Loans

JLL Secures $119M in Fannie Mae Financing for Two Manhattan Multifamily Properties

by Alex Patton October 14, 2019

NEW YORK CITY — JLL has secured two Fannie Mae loans totaling $119 million to finance two apartment properties in Manhattan. On the Upper West Side, 33 West End Apartments offers 211 units in studio, one- and two-bedroom floor plans along with 7,191 square feet of ground-floor retail space. In Chelsea, Port 10 Apartments features 89 units in studio, one-, two- and three-bedroom floor plans. The loan for 33 West End Apartments totaled $80 million and the loan for Port 10 Apartments totaled $39 million. C.W. Early of JLL arranged the fixed-rate, long-term loans for the borrower and original developer of the properties, Atlantic Development Group.

October 14, 2019

Loans Midwest Minnesota Multifamily

Dougherty Arranges $188.5M Construction Financing for Condo Project in Minneapolis

by Kristin Harlow October 14, 2019

MINNEAPOLIS — Dougherty Funding LLC has arranged $188.5 million in construction financing for Eleven, a luxury condominium project in Minneapolis. At 550 feet and 41 stories, Eleven will be the tallest residential building in Minneapolis. It is also the first residential project in the city to be designed by New York City-based Robert A.M. Stern Architects. Amenities will include a landscaped terrace, lap pool, fitness suite, yoga studio, library, demonstration kitchen and golf simulator. Bank OZK served as the senior lender and Related Fund Management as the mezzanine lender. Arcadia LLC and Ryan Cos. are co-developers, with Ryan serving as the builder. Other project team members include Peterssen/Keller Architects, Martha Dayton Design and Lakes Sotheby’s International Realty. A timeline for completion was not disclosed.

October 14, 2019

Affordable Housing Development Hawaii Loans Multifamily Western

Hunt Capital Partners Funds $10.4M in Financing for Affordable Housing Project in Oahu

by Amy Works October 11, 2019

OAHU, HAWAII — Hunt Capital Partners has provided $10.4 million in federal and state low-income housing tax credit financing, as well as federal solar tax credit equity financing, for the construction of Hale Makana O Maili in Oahu’s Waianae district. Upon completion, Hale Makana O Maili will feature 52 affordable housing units spread across six garden-style residential buildings. Construction began in late September, with completion slated for November 2020. The development team comprises the Hawaiian Community Development Board, Pacific Development Group and 3 Leaf Holdings. Moss & Associates is serving as general contractor and Mark Development will serve as property management for the project.

October 11, 2019

Affordable Housing Development Loans Multifamily Southeast Virginia

Bellwether Enterprise Provides $22M Construction Loan for Affordable Housing Development in Hampton, Virginia

by Alex Tostado October 11, 2019

HAMPTON, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $22 million Virginia Housing Development Authority (VHDA) construction loan for Monroe Gates Apartments, a planned 162-unit residential complex in Hampton. The property will offer eight two-story townhomes, four carriage homes and 150 one- and two-bedroom floor plans, 20 percent of which will be priced as affordable housing. The site is located at 200 S. Mallory St., two miles east of downtown Hampton and two miles west of the 409-year-old Fort Monroe. Communal amenities will include a clubhouse, fitness center, media room, conference facilities, dog park and a swimming pool. Kelly Martone of Bellwether originated the 35-year loan on behalf of the borrower, The Whitmore Co.

October 11, 2019

Loans Multifamily Texas

CIT Group Funds $56M Loan for Acquisition, Renovation of Irving Apartment Complex

by Taylor Williams October 11, 2019

IRVING, TEXAS — New York City-based bank CIT Group Inc. has provided a $56 million loan for the acquisition and renovation of Bel Air Las Colinas, a 515-unit multifamily complex in Irving. The garden-style property consists of 28 three-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a pool and a resident clubhouse. A portion of the proceeds will be used to fund capital improvements to the unit interiors, landscaping and amenity spaces. The borrower was Western Wealth Capital, an investment firm based in British Columbia.

October 11, 2019

Loans Multifamily Seniors Housing Texas

Greystone Provides $37M Refinancing for Seniors Housing Community in Metro Houston

by Taylor Williams October 11, 2019

PEARLAND, TEXAS — Greystone has provided a $37 million Fannie Mae loan for the refinancing of Watercrest at Shadow Creek Ranch, an independent living community in Pearland, a southern suburb of Houston. The property was constructed in 2017 and features 222 units. The borrower was Integrated Real Estate Group and its affiliated operator, Integrated Senior Lifestyles. Cary Tremper of Greystone structured the 10-year senior mortgage.

October 11, 2019

Loans Midwest Multifamily Ohio Seniors Housing

NorthMarq Arranges $23.7M Construction Financing for Seniors Housing Property in Cincinnati

by Kristin Harlow October 11, 2019

CINCINNATI — NorthMarq has arranged $18.2 million of construction debt and $5.5 million of equity for Airy Hills at North Bend Crossing, a seniors housing property in Cincinnati. The 82-unit community will be located at 5150 N. Bend Crossing. The unit mix will include 31 assisted living units, 32 memory care units and 19 rehabilitation units. Noah Juran of NorthMarq arranged the three-year financing with a regional bank. General contractor The Douglas Co. expects to begin construction immediately. Completion is slated for the fourth quarter of 2020 or early 2021.

October 11, 2019

Loans Multifamily Texas

Berkadia Arranges Acquisition Financing for 17-Story Mixed-Use Property in San Antonio

by Taylor Williams October 10, 2019

SAN ANTONIO — Berkadia has arranged an undisclosed amount of financing for The Vistana, a 17-story mixed-use property in downtown San Antonio. Built in 2009, the Vistana consists of 247 multifamily units in one-, two- and three-bedroom formats and more than 30,000 square feet of retail space. Brad Williamson of Berkadia arranged the five-year loan, which carried a 3.11 percent fixed interest rate, through a national bank on behalf of the borrower, a joint venture between Duncan Hillsley Capital and Rincon Real Estate Investments.

October 10, 2019

Acquisitions Loans Office Southeast Virginia

KeyBank Provides $29.4M Acquisition Loan for Two Office Buildings in Northern Virginia

by Alex Tostado October 10, 2019

STERLING, VA. — KeyBank Real Estate Capital has provided a $29.4 million acquisition loan for two office buildings in Sterling. Loudoun Gateway II and III span 179,864 square feet. CACI International Inc., a professional services and information technology company, fully leases Gateway II and 67 percent of Gateway III. The remaining space is leased to three other tenants. The property is located at 45195 Business Court, 27 miles west of downtown Washington, D.C. John Ward of KeyBank originated the loan on behalf of the borrower, Sackman Enterprises. Barry Judelson of Uniquities brokered the deal. The seller was not disclosed.

October 10, 2019

Loans Multifamily Texas

Money360 Provides $21.4M Bridge Loan for Office Asset in Frisco

by Taylor Williams October 9, 2019

FRISCO, TEXAS — California-based direct lender Money360 has provided a $21.4 million bridge loan for the refinancing of an undisclosed office property in the northern Dallas suburb of Frisco. The nonrecourse loan carries a 24-month term, floating interest rate and 75 percent loan-to-value ratio. The borrower was not disclosed.

October 9, 2019

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