Loans

JLL Arranges $222.5M Refinancing for Two Multifamily Properties in San Diego

by Amy Works July 15, 2019

SAN DIEGO — JLL has secured $222.5 million in refinancing on behalf of Sunroad Enterprises for two apartment assets within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market arranged the 10-year, fixed-rate loan for the borrower. Totaling 803 units, the portfolio includes Ariva, a 253-unit property, and Vive on the Park, a 550-unit asset. Built in 2014, Ariva features studio, one- and two-bedroom units ranging in size from 595 square feet to 1,241 square feet. Community amenities at Ariva include a recreation room, exercise room, game room, learning center, outdoor pool and spa, outdoor showers, private cabanas, barbeque areas, pool deck, fire pit and waterfall. Completed in 2019, Vive on the Park features studio, one-, two- and three-bedroom units with a variety of community amenities, including rooftop lounges, pool, spa, multi-level fitness center, business center, sand fire pits, wooded elevated deck, clubroom, game room, social club and on-site storage.

July 15, 2019

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Acquisitions California Hospitality Loans Western

Meridian Capital Group Secures $23.1M in Acquisition Financing for Hilton Garden Inn San Diego

by Amy Works July 15, 2019

SAN DIEGO — Meridian Capital Group has arranged $23.1 million in financing for the acquisition of Hilton Garden Inn San Diego Mission Valley Stadium in San Diego. The name of the borrower was not released. Seth Grossman, Steven Adler and Jackie Tran of Meridian Capital Group secured the 10-year CMBS loan, which features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule. Located at 3805 Murphy Canyon Road, the four-story hotel features 178 guestrooms, including 17 upgraded suites. The property was converted from a Holiday Inn into a Hilton Garden Inn with a $10 million renovation, completed in July 2016. Renovations included upgrades to the guest rooms, guest bathrooms, lobby, front desk, 5,000 square feet of meeting space and on-site restaurant and bar. Additionally, the hotel offers a heated outdoor pool and spa, fitness center, business center and guest laundry.

July 15, 2019

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Loans Multifamily New Jersey Northeast

CBRE Arranges $57M Recapitalization of New Jersey Commercial, Residential Portfolio

by Alex Patton July 12, 2019

ORANGE, EAST ORANGE AND JERSEY CITY, N.J. — CBRE has arranged $57 million in loans through Freddie Mac’s Small Balance Loan Program for the recapitalization of a portfolio of 13 mixed-use properties in Northern New Jersey. Part of the proceeds will be used to fund upgrades to the assets, which are located in the cities of Orange, East Orange and Jersey City. CBRE arranged the 13 loans on behalf of the borrower, Newark-based One Wall Partners, which acquired the portfolio in 2017 for $63 million. Mixed-use buildings qualify for Freddie Mac’s small balance loan program if less than 40 percent of a property’s income is generated from commercial leases. In this particular case, the mixed-use buildings were multifamily over ground-floor retail.

July 12, 2019

Loans Massachusetts Multifamily Northeast

MassHousing Provides $22.8M Development Financing for Multifamily Property Near Boston

by Alex Patton July 12, 2019

CAMBRIDGE, MASS. — MassHousing, an affordable housing lender in Massachusetts, has provided $22.8M in loans for the development of a multifamily property in Cambridge, part of the metro Boston area. The borrower, Cambridge-based nonprofit developer Just-A-Start Corp., will combine the 45-unit Linwood Court community and the 20-unit Squirrel Brand community to create a new affordable housing property called Squirrelwood. The financing consists of an $8.2 million permanent loan, $13.6 million bridge loan and $1 million loan from MassHousing’s Workforce Housing Initiative. The developer will also renovate existing apartments and construct 23 new units to bring the total unit count up to 88. The contractor will be Callahan Construction Managers, and the architect is Davis Square Architects.

