Loans

Selig Enterprises Secures $340M Financing, Announces Hotel Brand at Mixed-Use Development in Midtown Atlanta

by Alex Patton October 25, 2019

ATLANTA — Selig Enterprises has secured $340 million in construction financing for 1105 West Peachtree, its three-tower, mixed-use development in Midtown Atlanta. The project will feature a 675,000-square-foot office tower, a 64-unit condominium tower, and a 178-room Epicurean Hotel. The towers will also house 25,000 square feet of ground-floor retail. The Blackstone Group Inc. provided the construction loan, partially financing the $530 million project. “We have been fortunate enough to already garner the attention of some prominent tenants in the market including the signing of Smith, Gambrell & Russell for five floors [of the office tower],” says Chris Ahrenkiel, executive vice president of Selig Development. “The preleasing activity allowed for strong finance and equity options and also warranted an increase in the building size to over 675,000 square feet — the single largest tower to start construction in Atlanta in more than a decade.” Selig is partnering with Mainsail Lodging & Development to build The Epicurean Atlanta hotel, which will operate under the Marriott Autograph Collection banner. The hotel will offer 178 rooms, a full-service culinary program, conference and event facilities, and an outdoor terrace on the ninth floor. 40 West 12th will offer condos ranging from $600,000 to $2.2 million, in …

October 25, 2019

Hospitality Loans Midwest Missouri

Petros PACE Finance Provides $8M C-PACE Construction Financing for Hyatt House Hotel in Kansas City

by Kristin Harlow October 25, 2019

KANSAS CITY, MO. — Petros PACE Finance LLC has provided an $8 million Commercial Property Assessed Clean Energy (C-PACE) loan on behalf of Pedersen Development Co. to finance energy-efficiency measures in the construction of a 13-story Hyatt House hotel in downtown Kansas City. Pedersen will use the funds to incorporate sustainable design features, including energy-efficient roofing, windows, HVAC equipment, hot water heaters and LED lighting. The 153-room hotel will be located at the southwest corner of Ninth and Broadway streets. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. It is a low-cost, long-term financing product secured as a property tax assessment. Over the 20-year life of the loan, energy-conserving features are expected to generate more than $7 million in utility and maintenance savings as well as a carbon dioxide reduction of 1,159 metric tons. Completion of the hotel is slated for January 2021. Brinkmann Constructors is the general contractor.

October 25, 2019

Development Loans Multifamily Utah Western

KeyBank Secures $23.5M for 177-Unit Arcadia Apartments Development in Utah

by Amy Works October 24, 2019

SANDY, UTAH — KeyBank Community Development Lending and Investment (CDLI) has arranged $23.5 million of construction and permanent financing for Arcadia Apartments II, a 177-unit affordable multifamily project in Sandy. The borrower is Salt Lake City-based Wasatch Residential Group, a real estate development, construction, finance and asset management company. Arcadia Apartments II will feature 52 one-bedroom units, 82 two-bedroom apartments and 43 three-bedroom units. The property will be limited to residents making 60 percent or less of the area median income. The asset is adjacent to Arcadia Apartments I and will share access to amenities including a pool, hot tub and fitness center. The project was awarded a 4 percent Low-Income Housing Tax Credit (LIHTC), and Enterprise Community Partners, the equity investor, is providing $15.6 million in LIHTC equity. Additionally, the property was awarded private activity bonds, which were purchased by KeyBank as a private placement. Sarah Geis of KeyBank’s CDLI team arranged the financing.

October 24, 2019

Nexus-Canyon-Park-Research-Center-Bothell-WA

Life Sciences Loans Office Washington Western

JLL Arranges $19.9M Refinancing for Suburban Seattle Biotech/R&D Facility

by Amy Works October 24, 2019

BOTHELL, WASH. — JLL has secured $19.9 million in refinancing for Nexus Canyon Park Research Center, a life science, flex and R&D property in Bothell, a suburb of Seattle. The borrower is San Diego-based Nexus Properties. Located at 21720 23rd Drive SE, the two-story Nexus Canyon Park Research Center features 152,050 square feet of space. Constructed in 1999, the facility recently underwent a partial conversion into flex industrial space. Current tenants include Epoch Pharmaceuticals, Sony Biotechnology, Sound Biologics and Shimadzu Scientific. Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta of JLL arranged the loan for a national lender on behalf of the borrower.

