Loans

HJ Sims, Duncan-Williams Arrange $219.3M Financing Package for Seniors Housing Project in Tennessee

by Alex Tostado December 20, 2019

COLLIERVILLE, TENN. — Herbert J. Sims & Co., Inc. (HJ Sims) and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower for the development at 3382 Grand Central Circle E. is Retirement Cos. of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 percent pre-sold. Construction has commenced throughout the campus. The apartments will be delivered in stages, with the first resident occupancy planned for June 2021. The health campus is slated for completion in April 2021. Nine of the garden homes are already completed, with seven more currently under construction. REES Architects and Renaissance Group served as architects. Memphis-based Dalhoff Thomas design studio assisted as landscape architect. Linkous Construction Co. Inc. is the general contractor. Greystone is the project manager, with RCA as asset manager. Sims and Duncan-Williams were co-managers on the transaction, which was structured as …

December 20, 2019

Loans New Jersey Northeast Office

Meridian Capital Arranges $200M Loan for Refinancing of Bell Works Office Campus in Holmdel, New Jersey

by Alex Patton December 20, 2019

HOLMDEL, N.J. — Meridian Capital Group has arranged a $200 million loan for the refinancing of Bell Works, a 1.4-million-square-foot, class A office campus in Holmdel, located approximately 30 miles south of New York City. A balance sheet lender provided the loan, which the borrower, a partnership between Somerset Development Group and Adarsan Holdings, will use to complete capital improvements and pay off existing debt. Located at 101 Crawford’s Corner Road, the former research and development facility for Bell Labs and Alcatel Lucent is comprised of four six-story buildings with ground-floor retail space. The building was redeveloped from the Bell Labs scientific research center and current tenants including software companies iCIMS and WorkWave, as well as Guardian Life Insurance and Jersey Central Power & Light. Drew Anderman, Josh Berman and Eli Serebrowski of Meridian arranged the loan.

December 20, 2019

Development Loans Multifamily New York Northeast Retail

CIM Provides $120M Construction Loan for Redevelopment of Manhattan Residential Tower

by Alex Patton December 20, 2019

NEW YORK CITY — CIM Group has provided a $120 million construction loan for the redevelopment of 685 Fifth Avenue, a 115,330-square-foot multifamily and retail property in Manhattan. The borrower, a partnership of developer-owners SHVO, Bilgili Group and Deutsche Finance, will redevelop and rebrand the residences as 69 Mandarin Oriental and will construct 10 additional floors for the tower. Originally built in 1928, the 20-story building was the former headquarters of Gucci, and current retail tenants include apparel and accessory retailers Coach, Stuart Weitzman and Tag Heuer. Construction is slated for completion in 2021.

December 20, 2019

Loans Midwest Missouri Retail

NorthMarq Arranges $12M Refinancing for Retail Center in Chesterfield, Missouri

by Kristin Harlow December 19, 2019

CHESTERFIELD, MO. — NorthMarq has arranged a $12 million loan for the refinancing of Hilltown Village Center in Chesterfield, a western suburb of St. Louis. Anchored by Schnucks grocery store, the 141,889-square-foot retail center is located at 101 Hilltown Village Center. Jeff Chaney of NorthMarq arranged the 15-year, fixed-rate loan on behalf of the borrower, RIJO Inc. A life insurance company provided the loan, which is amortized over 25 years.

December 19, 2019

Loans Multifamily Texas

Truist Provides $39.1M Fannie Mae Acquisition Loan for Dallas Apartment Community

by Taylor Williams December 19, 2019

DALLAS — Truist Financial Corp., the entity formed by the merger of BB&T and SunTrust, has provided a $39.1 million Fannie Mae acquisition loan for Reserve at White Rock, a 312-unit apartment community in Dallas. The Class A property was built in 2000 in multiple phases and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, social area with a lounge and kitchen, theater room, business center, outdoor grilling stations, conference room and a jogging trail. Evan Hom of Truist originated the loan, which carries a 10-year term, four years of interest-only payments and a 30-year amortization schedule, on behalf of a New York-based private equity firm. Reserve at White Rock was 95 percent occupied at the time of the loan closing.