July 12, 2019

Loans Office Texas

NXT Capital Provides $54.7M Loan for Refinancing of Metro Dallas Office Building

by Taylor Williams July 11, 2019

RICHARDSON, TEXAS — Chicago-based NXT Capital has provided a $54.7 million loan for the refinancing of a 312,000-square-foot office building in Richardson, a northeastern suburb of Dallas. The Class A property is situated near Central Expressway and President George Bush Turnpike and offers amenities such as a fitness center, deli, bocce ball court and shuttle service to a nearby DART station. Greg Young of Grandbridge Real Estate Capital placed the loan on behalf of the undisclosed borrower.

July 11, 2019

Loans Multifamily Texas

Berkadia Provides $48M Freddie Mac Acquisition Loan for Irving Apartments

by Taylor Williams July 11, 2019

IRVING, TEXAS — Berkadia has provided a $48 million acquisition loan through Freddie Mac for The Brandt, a 504-unit multifamily community in Irving. The property offers a variety of one- and two-bedroom floor plans ranging from 632 square feet to 1,045 square feet. Amenities include three pools, a fitness center, a dog park and a clubhouse. Andy Hill and Tyler Nowlin of Berkadia arranged the financing on behalf of the borrower, Western Wealth Capital, which will implement a value-add program that will upgrade unit interiors. The adjustable-rate loan carried a seven-year term and three years of interest-only payments.

July 11, 2019

Loans Mixed-Use Texas

Metropolitan Capital Arranges $8M Loan for Mixed-Use Project in Dallas

by Taylor Williams July 11, 2019

DALLAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged an $8 million loan for the acquisition and redevelopment of a 50,675-square-foot former school campus in Dallas. The sponsor, Fort Worth-based investors/developers M2G Ventures and Todd Davenport, will convert the property into a mixed-use asset with office and retail space. Duke Dennis of MCA placed the loan through an undisclosed lender. Dennis also arranged $4.3 million in joint venture equity for the project.

July 11, 2019

Arizona Development Loans Multifamily Western

George Smith Partners Arranges $67.2M Financing for High-Rise Multifamily Development in Phoenix

by Amy Works July 11, 2019

PHOENIX — George Smith Partners has secured $67.2 million in senior construction financing for the ground-up development of a multifamily property in Phoenix. Located immediately north of Phoenix’s central business district, the 17-story high-rise will feature 254 apartments. The non-recourse loan represents 80 percent of the total project cost. Scott Meredith and John Thrall of George Smith Partners advised the undisclosed borrower in the financing.

July 11, 2019

District of Columbia Industrial Loans Multifamily Office Retail Southeast

MBA: Q1 Commercial Real Estate, Multifamily Mortgage Originations Rise 12 Percent, Sales Fall 9 Percent

by Alex Tostado July 10, 2019

WASHINGTON, D.C. — Commercial real estate loan originations rose 12 percent in the first quarter of 2019 compared with the same period a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The industrial sector climbed 73 percent in loan originations, followed by healthcare (41 percent) and hotels (14 percent). Retail and multifamily both saw increases (9 percent each), while the dollar volume of office property loans was unchanged. “The momentum seen in 2018’s record year of borrowing and lending continued in the first quarter of this year,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. “First-quarter volumes were higher for nearly every property type, and double-digit growth in loan volume for Fannie Mae and Freddie Mac led the increase among capital sources. Low interest rates and strong property values continue to make commercial real estate an attractive market for borrowers.” While loan volumes ticked up, acquisitions across the four major property types fell 9 percent, says MBA. Apartment sales were roughly flat from last year, while office, retail and industrial property sales fell from 14 to 16 percent. The capitalization rates were flat from 2018 for industrial, retail and …

July 10, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Acquisition Loans Totaling $20.7M for Houston Multifamily Assets

by Taylor Williams July 10, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $20.7 million for a pair of multifamily assets in Houston. In the first transaction, Jamie Safier of LMI Capital placed a $13.7 million loan for a 240-unit property in southeast Houston. The loan carried a 4.27 percent interest rate and five years of interest-only payments. In the second deal, Safier arranged a $7 million loan for a 105-unit community in east Houston. That loan was structured with a 4.63 percent interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.

July 10, 2019

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