Loans

Bellwether Arranges $31M Construction Loan for Adaptive Reuse Apartment Project in Greenville

by John Nelson January 28, 2020

GREENVILLE, S.C. — Bellwether Enterprise Real Estate Capital LLC has arranged a $31 million construction loan for Judson Mill, a multifamily redevelopment project in Greenville. Judson Mill originally opened in 1912 as a textile mill and was placed on National Register of Historic Places in February 2018. The developer and borrower, Judson Mill Ventures I LLC, will use the financing to construct 204 units, as well as communal amenities including a pool, fitness center and a courtyard. Retail and commercial spaces are planned for future phases. Located at 69 Westerfelt, Judson Mill is situated three miles southwest of downtown Greenville and spans 800,000 square feet. The developer will also use South Carolina Textiles Communities Revitalization Act tax credits and state and federal historic tax credits to help fund the project. Matt Good and Marshall Waller of Bellwether Enterprise arranged the construction loan on behalf of the borrower through CresCom Bank.

January 28, 2020

Illinois Loans Midwest Multifamily

Arbor Provides $24.6M in Bridge Loans for Multifamily Portfolio in Metro Chicago

by Kristin Harlow January 28, 2020

CHICAGO AND OAK PARK, ILL. — Arbor Realty Trust Inc. has provided three bridge loans totaling $24.6 million for a three-property multifamily portfolio in metro Chicago. Eric Regenbogen of Arbor originated the loans, which provided the borrower with the capital required to purchase and improve the properties that collectively total 135 units. Two of the communities, built in the 1960s, are located in Oak Park. The third property is located in Chicago and was built in 1932.

January 28, 2020

Loans Multifamily New York Northeast

Voya Provides $17.4M Acquisition Loan for Multifamily Building in Brooklyn

by Alex Patton January 28, 2020

NEW YORK CITY — Voya Investment Management LLC has provided a $17.4 million loan for the acquisition and renovation of 79 Clifton Place, a 40-unit multifamily building in the Clinton Hill neighborhood of Brooklyn. The 52,375-square-foot building was converted to a multifamily use in 2000 after previously housing a knitting factory and now features one-, two-, three- and four-bedroom units. The borrower, The FREO Group, plans to implement a $1.75 million capital improvements plan to boost occupancy. Max Herzog, Marko Kazanjian and Matt Fagella of JLL secured the loan.

January 28, 2020

Features Loans

Exclusive Survey Reveals Lenders Bullish on Multifamily, Industrial

by Jaime Lackey January 28, 2020

The apartment and industrial sectors are clearly the darlings of the commercial real estate lending community. According to an exclusive online survey of direct lenders and financial intermediaries conducted nationally by France Media, 82 percent of respondents identify the multifamily sector as providing the most attractive financing opportunities for lenders in 2020, while 67 percent cite industrial real estate (Figure 1). A closer look at the fundamentals of the multifamily and industrial sectors helps explain why lenders favor these two property types. In its 2020 U.S. Real Estate Market Outlook report, CBRE Research forecasts multifamily demand to remain sufficient enough to absorb most of the new supply and to lower concessions in oversupplied markets. More specifically, the brokerage services giant projects multifamily completions will total 280,000 units in 2020, on par with an estimated 281,000 units delivered in 2019. While CBRE forecasts the multifamily vacancy rate to edge up 20 basis points to 4.5 percent in 2020, it is expected to remain under its long-term average of 5.1 percent. Despite some softening in the industrial and logistics market, overall fundamentals will remain strong due to continued e-commerce penetration and demand for logistics space, predicts CBRE. Supply is expected to outpace …

January 28, 2020

Industrial Loans New York Northeast

JLL Secures $87M Loan for Construction of Terminal Logistics Center in Queens

by Alex Patton January 27, 2020

NEW YORK CITY — JLL has secured an $87 million construction loan for the ground-up development of Terminal Logistics Center, a 300,000-square-foot industrial project in Queens. CIT Group Inc. provided the loan to the borrower, a partnership of Triangle Equities Development Co., Township Capital Inc. and L&B Realty Advisors LLP, which will develop the Class A warehouse and storage facility adjacent to John F. Kennedy International Airport. Total cost for the project is approximately $129 million. Geoff Goldstein and Rob Hinckley led a JLL team that secured the loan.

