Loans

Berkadia Arranges Sale of 709-Bed Student Housing Community Near Georgia Southern

by Alex Tostado March 24, 2020

STATESBORO, GA. — Berkadia has arranged the sale of 111 South, a 709-bed student housing community located near Georgia Southern University in Statesboro. Kevin Larimer, Greg Gonzalez and Judy MacManus of Berkadia represented the seller, a partnership between Artemis Real Estate Partners and The Preiss Co., in the transaction. The community was acquired by Centurion Property Group for an undisclosed price. Pete Benedetto and Aaron Moll, also with Berkadia, originated an acquisition loan through Basis Investment Group on behalf of the buyer. The property was built in 2013 and offers two-, three-, four- and five-bedroom units with bed-to-bath parity and furniture packages. Communal amenities include a pool with a lazy river, a water volleyball court, 24-hour fitness center and a cyber lounge.

March 24, 2020

Development Hospitality Loans South Carolina Southeast

Knighthead Funding Secures $30.5M Construction Loan for Boutique Hotel in Historic Charleston

by Alex Tostado March 24, 2020

CHARLESTON, S.C. — Knighthead Funding LLC has provided a $30.5 million construction loan for Roost Charleston, a planned boutique hotel that will also include 11,003 square feet of retail space. The non-recourse, floating-rate loan has a 27-month term. The property will comprise a newly constructed building as well as three redeveloped, historic buildings. Roost Charleston will offer a combination of standard hotel guest rooms and extended stay apartments. Amenities will include a restaurant, café, spa and an outdoor courtyard. The building site is located at the northeast corner of King and George streets in historic Charleston. Brian Sullivan and Jonathan Daniel of Knighthead Funding originated the loan on behalf of the borrower, King & George Street LLC, an affiliate of Method Co. A timeline for construction was not disclosed.

March 24, 2020

Loans Mississippi Multifamily Seniors Housing Southeast Tennessee

Greystone Provides Two HUD Refinancing Loans for Seniors Housing Properties Near Memphis Totaling $29.4M

by Alex Tostado March 24, 2020

GERMANTOWN, TENN. AND OLIVE BRANCH, MISS. — Greystone has provided two HUD refinancing loans to the same borrower for seniors housing communities in Germantown and Olive Branch. The loans total $29.4 million. The undisclosed borrower took out a $12.2 million loan for Germantown Plantation Senior Living, a 106-unit assisted living facility situated at 9293 Poplar Ave., 21 miles east of downtown Memphis. The other property is Silvercreek Senior Living Community, which is located at 6630 Crumpler Blvd. in Olive Branch, 22 miles southeast of downtown Memphis. Greystone provided a $17.2 million refinancing loan for the facility, which offers 99 studio, one- and two-bedroom units.

March 24, 2020

Loans Multifamily Texas

Barclays Provides $7.6M Acquisition Loan for Dallas Multifamily Asset

by Taylor Williams March 24, 2020

DALLAS — Barclays Capital has provided a $7.6 million acquisition loan for The Burgundy, a multifamily asset in Dallas that consists of 111 apartments and 69 condominiums. Melissa Marcolini Quinn and Will Hancock of NorthMarq arranged the loan, which carried a 10-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. NorthMarq also arranged the sale of the asset.

March 24, 2020

California Development Loans Multifamily Western

Dekel Capital Arranges $47.8M Construction Loan for Multifamily Community in Los Angeles

by Amy Works March 24, 2020

LOS ANGELES — Los Angeles-based Dekel Capital, on behalf of Los Angeles-based CGI Strategies, has secured $47.8 million in non-recourse construction financing for the development of a multifamily community located at 837 S. Fedora St. in Los Angeles. Provided by a national lender, the loan will be used for the construction of a seven-story concrete and wood building over two levels of subterranean parking in the Koreatown neighborhood. The multifamily property will offer 200 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 622 square feet to 1,000 square feet, with 10 percent of the units earmarked for low-income residents. On-site community amenities will include a fully equipped fitness center, 6,500-square-foot community lounge, clubhouse, exterior courtyard and 5,400-square-foot rooftop lounge. Completion is scheduled for summer 2022.

