Loans

Greystone Arranges $50M Loan for Refinancing of Brooklyn Multifamily Building

by Alex Patton November 19, 2019

NEW YORK CITY — Greystone has arranged a $50 million bridge loan for the refinancing of House No. 94, a recently constructed 75-unit multifamily building in the Williamsburg neighborhood of Brooklyn. An affiliate of Ares Management LLC provided the five-year, variable-rate loan to the borrower, an affiliate of Hudson Cos. Inc. Completed in 2018, the property offers mixed-income housing, ground-floor retail space and amenities including a 12,000-square-foot courtyard, tenant lounge and fitness center.

November 19, 2019

Arizona Loans Multifamily ORIX Seniors Housing Western

Lancaster Pollard Closes $12.7M Bridge Loan for Seniors Housing Asset in Yuma, Arizona

by Amy Works November 19, 2019

YUMA, ARIZ. — Lancaster Pollard Mortgage Co.’s affiliate OREC Structured Finance Co. has arranged a $12.7 million bridge loan for River Valley Estates, a seniors housing community in Yuma. The borrower is Mission Senior Living. The community features 56 assisted living units and 32 memory care beds. The transaction refinances the existing debt on the facility and provides equity at initial closing with an earn-out to allow the client to extract additional cash upon achievement of performance metrics. The lender was not disclosed. Rob McAdams led the transaction for Lancaster Pollard.

November 19, 2019

Loans Michigan Midwest Retail

Berkadia Arranges $23.2M Refinancing for Retail Property in Michigan

by Kristin Harlow November 19, 2019

SHELBY TOWNSHIP, MICH. — Berkadia has arranged a $23.2 million loan for the refinancing of The Shops at Stony Creek, a 115,000-square-foot shopping center in Shelby Township. LA Fitness, TJ Maxx, Ulta, Petco and Five Below anchor the property, which is located at the southwest corner of 26 Mile Road and Van Dyke Avenue. Kroger shadow anchors the property. Colin Callaghan and Aaron Moll of Berkadia arranged the 10-year, fixed-rate loan, which features a 30-year amortization and a 75 percent loan-to-value ratio. Michigan-based MJC Homes Inc. was the borrower. The lender was not disclosed.

November 19, 2019

Loans New Jersey Northeast Retail

JLL Secures $32M Loan for Refinancing of Shopping Center in Lyndhurst, New Jersey

by Taylor Williams November 18, 2019

LYNDHURST, N.J. — JLL has secured a $32 million loan for the refinancing of Veterans Square Town Center, a 136,928-square-foot shopping center in Lyndhurst, a western suburb of New York City. Originally constructed in 2000, Veterans Square Town Center is fully occupied by 13 tenants, including anchor tenant ShopRite, HomeGoods, PetSmart and Supercuts. PGIM Real Estate Finance provided the nonrecourse loan, which carries a 10-year term and a fixed rate. Proceeds will be used to refinance an existing loan previously arranged by HFF prior to its acquisition by JLL. Jon Mikula, Michael Klein and Connor Van Cleef of JLL secured the loan for the borrower, The Hampshire Cos.

November 18, 2019

Loans Midwest Mixed-Use Ohio

Kawa Provides $26M Loan to Help Fund $134.5M Acquisition of Mixed-Use Development in Ohio

by Kristin Harlow November 18, 2019

MIAMISBURG, OHIO — Kawa has provided a $26 million loan to help fund the $134.5 million acquisition of Austin Landing, an 834,630-square-foot mixed-use project in Montgomery County’s Miamisburg. Austin Landing, constructed in phases between 2009 and 2019, features office and retail space and is more than 95 percent occupied. Office tenants include Wells Fargo, UBS, Merrill Lynch, Raymond James and Baird. Retail tenants include Kroger, Kohl’s, a movie theater and 16 restaurants. An eight-acre community park provides event space. In addition to Kawa’s loan, the buyers utilized senior financing from Citi Bank and its own equity to fund the acquisition. Austin Landing North LLC, a partnership between Columbia Investments, Venture Capital Properties and A&H Acquisitions, purchased the property, according to the Dayton Business Journal. VisCap Development has managed the property since 2016.

November 18, 2019

Hawaii Loans Multifamily Seniors Housing Western

Sims Mortgage Funding Arranges $14.1M Financing for Liliha Healthcare Center in Honolulu

by Amy Works November 18, 2019

HONOLULU — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged $14.1 million in financing for Liliha Healthcare Center, a 92-bed skilled nursing facility in Honolulu. Liliha, and its sister facility, Nuuanu Hale, were collateralized with a single, high-interest-rate bridge loan that featured a short maturity and expensive extension provisions. SMF arranged a HUD-insured loan with a fixed interest rate and long term to refinance the existing debt. To complete the refinancing capital stack, the holding company of the Liliha and Nuuanu borrowers obtained additional financing through Sims. SMF underwrote a refinancing loan insured under the Section 232/223(f) program that represents 80 percent of the community’s estimated market value. The loan featured a 35-year term and was underwritten with a 2.05 debt service coverage ratio.

November 18, 2019

Loans Multifamily New Jersey Northeast Top Stories

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

by Taylor Williams November 18, 2019

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …

November 18, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

HJ Sims Secures $45.8M Construction Loan for Seniors Housing Property in New Haven, Connecticut

by Alex Patton November 15, 2019

NEW HAVEN, CONN. — HJ Sims has secured a $45.8 million construction loan for The Mary Wade Home, a seniors housing property in New Haven that offers a skilled nursing center, residential care home services, adult day medical health center, physical rehabilitation and transportation services. The borrower, Mary Wade, is expanding by adding an assisted living and memory care building on parcels of nearby land acquired over several years. This new building, when delivered in 2021, will complete the continuum of care by enabling residents with assisted living needs to remain in the community as their needs change over time.

November 15, 2019

Loans Mixed-Use Texas

JLL Arranges $140M Loan for Refinancing of Houston’s GreenStreet Mixed-Use Development

by Taylor Williams November 15, 2019

HOUSTON — JLL has arranged a $140 million loan for the refinancing of GreenStreet, a 617,000-square-foot mixed-use development in Houston’s Central Business District. GreenStreet spans four contiguous city blocks and features office, retail, restaurant and entertainment uses, as well as central open-air green space. Colby Mueck, Matthew Putterman and Laura Sellingsloh of JLL arranged the funds through Blackstone Real Estate Debt Strategies on behalf of the borrowers, Lionstone Investments and Midway.

November 15, 2019

Loans Massachusetts Multifamily Northeast

Berkadia Arranges $49.7M Acquisition Loan for Multifamily Community Near Boston

by Taylor Williams November 14, 2019

WATERTOWN, MASS. — Berkadia has arranged a $49.7 million acquisition loan for Riverbend on the Charles, a 170-unit multifamily community in Watertown, a western suburb of Boston. PNC Bank provided the seven-year, fixed-rate loan. Built in 2014, Riverbend on the Charles offers studio, one- and two-bedroom units with amenities including a clubhouse with a billiards room, a bike storage room, heated pool, fitness center, storage units and a dog park. Charles Foschini and Christopher Apone of Berkadia arranged the loan on behalf of the borrower, Harbor Group International.

November 14, 2019

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