Loans

Merchants Capital Secures $49M Bridge Financing for Assisted Living Portfolio in Ohio

by Kristin Harlow May 13, 2019

CINCINNATI, COLUMBUS AND HILLIARD, OHIO — Merchants Capital has secured $49 million in bridge financing for three assisted living communities in Ohio. The borrower, Wallick Communities, develops affordable assisted living and memory care communities. The properties include the 108-unit The Ashford at Mt. Washington in Cincinnati, the 131-unit The Ashford on Broad in Columbus, and the 124-unit The Ashford on Sturbridge in Hilliard. All three communities are designed to serve working- and middle-class seniors, offering rents at 15 to 30 percent below rents in similar communities. Merchants Capital secured the bridge loans through its parent company, Merchants Bank. Wallick will use the loans to refinance underlying debt and allow more time to meet the requirements for HUD.

May 13, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $91.8M Refinancing for Seniors Housing Portfolio in California

by Amy Works May 13, 2019

WALNUT CREEK, CALIF. — CBRE has arranged $91.8 million in financing for DiNapoli Capital Partners (DCP), an investor based in Walnut Creek. The funds will refinance existing debt on a five-property, 560-unit seniors housing portfolio located in California. Integral Senior Living manages three of the communities, located in Los Angeles area, and Westmont Senior Living manages the remaining two communities, located in the Sacramento area. DCP bought each of the assets within the portfolio separately as value-add acquisitions. The financing package comes at the end of the company’s repositioning plan for the properties. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year Fannie Mae loan includes five years of interest-only payments.

May 13, 2019

Loans Multifamily Texas

New York Life Provides $42M Acquisition Loan for Metro Austin Apartments

by Taylor Williams May 13, 2019

ROUND ROCK, TEXAS — A division of insurance giant New York Life has provided a $42 million first mortgage loan for the acquisition of Bexley Round Rock, a 330-unit multifamily community located on the northern outskirts of Austin. The loan carried a 20-year term and a fixed interest rate. The borrower was Virginia-based Weinstein Properties.

May 13, 2019

Loans Multifamily Texas

PCCP Originates $36.5M Loan for Refinancing of Houston Apartments

by Taylor Williams May 13, 2019

HOUSTON — Los Angeles-based PCCP has originated a $36.5 million senior loan for the refinancing of Bayou on the Bend, a 241-unit apartment community located in the River Oaks submarket of Houston. Built on 3.6 acres, the property offers studio, one- two- and three-bedroom units averaging 1,161 square feet. Amenities include two pools, a fitness center, business center, game room and outdoor grilling areas. Adam Allen and Ben Johnson of Newmark Knight Frank placed the debt with PCCP on behalf of the borrower, Arel Capital, which acquired the asset in 2017. Bayou on the Bend was 87 percent occupied at the time of the loan closing.

May 13, 2019

Loans Multifamily New York Northeast

PGIM Provides $72M Fannie Mae Loan for Refinancing of Manhattan Apartments

by Taylor Williams May 13, 2019

NEW YORK CITY — PGIM Real Estate Finance, the commercial mortgage banking arm of Prudential, has provided a $72 million Fannie Mae loan for the refinancing of Olympia House, a 240-unit apartment complex located in Manhattan’s Turtle Bay neighborhood. The 21-story property, which is within two blocks of Grand Central Station, includes ground-floor commercial space and offers studio, one-, two- and three-bedroom units. The loan features a 10-year term and an unspecified period of interest-only payments. The borrowers in the transaction were real estate investors Isaac Hakim, Steven Elghanayan and Michael-Henry Krayem.

May 13, 2019

Industrial Kentucky Loans Southeast

NorthMarq Arranges $10M Refinancing of Distribution Facility in Louisville

by Alex Tostado May 10, 2019

LOUISVILLE, KY. — NorthMarq Capital has arranged a $10 million refinancing loan for Crossings Center Nine, a 500,000-square-foot distribution facility in Louisville. Crossings Center Nine is situated within Commerce Crossings Business Park, 14 miles south of downtown Louisville and 10 miles south of Louisville International Airport. A life insurance company provided the 15-year, fixed-rate loan with a 20-year amortization schedule. The borrower was not disclosed.

May 10, 2019

California Development Loans Office Western

HFF Arranges $313.8M Construction Financing for Office Development in Silicon Valley

by Amy Works May 10, 2019

SUNNYVALE, CALIF. — HFF has secured $313.8 million in acquisition and construction financing for the development of Catalyst, a fully entitled, four-property office project in Sunnyvale. The borrower, a joint venture between Hearst Properties and Invesco Real Estate, acquired the development site in early May. Brandon Roth, Bruce Ganong, Peter Smyslowski and Bercut Smith of HFF worked on behalf of the borrower to secure the construction loan through ACORE Capital. Catalyst currently consists of a shovel-ready office development site and three existing office buildings, totaling 164,870 square feet, two of which will be demolished and replaced with new Class A office space. Upon completion, the 587,942-square-foot project will comprise three newly built, Class A office buildings with two parking structures and one original Class B office building.

May 10, 2019

Loans Multifamily New Jersey Northeast

KRE Group Receives $45M Construction Loan for New Jersey Apartment Project

by Taylor Williams May 10, 2019

BAYONNE, N.J. — New Jersey-based development and management firm KRE Group has received a $45 million construction loan for Harbor Station North, a 200-unit apartment project in Bayonne, located across from Brooklyn. The three-building property will include 10,000 square feet of retail space and offers access to multiple public transit lines. PNC Bank and People’s United Bank provided the three-year loan, which was placed by George Gnad of Avison Young. The project is expected to be complete by spring 2020.

May 10, 2019

Loans Multifamily New York Northeast

Hunt Provides $6.7M Loan for Refinancing of Manufactured Housing Community Near Buffalo

by Taylor Williams May 10, 2019

NIAGARA FALLS, N.Y. — Hunt Real Estate Capital has provided a $6.7 million Fannie Mae loan for the refinancing of Cayuga Village MHC, a 275-site manufactured housing community in Niagara Falls, located just north of Buffalo. The property was built in stages between the 1950s and 1990s and is located near several major retail centers. A portion of the proceeds will be used to expand the property by 20 to 40 additional sites and to fund capital improvements across the manufactured housing community. The loan, which carries interest-only payments for the first three years, was provided to a family-owned operation that has held the property for more than 50 years.

May 10, 2019

Iowa Loans Midwest Multifamily

Marcus & Millichap Arranges $3.6M Refinancing for Apartment Property in Iowa

by Kristin Harlow May 10, 2019

WAVERLY, IOWA — Marcus & Millichap Capital Corp. has arranged a $3.6 million non-recourse loan for the refinancing of Legacy Apartments in Waverly in northeastern Iowa. The 34-unit apartment property was newly constructed. The loan features a 15-year term, 30-year amortization schedule and a fixed rate of 4.52 percent. The borrower was a development group.

May 10, 2019

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