Loans

Griffis Residential Receives $45.6M Acquisition Loan for Talavera Apartments in Denver

by Amy Works June 26, 2019

DENVER — Griffis Residential has received $45.6 million in financing for the acquisition of Talavera Apartments, a mid-rise multifamily community at 350 S. Jackson St. in Denver. Eric Tupler and Josh Simon of HFF secured the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corp. The loan, which was used to fund the acquisition of the property, carries a 3.53 percent fixed interest rate with full-term interest-only payments. Built in 2008, Talavera Apartments features 240 units in a mix of studio, one- and two-bedroom layouts, averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers/dryers, stainless steel appliances and Amazon lockers. At the time of closing, the property was more than 97 percent leased.

June 26, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $15M Fannie Mae Loan for Seniors Housing Community in Southern California

by Amy Works June 26, 2019

TUSTIN, CALIF. — CBRE has arranged $15 million in Fannie Mae financing for The Groves of Tustin. The 83-unit assisted living and memory care community is located in Tustin, between Los Angeles and San Diego. The borrower is Capitol Seniors Housing, which leases the community to Integral Senior Living under a third-party management contract. Capitol originally purchased the property in 2014, and has invested elective capital to modernize the building, bringing it up to the competitive standards of the area. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the 10-year, floating-rate loan with 84 months of interest-only payments. The transaction refinances existing debt on the property

June 26, 2019

Loans Midwest Missouri Multifamily

Berkadia Arranges $32.9M Financing for Apartment Conversion Project in Kansas City

by Kristin Harlow June 24, 2019

KANSAS CITY, MO. — Berkadia has arranged a $32.9 million loan for the conversion of the former Commerce Bank executive office building in Kansas City into apartments. Known as Flashcube Apartments, the property will include 184 units. Construction began in January and is expected to take 12 to 18 months to complete. Community amenities will include a game room, basketball court, fitness center, pickleball court, lounge, dog run and bike storage. John Schorgl of Berkadia arranged the 2.5-year loan provided by Boston-based UC Funds. Missouri-based WI Flashcube LLC was the borrower. The developer plans to reserve 40 units for affordable housing. These units will rent for an average of $1,187 per month, according to CityScene KC. The building is nicknamed “flashcube” because of its reflective glass exterior. It has been vacant for more than a decade.

June 24, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $24.5M Freddie Mac Refinancing for Seniors Housing Community in Northern California

by Amy Works June 24, 2019

CHICO, CALIF. — CBRE has arranged $24.5 million in financing for Westmont Living. The funds will refinance existing debt on The Inn at the Terraces of Chico, an 80-unit assisted living property located 90 miles north of Sacramento in Chico. The average housing value within a one-mile radius of the property is $514,032, while average household income sits at $103,847. Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the Freddie Mac financing. The 10-year, fixed-rate, cash-out loan features 72 months of interest-only payments. CBRE also financed the first phase of the development via agency debt in 2016.

June 24, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Parkview Financial Provides $16.5M Construction Loan for Mixed-Use Project in Los Angeles

by Amy Works June 21, 2019

LOS ANGELES — Parkview Financial has funded a $16.5 million construction loan to Los Angeles-based 5050 Pico LLC for the development of Kentish Town, a mixed-use project in Los Angeles. Located at 5050 W. Pico Blvd., the 60,110-square-foot property will feature 79 residential units and 2,121 square feet of ground-floor retail space. Additionally, the asset will include one grade-level parking area and one subterranean parking level, totaling 67 spaces. Community amenities will include two rooftop decks, a bike room with storage and a residential lounge. Apartments are available in a mix of studio and one-bedroom floorplans, averaging 601 square feet. Units will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies on the majority of the apartments. Eight of the units will offer below-market-rate rents.

June 21, 2019

California Development Hospitality Loans Western

CBRE Arranges $15.5M in Development Financing for 124-Room Home2Suites in Southern California

by Amy Works June 21, 2019

GARDEN GROVE, CALIF. — CBRE has arranged $15.5 million in financing for Garden Grove Hotel LLC, a private buyer, for the development of a Home2Suites hotel in Garden Grove. Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra, Shaun Moothart and David Stinebaugh of CBRE facilitated the loan. The financing features an 18-month floating-rate period during construction that will convert into a fixed-rate loan for 36 months with two one-year extension options. The lending amount represents 73.5 percent of total project costs. Located at 13650 Harbor Blvd., the 124-unit hotel is currently under construction, with completion slated for late 2020.

June 21, 2019

Development Hawaii Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $40.6M in Financing for Keahumoa Place Apartments in Hawaii

by Amy Works June 20, 2019

EWA BEACH, HAWAII — Walker & Dunlop has structured $40.6 million in financing across four loans for Keahumoa Place Apartments, a multifamily housing community under development in Ewa Beach on Oahu. The Michaels Organization, the borrower, is developing the master-planned community. Located 20 miles west of Honolulu, the garden-style project will be built on previously vacant, state-owned land and provide much-needed affordable housing options. Once completed in 2021, Keahumoa Place Apartments will consist of 320 one-, two- and three-bedroom units in 37 two-story buildings across 20 acres of land. Community amenities will include a garden space, picnic area, pet park and community center with multi-purpose room and computer lab. The property will also feature solar panels with efficient energy storing and sharing technology to reduce the project’s carbon footprint, as well as lower utility costs for residents. Kyle Peterson and Michael Liefer of Walker & Dunlop structured the financing through Freddie Mac’s Tax-Exempt Loan and Unfunded Forward Commitment programs, allowing the borrower to lock in interest rates through the entire term of each 16-year loan. The Walker & Dunlop team worked closely with the borrower, the Hawaii Housing Finance & Development Corp. and Hawaii’s Attorney General to complete the multi-phased …

June 20, 2019

Loans Midwest Missouri Multifamily

M&T Realty Capital Corp. Provides $3.9M Fannie Mae Loan for Acquisition of Apartment Property in Kansas City

by Kristin Harlow June 20, 2019

KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to rebrand the community as Hidden Hills Apartments and add a dog park, picnic area and community center. Units will be upgraded with new kitchens, bathrooms and flooring.

June 20, 2019

Loans Multifamily Texas

NXT Capital Provides $53M Loan for Refinancing of Plano Apartment Community

by Taylor Williams June 20, 2019

PLANO, TEXAS — Chicago-based NXT Capital has provided a $53 million loan for the refinancing of a 320-unit apartment community located in the northeastern Dallas suburb of Plano. The property is located within a mile of the Sam Rayburn Tollway and the Dallas North Tollway junction. Amenities include a resort-style pool with cabanas, fitness center, resident lounge with coffee bar, business center, pet play area and walking and running trails. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.

June 20, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Acquisition Loans Totaling $39M for Corpus Christi Apartments

by Taylor Williams June 20, 2019

CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $39 million for a pair of multifamily assets in Corpus Christi. In the first transaction, Brandon Brown of LMI Capital placed a $16 million, nonrecourse loan for a 190-unit property. The loan carried a 4.47 percent interest rate and four years of interest-only payments. In the second deal, Brown arranged a $23 million bridge loan for a 265-unit community, which was structured with a floating interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.

June 20, 2019

Newer Posts

Older Posts