Loans

Tower Capital Arranges $15.6M Acquisition, Rehab Loan for Multifamily Property in Metro Portland

by Amy Works May 20, 2021

TUALATIN, ORE. — Tower Capital has arranged a $15.6 million acquisition and rehabilitation loan for an apartment community located in Tualatin, a suburb of Portland. The undisclosed borrower acquired the property in an off-market transaction. The asset features 74 units in a mix of one-, two- and three-bedroom floor plans with outdoor balconies or patios. The borrower plans to implement a capital improvement program to upgrade the remaining 66 partially renovated units. Interior renovations will include installation of stainless steel appliances, lighting fixtures, plumbing fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, tile backsplashes in the kitchen and new electrical plates. Community amenities include picnic areas, barbecuing stations and natural scenic paths. The three-year bridge loan features a floating interest rate starting at 3.2 percent based upon a 75 percent loan-to-cost ratio. Additionally, Tower Capital introduced the borrower to a limited partner that provided $4 million of capital with a 10 percent preferred return and graduated waterfall structure.

May 20, 2021

Loans Multifamily New York Northeast

Urban Standard Capital Provides $8.7M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams May 20, 2021

NEW YORK CITY — Urban Standard Capital has provided an $8.7 million construction loan for the completion of a 24-unit multifamily project in the Bedford-Stuyvesant neighborhood of Brooklyn. The project is a redevelopment of a three-story building previously owned by Grace Baptist Church. The borrower, Spencer Developers, expects to complete the redevelopment in about three months. Seth Weissman, Charlie Brosens and Robert Levine of Urban Standard Capital originated the financing.

May 20, 2021

Affordable Housing Development Loans Multifamily New York Northeast

CIT Group Provides $35.7M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams May 19, 2021

NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.

May 19, 2021

Acquisitions Loans Multifamily Washington Western

Berkadia Arranges $19.1M Sale of Apartment Property Near Seattle

by Amy Works May 18, 2021

BURIEN, WASH. — Berkadia has brokered the sale and financing for Arbour Court, a garden-style community located at 2225 S. 112th St. in Burien, a suburb of Seattle. Kuhar Bay Club sold the asset to a private group of local investors for $19.1 million. Kenny Dudunakis, Ben Johnson and David Sorensen of Berkadia’s Seattle office represented the seller in the transaction. Robert Doxsee and Michael Manolides of Berkardia Seattle’s office, along with Brad Williamson of Berkadia’s Miami office, arranged a $15 million acquisition loan on behalf of the buyer through New York-based Ready Capital. Built in 1990, Arbour Court features 75 units in a mix of one-, two- and three-bedroom floor plans ranging from 700 square feet to 1,030 square feet. Units offer gourmet kitchens, fireplaces, large walk-in closets and in-unit washers/dryers. Community amenities include an indoor pool, sauna and a fitness center.

May 18, 2021

Loans Michigan Midwest Multifamily Seniors Housing

Greystone Provides $27.8M HUD-Insured Loan for Refinancing of Seniors Housing Property in Southfield, Michigan

by Kristin Harlow May 18, 2021

SOUTHFIELD, MICH. — Greystone has provided a $27.8 million HUD-insured loan for the refinancing of Solaire Apartments in Southfield. The 383-unit seniors housing property was built in 1970. The asset features two buildings with a variety of floor plans. Amenities include a clubhouse, pool, picnic area, beauty salon, library and fitness center. Dan Sacks of Greystone originated the loan on behalf of the borrower, Loop Investments. The HUD Section 223(a)(7) loan replaces an existing FHA loan and features a lower interest rate, a 35-year term and a 40-year amortization schedule.

May 18, 2021

Affordable Housing Loans Multifamily New Jersey Northeast

Bellwether Provides $7.9M Agency Perm Loan for Newark Mixed-Income Property

by Taylor Williams May 18, 2021

NEWARK, N.J. — Bellwether Enterprise has provided $7.9 million in Freddie Mac permanent financing for Aston Heights, a newly constructed mixed-income property located at 685 MLK Blvd. in Newark. The property totals 154 units, 51 of which will be set aside for public housing and be subsidized by the Newark Housing Authority. In addition, 49 units will be subsidized by a long-term Section 8 Housing Assistance Program (HAP) contract. The borrower, Pennrose Properties, developed the property in conjunction with the Newark Housing Authority. Victor Agusta of Bellwether Enterprise originated the financing, which retires the original Freddie Mac construction loan.

