Loans

JLL Arranges $20M Loan for Refinancing of Cold Storage Facility in Elizabeth, New Jersey

by Alex Patton May 19, 2020

ELIZABETH, N.J. — JLL has arranged a $20 million loan for the refinancing of a 175,000-square-foot cold storage facility in Elizabeth, a southwestern suburb of New York City. An undisclosed life insurance company provided the 20-year, fixed-rate loan to the borrower, Elberon Development Group. Located at 735 Dowd Ave., the temperature-controlled facility features 40-foot clear heights and a 16,000-square-foot office space. The property also offers convenient access to Newark Liberty International Airport and Port Newark-Elizabeth. Michael Klein, Jon Mikula and Carlos Silva of JLL arranged the loan.

May 19, 2020

California Loans Multifamily Seniors Housing Western

CBRE Provides Freddie Mac Financing Package for Carlton Senior Living Totaling $58M

by Amy Works May 19, 2020

PLEASANT HILL AND DAVIS, CALIF. — CBRE has provided refinancing loans for three Carlton Senior Living properties totaling $58 million. The portfolio includes Carlton Senior Living Poet’s Corner and Carlton Senior Living Pleasant Hill – Martinez, both located northeast of the Bay Area in Pleasant Hill, as well as Carlton Senior Living Davis in the Sacramento suburb of Davis. The properties feature a combined 251 assisted living units and 64 memory care units and average 93 percent occupancy. Andrew Behrens, Aron Will, Austin Sacco, and Adam Mincberg arranged the Freddie Mac loans, which feature 10-year terms and fixed rates. Two of the loans feature interest-only payments for the full term, while the third is interest-only for half of the term. Carlton is an owner-operator with 11 seniors housing communities across Northern California.

May 19, 2020

Loans Multifamily Texas Top Stories

JLL Provides $181.5M in Refinancing for Four Multifamily Properties in Metro Dallas

by Alex Tostado May 19, 2020

DALLAS — JLL has provided Freddie Mac loans for four multifamily properties totaling 1,489 units north of Dallas. The new loans refinance acquisition loans the borrower, an affiliate of Orion Residential Advisors, originally received in 2016. The properties in the portfolio are Orion McKinney, a 453-unit community located in McKinney; Orion McCord Park, a 416-unit community located in Little Elm; Orion Prosper, a 312-unit community in Prosper; and Orion Prosper Lakes, a 308-unit community, also located in Prosper. The assets were completed between 2008 and 2012 with an average unit size of 883 square feet across the portfolio. The properties feature communal amenities such as pools, fitness centers, outdoor entertaining areas and club rooms. “The refinance was critical to our long-term strategic plan for the portfolio,” says Dan Gumbiner, Orion president and CEO. “We were determined to complete the transaction despite the current environment,” referring to the COVID-19 pandemic. Mona Carlton and Kristopher Lowe of JLL represented the borrower in the refinancing loan transaction. JLL also provided the acquisition loans that the new transaction refinances. HFF, a JLL company and Freddie Mac lender, will service all four loans, which feature 10-year terms and fixed interest rates. Deerfield, Ill.-based Orion specializes …

May 19, 2020

Loans Multifamily Student Housing Texas

Berkadia Provides $31.7M Freddie Mac Loan for Student Housing Property in College Station

by Taylor Williams May 18, 2020

COLLEGE STATION, TEXAS — Berkadia has provided $31.7 million in Freddie Mac permanent financing for The Junction at College Station, a student housing community located about five miles from Texas A&M University. The property consists of three-, four- and five-bedroom cottages and townhomes. Amenities include a pool, volleyball court, clubhouse, fitness center, business center and shuttle service to campus. Thomas Genetti of Berkadia arranged the 10-year loan on behalf of the undisclosed borrower.

May 18, 2020

Loans Multifamily New Jersey Northeast

Dougherty Mortgage Provides $4 Million Fannie Mae Loan for Refinancing of Multifamily Property in Camden, New Jersey

by Alex Patton May 18, 2020

CAMDEN, N.J. — Dougherty Mortgage has provided a $4 million Fannie Mae loan for the refinancing of All American Gardens Apartments, an 86-unit multifamily property located in Camden, a western suburb of Philadelphia. The borrower was All American Gardens LLC. The loan carried a term of 10 years and a 30-year amortization rate. The property features 20 one-bedroom units, 56 two-bedroom units and 10 three-bedroom units across five residential buildings. Andrew LaSalla II with LSG Lending Advisors arranged the loan in collaboration with Dougherty Mortgage.

