Loans

Grandbridge Provides $33.2M Refinancing for BayVue Apartments in Tampa

by Alex Tostado May 8, 2019

TAMPA, FLA. — Grandbridge Real Estate Capital has provided a $33.2 million refinancing loan for BayVue Apartments, a 368-unit, garden-style apartment community in Tampa. The Freddie Mac loan features a 10-year term, floating rate term and 30-year amortization schedule. BayVue Apartments is situated near Tampa International Airport and was built in 1988. The property comprises 29 two-story buildings spanning 23.4 acres. Community amenities include a clubhouse, two swimming pools, fitness center, business center, racquetball court and a car wash center. Alan Tapie of Grandbridge originated the loan on behalf of the undisclosed borrower.

May 8, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Greystone Funds $7.1M Acquisition of Skilled Nursing Facility in Connecticut

by Taylor Williams May 8, 2019

PLAINFIELD, CONN. — Greystone has provided $7.1 million in bridge financing for the acquisition of Colonial Health & Rehab, a 90-bed skilled nursing facility in Plainfield, located near the Rhode Island border. The borrowers were owner-operators Curtis Rodowicz and Robert Darigan. Lisa Fischman of Greystone originated the loan, with the expectation that it will eventually be converted to FHA-insured financing. The nonrecourse loan features a 35-year term and fixed interest rate.

May 8, 2019

Colorado Loans Mixed-Use Office Retail Western

HFF Arranges $10.2M Refinancing for 18,460 SF Mixed-Use Property in Denver

by Amy Works May 8, 2019

DENVER — HFF has secured $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, is the borrower and used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 East 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan with a portfolio lender for the borrower.

May 8, 2019

Loans Multifamily Texas

NXT Capital Provides $21M Acquisition Loan for New Houston Apartment Property

by Taylor Williams May 8, 2019

HOUSTON — Chicago-based NXT Capital has provided a $21 million loan for the acquisition of a newly built multifamily property in Houston. The Class A community features a pool, fitness center, business center, outdoor grilling stations, conference room and storage units. Greg Young and David Cortez of Grandbridge Real Estate Capital placed the loan through NXT Capital. The borrower and property name were not disclosed.

May 8, 2019

Loans Multifamily Texas

CBRE Arranges Acquisition Financing for 272-Bed Student Housing Asset in Austin

by Taylor Williams May 8, 2019

AUSTIN, TEXAS — CBRE has arranged an undisclosed amount of permanent financing for the acquisition of 21 Pearl, a 272-bed student housing community serving the University of Texas at Austin. The 135-unit property was completed in 2013 and was 96 percent occupied at the time of the loan closing. Benjamin Roelke and Ian Walker of CBRE arranged the financing on behalf of TEXLA Housing Partners and a private equity fund managed by Crow Holdings Capital. A life insurance company provided the loan, which features full-term interest-only payments along with a flexible prepayment structure. 21 Pearl is the joint venture’s first acquisition.

May 8, 2019

Affordable Housing Loans Michigan Midwest Multifamily

Dougherty Provides $2.2M Refinancing for Affordable Housing Property in Flint, Michigan

by Kristin Harlow May 8, 2019

FLINT, MICH. — Dougherty Mortgage LLC has provided a $2.2 million loan for the refinancing of Eagle Ridge Square in Flint. The 104-unit affordable housing property was built in 1999. All of the units are designated for residents who earn at or below 60 percent of the area median income. The property features a clubhouse, daycare facility, pool and garage parking. The 12-year loan features a 30-year amortization schedule. Eagle Ridge Square Apartments Limited Dividend Housing Association LLC was the borrower.

May 8, 2019

District of Columbia Loans Mixed-Use Southeast Top Stories

MRP Realty Receives $191.8M in Development Financing for Mixed-Use Project in Washington, D.C.

by Kristin Harlow May 8, 2019

WASHINGTON, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C. Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces. The transit-oriented development will be located in the Edgewood neighborhood, near the intersection of Rhode Island Avenue and Fourth Street, adjacent to the Rhode Island Metro Station. Bryant Street is a redevelopment of a former shopping plaza named Rhode Island Center. SK&I is the architect for the residential portions of the project. Construction began in February. Phase I is slated for completion in spring 2021. HFF worked on behalf of the developer to arrange a $59.8 million joint-venture equity partnership with FRP Development Corp. HFF also secured $132 million in construction financing through a national bank. Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod led the HFF debt and equity placement team. Founded in 2005, MRP Realty …

May 8, 2019

Loans Massachusetts Multifamily New Hampshire Northeast

PGIM Provides $164M Loan for Refinancing of New England Multifamily Portfolio

by Taylor Williams May 7, 2019

BOSTON — PGIM Real Estate Finance has provided a $164 million loan for the refinancing of a portfolio of 14 multifamily properties located throughout metro Boston and the nearby suburbs of New Hampshire. Eleven of the properties are located in the Middlesex, Essex and Worcester counties of Massachusetts, and the others are located in Keene, New Hampshire. The portfolio totals 1,620 units. The borrower was Princeton Properties, an investment firm that has owned all 14 properties for more than 15 years. Specific loan terms were not disclosed.

May 7, 2019

Loans Lument Multifamily New Jersey Northeast ORIX RED Capital Group

RED Arranges Acquisition Financing for $60M Apartment Portfolio in Union City, New Jersey

by Taylor Williams May 7, 2019

UNION CITY, N.J. — RED Mortgage Capital, the lending arm of ORIX Real Estate Capital, has arranged acquisition financing for a $60 million portfolio of apartment properties in Jersey City, located across the Hudson River from lower Manhattan. The portfolio comprises 18 properties and includes 481 units of affordable housing product. John Darrow, Jim Martin and Harris O’Connell of RED, along with Brad Domenico of Progress Capital, arranged the financing through Freddie Mac’s small balance loan program. The loan, the borrower of which was not disclosed, featured a fixed interest rate and a 20-year term.

May 7, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $27M Refinancing for Multifamily Portfolio in Lincoln, Nebraska

by Kristin Harlow May 7, 2019

LINCOLN, NEB. — NorthMarq Capital has arranged a $27 million loan for the refinancing of the Chateau Apartments Portfolio, which totals 647 units in Lincoln. Bob Chalupa of NorthMarq arranged the fixed-rate loan, which features a 15-year term and a 20-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

May 7, 2019

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