Wednesday, November 27, 2024
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Berkadia Secures $42.5M Loan for Skye at Hunter’s Creek Apartments in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Berkadia has secured a $42.5 million loan for Skye at Hunter’s Creek, a 216-unit apartment community located at 1300 Santa Rosa Drive in the Central Florida city of Kissimmee. Brad Williamson, Wesley Moczul, Mitch Sinberg, Matt Robbins and Scott Wadler of Berkadia arranged the loan on behalf of the borrower, ZMR Capital, a Tampa-based real estate investment firm. Nuveen Real Estate provided the three-year, floating-rate loan, which was underwritten with two one-year extension options, full-term interest only payments, a 68 percent loan-to-value ratio, an interest rate cap and flexible prepayment terms. Built in 2015, Skye at Hunter’s Creek features newly renovated one-, two- and three-bedroom apartments, as well as a new resident clubhouse, resort‐style swimming pool, outdoor pavilion, fitness center, bark park, business center, detached garages, a playground and electric vehicle charging stations.

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DevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Kennedy Wilson Provides $175M Construction Loan for KRE Group’s 49-Story Apartment Tower in Jersey City

by John Nelson

JERSEY CITY, N.J. — Beverly Hills, Calif.-based Kennedy Wilson has provided a $175 million senior construction loan for the development of Artwalk Towers, a 49-story apartment high-rise project in Jersey City. Locally based KRE Group is the developer behind the new multifamily tower, which will comprise 595 units in the city’s Journal Square neighborhood. KRE Group, which has developed more than 1,800 apartments in Journal Square across multiple projects, expects to complete Artwalk Towers by fourth-quarter 2027. Upon completion, Artwalk Towers will feature a street connector to a PATH train station, resort-style pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. “We are excited to close on our first loan with [KRE Group], which has a proven track record of delivering top-tier projects that meet the needs of the area’s residents,” says Thomas Whitesell, head of Kennedy Wilson’s debt investment group. “The Artwalk Towers loan aligns with our strategy to support transformative multifamily developments in urban areas.” Whitesell says that the firm’s debt investment group has originated more than $2.4 billion in loans that financed approximately 8,900 multifamily and student housing units across the country during its first year of operation. Jersey …

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Content PartnerFeaturesIndustrialLoansMidwestMultifamilyNortheastSelf-StorageSoutheastTexasWestern

Part 1: Navigating the Financing Landscape: What’s Driving Activity Today?

by Sarah Daniels

By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part one of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well-positioned going forward. Much has been written about the decline in transaction volumes over the last 24 months. There is no question that properties are changing hands at a slower pace compared to the activity seen during the low interest rate environment that prevailed during the pandemic. Even so, many investors continue to seek out financing to address a variety of circumstances. In today’s market, beyond simply refinancing due to an upcoming loan maturity, three scenarios have been driving financing activity among owners of self-storage, multifamily and industrial assets: restructuring debt as a project evolves, elective refinancing to improve performance and capitalizing on a new business plan. We will cover the first theme below in part one of this two-part series. Business Plan Progression Offers Opportunities for Owners to Unlock Value As a business plan evolves and the asset matures, it’s beneficial for owners to reassess their capital stack to optimize investment performance and maximize their goals. Completing a refinance at a natural project inflection …

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FloridaLoansSeniors HousingSoutheast

MonticelloAM Provides $87M Bridge and Working Capital Financing for Skilled Nursing Portfolio in Florida

by John Nelson

NEW YORK CITY — Multifamily and seniors housing bridge lending platform MONTICELLOAM LLC (MonticelloAM) has provided $87 million in bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida. The portfolio comprises 450 skilled nursing beds across four properties. Proceeds from the loan, which features a 24-month term and two six-month extensions, were used to refinance existing debt on the properties. A $7 million working capital revolver will fund day-to-day operational expenses for the facilities. The borrower was not disclosed.

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Garden-Village-Berkeley-CA
CaliforniaLoansMultifamilyStudent HousingWestern

JLL Secures $45M Acquisition Financing for Garden Village Student Housing Community Near UC Berkeley

by Amy Works

BERKELEY, CALIF. — JLL Capital Markets has secured $45 million in financing for Hawkins Way Capital’s acquisition of Garden Village, a student housing community in Berkeley. Located at 2201 Dwight Way, Garden Village offers 77 residential units for students. The property will be operated as the FOUND Study Southside Berkeley and will be managed by FCL Management. Built in 2016 near the University of California, Berkeley (UC Berkeley), the mid-rise property offers a mix of two- and four-bedroom floor plans, a rooftop farm and flower garden, secured access, outdoor patios, an indoor lounge, laundry room, fitness center and bike storage. The community consists of 18 buildings, totaling 64,301 square feet. Brandon Smith, Annie Rice and Gyasi Edmondson of JLL Capital Market’s Debt Advisory arranged the two-year, floating-rate loan through Limekiln Real Estate Investment Management. The financing package includes an initial funding of $36 million, with an additional $9 million available for future funding.

