Loans

JLL Brokers Sale of 2900 Weslayan Office Building in Houston’s Greenway Plaza District

by John Nelson February 6, 2020

HOUSTON — JLL has arranged the sale of 2900 Weslayan, a six-story boutique office building located at the corner of Weslayan and West Alabama streets in Houston’s Greenway Plaza submarket. Houston-based Griffin Partners, using its investment vehicle Griffin Partners Office Fund III, purchased the 136,698-square-foot office building from Madison Marquette. Dan Miller and Katherine Miller of JLL represented the seller in the transaction. The office building was nearly 82 percent leased at the time of sale, including to retailers Baggy’s Grill, Apteek Pharmacy and Results Physiotherapy. Wally Reid, Cameron Cureton and John Ream, also with JLL, secured a three-year, floating-rate acquisition loan through Frost Bank on behalf of Griffin Partners. Janie Snider and Lee Moreland of Griffin Partners will manage 2900 Weslayan internally. The new ownership has retained Madison Marquette to lease the property.

February 6, 2020

Development Loans Multifamily Texas

Dougherty Mortgage Provides $35M HUD Construction Loan for Apartment Project in Terrell, Texas

by John Nelson February 6, 2020

TERRELL, TEXAS — Dougherty Mortgage has provided a $35 million construction loan for Crossroads at Terrell, a 270-unit, garden-style apartment community planned for a 10.5-acre site in the east Dallas suburb of Terrell. Dougherty’s Fort Worth office closed the HUD 221(d)(4) loan on behalf of the borrower and developer, an entity doing business as Terrell MF Ventures LLC. The loan features a 40-year term and 40-year amortization schedule. The Class A community will feature a package center, resort-style pool, fire pit, outdoor cooking, business center, clubhouse with kitchen, game room, fitness center, bicycle storage, dog park and a pet spa. The developer plans to build Crossroads at Terrell to National Green Building Bronze standards. The 221(d)(4) product is HUD’s flagship loan program financing the construction and redevelopment of market-rate and affordable housing apartment communities. Details about the project’s construction timeline were not disclosed.

February 6, 2020

Industrial Loans Texas

Philipsborn Arranges $4M Refinancing Loan for Distribution Center in Metro Houston

by John Nelson February 6, 2020

STAFFORD, TEXAS — The Philipsborn Co., a Chicago-based mortgage banking firm, has arranged a $4 million loan for the refinancing of a distribution center located at 4030 Bluebonnet Drive in Stafford, about 15 miles southwest of Houston. Built in 1983, the 66,336-square-foot warehouse is situated on 4.1 acres and features 24- to 26-foot clear heights, four exterior loading docks, nearly 10,000 square feet of finished office space and 2,628 square feet of refrigerated space. The facility is leased on a long-term basis to a national specialty food distributor. David Kubert of Philipsborn arranged the 15-year, fixed-rate loan through Ameritas Life Insurance Co. on behalf of the borrower, a private investor.

February 6, 2020

Healthcare Loans Louisiana Southeast

PGIM Real Estate Provides $10.7M HUD Refinance Loan for Skilled Nursing Facility in New Orleans

by Alex Tostado February 6, 2020

NEW ORLEANS — PGIM Real Estate Finance has provided a $10.7 million HUD loan to refinance St. Margaret’s Daughters Home, a nonprofit skilled nursing facility located in the Mid-City neighborhood of New Orleans. St. Margaret’s Daughters Home was constructed in 2013 and sits on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. The $33 million construction of the new facility was initially financed using a capital stack of New Market Tax Credits (NMTC), Historic Tax Credits (HTC), OCD Loan Funds, FEMA grant money, bank loan funds and sponsor equity. Through this refinancing, PGIM Real Estate Finance led the borrower in reducing and simplifying its existing debt via the HUD loan. St. Margaret’s Daughters Home features 100 rooms designed for occupancy by up to 112 residents. There are seven acute-care hospitals located within five miles of the property. St. Margaret’s Daughters Home is home to Team Gleason House, one of only two advanced-technology centers in the United States with dedicated design features for patients with ALS. Former New Orleans Saints football player Steve Gleason founded Team Gleason House.

February 6, 2020

Acquisitions Loans Multifamily Texas

NXT Capital Provides $30M Acquisition Loan for North San Antonio Apartments

by John Nelson February 5, 2020

SAN ANTONIO — Chicago-based NXT Capital has provided a $30 million acquisition loan for an undisclosed, Class B apartment community in San Antonio. The 300-unit property is located roughly 10 miles north of downtown San Antonio and features amenities such as a resident clubhouse, business center, fitness center and two pools. Tip Strickland, David Schwarz and Kevin Amend of Newmark Knight Frank placed the debt with NXT Capital on behalf of the undisclosed borrower.

