities include two pools, two laundry rooms, a clubhouse, business center, fitness center and a picnic area. Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land that could be used to add more units or amenities. Mitch Sinberg and Matt Robbins of Berkadia originated the loan on behalf of the borrower, New York City-based GMF Capital.

November 20, 2020

Arkansas Loans Multifamily Southeast

Colliers Secures $19.4M Refinancing Loan for Multifamily Community Near Little Rock

by Alex Tostado November 20, 2020

CABOT, ARK. — Colliers Mortgage, a division of Colliers International, has provided a $19.4 million Fannie Mae refinancing loan for The Pointe at Cabot. The 180-unit multifamily community is situated at 3001 W. Main St. in Cabot, 26 miles northeast of downtown Little Rock. The 10-year loan features a 30-year amortization schedule. The Pointe at Cabot comprises 14 two- and three-story buildings, a single-story leasing office and a single-story pool building. Communal amenities include a pool, fitness center, clubhouse, a business center and grilling and picnic areas. The borrower was The Pointe at Cabot LLC.

November 20, 2020

Acquisitions Industrial Loans North Carolina Southeast

PGIM Provides $120M Acquisition Loan for Industrial Portfolio in North Carolina

by Alex Tostado November 19, 2020

DURHAM AND GREENSBORO, N.C. — PGIM Real Estate has provided a $120 million acquisition loan for Patriot Park and Triangle Industrial Portfolio, two industrial campuses totaling 24 buildings in Durham and Greensboro, respectively. Blackstone Real Estate Income acquired the properties, which span nearly 3 million square feet. Tom Goodsite of PGIM originated the floating-rate loan on behalf of Blackstone. Patriot Park is located at 4032 Patriot Park and 2 Freedom Court on the edge of Research Triangle Park. The property comprises two buildings featuring 30-foot clear heights. Triangle Industrial Portfolio comprises six properties near Piedmont Triad International Airport. The list of properties was not disclosed, and the seller was not disclosed.

November 19, 2020

Loans Multifamily Student Housing Washington Western

Highland Realty Capital Secures $41M Financing for 976-Bed Student Housing Community Near Washington State

by Amy Works November 19, 2020

PULLMAN, WASH. — Highland Realty Capital has secured a $41 million bridge loan for The Ruckus, a 976-bed student housing community located near Washington State University in Pullman. The company secured financing — $2 million of which will be used to convert 89 four-bedroom units into three-bedroom units with bed-to-bath parity — through a Los Angeles-based debt fund on behalf of the borrower, NB Private Capital (NBPC). “Bed-to-bath parity is always an issue, and with COVID-19, it became an obvious upgrade for us to make,” says Blake Wettengel, president of NBPC.

November 19, 2020

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $36M Construction Loan for Boston Affordable Housing Project

by Taylor Williams November 19, 2020

BOSTON — MassHousing has provided a $36 million construction loan for the development of The Loop at Mattapan Station, a 135-unit affordable housing community located in the Mattapan area on the south side of Boston. Preservation of Affordable Housing, a nonprofit organization, is developing the building, which will house 10,000 square feet of ground-floor retail space and is expected to be complete in June 2022. The unit mix will include six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments.  Approximately 30 percent of the units will be designated as workforce housing.

November 19, 2020

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