Loans

Pensam Provides $52M Refinancing for Rise Central Apartments in Beaverton, Oregon

by Amy Works July 17, 2020

BEAVERTON, ORE. — Miami-based Pensam has provided $52 million in capital to refinance Rise Central, a multifamily property located at 12875 SW Crescent St. in Beaverton. The floating-rate loan has a three-year term with extension options. The name of the borrower was not released. Built in 2019, Rise Central features 230 apartments and more than 5,000 square feet of retail space. With rents ranging from $1,000 to $3,200 per month, the community offers units with high-end finishes and open floor plans, along with a resort-style amenity package. Additionally, the property is located adjacent to the train station in the Westgate Redevelopment Master Plan, which comprises a 45,000-square-foot arts and cultural center and a hotel.

July 17, 2020

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $20.3M Refinancing of Industrial Asset in Mechanicsburg, Pennsylvania

by Taylor Williams July 17, 2020

MECHANICSBURG, PA. — Cushman & Wakefield has arranged a $20.3 million loan for the refinancing of 6345 Brackbill Boulevard, a 507,634-square-foot industrial asset in Mechanicsburg, located outside of Harrisburg. The property was fully leased at the time of sale and features proximity to several major thoroughfares, including Interstates 81, 76, 83 and 283. John Alascio, Sridhar Vankayala and Maya Steinberger of Cushman & Wakefield placed the loan through Univest Bank & Trust Co. on behalf of the borrower, Penwood Real Estate Investment Management LLC.

July 17, 2020

Loans Midwest Minnesota Multifamily

Greystone Provides $10.5M Refinancing for Multifamily Property in Mankato, Minnesota

by Kristin Harlow July 17, 2020

MANKATO, MINN. — Greystone has provided a $10.5 million Fannie Mae loan for the refinancing of River Bluff Apartments in Mankato. The 150-unit multifamily property is situated roughly 80 miles southwest of downtown Minneapolis. Monthly rents start at $850. The borrower, Mankato MAHC LLC, acquired the property in 2017. Kyle Jemtrud of Greystone originated the 12-year, fixed-rate loan, which features a 30-year amortization and four years of interest-only payments.

July 17, 2020

California Loans Multifamily Western

Madison Realty Capital Provides $150M Loan for Los Angeles-Area Multifamily Portfolio

by Amy Works July 16, 2020

SANTA MONICA, GRANADA HILLS AND CANOGA PARK, CALIF. — Madison Realty Capital has originated $150 million in financing for a Los Angeles-area multifamily portfolio consisting of six communities in Santa Monica, Granada Hills and Canoga Park, as well as a large-scale multifamily development site in Santa Monica. WS Communities, a developer and repeat MCR borrower, is the sponsor. WS Communities plans to use the funding to replace the existing debt and finalize the business plan for the properties, including: Renovation of four multifamily properties at 1007 Lincoln Blvd., 1038 10th St., 1516 Stanford St. and 1433 Euclid St. in Santa Monica Development of a large-scale multifamily project on two sites at 3030 Nebraska Ave. and 3025 Olympic Blvd. in Santa Monica Renovation of two multifamily properties at 11611 Blucher Ave. in Granada Hills and 7810 Topanga Canyon Blvd. in Canoga Park. Avison Young’s Justin Piasecki, Jay Maddox and Ethan Blum brokered the loan deal, with RST Capital Partners’ Rahim Thobani advising on the transaction.