February 5, 2020

Loans Midwest Missouri Multifamily

Maverick Commercial Arranges $10.2M First Mortgage Loan for Manufactured Housing Community in Missouri

by Kristin Harlow February 5, 2020

HOUSE SPRINGS, MO. — Maverick Commercial Mortgage has arranged a $10.2 million first mortgage loan for Byrnes Mill Farms manufactured housing community in House Springs, located about 30 miles southwest of St. Louis. Built in 1986, the 372-site community features a pool and clubhouse. A national lender provided the bridge loan, which features a 16-month term and a 30-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage, funded a reserve to be used for new house purchases, paid for closing costs and returned equity to the borrower, MHPI.

February 5, 2020

Industrial Loans Self-Storage Washington Western

Talonvest Negotiates $13.8M Refinancing for Self-Storage Facility in Seattle

by Amy Works February 5, 2020

SEATTLE — Talonvest Capital has secured a $13.8 million permanent loan on behalf of Catalyst Storage Investors for West Coast Self-Storage in Seattle. A CMBS lender funded the non-recourse, 10-year, fixed-rate, full-term, interest-only financing. The loan is secured by a Class A self-storage asset located at 3736 Rainier Ave. South in Seattle. Developed in 2014 by the borrower, the facility features 851 climate-controlled units and 64,689 net rentable square feet. Kim Bishop, Jim Davies, Tom Sherlock, David DiRienzo and Lauren Maehler of Talonvest arranged the financing.

February 5, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop Looks to Modernize the Multifamily Valuation Business with Apprise

by Sarah Daniels February 5, 2020

Technology and data are here to make things easier, faster and more accurate than ever before. However, some industries have lagged behind. This inspired Walker & Dunlop and its data science partner, GeoPhy, to fulfill a need in the market related to multifamily valuation. “We built Apprise because we saw a significant opportunity to improve a critical part of the underwriting and valuation process that has largely gone unchanged for decades,” says Brad Savage, Chief Product Officer for Apprise by Walker & Dunlop. “It is the natural and needed progression of any industry to harness the power of technology to make its practitioners more efficient and more informed. This is something we’re seeing in nearly all industries, except commercial real estate valuation…until now.” Apprise by Walker & Dunlop integrates data feeds and business processes that cover 80 percent of the steps in the traditional appraisal process. This can often result in appraisals in five days or less, compared to up to three weeks for traditional reports. The process is powered by GeoPhy’s Automated Valuation Model (AVM), which automates data feeds and can pre-populate relevant fields, preventing errors or duplicate entries that can happen with manual submissions. Selection bias is also reduced with the …

February 5, 2020

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Berkadia’s David Leopold on Tackling the Affordable Housing Crisis

by Sarah Daniels February 5, 2020

It’s no secret America is in a housing crisis, but the problem is easier to identify than it is to tackle. David Leopold, senior vice president and head of affordable housing for Berkadia, believes it can be tackled, however, if the industry’s best and brightest can collaborate on a nationwide strategy. Finance Insight (FI): What is your view on the affordable housing market? Leopold: It’s an exciting time in the affordable housing market. There’s massive demand for affordable housing nationwide, which means new opportunities for innovation and new needs to be fulfilled. There’s also a real sense of urgency and commitment galvanizing players across the industry to pursue innovative solutions that will result in decent, affordable and safe housing in every single community across the country. This extends to developers, lawmakers, real estate professionals and beyond. It’s a tall order, but this work is essential to the well-being of our communities. FI: Speaking of tall orders, what are some of the challenges facing the affordable housing industry? Leopold: Rent control is certainly a hot topic and will remain one in the year ahead. Last year was a significant chapter in the rent control debate, with comprehensive statewide reform enacted in …

February 5, 2020

Features Loans

CMBS Loans Face Few Refinance Hurdles

by Alex Patton February 3, 2020

A total of $109.6 billion of CMBS mortgages are up for refinancing over the next two years, with $57.6 billion coming due in 2020 and $52 billion the following year. Single-asset, single-borrower CMBS transactions represent 66 percent of this total, while conduit loans account for 29 percent. These are two of the largest deal types in CMBS. Short-term loans against hotels account for $31.7 billion, or 28.9 percent of the total coming due. That’s the result of the heavy acquisition and brand consolidation activity within the hotel segment in recent years. Office and retail comprise 21.6 percent and 23.2 percent of the total coming due, respectively. While interest rates have remained extremely low for the past two years, helping keep the incidence of maturity defaults low, the risk is that rates will increase, which could lead to a rise in defaults. (The 10-year Treasury yield stood at 1.8 percent as of mid-January compared with 2.7 percent a year earlier.) Analysis & Findings Trepp has reviewed the $31.6 billion of conduit loans maturing from now through 2021 and examined whether they would pass certain refinancing thresholds based on prevailing loan-to-value (LTV) and debt-service coverage ratios, as well as debt-yield requirements. We …

February 3, 2020

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