Loans

NKF Arranges Sale, Provides $25M Acquisition Loan for Multifamily Community in Metro Memphis

by Alex Tostado July 2, 2019

SOUTHAVEN, MISS. — Newmark Knight Frank (NKF) has arranged the sale of The Clare, a 352-unit multifamily community in Southaven. NKF also provided the buyer, ValCap Group, with a $25 million Freddie Mac acquisition loan. The Clare was constructed in 1997 and offers one-, two- and three-bedroom floor plans ranging from 723 to 1,120 square feet. Communal amenities include two swimming pools, a tennis court, volleyball court and a fitness center. The Clare, formerly known as Legacy at Church Lake, is situated at 5186 Church Lake Drive, 18 miles south of downtown Memphis. The seller was not disclosed. Blake Pera of NKF represented the buyer in the transaction. Adam Randall, John Meany and John Westby-Gibson of NKF placed the debt financing.

July 2, 2019

Loans Multifamily New York Northeast

Stonehenge Receives $63M Loan for Refinancing of Two Multifamily Buildings in Manhattan

by Taylor Williams July 2, 2019

NEW YORK CITY — Stonehenge NYC, a New York City-based investment and management firm, has received a $63 million loan for the refinancing of two multifamily buildings totaling 206 units in Manhattan. The properties are located at 108 W. 15th St. and 210 W. 89th St. and span 56 and 150 units, respectively. New York Community Bank provided the funds to Stonehenge, which has owned and managed the buildings since the 1990s. Ralph Herzka and Abe Hirsh of Meridian Capital Group arranged the financing, the specific terms of which were not disclosed.

July 2, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Sims Mortgage Provides $5.3M HUD Loan for Affordable Seniors Housing Property in Pennsylvania

by Taylor Williams July 2, 2019

MIDDLETOWN, PA. — Sims Mortgage Funding, a subsidiary of Connecticut-based lender HJ Sims, has provided a $5.3 million HUD-insured loan for Middletown Interfaith Apartments, a 125-unit affordable seniors housing community located outside of Harrisburg. The property was built in the early 1980s. Sims Mortgage secured the financing through the HUD 223(f) loan program, which is often used to finance affordable housing projects. The loan, a portion of which will be used to fund capital improvements, was structured with a 35-year term.

July 2, 2019

Loans Office Texas

Square Mile Provides $46M Loan for Refinancing of Houston Office Building

by Taylor Williams July 2, 2019

HOUSTON — Square Mile Capital Management LLC has provided a $46 million loan for the refinancing of 1885 St. James Place, a 165,000-square-foot office building located in the Galleria/Uptown area of Houston. The borrower, Mission Cos., an owner-operator that manages about 1 million square feet of office and medical space throughout Houston, developed the Class A property in 2016. John Ream of JLL placed the loan, a portion of which will be used to fund leasing costs.

July 2, 2019

Illinois Loans Midwest Multifamily

PCCP Provides $33.1M Senior Loan for Refinancing of Apartment Community in Lombard, Illinois

by Kristin Harlow July 1, 2019

LOMBARD, ILL. — PCCP has provided a $33.1 million senior loan for the refinancing of Apex 41, a five-story, 181-unit apartment community in Lombard. The loan will pay off the existing construction loan and provide additional time for lease-up and stabilization of the property. Apex 41 is situated on a three-acre site at 2760 S. Highland Ave. Completed in March 2017, the property is atop a two-story parking garage. Amenities include a pool, clubhouse, golf simulator and dog run. GSP Development was the borrower.

July 1, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $11.5M Refinancing for Apartment Property in Gretna, Nebraska

by Kristin Harlow July 1, 2019

GRETNA, NEB. — NorthMarq has arranged an $11.5 million loan for the refinancing of Avenue 204 at Royal View, a 120-unit apartment property in Gretna, about 20 miles southwest of Omaha. The property, located at 10816 S. 204th St., features one- and two-bedroom floor plans with in-unit washers and dryers. Amenities include a pool, fitness center, grilling area and clubhouse. Josh Larsen of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan.

July 1, 2019

Loans Multifamily Texas

CrossHarbor Capital Provides $95M Loan for Refinancing of Dallas Apartment Property

by Taylor Williams July 1, 2019

DALLAS — Boston-based CrossHarbor Capital Partners has provided a $95 million loan for The McKenzie, a 183-unit apartment property in Dallas. The McKenzie was 50 percent occupied at the time of the loan closing and features one-, two- and three-bedroom units averaging 1,600 square feet. Amenities include a pool, fitness center and 24-hour concierge and valet services. The loan, which will be used to refinance construction debt, was provided to a partnership between StreetLights Residential and A.G. Hill Partners, which developed the property in 2018.

July 1, 2019

Loans Multifamily Texas

HFF Arranges Acquisition Financing for 246-Unit Apartment Community in Metro Houston

by Taylor Williams July 1, 2019

RICHMOND, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for Waterside at Mason, a 246-unit apartment community located in the western Houston suburb of Richmond. Built in 2017, the property features one- and two-bedroom units averaging 867 square feet. Amenities include a pool, fitness center, clubhouse with a conference center and a game room. Cortney Cole and Jett Lucia of HFF arranged the financing through a life company on behalf of Houston-based Hilltop Residential. The loan was structured with a five-year term, a fixed interest rate and interest-only payments.

July 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

Washington Trust Provides $30M Refinancing for Seniors Housing Community Near Boston

by Taylor Williams July 1, 2019

WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.

July 1, 2019

Loans New York Northeast Office Retail

Mission Capital Arranges $15.2M Loan for Brooklyn Redevelopment Project

by Taylor Williams July 1, 2019

NEW YORK CITY — Mission Capital Advisors has arranged a $15.2 million loan for The Box Factory, a former industrial building in Brooklyn that is being redeveloped into a 65,837-square-foot office and entertainment complex. Proceeds will be used to refinance construction debt and further redevelop the property. Jonathan More, Ari Hirt and Lexington Henn of Mission Capital arranged the financing on behalf of the project development team, which is led by Brickman Real Estate and Hornig Capital Partners. Construction began in 2018. Pine River provided the loan.

July 1, 2019

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