Loans

Thayer Manca Receives $26.8M Refinancing for Callen Apartments in Washington

by Amy Works April 28, 2020

LACEY, WASH. — Seattle-based Thayer Manca Residential (TMR) has closed on a $26.8 million Fannie Mae refinancing for Callen Apartments in Lacey. The 10-year loan includes full-term, interest-only debt service and a fixed rate of 2.99 percent. Through a sponsored partnership, TMR acquired the 189-unit Callen Apartments in February 2018 and has since implemented the majority of a comprehensive, $3.7 million, value-add renovation. Designed to reposition the property, the upgrades include a renovated clubhouse, modern 24-hour fitness center, various amenity additions and apartment interior renovations.

April 28, 2020

Acquisitions Loans Multifamily ORIX South Carolina Southeast

Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina

by Alex Tostado April 27, 2020

LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.

April 27, 2020

Acquisitions Loans Retail Southeast West Virginia

Uber Capital Arranges $11M Acquisition Loan for Shopping Center in Logan, West Virginia

by Alex Tostado April 27, 2020

LOGAN, W.VA. — Uber Capital Group has arranged an $11 million acquisition loan for Fountain Place Shopping Center, a 226,096-square-foot retail property in Logan. The five-year loan features a fixed 4.5 percent interest rate and a 20-year amortization schedule. Fountain Place was built in 1997 at 1103 George Kostas Drive, four miles west of downtown Logan. At the time of sale, the property was leased to tenants including anchors Lowe’s Home Improvement and Walmart Supercenter, as well as Rue 21, Burkes Outlet, Shoe Show Mega Store, Dollar Tree, Southern West Virginia Health System, Appalachian Regional Healthcare and McCoy Dental. A regional lender based in Virginia provided the loan to the undisclosed borrower, a private investor based in New York.

April 27, 2020

Loans Multifamily Texas

JLL Arranges Construction Financing for 266-Unit Multifamily Project in Waco

by Taylor Williams April 24, 2020

WACO, TEXAS — JLL has arranged construction financing for The Riverfront Lofts, a 266-unit multifamily project in Waco that represents Phase I of The Riverfront mixed-use development. The community will feature a fitness center, coffee lounge, entertainment and gaming area, a community kitchen and a business center. First United Bank provided the floating-rate loan to the developer, Dallas-based Catalyst Urban Development. Jeremy Sain of JLL placed the debt. An expected completion date was not released.

April 24, 2020

Loans New Jersey Northeast Office

JLL Arranges $59.9M Acquisition Loan for Office Complex in Parsippany, New Jersey

by Alex Patton April 24, 2020

PARSIPPANY, N.J. — JLL has arranged a $59.9 million acquisition loan for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, a western suburb of New York City. Bridge Investment Group provided the four-year, floating-rate loan to the borrower, P3 Properties. The complex is located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center. Amenities at the center include a 5,000-square-foot fitness center with a yoga studio, two cafes and two conference areas. At the time of sale, the buildings were 67 percent leased to tenants including Zurich Insurance and York Risk Services. Greg Nalbandian and Andrew Zilenziger arranged the loan.

April 24, 2020

Connecticut Loans Multifamily Northeast

M&T Bank Provides $24.5M Construction Loan for Multifamily Building in Danbury, Connecticut

by Alex Patton April 24, 2020

DANBURY, CONN. — M&T Bank has provided a $24.5 million construction loan for Brookview Commons Phase II, a 145-unit multifamily building in Danbury, located approximately 35 miles northwest of New Haven. M&T provided the two-year, recourse loan to a partnership of co-developers BRT General Corp. and The DiMarco Group. Phase II of Brookview Commons will be developed at a site located at 333 Main St., directly across from the existing 115 units at Brookview Commons. Phase II will feature 18 studios, 80 one-bedroom and 47 two-bedroom units. The construction schedule was undisclosed. John Harrington of HK Real Estate Advisors arranged the loan.

April 24, 2020

Arizona Loans Office Western

Velocis Receives $33.8M Refinancing for Park One Office Campus in Phoenix

by Amy Works April 24, 2020

PHOENIX — Velocis has received a $33.8 million loan for the refinancing of Park One, a Class A office property in Phoenix’s Camelback Corridor. Dana Summer, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek of CBRE secured the financing through Alliance Bank of Arizona for the borrower. Located at 2111, 2121 and 2141 E. Highland Ave., Park One is a three-building campus offering a total of 217,433 square feet of office space. The campus comprises a two-story building, four-story building and a freestanding restaurant. At the time of financing, the property was 92 percent leased. Park One features remodeled common areas and amenity spaces, including lobbies, corridors, elevator cabs, on-site café, landscaping and outdoor seating areas. The property is within walking distance to a variety of restaurant and shopping options, including Biltmore Fashion Park.

April 24, 2020

Loans Multifamily Washington Western

Ready Capital Arranges $2.1M Refinancing for Multifamily Property in Tacoma, Washington

by Amy Works April 24, 2020

TACOMA, WASH. — Ready Capital has closed $2.1 million in refinancing for an apartment building located in Tacoma. The undisclosed sponsor constructed the 10-unit, Class B asset in 2015. The non-recourse, hybrid-rate loan features a 20-year term (seven years fixed rate and 13 years floating rate), a 30-year amortization schedule and yield maintenance prepay.

April 24, 2020

Content Partner Development Features Industrial Loans Midwest Multifamily Northeast Office Retail Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus

by Sarah Daniels April 24, 2020

In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …

April 24, 2020

Development Florida Loans Mixed-Use Retail Southeast

PEBB Enterprises, Banyan Development Receive $27M Construction Loan for Mixed-Use Development in Palm Beach County

by Alex Tostado April 23, 2020

BOYNTON BEACH, FLA. — PEBB Enterprises and Banyan Development have received $27 million in financing for their Mainstreet at Boynton mixed-use project underway in Boynton Beach. Buffalo, N.Y.-based M&T Bank provided the loan. The property is situated at 6405 W. Boynton Beach Blvd., 13 miles north of Boca Raton in Palm Beach County. A 26,000-square-foot Sprouts Farmers Market will anchor the project, which will also feature a Wawa on an outparcel. The retail portion is 85 percent preleased. A 158-bed, 117,000-square-foot co-living facility will also be a part of the project. Jupiter, Fla.-based general contractor Mason Construction expects to complete the project in second-quarter 2021.

April 23, 2020

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