Loans

NKF Arranges $102M in Fannie Mae Debt Financing for Suburban Indianapolis Multifamily Portfolio

by Kristin Harlow February 11, 2020

AVON, BROWNSBURG, PLAINFIELD AND DANVILLE, IND. — Newmark Knight Frank (NKF) has arranged $102 million in Fannie Mae debt financing for the acquisition of a 1,024-unit multifamily portfolio in suburban Indianapolis. The four properties include Avon Creek Apartments in Avon, Brownsburg Crossing Apartments in Brownsburg, Saratoga Crossing Apartments in Plainfield, and Settlers Run Apartments in Danville. Spruce Capital purchased the portfolio from Hampshire Properties for $133 million. Ari Schwartzbard, Matt Mense and Daniel Sarsfield of NKF secured the loan at a 75 percent loan-to-value ratio.

February 11, 2020

Loans Michigan Midwest Multifamily Seniors Housing

BB&T Secures $70.2M Bond Financing for Clark Retirement Campus Expansion in Michigan

by Kristin Harlow February 11, 2020

GRAND RAPIDS, MICH. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The developer is currently underway on the Keller Lake expansion.The project will add 53 independent living units to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living units and 39 skilled nursing beds.

February 11, 2020

Illinois Loans Midwest Multifamily

Associated Bank Provides $15.5M in Construction Financing for 78-Unit Apartment Building in Chicago

by Kristin Harlow February 11, 2020

CHICAGO — Associated Bank has provided a $15.5 million loan for the acquisition of a 22,500-square-foot land parcel and subsequent construction of an apartment project. The borrower, Cedar Street Cos., plans to develop a five-story, 78-unit apartment building at the site, which is located at 5440 N. Sheridan Road in Chicago’s Edgewater neighborhood. Method Development, a wholly owned subsidiary of Cedar Street, will serve as general contractor. Once completed, the apartments will be managed by Flats, an affiliate of Cedar Sreet.Daniel Barrins of Associated Bank managed the loan and closing.

February 11, 2020

Development Florida Hospitality Loans Southeast

Hall Structured Finance Provides $140M Construction Loan for Four Hotels Near Walt Disney World

by Alex Tostado February 11, 2020

ORLANDO, FLA. — Hall Structured Finance has provided a $140 million, non-recourse construction loan for four hotels totaling nearly 1,000 rooms at the western entrance of Walt Disney World Resort in Orlando. The four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. Real estate developer Doradus Partners is simultaneously developing all four hotels and expects to deliver them by the end of the year. The hotels will be located in the Flamingo Crossings Town Center, a new master-planned development that includes hotels, retail, dining and housing for students participating in Disney internships and college programs. At the heart of the mixed-use project will be an approximately 200,000-square-foot retail hub, which will include more than 50 tenants and more than 1,700 parking spaces. The new hotels will share a five-story parking garage, surface parking and a sports court. The four hotels will also be bookable as part of Walt Disney Travel Co. packages. Justin Ownby, Adrienne Kautzman and Mauricio Rodriguez of Berkadia arranged the construction loan through Hall Structured Finance on behalf of Doradus Partners.

February 11, 2020

Loans Louisiana Multifamily Southeast Student Housing

KeyBank Provides $23.2M Refinancing for 552-Bed Student Housing Community Near Louisiana Tech

by Alex Tostado February 11, 2020

RUSTON, LA. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac refinancing loan for University Crossing Apartments, a 552-bed student housing community located near Louisiana Tech University in Ruston. Hayley Suminski and Amanda Kutia of KeyBank originated the floating-rate financing on behalf of the borrower, WFInvestments. The loan features a 10-year term with three years of interest-only payments. Communal amenities include a pool, sundeck, 24-hour fitness center, clubhouse, study lounge, bicycle parking, a community kitchen and upright tanning beds. The garden-style community is currently undergoing renovations.

