Loans

Citizens Commercial Provides $435M Construction Loan for Boston Office, Retail Project

by Taylor Williams June 17, 2019

BOSTON — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District. The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021. The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28. The partnership is the lead developer of the Boston Seaport, a 23-acre waterfront project that will eventually span 7.6 million square feet of residential, retail, office and hospitality space. The project also includes 8.8 acres of open public space. Citizens, a Rhode Island-based lender with more than $160 billion in assets under management, is also the lead arranger and administrative agent for the loan, which officially closed June 7. — Taylor Williams

June 17, 2019

Loans Multifamily Texas

PGIM Provides Two Fannie Mae Loans Totaling $111M Loan for Refinancing of Austin Apartments

by Taylor Williams June 14, 2019

AUSTIN, TEXAS — PGIM Real Estate Finance has provided two Fannie Mae loans totaling $111 million for the refinancing of Gables Park Plaza and Gables Park Tower, two adjacent apartment complexes totaling 513 units in Austin. The borrower was Clarion Gables Multifamily Trust. Tom Goodsite of PGIM led the debt placement effort, which included the origination of a 10-year loan for Gables Park Plaza and a 12-year loan for Gables Park Tower. Both properties offer amenities such as pools, outdoor courtyards with grilling stations, sky lounges, theaters, game rooms, conference centers and bocce ball courts. Additional loan terms were not disclosed.

June 14, 2019

Loans Multifamily New York Northeast

JLL Arranges $70M in Financing for Apartment Project in Brooklyn

by Taylor Williams June 14, 2019

NEW YORK CITY — JLL has arranged $70 million in acquisition and construction financing for a new multifamily project that will be located at 308 Livingston St. in Brooklyn. In addition to the construction financing, the developer, Lonicera Partners, sourced preferred equity from Twining Properties and a major institutional investor to develop the 23-story project, which is in the pre-construction phase. Lonicera will demolish the existing five buildings on the site make way for a development containing 160 apartments, including 48 affordable housing units, as well as 9,460 square feet of retail space. Amenities will include a sky lounge, common dining room, entertainment lounge, fitness center and coworking office space. Jonathan Schwartz, Aaron Appel, Keith Kurlan, Adam Schwartz and Mark Fisher of JLL arranged the financing through Santander Bank and City National Bank on behalf of Lonicera.

June 14, 2019

Loans Midwest Multifamily Seniors Housing Wisconsin

Associated Bank Secures Construction Financing for Age-Restricted Property in Madison, Wisconsin

by Kristin Harlow June 12, 2019

MADISON, WIS. — Associated Bank has secured $4.7 million in new construction financing and $6.2 million in low-income housing tax credit equity for Point Place Senior Apartments in Madison. The new property will be situated on a 1.3-acre site at 7945 Tree Lane. The four-story community will contain 54 units, all of which will be restricted to persons age 55 and older. Three of the units will be market rate, while the rest are reserved for households earning between 30 and 60 percent of the area median income. Eleven units will be designated supportive housing for homeless persons with special needs with a priority on veterans. Construction is scheduled to begin this month with completion in May 2020. CommonBond Communities will develop and manage the building. The tax credit equity group of RBC Capital Markets is the tax credit syndicator for the project.

June 12, 2019

Loans Northeast Office Pennsylvania Retail

JLL Arranges Financing for Leasehold Interest in 186,000 SF Retail, Office Building in Philadelphia

by Taylor Williams June 12, 2019

PHILADELPHIA — JLL’s Capital Markets group has arranged an undisclosed amount of permanent financing on behalf of Alliance Partners HSP, which owns the leasehold interest in the SoNo commercial building in Philadelphia. Located at 456 N. Fifth St., the 186,000-square-foot former warehouse property was fully leased at the time of the loan closing to tenants such as Yards Brewing Co. (70,000 square feet), the City of Philadelphia Archives Dept. (68,000 square feet) and Target (48,000 square feet). Tristate Capital Bank provided the loan to Alliance, which acquired the property in 2015 and recently completed its redevelopment in 2017. Chad Orcutt of JLL placed the debt.

