Loans

Greystone Provides $20M Freddie Mac Loan to Refinance Multifamily Property in Springfield, New Jersey

by Alex Patton May 28, 2020

SPRINGFIELD, N.J. — Greystone has provided a $20 million Freddie Mac loan to refinance The Cove at Springfield Apartments, a multifamily property in Springfield, a western suburb of New York City. The loan carries a seven-year term with a 30-year amortization schedule and interest-only payments for the first two years. Located at 118 Victory Rd., The Cove at Springfield Apartments is a garden-style community that features 91 units with one-, two-, and three-bedroom floor plans and amenities such as a clubhouse and a fitness center. Dan Sacks of Greystone originated the loan.

May 28, 2020

California Loans Multifamily Western

Greystone Arranges $86.2M in Refinancing for Aspire Apartments in Northern California

by Amy Works May 28, 2020

TRACY, CALIF. — Greystone has secured $86.2 million in refinancing for Aspire Apartments, a newly constructed multifamily asset in Tracy. Todd Vitzthum and Simon Herrmann of Greystone Real Estate Advisors, along with Cody Field of Greystone, arranged 10-year refinancing and Freddie Mac loan for the undisclosed borrowers. Completed last year, Aspire Apartments features 348 units, a resort-style swimming pool, fitness center, pet spa and clubhouse.

May 28, 2020

Development Loans Multifamily Texas

Intracorp Receives $194M Construction Loan for 49-Story Residential High-Rise Project in Austin

by Taylor Williams May 27, 2020

AUSTIN, TEXAS — Intracorp, a developer with five offices across North America, has received a $194 million construction loan for its 49-story condominium project at 44 East Ave. in Austin’s Rainey Street District. MSD Partners LP and Bank OZK provided the financing. Situated on the edge of Lady Bird Lake, the building will offer one-, two-, three- and four-bedroom floor plans ranging in size from 500 to 3,500 square feet. Amenities will include a pool, community kitchen and a rooftop lounge. The project, which is the only condo development currently under construction in downtown Austin, is expected to be complete in 2022. Nearly half the residences have already been sold.

May 27, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $8.6M Construction Loan for Seniors Housing Community Near Buffalo

by Alex Patton May 27, 2020

CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed seniors housing community in Clarence Center, located approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. The facility was originally constructed in 2003. Lisa Fischman of Greystone arranged the loan.

May 27, 2020

Loans Midwest Multifamily South Dakota

Tzadik Management Receives $80M Refinancing for Two Multifamily Portfolios in South Dakota

by Kristin Harlow May 27, 2020

SIOUX FALLS, S.D. — Tzadik Management has received $80 million for the refinancing of two multifamily portfolios totaling roughly 1,100 units across 22 communities in Sioux Falls. Tzadik acquired the first portfolio in October 2018 and completed $5 million in capital improvements. Another $4 million in improvements is set to be completed within the next year. Tzadik purchased the second portfolio in March 2019. Miami-based Tzadik says it is exiting primary markets and positioning itself in the upper Midwest region. The lender was undisclosed.

May 27, 2020

Illinois Loans Michigan Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $37M in HUD Financing for Three Senior Living Facilities in Illinois, Michigan

by Kristin Harlow May 27, 2020

AURORA AND KANKAKEE, ILL. AND NOVI, MICH. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s Lean 232/223(f) refinance program. The permanent financing for The Grove Fox Valley will replace existing debt previously provided by Walker & Dunlop’s bridge lending program. The permanent financing for WellBridge of Novi and Asbury of Kankakee enabled each of the property owners to refinance both their current bank and partnership debt.

May 27, 2020

Industrial Loans Multifamily ORIX Retail Thought Leadership Video

Video: Q&A with James Flynn of Hunt Real Estate Capital

by Sarah Daniels May 27, 2020

James Flynn, CEO of Hunt Real Estate Capital and ORIX Real Estate Capital, spoke with Randy Shearin of France Media in a brief interview to give insight on what lenders think about debt and equity during the COVID-19 pandemic, industry flexibility and pivoting operations with an eye towards what assets are most likely to recover quickly after the crisis. Flynn talks not only about how the pandemic has changed business as usual for lenders, but also Orix’s acquisition of Hunt Real Estate and the need to transition as a business in the midst of global change. Listen to this interview here. Topics discussed by James Flynn and Randy Shearin include: Mergers and uniting platforms/organizations in a time when tech is paramount Deal closing/lending: before, during and after COVID-19 Sectors/asset classes of interest to lenders Hear how lenders are approaching the coronavirus pandemic crisis and what’s ahead for the lending industry. Q&A sponsor: Hunt Real Estate Capital, a division of ORIX Real Estate Capital, is a leader in financing commercial real estate throughout the U.S. The company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial and self-storage facilities. …

May 27, 2020

Affordable Housing Georgia Loans Multifamily Southeast

Berkadia Provides $16.2M Refinancing Loan for Affordable Housing Community in Atlanta

by Alex Tostado May 26, 2020

ATLANTA — Berkadia has provided a $16.2 million Freddie Mac refinancing loan for The Residences at City Center, a 182-unit affordable housing community in Atlanta’s Vine City neighborhood. The 10-year loan features a floating interest rate and five years of interest-only payments, followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom units that were recently renovated to include granite countertops, walk-in closets, stainless steel appliances and bay windows. Communal amenities include a pool, fitness center, laundry facilities, outdoor area with grilling stations and a dog park. The Residences is located at 55 Maple St. NW, adjacent to Mercedes-Benz Stadium. Andy Hill and Tyler Nowlin of Berkadia originated the loan on behalf of the borrower, Texas-based Domain Communities.

May 26, 2020

Loans Massachusetts Multifamily Northeast

Arbor Realty Trust Provides $59M Fannie Mae Loan for Refinancing of Multifamily Property in Metro Boston

by Alex Patton May 26, 2020

CHELSEA, MASS. — Arbor Realty Trust has provided a $59 million Fannie Mae loan for the refinancing of One North of Boston II, a 222-unit multifamily property located in the northern Boston suburb of Chelsea. Arbor provided the 10-year, fixed-rate loan to a joint venture between locally based firms Redgate Capital Partners LLC and TransDel Corp. Located at 150 Heard St., the six-story property totals 182,581 net rentable square feet and features two studio apartments, 161 one-bedroom, 44 two-bedroom and 15 three-bedroom units. The property, which is Phase II of the One North Boston project, was constructed in 2016. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop of Colliers International originated the loan.

May 26, 2020

Loans Massachusetts Northeast Office

EagleBridge Capital Arranges $9M Loan for Refinancing of Boston Office Building

by Alex Patton May 26, 2020

BOSTON — EagleBridge Capital has arranged a $9 million loan for the refinancing of a 40,500-square-foot office building in Boston. A regional financial institution provided the 10-year, nonrecourse loan to the undisclosed borrower at a fixed interest rate of 3 percent. Located at 33 Broad St., the 11-story building is 100 percent leased to tenants in the legal, accounting, consulting, finance and real estate sectors. State Street Eye Health and Expresso Love lease the ground-floor retail space. Ted Sidel of EagleBridge arranged the loan.

May 26, 2020

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