February 11, 2020

Acquisitions Hospitality Loans Maryland Southeast

Ready Capital Closes $7.2M Acquisition Loan for Hotel Near Baltimore Airport

by Alex Tostado February 11, 2020

LINTHICUM HEIGHTS, MD. — Ready Capital has closed a $7.2 million acquisition loan for a 182-room hotel adjacent to Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights. The undisclosed borrower has reflagged the existing Rodeway Inn to a Wingate by Wyndham. Additionally, the hotel will go from economy class to mid-scale. In conjunction with the reflagging, a property improvement plan will be implemented to further increase average daily revenue (ADR) and occupancy. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a three-year term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for the property improvement plan.

February 11, 2020

District of Columbia Loans Southeast

PNC Narrowly Tops Wells Fargo in MBA’s 2019 Commercial, Multifamily Servicer Rankings

by Alex Tostado February 11, 2020

WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2019 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. PNC Real Estate/Midland Loan Services led the field with $702 billion in loan volume as of Dec. 31, 2019, narrowly edging out Wells Fargo Bank ($700 billion). KeyBank National Association ($306 billion), Berkadia Commercial Mortgage LLC ($280 billion) and CBRE Loan Services ($228 billion) rounded out the top five. The Washington, D.C.-based association released the rankings at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes Wednesday. The MBA also ranked a few different categories in its report, including ranking the top agency servicers. For Fannie Mae loans, Wells Fargo, Walker & Dunlop, Berkadia, CBRE and Newmark Knight Frank (NKF) are the top five servicers. For Freddie Mac, Wells Fargo, KeyBank, PNC, CBRE and Berkadia are the top five performers. Orix Real Estate Capital, Walker & Dunlop, Berkadia, Greystone and Wells Fargo were the top Federal Housing Authority (FHA) and Ginnie Mae servicers. Wells Fargo, PNC, KeyBank, NKF and JLL were the top CMBS servicers, and JLL was at the top of …

February 11, 2020

California Loans Retail Western

Ready Capital Closes $20.2M Refinancing for Retail Center in Santa Ana, California

by Amy Works February 11, 2020

SANTA ANA, CALIF. — Ready Capital has closed a $20.2 million for a 60,000-square-foot Class B retail neighborhood center in Santa Ana. The non-recourse, floating-rate loan features a 24-month term, one extension option and flexible prepayment. Additionally, the loan includes a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed sponsor will use loan proceeds to pay off existing debt while continuing to make cosmetic upgrades and leasing tenants at market rents.

February 11, 2020

Loans Massachusetts Northeast Office

JLL Secures $43.1M Acquisition Loan for Office Portfolio in Framingham, Massachusetts

by Alex Patton February 11, 2020

FRAMINGHAM, MASS. — JLL has secured a $43.1 million acquisition loan for a two-property office portfolio totaling 292,014 square feet in Framingham, a western suburb of Boston. The properties, a 166,101-square-foot building situated at 492 Old Connecticut Path and a 125,913-square-foot building situated 161 Worcester Road, were 90 percent leased to 32 tenants at the time of the loan closing. Cambridge Savings Bank provided the fixed rate, nonrecourse loan to the borrower, a partnership between Campanelli and TriGate Capital. The borrower plans to invest $2.4 million into capital improvements to the portfolio. Greg LaBine and Martha Nay of JLL arranged the loan.

February 11, 2020

Loans New Jersey Northeast

Ready Capital Closes $15.8M Acquisition Loan for Industrial Property in Rahway, New Jersey

by Alex Patton February 11, 2020

RAHWAY, N.J. — Ready Capital has closed a $15.8 million loan for the acquisition, renovation and stabilization of an approximately 270,000-square-foot, Class C, industrial warehouse property in Rahway, a southwestern suburb of New York City. The property is situated in the Linden submarket. Upon acquisition, the sponsor intends to implement capital expenditures for roof repairs, façade work and deferred maintenance. The, nonrecourse loan carries a hybrid interest rate, or part-fixed- and part-floating rate. The loan features a 60-month term, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

February 11, 2020

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