October 24, 2019

Illinois Loans Midwest Multifamily Student Housing

NorthMarq Arranges $20M Refinancing of Student Housing Property in Carbondale, Illinois

by Kristin Harlow October 24, 2019

CARBONDALE, ILL. — NorthMarq Capital has arranged a $20 million Freddie Mac loan for the refinancing of Aspen Court Apartments in Carbondale, home of Southern Illinois University. The property is located at 1101 E. Grand Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

October 24, 2019

Georgia Hospitality Loans Southeast

PMZ Realty Capital Arranges $29M Refinancing for Two Jekyll Island Hotels

by Alex Tostado October 23, 2019

JEKYLL ISLAND, GA. — PMZ Realty Capital LLC has arranged a $29 million refinancing loan for two hotels on Jekyll Island in Georgia: Holiday Inn Resort Jekyll Island and Beachview Club, both of which have recently been fully renovated. The borrower, Georgia Coast Holdings, acquired the 157-room Holiday Inn in 2013, fully gutted it and reopened the property in 2015. Amenities at the oceanfront hotel include fully renovated rooms, a fitness center, coffee bar, outdoor bar and grill, new swimming pool and a play area for children. Georgia Coast Holdings bought Beachview Club in 2017. The ownership renovated the 38-room asset into a boutique beachfront hotel with amenities such as a courtyard, beach access and a Keurig coffee machine in each room. North Pointe Hospitality LLC will manage both properties. The lender was not disclosed.

October 23, 2019

Loans New York Northeast Office Top Stories

SoftBank to Buy Majority Stake in WeWork with $8B Investment

by Kristin Harlow October 23, 2019

NEW YORK CITY — The We Co., parent company of coworking office space operator WeWork, and SoftBank Group Corp. have reached an agreement under which SoftBank will provide $5 billion in new financing and a tender offer of up to $3 billion for existing WeWork shareholders. SoftBank, a Japanese technology conglomerate, will also accelerate an existing commitment to fund $1.5 billion. WeWork chose the rescue offer from SoftBank over a competing proposal from JPMorgan Chase & Co. The announcement comes after well-documented concerns about the coworking giant’s cash flow and leadership. The company’s valuation plunged after it scrapped its initial public offering. WeWork founder Adam Neumann was forced out of his chief executive position after pushback from prospective investors. “It is not unusual for the world’s leading technology disruptors to experience growth challenges as the one WeWork just faced,” says Masayoshi Son, chairman and CEO of SoftBank. “Since the vision remains unchanged, SoftBank has decided to double down on the company by providing a significant capital infusion and operational support.” After closing and following the tender offer, SoftBank’s economic ownership stake in WeWork will be approximately 80 percent, up from about one-third currently. Since SoftBank will not hold a majority …

October 23, 2019

Development Florida Loans Multifamily Seniors Housing Southeast

SunTrust Provides $39M Construction Financing for 424-Unit Seniors Housing Development in South Florida

by Alex Tostado October 22, 2019

WELLINGTON, FLA. — SunTrust Bank has provided $39 million in construction financing for Wellington Bay, a seniors housing development in Wellington. The borrower is a joint venture between Liberty Healthcare, ZOM Holdings and Ares Management. The first phase of construction, scheduled for completion in mid-2021, will feature 283 independent living, assisted living and memory care units, plus a two-story, 65,000-square-foot clubhouse and amenity building. Upon full buildout, Wellington Bay will total 424 units, including apartments, single-story villas with garages and three-story garden flats. Development costs were estimated at $180 million. The developers purchased 46 acres for the project in 2018. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green. LS3P Architects and MSA Architects are providing design and architectural services for Wellington Bay, while Balfour Beatty was selected as general contractor.

October 22, 2019

Florida Loans Retail Southeast

Centennial Bank Originates $21M Construction Loan for Retail Development in Orlando

by Alex Tostado October 22, 2019

ORLANDO, FLA. — Centennial Bank has originated a $21 million construction loan for Phase II of Celebration West, a planned 84,000-square-foot retail center in Orlando. The property is located at the intersection of Interstate 4 and World Drive, five miles from Walt Disney World. The borrower, Unicorp National Developments Inc., acquired the site in April 2019 from Disney. Dave & Buster’s and a regional grocery chain will anchor Celebration West. Other tenants will include Dunkin’, Walgreens and Burger King, bringing the property to 56 percent preleased. A timeline for Phase II was not disclosed. Robby Barrows of Centennial Bank originated the loan on behalf of Unicorp, which is also underway on a $1 billion mixed-use development in Orlando known as O-Town West.

October 22, 2019

Loans Multifamily Northeast Pennsylvania

Greystone Provides $8M Loan for Refinancing of 10 Workforce Housing Properties in Philadelphia

by Alex Patton October 22, 2019

PHILADELPHIA — Greystone has provided an $8 million Fannie Mae loan for the refinancing of a portfolio of workforce housing properties totaling 88 units in Philadelphia. All properties received fully amortizing adjustable-rate mortgages. The exact locations of the properties were undisclosed. Anthony Cristi of Greystone originated the loan on behalf of the borrower, La Gioconda Co.

October 22, 2019

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