Loans

Talonvest Capital Secures $123.3M Refinancing for Self-Storage Portfolio in Three States

by Alex Tostado September 24, 2019

IRVINE, CALIF. — Irvine-based Talonvest Capital Inc. has secured two refinancing loans totaling $123.3 million on behalf of Metro Self Storage. Lake Forest, Ill.-based Metro Self Storage will use the loan proceeds to refinance existing debt on eight properties in Georgia, 12 properties in Florida and two properties in Illinois. The portfolio totals more than 1.5 million square feet of rentable space. The two non-recourse loans feature a fixed 3.2 percent interest rate and 10 years of interest-only payments. An undisclosed national bank provided the funds.

September 24, 2019

Hospitality Loans Texas

Berkadia Arranges $425M Loan for Refinancing of Fairmont Austin Hotel

by Taylor Williams September 24, 2019

AUSTIN, TEXAS — Berkadia has arranged $425 million loan for Fairmont Austin, a 1,048-room hotel located near the Austin Convention Center in the city’s downtown area. Bank of America Merrill Lynch provided the two-year adjustable rate loan, which will be used to refinance existing construction debt, on behalf of the borrower, Manchester Financial Group. Andy Coleman of Berkadia handled the debt placement. The 37-story hotel, which opened last year, includes nearly 140,000 square feet of meeting and event space.

September 24, 2019

Loans Multifamily New Jersey Northeast

JLL Arranges $19.9M Construction Loan for Multifamily Development in Netcong, New Jersey

by Alex Patton September 24, 2019

NETCONG, N.J — JLL has arranged a $19.9 million construction loan for the development of 34 Bank, a 126-unit multifamily property located in Netcong, located approximately 40 miles west of New York City. M&T bank provided the three-year, floating-rate loan. The property will feature a mix of one- and two-bedroom floor plans and amenities such as a fully equipped fitness facility and electric car charging stations. The location is within walking distance to the Netcong Train Station, downtown Netcong and the Musconetcong River. Jon Mikula and Michael Klein of JLL arranged the loan on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments.

September 24, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $23M Refinancing for Apartment Complex in Omaha

by Kristin Harlow September 24, 2019

OMAHA, NEB. — NorthMarq has arranged a $23 million Fannie Mae loan for the refinancing of ZAG Apartments in Omaha. Built in 2017, the 191-unit apartment complex is located at 5110 Mayberry St. The community features a 24-hour fitness center and outdoor lounge as well as close proximity to multiple city parks and bike trails. Josh Larsen of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule.

September 24, 2019

Loans Midwest Multifamily Ohio

Ready Capital Provides $19.3M Acquisition Loan for Multifamily Property in Columbus, Ohio

by Kristin Harlow September 24, 2019

COLUMBUS, OHIO — Ready Capital has provided a $19.3 million loan for the acquisition, renovation and stabilization of a multifamily property within an Opportunity Zone in the North Rickenbacker submarket of Columbus. The Class B community spans 419,000 square feet and includes 376 units. Upon acquisition, the undisclosed borrower plans to upgrade all units and common areas. The nonrecourse, floating-rate loan features a 48-month term and a loan-to-cost ratio of 75 percent.

September 24, 2019

Acquisitions Florida Hospitality Loans Southeast

Ready Capital Provides $18M Acquisition, Renovation Loan for Hotel in South Florida

by Alex Tostado September 23, 2019

WEST PALM BEACH, FLA. — Ready Capital Structured Finance has provided an $18 million acquisition and renovation loan for a 199-room hotel in West Palm Beach. The undisclosed borrower plans to upgrade the property and reflag it from a Holiday Inn hotel to a Crowne Plaza. The non-recourse, floating-rate loan features a 36-month term and two extension options. The seller was not disclosed.

September 23, 2019

Affordable Housing Loans Multifamily New Jersey Northeast

NorthMarq Secures $69M Refinancing for Four Affordable Housing Properties in New Jersey

by Alex Patton September 23, 2019

NEW JERSEY — NorthMarq has secured a $69 million loan for the refinancing of four affordable housing properties all in Hudson County, a western suburb of New York City. The properties include Church Square South, an 81-unit property in Hoboken; Eastview Apartments, a 79-unit property also in Hoboken; New Floral Gardens, a 91-unit property in North Bergen; and Parkview East, a 71-unit property in Weehawken. Gary Cohen of NorthMarq secured the refinancing through two New Jersey-based banks. The borrower was not disclosed.

September 23, 2019

Loans Massachusetts Multifamily Northeast

CBRE Arranges $20.5M Construction Loan for Multifamily Property Near Boston

by Alex Patton September 23, 2019

REVERE, MASS. — CBRE has arranged a $20.5 million construction loan for a multifamily property in Revere, a northern suburb of Boston. Located at 90 Ocean Ave., the six-story property will offer 75 apartment units, including studio, one- and two-bedroom floor plans. The building will also include a fitness center and rooftop lounge. John Kelly of CBRE arranged the financing on behalf of the borrower, Helge Capital Inc.

September 23, 2019

Industrial Loans New Jersey Northeast

Provident Bank Provides $35M Construction Loan for Warehouse in Monroe, New Jersey

by Alex Patton September 20, 2019

MONROE, N.J. — Provident Bank has provided a $35 million construction loan for a new warehouse in Monroe, located approximately 40 miles south of New York City. Situated on 28 acres, the property will offer 382,400 square feet of rentable space, including 34,000 square feet of office space. The building is 100 percent preleased. Axiom Capital arranged the loan on behalf of the borrowers, KRE Group and TCH Docks Corner Lane LLC.

September 20, 2019

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $10M Financing Loan for Retail Center in Newark, New Jersey

by Alex Patton September 20, 2019

NEWARK, N.J. — Cronheim Mortgage has arranged a $10 million financing loan for Ferry Plaza, a retail center in Newark. One America provided the loan, which carried a10-year term and a 22-year amortization schedule. Seabra Supermarket anchors the 63,433-square-foot retail center, which also houses a post office, bank and several other retailers and restaurants. Cronheim arranged the loan on behalf of the borrower, an entity affiliated with Urstadt Biddle Properties Inc.

September 20, 2019

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