May 18, 2020

Development Florida Loans Multifamily Southeast

Berkadia Arranges $9.1M Construction Loan for Multifamily Development in Downtown Fort Lauderdale

by Alex Tostado May 18, 2020

FORT LAUDERDALE, FLA. — Berkadia has arranged a $9.1 million construction loan for The Forge, a 35-unit multifamily community within FATVillage in downtown Fort Lauderdale. The developer and borrower, Urban Street Development, expects to break ground this year and open the seven-story complex in late 2021. An undisclosed bank provided the loan at a 55 percent loan-to-value ratio. The Forge will offer one- and two-bedroom loft-style floor plans ranging from 781 to 1,350 square feet. Apartments will feature 12- to 14-foot ceilings, finished concrete floors, Bauhaus-inspired windows, open entertainment kitchens, quartz countertops and smart home technology. Community amenities will include a CrossFit-inspired gym, garage parking and shared access to the Foundry Loft’s pool deck next door. Additionally, the property is located one block away from the Fort Lauderdale’s Brightline/Virgin Trains Station, offering direct service to Miami and West Palm Beach. FATVillage (Flagler + Arts + Technology Village) is a neighborhood that includes dozens of eateries, markets, boutiques and galleries.

May 18, 2020

Loans Multifamily Texas

Arbor Provides $4M Fannie Mae Loan for Refinancing of Multifamily Property in Laredo, Texas

by Taylor Williams May 15, 2020

LAREDO, TEXAS — New York-based Arbor Realty Trust Inc. has provided a $4 million Fannie Mae loan for the refinancing of Monaco Boulevard Apartments, a multifamily property in the Rio Grande Valley city of Laredo. The community was built in 2013 and totals 44 units. Jared Stein of Arbor provided the loan, which carries a 10-year term, fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

May 15, 2020

Loans New York Northeast Office

Greystone Provides $30.8M in Fannie Mae Loans for Refinancing of Adjacent Multifamily Properties in Queens

by Alex Patton May 15, 2020

NEW YORK CITY — Greystone has provided two Fannie Mae loans totaling $30.8 million for the refinancing of two adjacent multifamily properties in the Ridgewood neighborhood of Queens. The first loan totaled $14.2 million loan and was used to refinance a 49-unit property at 1635 Putnam Ave. The second loan totaled $16.6 million loan and was used to refinance a 48-unit property at 1625 Putnam Ave. Both Fannie Mae loans carry 12-year terms with 30-year amortization periods. The borrower was Adar Holdings USA. Anthony Cristi of Greystone originated the loan.

May 15, 2020

California Industrial Loans Net Lease Western

PGIM Real Estate Secures $66M Acquisition Financing for Inland Empire Industrial Asset

by Amy Works May 15, 2020

RIVERSIDE, CALIF. — PGIM Real Estate has secured $66 million in acquisition financing for an industrial facility located at 6275 Lance Drive in Riverside. The fixed-rate loan features and eight-year term and was arranged on behalf of the undisclosed borrower, for which TA Realty provides investment advisory services. Situated on 47 acres in California’s Inland Empire, the 1 million-square-foot Class A property is fully leased to an investment-grade tenant in the healthcare industry as of January 2020 through a 10.5-year, triple-net lease. The facility features a 36-foot clear height, truck courts ranging from 140 feet to 185 feet in depth, 147 cross-dock high doors, 11,400 square feet of office space and 355 surface parking spaces. Brett Ulrich of PGIM Real Estate led the transaction for PGIM, while Val Achtemeier of CBRE’s Debt & Structured Finance Group brokered the financing for the borrower.

May 15, 2020

Loans Multifamily Northeast Pennsylvania

Greystone Provides $76.7 Million Fannie Mae Loan for Refinancing of Multifamily Property Near Philadelphia

by Alex Patton May 14, 2020

HUNTINGTON VALLEY, PA. — Greystone has provided a $76 million Fannie Mae loan for the refinancing of Meadowbrook Apartments, a 531-unit multifamily property in Huntingdon Valley, a northern suburb of Philadelphia. Located at 1700 Huntingdon Pike, the property was constructed in 1968 and features studio, one-, two- and three-bedroom units.. The borrower was Lindy Properties. Dan Sacks of Greystone originated the loan, which carries a 10-year term with interest-only payments.

May 14, 2020

Newer Posts

Older Posts