Loans

Berkadia Provides $74M Refinancing Loan for Multifamily Community in Northeast Orlando

by Alex Tostado October 9, 2020

ORLANDO, FLA. — Berkadia has provided a $74 million Freddie Mac refinancing loan for Linden Audubon Park, a 449-unit multifamily community in Orlando. The 10-year loan features a floating interest rate with a partial interest-only payment period. The 19-acre property comprises 12 three- and four-story buildings offering one- to three-bedroom floor plans. Communal amenities include two pools, a poolside bar and TVs, outdoor kitchen, two-story clubhouse, fitness center and a dog park. The asset is situated at 990 Warehouse Road, four miles northeast of downtown Orlando. Charles Foschini and Chris Apone of Berkadia originated the loan on behalf of the borrower, Norfolk, Va.-based Harbor Group International.

October 9, 2020

Industrial Kentucky Loans Southeast

NorthMarq Arranges $4.2M Refinancing of Industrial Property in Northern Kentucky

by Alex Tostado October 9, 2020

ERLANGER, KY. — NorthMarq has arranged a $4.2 million refinancing loan for Donaldson Road Center I, a two-building, 121,000-square-foot industrial property in Erlanger. An undisclosed life insurance company provided the 10-year loan, which features a 25-year amortization schedule. The facility is located at 1360-1390 Donaldson Road, three miles southeast of Cincinnati/Northern Kentucky International Airport and 11 miles southwest of downtown Cincinnati. The facilities were leased to tenants including Fry Fastening Systems, Trane Supply and Sherwin-Williams Commercial Paint Store at the time of the loan closing. The borrower was not disclosed.

October 9, 2020

California Loans Office Western

PSRS Arranges $7.1M in Refinancing for Office Park in Westlake Village, California

by Amy Works October 9, 2020

WESTLAKE VILLAGE, CALIF. — PSRS has arranged $7.1 million in refinancing for Promenade Office Park, a multi-tenant office building located in Westlake Village. The building features 74,000 square feet of office space. Grady Seldin of PSRS secured the financing through a life insurance company for the undisclosed borrower.

October 9, 2020

Illinois Loans Midwest Multifamily

Berkadia Provides $18.3M Refinancing for Multifamily Property Near St. Louis

by Kristin Harlow October 9, 2020

BETHALTO, ILL. — Berkadia has provided an $18.3 million Fannie Mae loan for the refinancing of Metro Apartments at Bethalto, a 351-unit multifamily complex in Bethalto, northeast of St. Louis. The garden-style asset is located at 190 Rue Sans Souci. It features one-, two- and three-bedroom floor plans along with a basketball court, playground, baseball field and outdoor grilling areas. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based KH Properties. The 12-year loan features a fixed interest rate at low-3 percent with two years of interest-only payments, a 75 percent loan-to-value ratio and a 30-year amortization schedule.

October 9, 2020

Loans Massachusetts Multifamily Northeast Seniors Housing

Rockport Arranges $81.8M Loan for Refinancing of Boston Seniors Housing Community

by Taylor Williams October 9, 2020

BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the proceeds to renovate unit interiors, mechanical systems and amenity spaces.

October 9, 2020

Loans Massachusetts Multifamily Northeast

ORIX Provides $19.9M Loan for Refinancing of Metro Boston Multifamily Asset

by Taylor Williams October 9, 2020

QUINCY, MASS. — ORIX Real Estate Capital has provided a $19.9 million FHA-insured loan for the refinancing of Fenno House, a 152-unit affordable housing community located in the southern Boston suburb of Quincy. The property was built in 1973. Hampden Park Capital arranged the loan on behalf of the borrower, Wollaston Lutheran Housing Corp., which will use a portion of the funds to rehabilitate and preserve the affordability of the property. Curtis Construction Co. is the general contractor for the renovation project.

October 9, 2020

Metropolitan-at-Park-40-Morristown-New-Jersey

Loans Multifamily New Jersey Northeast

New York Life Provides $36.5M Loan for Multifamily Asset in Morristown, New Jersey

by Taylor Williams October 8, 2020

MORRISTOWN, N.J. — New York Life Real Estate Investors has provided a $36.5 million loan for The Metropolitan at 40 Park, a 130-unit apartment building in Morristown, about 35 miles west of New York City. The property features studio, one- and two-bedroom units that offer private balconies or terraces. Amenities include a fitness center, game room, rooftop terrace and a package center with lockers. A partnership between Woodmont Properties and Roseland Residential Trust developed the seven-story, Class A building in 2010.

October 8, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges Permanent Financing for 80-Unit Centurion Union Apartments in New Jersey

by Taylor Williams October 8, 2020

UNION, N.J. — JLL has arranged an undisclosed amount of permanent financing for Centurion Union, a newly built, 80-unit apartment building in Union, located southwest of Newark. Residents have access to amenities including a fitness center, game room, lounge, coworking space, dog run and a children’s playroom. Michael Klein and Max Custer of JLL arranged the fixed-rate loan through Provident Bank on behalf of the borrower, American Landmark Development.

October 8, 2020

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $40M Refinancing for Multifamily Property in Minneapolis

by Kristin Harlow October 7, 2020

MINNEAPOLIS — Colliers Mortgage has provided a $40 million Fannie Mae loan for the refinancing of Stevens Community Apartments in Minneapolis. The 618-unit multifamily property consists of 23 buildings. The asset was constructed in phases from 1913 to 1964 and has been renovated several times. The loan features a 12-year term and a 30-year amortization schedule. Stevens Community Associates LP was the borrower.

October 7, 2020

Colorado Development Loans Multifamily Western

Parkview Financial Provides $26M Construction Loan for Art District Lofts in Downtown Denver

by Amy Works October 7, 2020

DENVER — Parkview Financial has provided a $26 million construction loan to CRE Development Investments for the development of Art District Lofts, an apartment community located at 1275 Santa Fe Drive in Denver. With this financing, construction has now commenced with completion slated for December 2021. Situated in Denver’s Art District, the eight-story project will feature 115 apartments and 2,622 square feet of ground-floor retail space. Art District Lofts will offer 51 studios, 55 one-bedroom units and nine two-bedroom units with an average unit size of 548 square feet. Community amenities will include private balconies, a fitness center, rooftop deck and secure bike parking. The property will also offer 48 garage and surface parking spaces.

October 7, 2020

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