January 27, 2020

Acquisitions Hospitality Loans Southeast Tennessee

PNC Bank, CIT Provide $81.4M Acquisition Loan for DoubleTree Hotel in Downtown Nashville

by Alex Tostado January 27, 2020

NASHVILLE, TENN. — PNC Bank and CIT have jointly provided an $81.4 million acquisition loan for the DoubleTree by Hilton Nashville Downtown, a 341-room hotel that is situated less than a mile from Nissan Stadium and Bridgestone Arena, home to the NFL’s Tennessee Titans and the NHL’s Nashville Predators, respectively. Walton Street Capital LLC sold the hotel to AWH Partners. The hotel, which was originally built in 1979, offers an upgraded lobby; 20,000 square feet of meeting and event space; Fourth & U restaurant and bar; Patio 315, a seasonal outdoor bar and grill; an indoor pool; onsite Starbucks; a fitness center; and valet parking. Jordan Roeschlaub, Dustin Stolly, Ben Greazel, Joel Simmons Nick Scribani, Chris Kramer and Drew Ahlers of Newmark Knight Frank (NKF) arranged the loan on behalf of the borrower, New York-based AWH Partners. Mark Schoenholtz, also with NFK, brokered the sale.

January 27, 2020

Ranch-Vista-Corporate-Center-San-Diego-CA

California Loans Office Western

CBRE Arranges $111.5M Refinancing for Rancho Vista Corporate Center in San Diego

by Amy Works January 27, 2020

SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance group has arranged a $111.5 million loan for the refinancing of Rancho Vista Corporate Center, an office/R&D campus in San Diego. The borrower is Swift Real Estate Partners. Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE’s San Francisco office secured the floating-rate financing for the borrower. Annaly Commercial Real Estate served as lender. Situated on 67.5 acres at 16399 W. Bernardo Drive, Rancho Vista Corporate Center offers a total of 816,771 square feet of office and R&D space spread across multiple buildings, including a three-story, Class A office building. Swift Real Estate Partners acquired the campus in 2016 and has completed a $70 million transformation of the property, including upgraded building systems; added amenities, such as a fitness center and outdoor sports court facility; open-air collaboration and gaming areas; cafeteria renovation; new facades; exterior and landscaping upgrades; and increased connectivity between the buildings. The company recently completed the final stage of its repositioning strategy, which included converting Building 60 into Class A creative office space from R&D use.

January 27, 2020

Indiana Loans Midwest Office

Maverick Commercial Arranges $6.1M First Mortgage Loan for Office Building in Lafayette, Indiana

by Kristin Harlow January 27, 2020

LAFAYETTE, IND. — Maverick Commercial Mortgage has arranged a $6.1 million first mortgage loan through Centier Bank for the Chase Center office building in Lafayette. Located at 201 Main St., the property spans 128,574 square feet, including a 93-space parking garage. The asset is 93 percent leased. The six-year, fixed-rate loan is amortized over 25 years. Proceeds from the first mortgage paid off existing debt and funded improvements such as new elevators and an HVAC modernization. Shook Realty Group was the borrower.

January 27, 2020

Loans Multifamily Oregon ORIX Seniors Housing Western

Lancaster Pollard Provides $4.9M HUD Refinancing for Marjorie House Memory Care in Oregon

by Amy Works January 27, 2020

MCMINVILLE, ORE. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.

January 27, 2020

Affordable Housing Development Loans Multifamily Oregon Western

KeyBank Secures $93M in Construction Financing for Affordable Housing Project in Oregon

by Amy Works January 24, 2020

GRESHAM, ORE. — KeyBank Real Estate Capital (KBREC) has provided a total of $61.4 million in construction financing and Low Income Tax Credit (LIHTC) equity to Newport Beach, Calif.-based Community Development Partners for the development of Rockwood 10, a multifamily property in Gresham. In addition to the $42.6 million construction loan and $18.1 million of LIHTC equity investment from Key Community Development Corp. KBREC secured $32.4 million of fixed-rate Freddie Mac permanent financing for the property. Slated for completion in 2021, Rockwood 10 will feature 224 affordable residential units spread across five three- and four-story buildings on seven acres. As a Section 42 LIHTC project, all units are restricted to households earning no more than 60 percent of the area median income. Jonathan Woodland of KBREC’s Commercial Mortgage Group and Brett Sheehan of KBREC’s Community Development Lending and Investment team structured the financing.

January 24, 2020

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