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Ovatto-Apts-Albuquerque-NM
LoansMultifamilyNew MexicoWestern

Thayer Manca Residential Receives $23.9M in Fannie Mae Financing for Ottavo Apartments in Albuquerque

by Amy Works

ALBUQUERQUE, N.M. — Thayer Manca Residential (TMR) has received a $23.9 million Orix Fannie Mae loan for the refinancing of Ottava Apartments in Albuquerque. TMR originally acquired the 200-unit property in August 2018. Previously Presidio, Ottavo Apartments recently underwent a $4 million renovation, including the addition of stainless steel appliances; LED light fixtures and new flooring in the units; and a reimagined clubhouse with remodeled game room and resident lounge, modernized fitness center with new cardio and strength equipment, package lockers and outdoor amenity enhancements.

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CaliforniaLoansOfficeWestern

Ready Capital Closes $15M Loan for Flex Office Property in Palo Alto, California

by Amy Works

PALO ALTO, CALIF. — Ready Capital has closed $15 million in financing for the acquisition, repositioning and lease-up of a flex office building in Palo Alto. Situated in the Embarcadero submarket, the property features 24,000 square feet of Class B flex office space. David Cohen of Ready Capital closed the financing for the undisclosed borrower.

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Benchmark-of-Hanover
LoansMassachusettsMultifamilyNortheastSeniors Housing

Cushman & Wakefield Arranges $29.8M Construction Loan for Metro Boston Seniors Housing Project

by Taylor Williams

HANOVER, MASS. — Cushman & Wakefield has arranged a $29.8 million loan for the construction of Benchmark of Hanover, a seniors housing project that will be located approximately 20 miles south of Boston. The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care. Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone of Cushman & Wakefield placed the debt through an undisclosed lender.

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LoansMultifamilyNew YorkNortheastRetail

Ready Capital Closes $9.5M Loan for Refinancing of Multifamily, Retail Portfolio in New York City

by Taylor Williams

NEW YORK CITY — Ready Capital has closed a $9.5 million loan for the refinancing of a four-property, 20,000-square-foot multifamily and retail portfolio in the Central Queens submarket of New York City. Proceeds will also be used to renovate and stabilize the portfolio. The borrower and specific loan terms were not disclosed.

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IndustrialLoansSouth CarolinaSoutheast

Ready Capital Closes $9.7M in Acquisition, Renovation Financing for Industrial Property in Greenville

by Alex Tostado

GREENVILLE, S.C. — Ready Capital has closed $9.7 million in acquisition and renovation financing for a 320,000-square-foot industrial property in Greenville. The 36-month, non-recourse loan features a floating interest rate and interest-only payments. The Class B asset is situated along Interstate 385. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade and subsequently lease-up the property. Improvements include roof and HVAC repairs, improved lighting, sprinkler system upgrades and fresh paint.

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Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $38.5M HUD-Insured Loan for Construction of Affordable Housing Property in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Colliers Mortgage has provided a $38.5 million HUD 221(d)(4) loan for the land acquisition and construction financing of Aster House Apartments, a 204-unit affordable housing property in Eagan. The project is slated to open in summer 2022. All units will be restricted to residents who earn up to 60 percent of the area median income. The loan is fully amortized over 40 years. The borrower was Eagan AH I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of low-income housing tax credits and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program. Colliers Securities LLC also underwrote tax-exempt bonds for the project.

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IllinoisLoansMidwestRestaurantRetail

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

by Kristin Harlow

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.

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ArizonaLoansMultifamilyWestern

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

by Amy Works

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.

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300-Third-Ave.-Waltham
FeaturesLoans

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

by Jeff Shaw

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 …

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