June 12, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $19.9M Refinancing for Independent Living Community Near San Francisco

by Amy Works June 12, 2019

CONCORD, CALIF. — CBRE has arranged $19.9 million in financing for Carlton Senior Living Concord, a 152-unit independent living community in Concord, approximately 25 miles northeast of San Francisco. The borrower, a joint venture between Carlton Senior Living and Piedmont Properties Group, will use the funds to refinance existing debt. The community is located in an affluent suburb, with average housing value within a five-mile radius of the property of $640,385, while average household income stands at $117,447. The property is located less than 1.5 miles from the John Muir Medical Center, the No. 1 ranked adult specialty hospital in the nation. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year, fixed-rate Fannie Mae loan features full-term interest-only payments. Carlton Senior Living is a Bay Area owner-operator with 11 seniors housing communities across Northern California.

June 12, 2019

Georgia Hospitality Loans Southeast

PMZ Realty Capital Provides $83.5M Loan for Refinancing of Embassy Suites in Downtown Atlanta

by Alex Tostado June 11, 2019

ATLANTA — PMZ Realty Capital LLC has provided an $83.5 million fixed-rate loan to Legacy Ventures for the refinancing of Embassy Suites Atlanta Centennial Park. The hotel offers 321 rooms and is situated next to Centennial Park, Mercedes-Benz Stadium, Georgia World Congress Center, Georgia Aquarium, the National Center for Civil and Human Rights Museum and the World of Coke. The hotel is located less than one mile from the future site of Centennial Yards, a $5 billion redevelopment that will bring more than 9 million square feet of new office space to downtown Atlanta over the next 10 years. The hotel recently underwent a $10 million renovation.

June 11, 2019

Development Florida Loans Multifamily Southeast

Hunt Provides Two Construction Loans Totaling $67M for Multifamily Projects in South Florida

by Alex Tostado June 11, 2019

MIRAMR AND PALM BAY, FLA. — Hunt Real Estate Capital has provided two HUD 221 (d)(4) construction loans for multifamily projects in South Florida totaling $67 million. Both loans will amortize over 40 years and will include two years of interest-only payments. Hunt Real Estate provided $42 million to Boardwalk 280 LLC for the development of Boardwalk 280 Apartments, which will offer 280 units. Community amenities will include two swimming pools, cabana beds, playground areas, a dog park, grilling areas, tennis tables, Wi-Fi connectivity/stations throughout the common areas, and a clubhouse that will have a lounge/social room, café bar, business center and a fitness center. Boardwalk 280 will be located in Miramar, two blocks from American Dream Miami, a 200-acre shopping and entertainment complex. According to a press release from Cushman & Wakefield, American Dream Miami will be the largest mall in the country. In the second transaction, Hunt Real Estate provided a $25 million loan to Alliance Palm Bay Holdings LLC and general partner Robert Cambo of Alliance Cos. for the construction of San Filippo Apartments in Palm Bay. San Filippo Apartments will be a 197-unit community spread across three- and four-story buildings. The project is classified as green/energy …

June 11, 2019

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $42M Fannie Mae Loan for Refinancing of Apartment Property Near Minneapolis

by Kristin Harlow June 11, 2019

SHOREVIEW, MINN. — Dougherty Mortgage LLC has provided a $42 million Fannie Mae loan for the refinancing of Loden SV, a 206-unit apartment property in Shoreview, about 12 miles northeast of Minneapolis. Constructed in 2018, the pet-friendly property features a community room, conference room, theater room, fitness center, pet grooming area and pool. The 10-year loan features a 30-year amortization schedule. The borrower was not disclosed.

June 11, 2019

KeyBank-Villas-Green-Valley-Henderson-NV

Loans Multifamily Nevada Western

KeyBank Secures $65M in Financing for Villas at Green Valley Multifamily Property in Nevada

by Amy Works June 11, 2019

HENDERSON, NEV. — KeyBank Real Estate Capital has secured $65 million in Fannie Mae financing for Maxx Properties’ previously announced acquisition of Villas at Green Valley in Henderson. Built in 1984 and 1986, the community features 609 garden-style apartment units across 38 two- and three-story apartment buildings, a clubhouse and fitness center on 21 acres. Alan Isenstadt of KeyBank Real Estate Capital’s Income Property Group and Erik Storz of Key’s Commercial Mortgage Group arranged financing for the project.

June 11, 2019

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