Loans

Phillips Realty Capital Arranges $29M Acquisition Loan for Office Building in Northern Virginia

by Alex Tostado June 1, 2020

RESTON, VA. — Phillips Realty Capital has arranged a $29 million acquisition loan for Reston Metro Center One, a 124,076-square-foot office building in Reston. The property is located at 12120 Sunrise Valley Drive, which is within walking distance of the planned Reston Town Center Silver Line Metrorail Station and 22 miles west of downtown Washington, D.C. The asset was built in 2000 and its amenities include a lounge area and a fitness center. The building was vacant at the time of sale. Malcolm Shaw, Steve Shaw, Harmon Handorf and Bill Wrench of Phillips Realty arranged the loan on behalf of the borrower, HighBrook Investors. Rubenstein Mortgage Capital, the debt investment platform of Rubenstein Partners LP, provided the floating-rate loan. The seller was not disclosed.

June 1, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Structures $23.6M Construction Financing Package for Affordable Housing Project in Madison

by Kristin Harlow June 1, 2020

MADISON, WIS. — Associated Bank has structured a $23.6 million financing package for the construction of a new affordable housing development in Madison that will serve veterans and their families. The financing included a $13.4 million construction loan and $9.4 million of low-income housing tax credit equity. The bank also sponsored a $750,000 affordable housing project grant from the Federal Home Loan Bank system. Bryan Schreiter of Associated Bank managed the loan and closing. The development, named Valor on Washington, will be situated at 1322 E. Washington Ave. Gorman & Co. is the developer, general contractor and property manager. Construction is underway with completion slated for September 2021. The 59-unit, six-story project will include 12 supportive housing units reserved for those making no more than 30 percent of the area median income. Lutheran Social Services will provide supportive services for these units. Dryhootch, a nonprofit dedicated to safe housing for veterans, will also provide a variety of services for residents.

June 1, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Closes $44.3M Acquisition Financing for Multifamily Community in Gainesville, Georgia

by Alex Tostado May 29, 2020

GAINESVILLE, GA. — Walker & Dunlop provided a $44.3 million Freddie Mac acquisition loan for Century New Holland, a 348-unit multifamily community in Gainesville. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, car care detailing area, bocce ball court, picnic areas and grilling areas. The asset is located at 1465 Jesse Jewell Pasrkway NE, two miles north of downtown Gainesville and 57 miles northeast of downtown Atlanta. Centennial Holding Co. acquired the property from the undisclosed seller. Brian Moulder, Chris Goldsmith and Sean Williams of Walker & Dunlop represented the buyer in the sale transaction. Taylor Williams of Walker & Dunlop originated the fixed-rate loan, which features five years of interest-only payments.

May 29, 2020

Acquisitions Loans Multifamily South Carolina Southeast

Hunt Real Estate Provides $21.5M Acquisition Loan for Apartment Complex in North Charleston

by Alex Tostado May 29, 2020

NORTH CHARLESTON, S.C. — Hunt Real Estate Capital has provided a $21.5 million Freddie Mac acquisition loan for Greenwood at Ashley River, a 280-unit, garden-style apartment complex in North Charleston. The community comprises 35 residential buildings and a clubhouse. The 262,896-square-foot property offers two- and three-bedroom floor plans. Communal amenities include a full-size soccer field, pool, playground, basketball court, business center and a dog park. The property is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The 10-year acquisition loan features five years of interest-only payments followed by a 30-year amortization schedule. John Beam and Keith Morris of Hunt Real Estate originated the loan on behalf of the borrower, Brick Lane, which acquired the complex from Atlanta-based The RADCO Cos.

May 29, 2020

Iowa Loans Midwest Multifamily

Arbor Provides $10.4M Refinancing for Multifamily Community in Cedar Falls, Iowa

by Kristin Harlow May 29, 2020

CEDAR FALLS, IOWA — Arbor Realty Trust Inc. has provided a $10.4 million Fannie Mae loan for the refinancing of Thunder Ridge, a 180-unit multifamily community in Cedar Falls near Waterloo. Built in 1975, the property features one- and two-bedroom floor plans. Thunder Ridge includes a basketball court, putting green and fitness center. Joseph Charneski of Arbor originated the loan, which features interest-only payments for the full term.

May 29, 2020

Loans Multifamily Northeast Pennsylvania

Berkadia Funds $661M Freddie Mac Loan for Refinancing of Multifamily Portfolio

by Alex Patton May 28, 2020

KING OF PRUSSIA, PA. — Berkadia has funded a $661 million Freddie Mac loan for the refinancing of Morgan 22 Portfolio, a portfolio of 22 multifamily properties totaling 4,670 units. Morgan Properties, a REIT based in King of Prussia, Pennsylvania, was the borrower. The portfolio includes properties located in New Jersey, Pennsylvania, Delaware and Maryland. The financing package consists of 22 individual fixed-rate loans, all of which carry 10-year terms. The proceeds from this refinance were used to pay off existing debt, which was provided by Freddie Mac and originated by Berkadia in 2013. T.J. Piper and Robert Falese of Berkadia arranged the loan.

May 28, 2020

Loans Multifamily New Jersey Northeast

Greystone Provides $20M Freddie Mac Loan to Refinance Multifamily Property in Springfield, New Jersey

by Alex Patton May 28, 2020

SPRINGFIELD, N.J. — Greystone has provided a $20 million Freddie Mac loan to refinance The Cove at Springfield Apartments, a multifamily property in Springfield, a western suburb of New York City. The loan carries a seven-year term with a 30-year amortization schedule and interest-only payments for the first two years. Located at 118 Victory Rd., The Cove at Springfield Apartments is a garden-style community that features 91 units with one-, two-, and three-bedroom floor plans and amenities such as a clubhouse and a fitness center. Dan Sacks of Greystone originated the loan.

May 28, 2020

California Loans Multifamily Western

Greystone Arranges $86.2M in Refinancing for Aspire Apartments in Northern California

by Amy Works May 28, 2020

TRACY, CALIF. — Greystone has secured $86.2 million in refinancing for Aspire Apartments, a newly constructed multifamily asset in Tracy. Todd Vitzthum and Simon Herrmann of Greystone Real Estate Advisors, along with Cody Field of Greystone, arranged 10-year refinancing and Freddie Mac loan for the undisclosed borrowers. Completed last year, Aspire Apartments features 348 units, a resort-style swimming pool, fitness center, pet spa and clubhouse.

May 28, 2020

Development Loans Multifamily Texas

Intracorp Receives $194M Construction Loan for 49-Story Residential High-Rise Project in Austin

by Taylor Williams May 27, 2020

AUSTIN, TEXAS — Intracorp, a developer with five offices across North America, has received a $194 million construction loan for its 49-story condominium project at 44 East Ave. in Austin’s Rainey Street District. MSD Partners LP and Bank OZK provided the financing. Situated on the edge of Lady Bird Lake, the building will offer one-, two-, three- and four-bedroom floor plans ranging in size from 500 to 3,500 square feet. Amenities will include a pool, community kitchen and a rooftop lounge. The project, which is the only condo development currently under construction in downtown Austin, is expected to be complete in 2022. Nearly half the residences have already been sold.

May 27, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $8.6M Construction Loan for Seniors Housing Community Near Buffalo

by Alex Patton May 27, 2020

CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed seniors housing community in Clarence Center, located approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. The facility was originally constructed in 2003. Lisa Fischman of Greystone arranged the loan.

May 27, 2020

Newer Posts

Older Posts