Loans

Hines Joint Venture Receives $182M Refinancing for Four-Building Office Campus Near Los Angeles

by Amy Works June 16, 2020

IRVINE, CALIF. — A joint venture between Hines and a global investment management firm has received $182 million in refinancing for Intersect, a mid-rise, four-building, Class A office campus in Irvine. Kevin MacKenzie, John Chun and Nick Lench of JLL Capital Markets placed the three-year, interest-only financing with MetLife Investment Management. The borrower plans to use the loan proceeds to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. Situated on 15 acres, Intersect comprises four buildings, totaling 452,060 square feet, at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Located in the heart of the Irvine Business Complex, the property features a restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features include indoor and outdoor workspaces; a fitness center with Peloton bikes, classes, locker rooms, spin studio and outdoor yoga lawn; private tenant terraces; a 40-seat, stadium-style conference center; and a 16-person board room. The Intersect also offers 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.

June 16, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $43.9M Loan for Refinancing of Seniors Housing Portfolio in Upstate New York

by Alex Patton June 15, 2020

NEW YORK — Greystone has provided a $43.9 million loan for the refinancing of a three-property seniors housing portfolio in Upstate New York. Centers for Care was the borrower. The three skilled nursing facilities total 323 beds and include Ontario Center for Nursing and Rehabilitation in Canandaigua; Steuben Center for Nursing and Rehabilitation in Bath; and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the loan. Terms of the loan were undisclosed.

June 15, 2020

Loans Midwest Multifamily Ohio

Merchants Capital Secures $57M HUD Loan for Apartment Project in Downtown Cincinnati

by Kristin Harlow June 15, 2020

CINCINNATI — Merchants Capital has secured a $57 million FHA/HUD Section 221(d)(4) loan for 4th & Race, a 264-unit apartment community currently under development in downtown Cincinnati. The project is slated to open in the first half of 2021. Merchants secured the new construction loan on behalf of the developer, Flaherty & Collins Properties. The new loan represents the multifamily component of the project, which will also feature 20,000 square feet of retail space and a five-story parking garage. The residential portion will sit atop the retail and parking components. Amenities will include a sky deck, pool, fitness center, yoga room, gaming area and club room. Flaherty & Collins worked concurrently with the city of Cincinnati, the Port Authority of Greater Cincinnati and the Cincinnati Center City Development Crop. to bring the project to life. FHA/HUD Section 221 (d) (4) loans are used exclusively for the construction or substantial rehabilitation of multifamily properties. Eligible assets include market-rate, low-to-moderate income and subsidized multifamily properties.

June 15, 2020

Arizona Loans Multifamily Western

Greystone Provides $91.3M Fannie Mae Refinancing for 1,406-Unit HSL Multifamily Portfolio in Tucson

by Amy Works June 15, 2020

TUCSON, ARIZ. — Greystone has provided $91.3 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans to refinance a 1,406-unit multifamily portfolio in Tucson. Dan Wolins of Greystone originated the separate transactions for the borrower, HSL Properties. The financings all carry 10-year terms at a fixed rate, 30-year amortization and five years of interest-only payments. The non-recourse loans refinance four properties in Tucson: the 242-unit Canyon Creek, the 256-unit Ridgepoint, the 336-unit Catalina Canyon and the 572-unit Sycamore Creek.

June 15, 2020

Acquisitions Arizona Loans Multifamily Western

KeyBank Provides $25M in Financing for Chandler Village Apartments in Arizona

by Amy Works June 12, 2020

CHANDLER, ARIZ. — KeyBank Real Estate Capital (KBREC) has provided $25 million in fixed-rate, Fannie Mae financing for LEDG Capital, a real estate investment firm specializing in affordable housing throughout the country. The borrower will use loan proceeds to acquire and renovate Chandler Village Apartments, an affordable multifamily property in Chandler. Robbie Lynn of KBREC’s Commercial Mortgage Group and Steve Sparks of KBREC’s Community Development Lending team structured the financing, which features a 17-year term followed by a 35-year amortization schedule. Built in 1972 on eight acres, Chandler Village Apartments features 127 garden-style apartments spread across 11 two-story residential buildings with covered parking. The property was encumbered by a land use restriction agreement (LURA) that expired on Dec. 31, 2019. As part of the acquisition and renovation, the Arizona Department of Housing plans to grant 4 percent Low-Income Housing Tax Credits (LIHTC) and execute a new LURA that will continue to restrict all units to tenants earning no more than 50 percent of the area median income. The new LIHTC restrictions will apply for a 15-year compliance period and a 15-year extended-use plan, likely ending in 2050.

June 12, 2020

Loans Office Texas

Bank OZK Provides $26.6M Construction Loan for East Austin Office Project

by Taylor Williams June 12, 2020

AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.

June 12, 2020

Loans Office Texas

NorthMarq Arranges Loan for Refinancing of 18,000 SF Office Property in Houston

by Taylor Williams June 12, 2020

HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of an 18,000-square-foot office building located at 3322 Richmond Ave. in Houston’s Greenway Plaza submarket. Matthew Bronstein of NorthMarq arranged the funds through an undisclosed life insurance company on behalf of the borrower, M-K-L Properties.

June 12, 2020

California Development Loans Office Western

JLL Arranges $33.8M Construction Financing for Spec Office Development in Bay Area

by Amy Works June 11, 2020

BURLINGAME, CALIF. — JLL Capital Markets has secured $33.8 million in construction financing for the development of 250 California, a speculative office building in Burlingame. Jordan Angel and Chris Gandy of JLL represented the borrower, Dewey Land Co. and Divco West, to capitalize the project through a joint venture partnership. Slated for completion in 2022, the 44,605-square-foot project will feature four stories of office space, ground-floor retail space and a three-level subterranean parking facility. The transit-oriented property is situated in downtown Burlingame immediately adjacent to the Burlingame Caltrain station, near Highway 101 and state routes 82 and 92.

June 11, 2020

Acquisitions Loans Multifamily Western Wyoming

Berkadia Secures $26M Acquisition Loan for Granite 550 Apartments in Wyoming

by Amy Works June 11, 2020

CASPER, WYO. — Berkadia has arranged the sale of Granite 550 Apartments, a garden-style multifamily community located in Casper. John Laratta and Nick Steele of Berkadia’s Denver office completed the sale on behalf of the seller, Colorado-based Mountain View Capital. The name of the buyer was not released. Additionally, Tucker Knight of Berkadia’s Houston office secured a $26 million loan for the acquisition of the property. The 10-year Freddie Mac loan features a 3.3 percent interest rate and a 30-year amortization schedule. Located at 550 Granite Peak Drive, Granite 550 Apartments features 228 units in a mix of one-, two- and three-bedroom floor plans, including in-unit washers/dryers, a patio or balcony and air conditioning. Community amenities include a fitness center, dog park and outdoor space with grilling stations.

June 11, 2020

Idaho Loans Multifamily Western

Arbor Realty Funds $1.9M Fannie Mae Financing for Arbor Court Apartments in Idaho Falls

by Amy Works June 11, 2020

IDAHO FALLS, IDAHO — Arbor Realty Trust has provided $1.9 million in financing through the Fannie Mae Small Loan program for Arbor Court Apartments in Idaho Falls. Built in 1953, the two-story, six-unit property features a playground, laundry facility and on-site parking. Geoffrey Platt of Arbor’s New York City office originated the loan for the undisclosed borrower.

June 11, 2020

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