Loans

Dougherty Mortgage Provides $8.2M Fannie Mae Green Loan for Multifamily Property in Louisville

by Alex Tostado December 11, 2019

LOUISVILLE, KY. — The Atlanta office of Dougherty Mortgage recently provided an $8.2 million Fannie Mae acquisition loan for Newberry Parc Apartment Homes, a 132-unit, market-rate multifamily property in Louisville. Borrower Durham Hill Properties II LLC obtained the 12-year loan with a 30-year amortization schedule utilizing Fannie Mae’s Green Rewards program. Located at 250 Olde English Court, the apartment complex was constructed in 1971 and renovated in 2017. One- and two-bedroom units are located in six three-story residential buildings. Newberry Parc offers picnic and grilling areas, a pool, business center and onsite laundry.

December 11, 2019

Hospitality Loans New York Northeast

JBA Equities Arranges $135M Loan for Refinancing of Mondrian Park Avenue Hotel in Manhattan

by Alex Patton December 11, 2019

NEW YORK CITY — JBA Equities has arranged a $135 million loan for the refinancing of the Mondrian Park Avenue hotel in the NoMad district of Manhattan. Journal Hotels manages the 190-room hotel, which opened in October 2017. KeyBank Real Estate Capital provided a $110 million senior mortgage loan and South Korea-based Fidelis Asset Management provided a $25 million mezzanine loan. Jonathan Aghravi, Charles Han and Eli Terry of JBA Equities, along with Tal Bar-or of Lantern Real Estate, secured the loan for the borrower, Moin Development.

December 11, 2019

Development Florida Hospitality Loans Southeast

Madison Realty Capital Provides $210M Construction Loan for Four Seasons Hotel, Condos in Fort Lauderdale

by Alex Tostado December 10, 2019

FORT LAUDERDALE, FLA. — Madison Realty Capital has provided a $210 million construction loan for the development of the Four Seasons Hotel and Private Residences located at 525 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale. The borrower, Fort Partners, will use the financing to complete vertical construction on the 22-story Four Seasons-branded development, located approximately two miles from downtown Fort Lauderdale and adjacent to the Atlantic Ocean. The property, situated on an entire city block, will feature 148 hotel rooms and 83 residential condominium units, of which 60 percent have been presold. The hotel and condominiums will feature access to multiple infinity pools, five-star restaurants, ballrooms, meeting spaces, a fitness center, spa center and valet parking. Fort Partners holds the exclusive right to develop Four Seasons-branded properties in Florida and its previous developments include the Surf Club Four Seasons Hotel and Residences in Surfside and the Four Seasons Hotel Palm Beach. The new Four Seasons project in Fort Lauderdale is expected to open in 2021.

December 10, 2019

Florida Georgia Loans Multifamily Southeast

Grandbridge Originates $105M Refinancing for Multifamily Portfolio in Florida, Georgia

by Alex Tostado December 10, 2019

ATLANTA — Grandbridge Real Estate Capital has provided $105 million in loans to refinance four multifamily properties in Florida and Georgia. Alan Tapie of Grandbridge’s Atlanta office negotiated all four loans for undisclosed borrower(s). The properties involved are Timberwalk at Mandarin Apartments in Jacksonville, The Retreat at Crosstown Apartments in Riverview, Belara Apartments in Atlanta and Trellis Apartments in Marietta. All four loans were structured with 10-year terms and 30-year amortization schedules through Freddie Mac. The loan for Timberwalk at Mandarin Apartments has an initial interest-only period. The complex is located at 10263 Whispering Forest Drive and houses 284 units with one-, two- and three-bedroom layouts. The Timberwalk features a saltwater pool, outdoor sports areas, fire pit, cabanas, resident clubhouse, technology center, playground, fishing pier, fitness center and outdoor cooking stations. The Retreat at Crosstown Apartments is a 320-unit property located at 10301 Marsh Harbor Way. Tapie secured a $33.2 million permanent, fixed-rate loan for the complex. The Retreat at Crosstown offers one- and two-bedroom layouts, as well as a pool, outdoor area with fire pit, fitness center, grilling area, car care facility, game room, business center and package acceptance. Belara Apartments, located at 1570 Sheridan Road N.E., is a 182-unit multifamily community in Atlanta. Tapie secured the …

December 10, 2019

Loans Office Southeast Virginia

Rubenstein Mortgage Funds $47.8M Refinancing of Office Building in Northern Virginia

by Alex Tostado December 10, 2019

MCLEAN, VA. — Rubenstein Mortgage Capital, a private mortgage lending platform and affiliate of Rubenstein Partners, has provided a $47.8 million loan to Westport Capital Partners LLC. The borrower will use the loan to refinance 2000 Corporate Ridge Road, an office building in the Tysons Corner submarket in McLean, a suburb in the Washington, D.C. metro area. Westport Capital Partners recently completed an extensive capital improvement program at the 263,002-square-foot property. Proceeds of the loan refinanced the existing debt and will provide funding for future leasing costs as the asset is stabilized. NorthMarq arranged financing for Westport Capital Partners.