December 19, 2019

Connecticut Loans Northeast Office

Marcus & Millichap Arranges $6M in Financing for Rehabilitation Facility in New Haven, Connecticut

by Alex Patton December 18, 2019

NEW HAVEN, CONN. — Marcus & Millichap has arranged $6 million in financing for Retreat at Southern Connecticut, a rehabilitation facility in New Haven. The facility specializes in mental health services and substance abuse rehabilitation, and the loan will be used to increase treatment options and hire more than 150 new staff members. Stonehenge Capital provided the loan, terms of which were undisclosed. Robert Noeldechen of Marcus & Millichap handled the debt placement.

December 18, 2019

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Arranges $40.7M Sales of Two Multifamily Properties in Metro Atlanta

by Alex Tostado December 18, 2019

ATLANTA — Berkadia has arranged the sales of The Reserve in Lithonia and Friendly Hills Apartments in Decatur. Texas-based Praxis Capital acquired both communities for a combined $40.7 million. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia represented the seller, Atlanta-based Benimax, in both transactions. The Reserve, which sold for $23.9 million, is a garden-style community offering studio through three-bedroom floor plans. Community amenities include a swimming pool, playground, picnic area and a fitness center. The property is located at 5650 Hillandale Drive, 17 miles east of downtown Atlanta. Jackson Cloak of Berkadia arranged a $19.8 million acquisition loan through Bridge Investment Group on behalf of Praxis for The Reserve. Friendly Hills Apartments is also a garden-style community that offers two- and three-bedroom floor plans. Community amenities include a basketball court, laundry facilities, swimming pool and a playground. Friendly Hills is located at 10 Friendly Hills Drive, 13 miles east of downtown Atlanta. Cloak originated a $12.3 million Freddie Mac loan on behalf of Praxis for Friendly Hills.

December 18, 2019

Illinois Industrial Loans Midwest

Associated Bank Provides $15.8M Construction Loan for Spec Industrial Building in Des Plaines, Illinois

by Kristin Harlow December 18, 2019

DES PLAINES, ILL. — Associated Bank has provided a $15.8 million loan for the construction of Sherwin Industrial, a redevelopment project of a 7.8-acre industrial site in Des Plaines. Panattoni Development Co. is the borrower and developer. Panattoni plans to tear down two existing industrial buildings on the site and build a 162,000-square-foot speculative warehouse. Completion is slated for fall 2020. The project is situated in the O’Hare submarket. Krista Casper of Associated Bank handled the loan arrangements and closing.

December 18, 2019

Loans Multifamily Texas

NXT Capital Provides $37.8M Acquisition Loan for Apartment Community Near Fort Worth

by Taylor Williams December 18, 2019

HALTOM CITY, TEXAS — Chicago-based NXT Capital has provided a $37.8 million acquisition loan for an undisclosed, 312-unit apartment community in Haltom City, about eight miles north of downtown Fort Worth. The property features a pool, fitness center, business center, playground, outdoor grilling station, game room and a sport court. Alex Inman of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.

December 18, 2019

Florida Loans Multifamily ORIX Southeast

Hunt Provides $67.6M Freddie Mac Refinancing for New Multifamily Property in Broward County

by Alex Tostado December 17, 2019

HALLANDALE BEACH, FLA. — Hunt Real Estate Capital has provided a $67.6 million refinance loan for Artsquare at Hallandale, a multifamily property located in Hallandale Beach, approximately 13 miles south of Fort Lauderdale. The borrower is Hallandale Land Ventures LLP, a subsidiary of Integra Investments. The Freddie Mac Lease-Up loan has an 11-year term with four years of interest-only payments, followed by a 30-year amortization schedule. Built in 2018, the 358-unit community is located at 401 N. Federal Highway, less than two miles from the Atlantic Ocean. The property comprises six residential buildings located on a contiguous 2.7-acre parcel. Three of the buildings are walkups and the other three are mid-rises. Artsquare’s amenities include a pool, fitness center, yoga/spin studio, outdoor lounge, dog wash station, club room, social lounge, conference room, kids’ room and a private theater. The property also features six retail spaces totaling 13,500 square feet, as well as 328 covered parking spaces and 210 surface parking spaces. Artsquare’s current retail tenants include Land of a Thousand Hills Coffee and Orangetheory Fitness.

December 17, 2019

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