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200-Park-Ave-San-Jose-CA
CaliforniaLoansOfficeWestern

Nuveen Green Capital Closes $220M in C-PACE Financing for 200 Park Avenue Office Building in San Jose

by Amy Works

SAN JOSE, CALIF. — Nuveen Green Capital, on behalf of Jay Paul Co., has closed $220 million in C-PACE financing for 200 Park Avenue, an office building in San Jose. Commercial Property Assessed Clean Energy (C-PACE) provides flexible financing solutions for new, ongoing or recently completed commercial real estate projects. The financing was used to recapitalize the building’s sustainability and resiliency measures. Designed and developed by Jay Paul Co., the 19-story tower offers 965,000 square feet of Class A office space, including 24,300 square feet of outdoor terraces, four levels of underground parking and a 20,500-square-foot fitness and amenity center. Matt Cimino and Bruce Ganong of JLL Capital Market’s Debt Advisory represented the sponsor in the financing transaction.

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500-600-W-Huntington-Dr-Monrovia-CA
CaliforniaLoansRetailWestern

Gantry Secures $55.9M Acquisition Loan for Grocery-Anchored Retail Center in Monrovia, California

by Amy Works

MONROVIA, CALIF. — Gantry has secured a $55.9 million acquisition loan for Huntington Oaks, a retail center located at 500-600 W. Huntington Drive in Monrovia. The acquisition encompasses 251,000 square feet of leasable space, with major tenants including a mix of national retailers, restaurants and service retailers. According to the property website, the shopping center’s tenant roster includes Trader Joe’s, Marshalls, Chili’s, Petco and Panera Bread, among others. George Mitsanas, Braden Turnbull and Austin Ridge of Gantry’s Los Angeles (El Segundo) production office arranged the loan on behalf of the borrower, a private real estate investor. The five-year, fixed-rate loan was secured through one of Gantry’s correspondent insurance lenders, underwritten to a full-term interest only.

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101-Redwood-Shores-Redwood-City-CA
CaliforniaLoansOfficeWestern

Diamond Investment Properties Receives $37.7M Refinancing for Office Building in Redwood City, California

by Amy Works

REDWOOD CITY, CALIF. — Diamond Investment Properties has received a $37.7 million loan for the refinancing of 101 Redwood Shores, a Class A office building in Redwood City. Zuora, an enterprise software company, fully occupies the 100,000-square-foot office building and has approximately five years remaining on its lease. Mike Walker and Brad Zampa of CBRE’s Northern California Capital Markets Institutional Properties office represented arranged the loan on behalf of Diamond Investment Properties. A Chicago-based financial institution originated the loan.

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District of ColumbiaHealthcareHospitalityIndustrialLoansMultifamilyOfficeRetailSoutheast

MBA: Third-Quarter Commercial, Multifamily Borrowing Increased 59 Percent Year-Over-Year

by John Nelson

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations increased 59 percent in the third quarter of 2024 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The third-quarter volume also represents a 44 percent increase from the second quarter. There was a 510 percent year-over-year increase in the dollar volume of loans for healthcare properties, a 99 percent increase for hotel properties, 82 percent increase for retail properties, 57 percent increase for industrial properties and a 56 percent increase for multifamily properties. Office real estate originations decreased 3 percent from a year ago. Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 260 percent year-over-year. There was a 69 percent increase for depository (i.e. bank) loans, a 62 percent increase for investor-driven lender loans, 31 percent increase in loans for life insurance companies and a 28 percent increase in loans from government-sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac). Jamie Woodwell, MBA’s head of commercial real estate research, says that lower interest rates due in part to the Federal Reserve’s 50-basis-point decrease in September were “a key driver” for the uptick …

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhioSeniors Housing

KeyBank Provides $93M in Construction Financing for Affordable Seniors Housing Community in Columbus

by Kristin Harlow

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $43.3 million construction loan and $23.8 million in Low-Income Housing Tax Credit financing for construction of The Caravel, a 234-unit affordable seniors housing community in Columbus. KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project. The Caravel will provide affordable housing for individuals age 55 years or older who earn no more than 70 percent of the area median income. All units will be adaptable to residents with ADA needs, and 25 will be fully accessible. The developer, Kittle Property Group, is partnering with Homeport to provide residents with resources and connect them to services throughout the community. Homeport will provide a service coordinator for residents. Derek Reed and David Lacki of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.

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