Loans

Hunt Real Estate Provides $12.7M Refinancing Loan for Multifamily Community in Stuarts Draft, Virginia

by Alex Tostado April 20, 2020

STUARTS DRAFT, VA. — Hunt Real Estate Capital has provided a $12.7 million Fannie Mae refinancing loan for Brittany Knoll Apartments in Stuarts Draft. The 153-unit property comprises 14 three-story buildings that were built between 1998 and 2000. The borrower, Brittany Knoll LLC, built the property and has self-managed it since. The loan has a 10-year term with a 30-year amortization schedule. The interest rate was not disclosed, although Maria Zubillaga of Hunt Real Estate said the new rate is 170 basis points lower than the borrower’s previous rate. Brittany Knoll offers two- and three-bedroom floor plans and a playground. The community is located 35 miles west of downtown Charlottesville.

April 20, 2020

California Loans Multifamily Western

KeyBank Secures $15.2M in Financing for Village Green Apartments in San Bernardino

by Amy Works April 20, 2020

SAN BERNARDINO, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has arranged a $15.2 million interim bridge loan on behalf of Alliant Strategic Investments (ASI) to acquire Village Green Apartments, an affordable housing property in San Bernardino. Woodland Hills, Calif.-based ASI is an investment firm focused on the acquisition and preservation of affordable and workforce housing in urban markets throughout the United States. Situated on 22 acres, Village Green Apartments features 184 units in a mix of one- and two-bedroom layouts. Community amenities for the pet-friendly property include private backyards and two swimming pools. Additionally, KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group is arranging permanent financing — a Federal Housing Administration 223(f) mortgage through the U.S. Department of Housing and Urban Development — for ASI. The term of the Housing Assistance Payments Contract on the property will be extended. Hector Zuniga of KeyBank’s CDLI and Paul Angle of KBREC’s Commercial Mortgage Group structured the financing.

April 20, 2020

Loans Multifamily Texas

Embrey Receives Refinancing Loan for 350-Unit Apartment Community in Frisco

by Taylor Williams April 20, 2020

FRISCO, TEXAS — Embrey Partners, a San Antonio-based multifamily developer, has received a loan for the refinancing of Domain at the Gate, a 350-unit apartment community in Frisco. Built in 2017, the property offers a 24-hour fitness center with yoga and spin studios, an indoor sports simulator, clubhouse and coffee bar, pool with outdoor kitchen and a private library. Pacific Life Insurance Co. provided the loan, and Trinity Real Estate Finance Inc. placed the debt. The amount of the loan was not disclosed.

April 20, 2020

Loans Michigan Midwest Multifamily

Twins Real Estate Receives $2.3M Loan for Refinancing of Multifamily Community in Battle Creek, Michigan

by Kristin Harlow April 20, 2020

BATTLE CREEK, MICH. — Twins Real Estate has received a $2.3 million Freddie Mac small balance loan for the refinancing of Hidden Lane Apartments in Battle Creek, about 25 miles east of Kalamazoo. Located at 612 Garrison Ave., the 77-unit community is comprised of three apartment buildings and two townhome buildings. Jason Brown and Sam Orman of CBRE Capital Markets arranged the 10-year loan, which is amortized over 30 years and features a fixed rate of 4.13 percent and a 70 percent loan-to-value ratio.

April 20, 2020

District of Columbia Loans Multifamily Southeast

Freddie Mac Extends Multifamily COVID-19 Forbearance Program, Revises Protocols for Evictions and Penalties

by Alex Tostado April 17, 2020

WASHINGTON, D.C. — Freddie Mac has changed its previously announced Multifamily COVID-19 forbearance program in three ways to better align with the federally enacted Coronavirus Aid, Relief and Economic Security (CARES) Act. The program allows Freddie Mac’s multifamily borrowers to defer their loan payments for 90 days if they can show hardship as a consequence of the COVID-19 outbreak and if they receive approval from their lenders, which are part of Freddie Mac’s Optigo network. The first change to the program is an extended deadline for multifamily owners to enter forbearance due to COVID-related hardships. The new deadline is until the end of the year or the end of the federally declared emergency period, whichever occurs first. The previous end of the program was set for Aug. 1. The agency also revised its eviction policy pertaining to borrowers that enter forbearance, saying none of the borrowers’ residents can be evicted, whether or not they can prove their nonpayment stems from COVID-19-related hardships. The third change is participating owners are required to waive late fees, penalties or other charges related to tenant nonpayment of rent during the forbearance period. “The program has already proved to be an important source of relief …

