Loans

Marcus & Millichap Arranges $12.7M Bridge Loan for Purchase of 100,224 SF Retail Center in Southern California

by Amy Works August 9, 2019

RANCHO CUCAMONGA, CALIF. — Marcus & Millichap Capital Corp. has secured a $12.7 million bridge loan for the acquisition of Sunrize Center, a shopping center in Rancho Cucamonga. Located at 8639 Baseline Road, the property features 100,224 square feet of retail space. Rick Judge and Preston Davey of Marcus & Millichap Capital Corp. arranged the financing for the undisclosed borrower. The debt placement is a floating-rate program starting at 6 percent with a five-year term and 12 months of interest-only payments and a loan-to-value ratio of 71 percent.

August 9, 2019

Loans Midwest Missouri Multifamily

NorthMarq Arranges $54.5M Construction Financing for Multifamily Property in Chesterfield, Missouri

by Kristin Harlow August 9, 2019

CHESTERFIELD, MO. — NorthMarq has arranged debt and joint venture equity financing for the construction of Wildhorse, a 188-unit multifamily property in Chesterfield. Located at Wildhorse Creek Road and I-64, the $80 million development will also include 12,500 square feet of retail space and 10,500 square feet of restaurant space. Construction is set to begin this month with completion slated for early 2021. Brinkmann Constructors is the contractor. NorthMarq arranged the $38 million debt financing with a three-year term on behalf of the developers, Pearl Cos. and Great Lakes Capital. Canadian Imperial Bank of Commerce (CIBC) provided the financing. ReCap Real Estate Investment, on behalf of Reinsurance Group of America Inc., served as the joint venture partner for the remaining $16.5 million.

August 9, 2019

Loans Multifamily Seniors Housing Texas

CBRE Arranges Loan for Two-Property Assisted Living Portfolio in Metro Austin

by Taylor Williams August 8, 2019

BOERNE AND ROUND ROCK, TEXAS — CBRE has arranged loan for the refinancing of Franklin Park Boerne and Franklin Park Round Rock, two 76-unit assisted living and memory care communities in metro Austin. The borrower was a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties. The borrower developed both properties in 2017. The communities feature a variety of amenities including a full-service hair and nail salon, theater, game room and a health and wellness center. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the loan, which carried a three-year term, floating interest rate and 24 months of interest-only payments, through a national bank. Franklin Apartment Management, Franklin Development’s management affiliate, will continue to operate the communities.

August 8, 2019

Florida Loans Multifamily Southeast

Terra Receives $91M Refinancing Loan for Recently Delivered Multifamily Community in South Florida

by Alex Tostado August 8, 2019

PEMBROKE PINES, FLA. — Terra has received a $91 million refinancing loan for its recently delivered Pines Garden at City Center. An affiliate of Mack Real Estate Group secured the loan on behalf of the developer. The lender and terms of the loan were not disclosed. Pines Garden is a 387-unit multifamily community situated within Pines City Center, a master-planned 47-acre development that includes 300,000 square feet of retail, entertainment and restaurant space. Pines Garden offers one-, two- and three-bedroom floor plans. Communal amenities include a two-story clubhouse, fitness center, children’s playroom, game room, swimming pool, coworking lounge and coffee bar, outdoor cooking area, gazebo, life-size chess board, dog park and play spaces.

August 8, 2019

Loans Multifamily New Jersey Northeast Seniors Housing

Greystone Provides $16.5M Freddie Mac Acquisition Loan for Seniors Housing Community in New Jersey

by Alex Patton August 8, 2019

MONROE, N.J. — Greystone has provided a $16.5 million Freddie Mac loan for the acquisition of Waterside Villas, a 100-unit seniors housing community located in Monroe, a city about 20 miles northeast of Trenton. The loan carries a 10-year term and 30-year amortization schedule with a fixed interest rate and interest-only payments for the first five years. Sela Realty, an apartment rental agency based in New Jersey, was the borrower and buyer. John Williams and Ephraim Kantor of Greystone’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction.

August 8, 2019

Connecticut Loans Multifamily Northeast

Capital Funding Provides $2.8M Loan for Refinancing of Multifamily Asset in Meriden, Connecticut

by Alex Patton August 8, 2019

MERIDEN, CONN. — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $2.8 million bridge-to-HUD loan for the refinancing of Meriden Mill, a 43-unit multifamily property in Meriden, about 20 miles south of Hartford. The owner and borrower, Manhattan Five Realty, will use a portion of the proceeds to fund future renovations. Gary Sever of CFG handled the transaction through HUD’s 223(f) refinance program, which is used to refinance market-rate multifamily properties.

August 8, 2019

Arizona Loans Multifamily Seniors Housing Western

BMO Harris Healthcare Funds $21M Credit Facility to Finance Acquisition of Assisted Living, Memory Care Asset in Arizona

by Amy Works August 8, 2019

MARANA, ARIZ. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Developed this year, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.

August 8, 2019

Loans Midwest Missouri Mixed-Use

NorthMarq Secures $3M Acquisition Financing for Mixed-Use Property in St. Louis

by Kristin Harlow August 8, 2019

ST. LOUIS — NorthMarq has secured a $3 million loan for the acquisition of Wildwood Plaza in St. Louis. The 17,490-square-foot mixed-use property is situated on a one-acre site. Jeff Chaney and Dan Baker of NorthMarq arranged the loan on behalf of the borrower, Chez IX Wildwood Plaza LLC. Life insurance company StanCorp Financial Group provided the 10-year loan, which features a fixed rate and a 25-year amortization schedule.

August 8, 2019

Acquisitions Loans Maryland Multifamily Southeast

NKF Provides $61.8M Acquisition Loan for Multifamily Community in Suburban Maryland

by Alex Tostado August 7, 2019

LAUREL, MD. — Newmark Knight Frank (NKF) has provided a $61.8 million Freddie Mac acquisition loan for Concord Park at Russett, a 315-unit multifamily community in Laurel. Kevin Mignogna and Charlie Haggard of NKF originated the 10-year, interest-only loan at 70 percent loan-to-value. Concord Park was built in 2005 and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool with wading pool, outdoor lounge, business center, fitness center with yoga studio and a game room and media room. The unnamed borrower is a repeat NKF and Freddie Mac sponsor.

August 7, 2019

California Loans Multifamily Seniors Housing Western

Greystone Provides $8M Refinancing for Age-Restricted Community in Hemet, California

by Amy Works August 7, 2019

HEMET, CALIF. — Greystone has provided an $8 million Fannie Mae loan for the refinancing of Casa Del Rey Mobile Homes Estates, a manufactured property that is age-restricted in Hemet. Situated on 30.6 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates features 267 single- and double-wide pads. The community also features two clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC, originated the 10-year loan, which features a 30-year amortization period at a low fixed rate with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize its existing equity in the property.

August 7, 2019

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