Loans

Phillips Realty Capital Arranges $141.8M Refinancing Loan for New Apartment Community in Arlington, Virginia

by Alex Tostado December 1, 2020

ARLINGTON, VA. — Phillips Realty Capital has arranged a $141.8 million refinancing loan for The Sur, a 360-unit apartment community in Arlington’s National Landing district. Erkiletian Development Co. delivered the property earlier this year and will use the funding to recapitalize the construction loan, with reserves funding additional lease-up costs. KKR provided the three-year, non-recourse loan, which features interest-only payments and extension options. The Sur offers studio to three-bedroom floor plans. According to Apartments.com, unit interiors range from 507 to 1,419 square feet and rents range from $1,989 to $7,728 per month. Communal amenities include 16,503 square feet of retail space, a fitness center, firepits, Zen garden, pet spa, conference center, pool and a clubhouse. The Sur is located at 3400 Potomac Ave., five miles south of downtown Washington, D.C., and one mile south of Amazon’s HQ2 campus. Adam Bieber, Malcolm Shaw and Bill Wrench or Phillips Realty represented the borrower in the loan transaction.

December 1, 2020

Georgia Loans Multifamily Southeast

Capital One Provides $43.7M Refinancing Loan for Apartment Complex in Metro Atlanta

by Alex Tostado December 1, 2020

MARIETTA, GA. — Capital One Commercial Banking has provided a $43.7 million Freddie Mac refinancing loan for Stratford Ridge, a 446-unit apartment complex in Marietta. FCP is the owner and borrower. Thomas Reynolds of Capital One originated the 10-year term loan, which features a fixed interest rate below 3 percent and five years of interest-only payments followed by a 30-year amortization schedule. The loan utilizes the Secured Overnight Financing Rate (SOFR) in the United States, avoiding the need to switch from LIBOR when it comes to an end at the end of 2021. Stratford Ridge offers one- to four-bedroom floor plans. Communal amenities include a pool, fitness center, package lockers and a dog park. The community is situated at 2560 Delk Road, 15 miles northwest of downtown Atlanta.

December 1, 2020

Connecticut Loans Northeast Office

Cornerstone Arranges $21.5M Refinancing of Bob’s Discount Furniture Headquarters in Connecticut

by Taylor Williams December 1, 2020

MANCHESTER, CONN. — Cornerstone Realty Capital has arranged a $21.5 million loan for the refinancing of Bob’s Discount Furniture’s headquarters office building in Manchester. The borrower, Waterstone Properties Group, developed the 103,500-square-foot building on a nine-acre tract in 2017. Amenities include a café with a lounge, break rooms, conference facilities and 416 parking spaces. The loan was structured with a fixed interest rate, 25-year amortization schedule and a 75 percent loan-to-value ratio.

December 1, 2020

Loans Midwest Missouri Multifamily

Berkadia Provides $20.5M Refinancing for Multifamily Property in Kansas City

by Kristin Harlow November 30, 2020

KANSAS CITY, MO. — Berkadia has provided a $20.5 million Fannie Mae loan for the refinancing of Summit Crossing Phase II in Kansas City. The townhome-style multifamily property consists of 204 units across all phases. Amenities include two playgrounds, two pools, a business center, pickleball court, soccer field and fitness center. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based Worcester Investments. The 10-year loan features a fixed interest rate with three years of interest-only payments and a 30-year amortization schedule.

November 30, 2020

Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $4.5M in Financing for Workforce Housing Project in Northampton, Massachusetts

by Taylor Williams November 30, 2020

NORTHAMPTON, MASS. — MassHousing has provided $4.5 million in financing for the development of North Commons at Village Hill, a 53-unit workforce housing project that will be located in the Central Massachusetts city of Northampton. The financing consisted of $3.1 million in taxable permanent financing and $1.4 million in financing from the Agency’s Workforce Housing Initiative. The borrower was The Community Builders. The property will feature eight studio units, 19 one-bedroom apartments, 22 two-bedroom residences and four three-bedroom apartments. A construction timeline was not disclosed.

November 30, 2020

Content Partner Features Loans Walker & Dunlop

The Sunset of LIBOR and the Rise of SOFR: What You Need to Know

by Sarah Daniels November 30, 2020

For years, interbank offered rates, including USD LIBOR (London Interbank Offered Rate), have been the most-referenced benchmark interest rates in the world. However, global indexing is moving to risk-free rates, including the Secured Overnight Financing Rate (SOFR) in the United States, with pivotal milestones taking place between now and the end of 2021. Here’s what this transition means for the multifamily sector, dates to watch for, and steps to take now. View higher resolution version of timeline above here. What is SOFR? SOFR is based on overnight repurchase agreements, with cash borrowers posting U.S. treasuries as collateral with an agreement to buy them back at a specified date. The daily SOFR can be subject to spikes, so agency lenders will use a 30-day compounded average to smooth out volatility based on recommendations from the Alternative Reference Rates Committee (ARRC). SOFR has no credit component, so the market will likely accommodate by charging some additional spread for new SOFR-based products. While enough futures and swaps activity has transpired since 2018 to develop the shorter part of a term curve, the longer part of the curve will be addressed by fourth quarter of 2020, particularly as the CME and LCH clearing houses convert …

November 30, 2020

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $77.1M Bond Financing for Seniors Housing Expansion in Dallas

by Taylor Williams November 25, 2020

DALLAS — Ziegler has arranged $77.1 million of bond financing for Presbyterian Village North, a continuing care retirement community in North Dallas. The proceeds of the bonds will finance an expansion project that will add 112 new independent living units in a five-story building named The Hawthorne. The community sits on a 66-acre campus and currently consists of 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a health center operating 106 skilled nursing beds. Of the 97 units being marketed, 72 percent are already pre-sold. The project also includes renovations to the community’s existing common areas.

November 25, 2020

Iowa Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides Three HUD Loans Totaling $18.8M for Age-Restricted Properties in Iowa, Minnesota

by Kristin Harlow November 25, 2020

CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed borrowers to reduce the interest rates and mortgage insurance premiums on the loans, creating substantial annual savings, according to Colliers.

November 25, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $10.4M Bridge Loan for Skilled Nursing Facility in Boonville, New York

by Taylor Williams November 25, 2020

BOONVILLE, N.Y. — Greystone has provided a $10.4 million bridge loan for the refinancing of Sunset Nursing & Rehabilitation Center, a 120-bed skilled nursing facility in Boonville, about 70 miles northwest of Syracuse. The property was built in phases between 1964 and 1985 and renovated in 2008. Fred Levine of Greystone originated the loan on behalf of the borrowers, Sunset PropCo LLC and Sunset Operating LLC.

November 25, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Negotiates $49.2M Sale of Raven Multifamily Property in Phoenix

by Amy Works November 25, 2020

PHOENIX — Berkadia has arranged the sale of Raven, a garden-style multifamily property located in Phoenix. A private Arizona investor sold the asset for $49.2 million. Located at 3606 E. Baseline Road, Raven features 192 apartments in a mix of one-, two- and three-bedroom layouts offering full-size washers/dryers, nine-foot ceilings, spacious closets and private patios or balconies. Completed in 2001, the property also includes a swimming pool and 24-hour fitness center. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller, and the Berkadia team secured acquisition financing through Freddie Mac for the undisclosed buyer.

November 25, 2020

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