April 17, 2020

Development Loans Office Southeast Tennessee

GBT Realty Receives $141.1M in Construction Financing for One22One Broadway Office Tower in Nashville

by Alex Tostado April 17, 2020

NASHVILLE, TENN. — GBT Realty Corp. has received $141.1 million in construction financing for its One22One Broadway project in Nashville. Mack Realty provided the loan for the planned 24-story, 356,000-square-foot office tower. Construction began in February, and GBT expects the development to open in 2022. Additionally, Dallas-based Koch Real Estate Investments has joined GBT as a limited partner. The property is situated on 0.77 acres at 1221 Broadway. Gresham Smith designed the building, and Taylor Hillenmeyer, Janelle Gallagher, Frank Thomasson and Byran Fort of CBRE are marketing the office space.

April 17, 2020

California Loans Multifamily Western

JLL Arranges $58.5M in Financing for Multifamily Portfolio in Oakland

by Amy Works April 17, 2020

OAKLAND, CALIF. — JLL Capital Markets has secured $58.8 million in financing to fund the recapitalization of a nine-property multifamily portfolio in Oakland. The borrower is Mosser Capital and its new foreign investment partner. Peter Smyslowski and Bercut Smith of JLL Capital Markets represented the borrower in financing. The firm secured floating-rate loan through Société Générale. The term is seven years, including extension options. The loan includes interest-only payments through the first five years of the term with an initial advance of $49.5 million and an additional $9 million in future funding for unit renovations, the addition of new accessory dwelling units (ADUs) and other expenses. Mosser Capital originally acquired the assets in a series of transactions and aggregated the portfolio between 2016 and 2017. The portfolio includes 282 existing rent-controlled residential units, including the addition of 28 to-be-built ADUs, averaging 522 square feet, and four ground-floor retail suites. The properties are centrally located the Oakland submarkets of Cleveland Heights, Adam’s Point, Lakeside, Uptown and East Lake.

April 17, 2020

Parkway-Woods-Business-Park-Wilsonville-OR

Acquisitions Industrial Loans Office Oregon Western

NKF Closes $36.1M Loan for Parkway Woods Business Park Acquisition in Oregon

by Amy Works April 17, 2020

WILSONVILLE, ORE. — Newmark Knight Frank (NKF), on behalf of ScanlanKemperBard (SKB), has secured $36.1 million in financing for the acquisition of Parkway Woods Business Park in Wilsonville. SKB acquired the property, which offers 390,233 rentable square feet of office, production and manufacturing space on an 88.3-acre, park-like setting. Ramsey Daya, Chris Moritz and Stephen Scarpulla of NKF’s Debt & Structured Finance team in San Francisco executed the financing through Bridge Investment Group for the borrower. At the time of sale, the asset was 79.5 percent leased by a variety of tenants, including Xerox, 3D Systems, Dealer Spike and Tualatin Valley Water District. Parkway Woods features efficient, single-story floor plans with modern building systems, abundant green space, extensive freeway visibility, amenities, above-market parking ratio, on-site public transportation, excess land and nearby food options.

April 17, 2020

California Loans Office Western

New York Life Originates $69.9M Acquisition, Repositioning Loan for Office Building in California

by Amy Works April 17, 2020

EL SEGUNDO, CALIF. — New York Life Real Estate Investors has originated financing for the acquisition and repositioning of 2160 Grand, a three-story office building in El Segundo. Originally developed as a built-to-suit project in 1999, the building’s T-shaped layout allows floorplates to be divided for multiple tenants, along with the capability to serve larger space users. The buyer plans to reposition the property into a 164,000-square-foot, campus-like facility with a variety of amenities, including private roof decks, a fitness center, tenant lounge and outdoor courtyard. David Milestone of Newmark Knight Frank Capital Markets placed the debt on the transaction.

April 17, 2020

Kansas Loans Midwest Multifamily

Dougherty Mortgage Provides $2.3M Refinancing for Multifamily Building in Wichita

by Kristin Harlow April 17, 2020

WICHITA, KAN. — Dougherty Mortgage has provided a $2.3 million Fannie Mae loan for the refinancing of Player Piano Lofts in Wichita. The 36-unit, market-rate multifamily building was originally constructed in 1901 and later renovated for residential and commercial use in 2015. The loan features a 12-year term and a 30-year amortization schedule. Player Piano Building LLC was the borrower.

April 17, 2020

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