December 10, 2019

Loans Northeast Office Pennsylvania

J.P. Morgan Chase Provides $388M Loan for Refinancing of Office Complex in Philadelphia

by Alex Patton December 10, 2019

PHILADELPHIA — J.P. Morgan Chase has provided a $388 million loan for the refinancing of 1500 Market Street, a 1.7 million -square-foot, Class A office complex in Philadelphia. The property comprises two towers that rise 36 and 43 floors and are connected by a three-story atrium. Amenities include a fitness center and direct access to food options, retail and subway lines. The property is also the only office in the Philadelphia CBD with its own subterranean parking garage, offering 450 spots. Dustin Stolly and Jordan Roeschlaub led a Newmark Knight Frank team that arranged the financing in conjunction with David Rosenberg and Mark Silbersher of Walker & Dunlop. A partnership between Nightingale Properties and Wafra Capital Partners is the borrower and landlord of 1500 Market Street.

December 10, 2019

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $68.5 Loan for Refinancing of Seniors Housing Property in Manhattan

by Alex Patton December 10, 2019

NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 studio and one-bedroom apartments, including 250 age-restricted units. Rob Meehan and Jon Morales of Greystone originated the loan.

December 10, 2019

Loans Multifamily Washington Western

Mesa West Capital Funds $52M Loan for Purchase of Joseph Arnold Lofts in Seattle

by Amy Works December 10, 2019

SEATTLE — Mesa West Capital Partners has provided $52 million in first mortgage debt to a joint venture between Rise Properties Trust and Cigna Investment Management. The funds will be used for the purchase and repositioning of Joseph Arnold Lofts, an apartment community in Seattle. Built in 2013, “The Joe” features 131 units in a mix of studio, one- and two-bedroom with floor-to-ceiling windows. Community amenities include a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas. The sponsor has a moderate renovation program planned for the property that will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the lounge/game room, improvements to the lobby and new landscaping. Joshua Westerberg of Mesa West Capital originated the financing for the sponsor.

December 10, 2019

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $42.3M HUD Loan for Construction of Apartment Property in Minnesota

by Kristin Harlow December 10, 2019

ROBBINSDALE, MINN. — Dougherty Mortgage LLC has provided a $42.3 million HUD 221(d)(4) loan for the construction of Parker Station Flats in Robbinsdale, just northwest of Minneapolis. The apartment property will include 198 market-rate units. Dougherty originated the 40-year, fixed-rate loan on behalf of the borrower, Parker Station Flats LLC. The project also received tax-increment financing from the Robbinsdale Economic Development Authority and various environmental grants from the state of Minnesota, Hennepin County and Metropolitan Council.

December 10, 2019

California Loans Multifamily Western

DWG Capital Group, NKF Arrange $25M Joint Venture Equity for Inland Empire Multifamily Acquisition

by Amy Works December 10, 2019

MORENO VALLEY, CALIF. — DWG Capital Group and Newmark Knight Frank have closed a programmatic equity joint venture with an initial $25 million investment with Denver-based JCR Capital, on behalf of Los Angeles-based Crystal Asset Management. The funds will be used for Vista Springs, a 212-unit apartment development located at 21550 Box Springs Road in Moreno Valley. Built in 1989, the 174,360-square-foot property features one- and two-bedroom units with in-unit washers/dryers and central heating and air. Community amenities include a fitness center, playground, swimming pool, two spas and an on-site leasing office. The $25 million equity line was deployed for Crystal Asset Management’s expansion into the Inland Empire market that commenced with the $39.5 million acquisition of Vista Springs. Judd Dunning of DWG Capital Group and Brian Bowis of Newmark Knight Frank’s Capital Markets team closed the programmatic equity joint venture. Eric Flyckt and Aaron Beck of NorthMarq’s San Diego office arranged the debt, which will fund 100 percent of the renovation budget.

December 10, 2019

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