NEW YORK CITY — Ready Capital has closed a $24.6 million loan for the acquisition, renovation and stabilization of a 52-unit, Class B multifamily property located in the Greenpoint neighborhood of Brooklyn. Upon acquisition, the sponsor will convert the existing multifamily building into a co-living property. Additionally, the sponsor will implement a capital expenditure to prepare the co-living units for occupancy, which includes fully furnishing each unit. Ready Capital closed the nonrecourse, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.
AUSTIN, TEXAS — CBRE has arranged $72 million in debt and equity capital for the development of 701 Rio, a 120,000-square-foot speculative office project in downtown Austin. Mike Landon and Griffin Papaila of CBRE arranged a construction loan through Bank of Texas and BancFirst and delivered Barings as an equity partner to the borrower, B&Z Investments LLC. B&Z and Hensel Phelps, the co-developer and general contractor, broke ground on the project in January and expect to complete it in June 2021. BGK Architects designed the project, which will include 12,000 square feet of retail space and five stories of underground parking.
HOUSTON — Ready Capital has closed a loan of an undisclosed amount for the acquisition and stabilization of a 219-unit apartment community in Houston’s Greenway Plaza submarket. Upon acquisition, the sponsor will use a portion of the loan proceeds to renovate units and achieve market-rent premiums. The nonrecourse loan carried a fixed interest rate, a 60-year term and a declining prepayment schedule. The sponsor and property name were not disclosed.
AVON, BROWNSBURG, PLAINFIELD AND DANVILLE, IND. — Newmark Knight Frank (NKF) has arranged $102 million in Fannie Mae debt financing for the acquisition of a 1,024-unit multifamily portfolio in suburban Indianapolis. The four properties include Avon Creek Apartments in Avon, Brownsburg Crossing Apartments in Brownsburg, Saratoga Crossing Apartments in Plainfield, and Settlers Run Apartments in Danville. Spruce Capital purchased the portfolio from Hampshire Properties for $133 million. Ari Schwartzbard, Matt Mense and Daniel Sarsfield of NKF secured the loan at a 75 percent loan-to-value ratio.
GRAND RAPIDS, MICH. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The developer is currently underway on the Keller Lake expansion.The project will add 53 independent living units to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living units and 39 skilled nursing beds.
CHICAGO — Associated Bank has provided a $15.5 million loan for the acquisition of a 22,500-square-foot land parcel and subsequent construction of an apartment project. The borrower, Cedar Street Cos., plans to develop a five-story, 78-unit apartment building at the site, which is located at 5440 N. Sheridan Road in Chicago’s Edgewater neighborhood. Method Development, a wholly owned subsidiary of Cedar Street, will serve as general contractor. Once completed, the apartments will be managed by Flats, an affiliate of Cedar Sreet.Daniel Barrins of Associated Bank managed the loan and closing.
ORLANDO, FLA. — Hall Structured Finance has provided a $140 million, non-recourse construction loan for four hotels totaling nearly 1,000 rooms at the western entrance of Walt Disney World Resort in Orlando. The four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. Real estate developer Doradus Partners is simultaneously developing all four hotels and expects to deliver them by the end of the year. The hotels will be located in the Flamingo Crossings Town Center, a new master-planned development that includes hotels, retail, dining and housing for students participating in Disney internships and college programs. At the heart of the mixed-use project will be an approximately 200,000-square-foot retail hub, which will include more than 50 tenants and more than 1,700 parking spaces. The new hotels will share a five-story parking garage, surface parking and a sports court. The four hotels will also be bookable as part of Walt Disney Travel Co. packages. Justin Ownby, Adrienne Kautzman and Mauricio Rodriguez of Berkadia arranged the construction loan through Hall Structured Finance on behalf of Doradus Partners.
RUSTON, LA. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac refinancing loan for University Crossing Apartments, a 552-bed student housing community located near Louisiana Tech University in Ruston. Hayley Suminski and Amanda Kutia of KeyBank originated the floating-rate financing on behalf of the borrower, WFInvestments. The loan features a 10-year term with three years of interest-only payments. Communal amenities include a pool, sundeck, 24-hour fitness center, clubhouse, study lounge, bicycle parking, a community kitchen and upright tanning beds. The garden-style community is currently undergoing renovations.
LINTHICUM HEIGHTS, MD. — Ready Capital has closed a $7.2 million acquisition loan for a 182-room hotel adjacent to Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights. The undisclosed borrower has reflagged the existing Rodeway Inn to a Wingate by Wyndham. Additionally, the hotel will go from economy class to mid-scale. In conjunction with the reflagging, a property improvement plan will be implemented to further increase average daily revenue (ADR) and occupancy. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a three-year term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for the property improvement plan.
WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2019 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. PNC Real Estate/Midland Loan Services led the field with $702 billion in loan volume as of Dec. 31, 2019, narrowly edging out Wells Fargo Bank ($700 billion). KeyBank National Association ($306 billion), Berkadia Commercial Mortgage LLC ($280 billion) and CBRE Loan Services ($228 billion) rounded out the top five. The Washington, D.C.-based association released the rankings at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes Wednesday. The MBA also ranked a few different categories in its report, including ranking the top agency servicers. For Fannie Mae loans, Wells Fargo, Walker & Dunlop, Berkadia, CBRE and Newmark Knight Frank (NKF) are the top five servicers. For Freddie Mac, Wells Fargo, KeyBank, PNC, CBRE and Berkadia are the top five performers. Orix Real Estate Capital, Walker & Dunlop, Berkadia, Greystone and Wells Fargo were the top Federal Housing Authority (FHA) and Ginnie Mae servicers. Wells Fargo, PNC, KeyBank, NKF and JLL were the top CMBS servicers, and JLL was at the top of …