Loans

Dekel Capital Arranges $59M Construction Loan for Mixed-Use Project in Thousand Oaks

by Amy Works April 23, 2020

THOUSAND OAKS, CALIF. — Dekel Capital has arranged $59 million in construction financing on behalf of The Latigo Group for the construction of 299 Thousand Oaks, a mixed-use development located in Thousand Oaks. Situated on 3.2 acres, 299 Thousand Oaks will feature 142 Class A apartments, 9,820 square feet of ground-floor retail space and parking for 239 vehicles. The four-story property will offer studio, one- and two-bedroom units, with 11 units designated as affordable housing for low-income families. Community amenities will include a 3,000-square-foot fitness center, pool, garden courtyards and open space. Additionally, the project will feature smart technology, including keyless entry and remote thermostat control. Shlomi Ronen of Dekel Capital secured the financing, which a publicly traded REIT and a life insurance company provided.

April 23, 2020

California Loans Multifamily Western

Ready Capital Closes $48M Refinancing for 17-Property Multifamily Portfolio in Los Angeles

by Amy Works April 23, 2020

LOS ANGELES — Ready Capital has closed a $48 million loan to refinance a 17-property multifamily portfolio in Los Angeles. The non-recourse, hybrid loan features a 20-year term, 30-year amortization and yield maintenance prepay. The collateral consists of garden complexes totaling 232 units with construction dates ranging from 1928 to 1991 and an average occupancy above 95 percent. The majority of the properties are located in San Fernando Valley. The undisclosed sponsor has owned the properties in the portfolio for a range of two to 18 years.

April 23, 2020

Colorado Loans Multifamily Western

NKF Secures $22.4M Loan for Copper Ridge Apartments Near Boulder

by Amy Works April 23, 2020

LOUISVILLE, COLO. — Newmark Knight Frank (NKF) has arranged a $22.4 million Freddie Mac loan to refinance Copper Ridge Apartment Homes, located at 240 McCaslin Blvd. in Louisville. Charlie Williams of NKF Multifamily Capital Markets’ Denver office secured the 10-year, fixed-rate refinancing for the undisclosed borrower. Constructed in 1994, Copper Ridge features 129 garden-style apartments, a clubhouse, 24-hour fitness facility, pool, courtyard with grills and business center. Over the last six years, the property underwent a complete renovation.

April 23, 2020

Kansas Loans Midwest Multifamily

Arbor Provides $13.7M in Acquisition Loans for Multifamily Properties in Wichita

by Kristin Harlow April 23, 2020

WICHITA, KAN. — Arbor Realty Trust Inc. has provided three Fannie Mae loans totaling $13.7 million for the acquisition of three multifamily properties in Wichita. Arbor provided an $8.9 million loan for the acquisition of Kingston Cove Apartments. The 252-unit complex includes a fitness center, pool, volleyball court, clubhouse and boat dock. The 12-year, fixed-rate loan features a 30-year amortization. Arbor also provided $2.1 million for the purchase of Danish Village Apartments, a 78-unit property located near the McConnell Air Force Base. Lastly, the company provided $2.7 million for the acquisition of 68-unit Pine Creek Apartments. Eugene Yanovskiy of Arbor’s New York City office originated the loans.

April 23, 2020

Delaware Loans Multifamily Northeast

Greystone Provides $26.6M Fannie Mae Refinancing Loan for Multifamily Property in Newark, Delaware

by Alex Patton April 22, 2020

NEWARK, DEL. — Greystone has provided a $26.6 million Fannie Mae refinancing loan for Liberty Square, a 297-unit multifamily property in Newark, Delaware,, located approximately 45 miles southwest of Philadelphia. The loan carries a 10-year term with a 30-year amortization schedule, as well as interest-only payments for the first three years. Liberty Square is a garden-style apartment community with amenities including a pool, playground, tennis court and laundry facilities. Dan Sacks of Greystone originated the debt.

April 22, 2020

Acquisitions Loans Multifamily North Carolina Southeast

NorthMarq Provides $25.3M Acquisition Loan for Multifamily Community in Burlington, North Carolina

by Alex Tostado April 22, 2020

BURLINGTON, N.C. — NorthMarq has provided a $25.3 million Fannie Mae acquisition loan for Retreat at the Park, a 249-unit multifamily community in Burlington. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property was built in two phases from 2015 to 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a conference room with Starbucks coffee bar, saltwater pool, fitness center, game lounge, outdoor fireplace and a clubhouse. Melissa Marcolini-Quinn and Lee Weaver of NorthMarq originated the loan on behalf of the borrower, Carter Exchange, a Carter Funds Co. The seller was not disclosed.

April 22, 2020

Acquisitions California Loans Multifamily Western

IPA Arranges $22.4M Acquisition Loan for Multifamily Property in Southern California

by Amy Works April 22, 2020

WEST COVINA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap Capital Corp., has secured $22.4 million in financing for the acquisition of an apartment asset located in West Covina. An undisclosed borrower used the loan proceeds to purchase the 85-unit asset, which is located at 217 S. Barranca Ave. Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. arranged the financing, while Tyler Leeson and Matthew Kipp of Marcus & Millichap’s Newport Beach office, along with Kevin Green of IPA, represented the borrowers in the acquisition. The interest rate is fixed at 3.75 percent for seven years, with the first three years bring interest-only payments followed by a 30-year amortization. The loan-to-value ratio is 60 percent.

April 22, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Capital Provides $8.2M Refinancing Loan for Multifamily Community in South Florida

by Alex Tostado April 21, 2020

HIALEAH, FLA. — Hunt Real Estate Capital has provided an $8.2 million Fannie Mae refinancing loan for Oceanmar Park Apartments in Hialeah. The 104-unit community was built in 1967 and comprises 26 two-story buildings. The borrower, Oceanmar Park Apartments LLC, plans to invest $330,000 for new paint, new appliances and air conditioners, a security system, new garbage enclosure and repaving. The proposed plans will span a four-year period. The 15-year term loan features interest-only payments for the full term. The property is situated at 7155 W. 14th Court, 17 miles northwest of downtown Miami.

April 21, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $6.1M Refinancing for Multifamily Property in Minnesota

by Kristin Harlow April 21, 2020

HERMANTOWN, MINN. — Dougherty Mortgage LLC has provided a $6.1 million Fannie Mae loan for the refinancing of Green Acres in Hermantown, a suburb of Duluth. Constructed in phases from 1991 to 2010, the 83-unit multifamily property includes 13 buildings. The 10-year loan features a 30-year amortization schedule. GMP Living Inc. was the borrower.

April 21, 2020

Loans New Jersey Northeast Retail

NJEDA, Local Institutions to Provide Over $20M in Financing to Small Businesses Impacted by COVID-19

by Alex Patton April 20, 2020

TRENTON, N.J. — The New Jersey Economic Development Authority (NJEDA) has partnered with six community development financial institutions (CDFIs) to provide between $20 million and $30 million in low-cost financing to small businesses and nonprofits impacted by COVID-19. The CDFI Emergency Loan Loss Reserve Fund is a $10 million capital reserve fund that the NJEDA will use to take a first loss position on COVID-related loans that provide low-interest working capital to small businesses that have been negatively impacted by the outbreak. The NJEDA will back these loans up to 50 percent if they default in the future. Institutions including New Jersey Community Capital, UCEDC, Regional Business Assistance Corporate, Cooperative Business Assistance Corp., Greater Newark Enterprise Corp. and 1st Bergen Federal Credit Union will all participate in the CDFI Emergency Loan Loss Reserve Fund.

April 20, 2020

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