July 16, 2020

Features Loans Multifamily Student Housing

Student Housing Finance Transactions Continue Through Pandemic

by Jeff Shaw July 16, 2020

Despite the ongoing struggles faced by the student housing sector, lenders are still active, according to a recent survey by Student Housing Business. The coronavirus pandemic has had a major impact on all aspects of on- and off-campus student housing. In an attempt to better assess that impact and the sector’s outlook for the future, Student Housing Business, sister publication of REBusinessOnline, conducted a survey of industry professionals over the course of several weeks in May. The survey was segmented by industry function for specific elements of the business, allowing SHB to better understand the pandemic’s distinct influence on each segment of the industry. Of the survey’s 569 respondents, 19 defined their company’s role in the industry as that of a lender, debt capital source, mortgage banker or broker. In this segment of the industry, 15 percent of companies laid off or furloughed employees at the corporate level and 8 percent instituted pay cuts. When asked whether their companies are still financing, lending or facilitating any investment and development transactions, 77 percent indicated yes. Forty-six percent of respondents noted that they are currently most inclined to lend on investment deals with 38 percent noting they are equally interested in both development and …

July 16, 2020

Loans Midwest Multifamily South Dakota

Grandbridge Provides $26.2M Refinancing for Apartment Community in Sioux Falls, South Dakota

by Kristin Harlow July 16, 2020

SIOUX FALLS, S.D. — Grandbridge Real Estate Capital has provided a $26.2 million Freddie Mac loan for the refinancing of The Commons in Sioux Falls. Built in 2017, the apartment community features 292 units. Brett Olson and Matt Halberg of Grandbridge originated the fixed-rate, nonrecourse loan. It features a 36-month interest-only period, a 10-year term and a 30-year amortization. The borrower, a repeat client, was undisclosed.

July 16, 2020

Loans Multifamily Oregon Western

McBride Capital Arranges $13.5M Refinancing for Aniva Apartment Building in Portland

by Amy Works July 15, 2020

PORTLAND, ORE. — McBride Capital has secured $13.5 million in permanent debt for the refinancing of Aniva, a newly constructed, 90-unit multifamily property located on N. Interstate Avenue in Portland. The 10-year loan provided cash out to the sponsors of the project and an initial interest-only period to begin the term. Danny Natsch of McBride Capital placed the loan on behalf of an undisclosed borrower with a super-regional bank.

July 15, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $4.9M Acquisition Loan for Multifamily Building in Chicago

by Kristin Harlow July 15, 2020

CHICAGO — American Street Capital (ASC) has arranged a $4.9 million loan for the acquisition of an 85-unit multifamily building in Chicago’s Marquette Park neighborhood. Constructed in 1928, the three-story building was renovated in 2019. The property features 74 one-bedroom units and 11 two-bedroom units. The asset was 92 percent occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year agency loan, which features five years fixed and 15 years floating with one year of interest-only payments.

July 15, 2020

Loans New York Northeast Office

PGIM Real Estate Provides $100M Loan for Refinancing of 52 Broadway Office Building in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — PGIM Real Estate has provided a $100 million loan for the refinancing of 52 Broadway, a 19-story, 426,000-square-foot office building located two blocks from the New York Stock Exchange in Manhattan. The borrower was a joint venture between Jack Resnick & Sons and Ruben Cos. Resnick acquired the building, which was originally constructed in 1898, in 1978 and implemented an extensive renovation and expansion to add six more floors. Today, the building is net leased on a long-term basis to the United Federation of Teachers.

July 14, 2020

Colorado Loans Multifamily Western

Merchants Capital Arranges Bridge Loan for 148-Unit Workforce Housing Complex in Aspen, Colorado

by Amy Works July 14, 2020

ASPEN, COLO. — Merchants Capital has provided a three-year bridge loan for Centennial Aspen, a 148-unit workforce housing community located in Aspen. The acquisition of the property is financed through Merchants Bank of Indiana on behalf of Birge & Held Asset Management. Merchants Capital intends to further provide long-term, permanent financing for the project either through Fannie Me or Freddie Mac’s preservation platforms and through a syndication of new tax credits via Fannie, Freddie or HUD. Situated at the base of Smugger Mountain at 100 Luke Short Court, Centennial Aspen features a land use restriction agreement that requires 100 percent of the rental units to be workforce housing. Built in 1986, the 11-building, three-story property features a mix of studio, one-, two- and three-bedroom apartments with exterior entrances, exterior storage units and electric heat. Community amenities include an on-site laundry facility, office, a playground and assigned parking.

July 14, 2020

Newer Posts

Older Posts