March 24, 2020

Acquisitions Loans Office Oregon Western

JLL Secures $37.3M in Acquisition Financing for Fremont Place Office Campus in Portland

by Amy Works March 24, 2020

PORTLAND, ORE. — JLL Capital Markets has secured $37.3 million in acquisition financing for Fremont Place I and II, a two-building office campus in Portland’s Pearl District. The borrower is a Rialto Capital Management fund along with one of the company’s subsidiaries, Rialto Capital. Loan proceeds will be used to acquire and transform the urban, waterfront property through series of interior and exterior renovations. Located at 1650 and 1750 Naito Parkway, Fremont I and II offer 123,600 square feet of office space spread across a two-story building and a three-story building. Originally built in 1987, the asset was recently renovated and renovations, including an outdoor amenity space, are scheduled for the near future. At the time of sale, the property was 62 percent leased to a variety of tenants in the telecommunications, engineering and healthcare industries, among others. Casey Davidson and Zachary Kersten of JLL Capital Markets arranged the five-year, floating-rate acquisition bridge loan through a debt fund.

March 24, 2020

Company News District of Columbia Loans Multifamily Seniors Housing Southeast Student Housing Top Stories

Freddie Mac, Fannie Mae Enact 90-Day Financial Relief Plan for Multifamily Borrowers, Tenants

by John Nelson March 24, 2020

WASHINGTON, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate the initiatives could impact more than 54,000 apartment communities across the country. “This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” says Debby Jenkins, executive vice president and head of Freddie Mac Multifamily, which implemented a similar forbearance plan in 2017 following Hurricane Harvey in Houston. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief as our nation addresses this global pandemic,” says Jenkins. The outbreak of COVID-19 is likely to push the United States into a recession as the …

March 24, 2020

Loans Multifamily Texas

Barings Provides Loan for Refinancing of 451-Unit Terra Lago Apartments in Metro Dallas

by Taylor Williams March 23, 2020

ROWLETT, TEXAS — Barings Real Estate Capital has provided a loan of an undisclosed amount for the refinancing of Terra Lago, a 451-unit apartment community located in the northeastern Dallas suburb of Rowlett. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, a business center and a bocce court. The borrower was a partnership between Transcontinental Realty Investors Inc. and Abode Properties.

March 23, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $17.8M Acquisition Loan for Apartment Complex in Tampa

by Alex Tostado March 23, 2020

TAMPA, FLA. — Berkadia has provided a $17.8 million Freddie Mac acquisition loan for Southern Cove, a 180-unit apartment complex in Tampa. The property was built in 1974 at 8741 Grove Terrace, nine miles northeast of downtown Tampa. The community offers two-bedroom units and townhomes. Communal amenities include a business center, clubhouse, dog park, swimming pool, tennis courts and a laundry facility. Mitch Sinberg, Wes Moczul and Brad Williamson of Berkadia originated the loan on behalf of the borrower, San Francisco-based 29th Street Capital. The three-year value-add loan offers a floating interest rate.

March 23, 2020

Hospitality Loans New York Northeast

Helmsley Spear Arranges $9.5M Refinancing Loan for Kings Hotel in Brooklyn

by Alex Patton March 23, 2020

NEW YORK CITY — Helmsley Spear LLC has arranged a $9.5 million refinancing loan for the 49-room Kings Hotel in Brooklyn. Crown Bank provided the 10-year, fixed-rate loan that carries a 25-year amortization schedule. Located at 2416 Atlantic Ave., the hotel features a fitness center and conference rooms. Showket Ahamed of Helmsley Spear arranged the financing.

March 23, 2020

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