Loans

Berkadia Closes $44.5M Refinancing Loan for Tampa Bay Multifamily Property

by Alex Tostado May 17, 2019

DUNEDIN, FLA. — Berkadia has provided a $44.5 million Fannie Mae refinancing loan for Dunedin Commons, a multifamily property in Dunedin, 24 miles west of downtown Tampa. The borrower is Dunedin Commons LLC, which is led by Primerica Group One/Primerica Development Co. The 10-year permanent loan features a 4.2 percent interest rate with five years of interest-only payments followed by a 30-year amortization schedule at a 70 percent loan-to-value ratio. Dunedin Commons offers a mix of one-, two- and three-bedroom floor plans and amenities such as a fitness and yoga studio, walking and jogging trails and a swimming pool.

May 17, 2019

Arkansas Loans Multifamily Southeast

Greystone Provides $35.5M Fannie Mae Loan to Refinance New Multifamily Community in Little Rock

by Alex Tostado May 17, 2019

LITTLE ROCK, ARK. — Greystone has provided a $35.5 million loan to refinance Fitzroy Chenal, a newly constructed apartment community in Little Rock. The 12-year Fannie Mae loan offers a fixed interest rate and a 30-year amortization schedule. Fitzroy Chenal is a 294-unit apartment community that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a conference room, business center, pet park, swimming pool, hot tub, grilling area, wine lounge, golf simulator room and a 24-hour fitness center. Clint Darby of Greystone originated the loan on behalf of the borrower, Little Rock-based developer Huffman & Co.

May 17, 2019

Florida Hospitality Loans Southeast

HFF Arranges $42.3M CMBS Acquisition Loan for Hotel in Fort Lauderdale

by Alex Tostado May 16, 2019

FORT LAUDERDALE, FLA. — HFF has arranged a $42.3 million acquisition loan for the Renaissance Fort Lauderdale Cruise Port Hotel in Fort Lauderdale. A joint venture led by DoveHill Capital Management acquired the 236-room hotel, which opened in 2001 and has been updated throughout the years, most recently in 2016. An undisclosed CMBS lender provided the 10-year, fixed-rate loan, which is structured as interest-only for the full term. Hotel amenities include 12,838 square feet of meeting and event space; an outdoor pool; 24-hour fitness center; business center; limousine service; a salon; and three food and beverage outlets: Bistro 17, R Lounge and Calusa Coffee Roasters Bar. Josh Simon, Maxx Carney and Tyler Dumon of HFF arranged the loan on behalf of the borrower.

May 16, 2019

Hospitality Loans Washington Western

Sonnenblick-Eichner Co. Secures $21M Refinancing for Palihotel Seattle

by Amy Works May 16, 2019

SEATTLE — Sonnenblick-Eichner Co. has arranged $21 million in non-recourse first mortgage leasehold financing for Palihotel Seattle. A partnership between Los Angeles-based Lighthouse Investments LLC and KCB Management is the borrower. Operated by Palisociety, the hotel features 96 guest rooms. Originally built in 1895, the newly renovated property opened in November 2018 and the initial funding was sized to a debt yield less than 6 percent on the first year’s projected net-operating income. The five-year interim loan also provided for a return of equity above the existing construction loan, as well as significantly reducing the cost of capital for the borrower. An institutional debt fund provided the LIBOR-based loan.

May 16, 2019

Loans Maryland Multifamily Southeast

Cushman & Wakefield Arranges $57M Construction Loan for Multifamily Project in Metro D.C.

by Alex Tostado May 15, 2019

RIVERDALE PARK, MD. — Cushman & Wakefield has arranged a $57 million construction loan for the development of The Residences at Riverdale Park Station in Riverdale Park. The Residences will stand five stories, offer 229 residential units, 8,000 square feet of amenity space, 10,000 square feet of retail space and 750 parking spaces. The Residences will be situated at 4650 Van Buren St. within Riverdale Park Station, a 36-acre master-planned community that will contain 119 townhouses, 850 apartment units, 160,000 square feet of retail space, 20,000 square feet of office space and a 120-key hotel at full buildout. Calvin Cafritz Enterprises is developing The Residences, which is slated for completion in the second quarter of 2020.

May 15, 2019

Loans Multifamily Texas

Tremont Mortgage Trust Provides $28M Loan for Refinancing of Downtown Houston Apartments

by Taylor Williams May 15, 2019

HOUSTON — Boston-based Tremont Mortgage Trust has provided a $28 million loan for the refinancing of 1711 Caroline, a 220-unit apartment community in downtown Houston. Units, which include one- and two-bedroom formats, feature stainless steel appliances, quartz countertops with tile backsplashes, custom wood cabinets, washers and dryers and private balconies. Amenities include a pool, fitness center, rooftop terrace, media lounge, business center and rentable storage units. The floating-rate loan has an 18-month initial term with two one-year extension options, subject to the borrower meeting certain conditions. The borrower was not disclosed.

May 15, 2019

Affordable Housing Loans Lument Multifamily ORIX RED Capital Group Seniors Housing Texas

Red Mortgage Arranges $22M Loan for Rehabilitation of Affordable Housing Portfolio in Texas

by Taylor Williams May 15, 2019

TEXAS — Red Mortgage Capital, a division of ORIX Real Estate Capital LLC, has arranged a $22 million loan for the rehabilitation of 14 affordable housing properties totaling 556 units located across 12 rural Texas communities. Existing debt on the properties was also restructured as part of the deal. The borrower was a joint venture between Related Affordable, a division of Related Cos., and the Texas Housing Foundation (THF). The United States Dept. of Agriculture (USDA) provided the loan through its rural development program.

May 15, 2019

Loans Midwest Multifamily South Dakota

Dougherty Mortgage Provides $5.1M Refinancing for Apartment Property in Aberdeen, South Dakota

by Kristin Harlow May 15, 2019

ABERDEEN, S.D. — Dougherty Mortgage LLC has provided a $5.1 million Fannie Mae loan for the refinancing of Dakota Estates II in Aberdeen. The 72-unit apartment property was constructed in 2018 and offers studio, one- and two-bedroom units within a three-story building. Amenities include common areas for entertaining and two fitness areas. The 12-year loan features a 30-year amortization schedule. Dakota Estates II LLC was the borrower.

May 15, 2019

Andrew-Street-Apartments-Lynn-Massachusetts

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $3.7M Construction Loan for Metro Boston Apartment Project

by Taylor Williams May 15, 2019

LYNN, MASS. — NorthMarq Capital has arranged a $3.7 million construction loan for Andrew Street Apartments, a 32-unit project that will be located in the northern Boston suburb of Lynn. The financing was structured with a 25-year term, a 25-year amortization schedule and interest-only payments throughout the construction period, the duration of which was not released. A local bank provided the loan to the undisclosed borrower.

May 15, 2019

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $17.5M Fannie Mae Refinancing for Seniors Housing Community Near Seattle

by Amy Works May 15, 2019

ISSAQUAH, WASH. — CBRE has arranged a $17.5 million in Fannie Mae financing for Fieldstone Memory Care of Issaquah, a 60-unit memory care community. The borrower is a joint venture between Bourne Financial Group and Cascadia Senior Living. The loan will refinancing existing debt. The community is situated within the affluent submarket of Issaquah, where the average home value is $757,114 within a five-mile radius of the property. It is located less than 1.5 miles from a full-service, 175-bed hospital. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing originated the 10-year, fixed-rate loan with three years of interest-only payments.

May 15, 2019

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