May 18, 2021

Development Loans Maryland Multifamily Southeast

JLL Arranges $82.6M Construction Financing for Multifamily Project in Columbia, Maryland

by Julia Sanders May 17, 2021

COLUMBIA, MD. — JLL has arranged an $82.6 million construction loan for the development of Marlow, a 472-unit apartment community with 32,340 square feet of ground-floor retail space located in downtown Columbia. Mark Gibson, Jamie Leachman, Drake Greer and Jackson Cabot of JLL secured the floating-rate construction loan on behalf of the borrower, an affiliate of The Howard Hughes Corp. The four-year loan includes a one-year extension option. Located at 6200 Valencia Lane, Marlow will total 510,181 rentable square feet and include studio, one-, two- and three-bedroom floorplans, in addition to eight loft units with two-story layouts. Initial delivery of the apartments is expected in fall 2022. The Marlow will be part of Merriweather District, Howard Hughes Corp.’s 14 million-square-foot master-planned development. Merriweather District will total 2.3 million square feet of office space; 320,000 square feet of retail space; 1,900 multifamily units; a 250-room hotel, community pavilion; and about 60 acres of open space. The Merriweather District features Symphony Woods, a 40-acre parkland area, and Merriweather Post Pavilion, a music and community venue.

May 17, 2021

Loans Multifamily Nevada Western

KeyBank Arranges $58.5M in Financing for Tanager Apartments in Las Vegas

by Amy Works May 17, 2021

LAS VEGAS — KeyBank has arranged a $58.5 million fixed-rate, investor-placed loan for the refinancing for Tanager, an apartment community in Las Vegas. The borrower is Texas-based The Howard Hughes Corp. Built in 2019, Tanager features 267 one- and two-bedroom apartments spread across three three-story residential buildings on nine acres. Amenities include a fitness center, game room, pool, spa, courtyard and outdoor kitchen with television lounge. Trevor Ritter of KeyBank Real Estate Capital’s Commercial Mortgage Group and Dan Silbert of KeyBank’s Institutional Real Estate Group structured the 10-year financing with full-term interest-only payments and a 30-year amortization schedule.

May 17, 2021

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Secures $18.5M Acquisition Loan for Alturas Embry Hills Apartments in Doraville, Georgia

by Julia Sanders May 17, 2021

DORAVILLE, GA. — Berkadia has secured $18.5 million in acquisition financing for Alturas Embry Hills, a 140-unit, garden-style multifamily property in Doraville. Josh Finley of Berkadia’s Atlanta office originated the Freddie Mac loan on behalf of the buyer, New York-based Quad Property Group. The seller was Liquid Capital based out of New York. The 10-year loan features five years of interest-only payments, 30-year amortization schedule and a 75 percent loan-to-value ratio. Upon acquiring the property, Quad Property Group plans to spend over $1 million on interior and exterior upgrades. Located at 3544 Old Chamblee Tucker Road, Alturas Embry Hills was originally built in 1966. It has since been rebranded as Summit Embry Hills. The apartment complex underwent exterior renovations between 2018 to 2020 and features a mix of one-, two- and three-bedroom floorplans. The property has access to nearby retail shops and is close to Interstate 285. The property is currently 97 percent occupied.

May 17, 2021

Loans Multifamily Texas

MMCC Arranges $18M Acquisition Loan for Multifamily Property in Corpus Christi

by Taylor Williams May 17, 2021

CORPUS CHRISTI, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18 million acquisition loan for a 250-unit multifamily property in Corpus Christi. Jamie Safier of MMCC structured the nonrecourse loan with a 10-year term, a fixed interest rate of 3.77 percent and five years of interest-only payments. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. The direct lender and property name were also not disclosed.

May 17, 2021

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