Loans

Ziegler Arranges $47.8M Financing for Seniors Housing Expansion in High Point, North Carolina

by Alex Tostado October 2, 2020

HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently offers 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to the buildings and exteriors throughout the existing campus. The project team includes borrower and developer ActionPact Development LLC, architect ActionPact Design Group LLC, general contractor Thomas Construction Group LLC, construction manager NewBanks Inc. and Dixon Hughes Goodman as feasibility consultant.

October 2, 2020

Loans Multifamily Texas Walker & Dunlop

Walker & Dunlop Funds $17.8M Loan for Refinancing of Fort Worth Apartment Community

by Taylor Williams October 2, 2020

FORT WORTH, TEXAS — Walker & Dunlop has funded a $17.8 million loan for the refinancing of Constellation Ranch, a 324-unit apartment community in Fort Worth. Built in 2015, Constellation Ranch features one-, two- and three-bedroom floor plans and amenities such as a pool, spa, clubhouse, business center, outdoor grilling areas and a pet park. Stuart Wernick and Matt Newton of Walker & Dunlop originated the financing, which was structured with a 10-year term and a floating interest rate, on behalf of the borrower, Maryland-based RailField Partners.

October 2, 2020

Loans Multifamily Texas

Colliers Provides Agency Loan for Refinancing of 128-Unit Multifamily Asset in Fredericksburg, Texas

by Taylor Williams October 2, 2020

FREDERICKSBURG, TEXAS — Colliers International has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Ten19@Friendship Lane, a 128-unit multifamily asset in Fredericksburg, about 80 miles west of Austin. The property was built in 1998 and offers amenities such as a fitness center, playground and onsite laundry services. Colliers originated the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as DCP 1019 Friendship Lane LLC.

October 2, 2020

Loans New York Northeast Office

Barclays Provides $483M Loan for Refinancing of Sotheby’s Headquarters Building in Manhattan

by Taylor Williams October 2, 2020

NEW YORK CITY — Barclays has provided a $483 million senior loan for the refinancing of the headquarters building of auction house Sotheby’s, which is located at 1334 York Ave. on Manhattan’s Upper West Side. Sotheby’s has operated out of the 10-story, 506,000-square-foot building since 1980. After redeveloping the property in 2000, Sotheby’s entered into a sale-leaseback agreement with RFR Holdings in 2003, but regained ownership of the property in 2009. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani and Dominick Calisto of Newmark Knight Frank placed the five-year loan on behalf of Sotheby’s.

October 2, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $4.4M Construction Loan for Boston Apartments

by Taylor Williams October 2, 2020

BOSTON — Cornerstone Realty Capital has arranged a $4.4 million construction loan for a nine-unit multifamily project in the Allston neighborhood of Boston. Units will feature granite countertops, custom cabinetry, stainless steel appliances and individual washers and dryers. Andrew Saccone of Cornerstone originated the financing, which was structured with 24 months of interest-only payments and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 2, 2020

Industrial Loans Midwest Ohio

KeyBank Provides $17.6M CMBS Loan for Acquisition of Warehouse in Wilmington, Ohio

by Kristin Harlow October 2, 2020

WILMINGTON, OHIO — KeyBank Real Estate Capital has provided a $17.6 million CMBS loan for the acquisition of a 615,000-square-foot warehouse in Wilmington, located between Cincinnati and Columbus. Built in 1990, Progress Park is home to tenants such as G&J Pepsi-Cola Bottlers and Greencore USA. Jake Proctor of KeyBank structured the 10-year, fixed-rate loan, which features three years of interest-only payments followed by a 30-year amortization schedule. I3 Investors, an Indianapolis-based private real estate investment firm, was the borrower.

October 2, 2020

Loans Multifamily Washington Western

Dwight Capital Provides $36.2M HUD Loan for Willina Ranch Apartments in Bothell, Washington

by Amy Works October 2, 2020

BOTHELL, WASH. — Dwight Capital has provided a $36.2 million HUD 223(a)(7) loan for Willina Ranch Apartments, a multifamily property located in Bothell. The refinance includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points as the property is Energy Star certified. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction. Built in 2000, the property features 175 apartments, a swimming pool, business center, clubhouse and fitness center.

October 2, 2020

Industrial Loans New Jersey Northeast

JLL Arranges Loans for Refinancing of 257,949 SF Industrial Portfolio in New Jersey

by Taylor Williams October 1, 2020

MORRISTOWN, N.J. — JLL has arranged two loans of undisclosed amounts for the refinancing of a four-building, 257,949-square-foot industrial portfolio in Morristown, about 30 miles west of New York City. Built in the 1980s, the properties are located in the towns of Pine Brook and Valley Cottage. Collectively, the four buildings were close to fully occupied at the time of the loan closings. Michael Klein led a JLL team that placed the nonrecourse loans, both of which were structured with 10-year terms and fixed interest rates, through an undisclosed life insurance company. The borrower was The Frassetto Companies, a family-owned and operated developer in the Tri-State area.

October 1, 2020

Loans Multifamily Texas

Asia Capital Provides $49.1M Loan for Refinancing of Multifamily Asset Near Fort Worth

by Taylor Williams October 1, 2020

NORTH RICHLAND HILLS, TEXAS — Global real estate private equity and debt firm Asia Capital Real Estate has provided a $49.1 million loan for the refinancing of Millennium at Hometown, a 306-unit multifamily asset in North Richland Hills. The sponsor and developer is New York City-based Sovereign Properties. The property also features 11,697 square feet of retail space. Greg Nalbandian and Jesse Wright of JLL arranged the financing, which was structured with a 71 percent loan-to-value ratio.

October 1, 2020

Loans Multifamily Texas

Greystone Funds $24.1M HUD Loan for Refinancing of New Apartment Community in Azle, Texas

by Taylor Williams October 1, 2020

AZLE, TEXAS — Greystone has funded a $24.1 million HUD loan for the refinancing of Reata West, a 224-unit apartment community in Azle, located northwest of Fort Worth. Built in 2018, the garden-style property consists of 10 three-story buildings that house one, two- and three-bedroom units. Amenities include a clubhouse, pool, business center, fitness center and a dog park. Eric Rosenstock of Greystone originated the loan, which carried a 40-year term and a fixed interest rate, on behalf of the borrower, Partin Development Group.

October 1, 2020

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