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Loans

Thorofare-Phoenix
ArizonaLoansMultifamilyWestern

Thorofare Capital Funds $11.4M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works

PHOENIX — Thorofare Capital has provided a $11.4 million loan for the acquisition of a multifamily property in Phoenix. The name of the borrower was not released. The Class B property features 158 apartments and was 67 percent occupied at closing. The non-recourse loan features a five-year floating rate with interest-only payments. Additionally, the financing features 75 percent loan-to-cost ratio and funding for future capital expenditures. Kevin Miller, Felix Gutnikov and Daniel Pavlinik of Thorofare Capital handled the financing.

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The-Shoppes-at-Livingston-Circle
LoansNew JerseyNortheastRetail

Eastman Cos. Refinances 95,809 SF Retail Center in Livingston, New Jersey

by Taylor Williams

LIVINGSTON, N.J. — Locally based development and management firm Eastman Cos. has refinanced The Shoppes at Livingston Circle, a 95,809-square-foot retail center in Livingston, an eastern suburb of Newark. Built in 1993 and anchored by German discount grocer Aldi, the property was 80 percent leased at the time of sale to tenants such as Olive Garden, Goldfish Swim and Club Pilates. Jon Mikula and Jim Cadranell of HFF placed the loan, which features a 12-year term and a fixed interest rate, on behalf of Eastman. The lender was not disclosed. There are more than 150,000 residents earning an average annual household income in excess of $190,000 living within a five-mile radius of the center, which has been extensively redeveloped over the past two years.

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HospitalityLoansNew YorkNortheast

ACRES Capital Provides $37M Construction Loan for Hilton-Branded Hotel Near Rochester

by Taylor Williams

CANADAGUIA, N.Y. — ACRES Capital, a New York-based real estate hedge fund, has provided a $37 million construction loan for the Hilton Tapestry Collection hotel in Canadaguia, a hospitality project located near Rochester. The project, which includes the development of a 44-unit condominium building, is valued at $53 million. Miami-based GenX Capital Partners and Boston-based Capstack Finance sourced the loan through ACRES Capital on behalf of the undisclosed borrower.

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Maplewood-Crossing-New-Jersey
LoansMultifamilyNew JerseyNortheast

G.S. Wilcox Arranges $32M Loan for Refinancing of New Jersey Apartments

by Taylor Williams

MAPLEWOOD, N.J. — G.S. Wilcox & Co., a New Jersey-based mortgage banking firm, has arranged a $32 million loan for the refinancing of Maplewood Crossing, a 151-unit apartment community located about 10 miles southwest of Newark. Robert Logan and Al Raymond of G.S. Wilcox placed the loan, which included a 20-year term and a 30-year amortization schedule, on behalf of the borrower, local developer Elite Properties.

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Orchard-Heights-New-York
LoansMultifamilyNew YorkNortheastSeniors Housing

KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York

by Taylor Williams

ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.

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AC-Marriott-Modular-Manhattan
HospitalityLoansNew YorkNortheast

Avana Capital Provides $65M Construction Loan for AC Marriott Hotel in Manhattan

by Taylor Williams

NEW YORK CITY — Arizona-based Avana Capital has provided a $65 million loan for the construction of a 26-story AC Marriott Hotel in the Chelsea neighborhood of Manhattan. Designed by Danny Forster & Architecture, the 168-room hotel will be located at 842 Sixth Ave. and will be the tallest hotel in the world to feature modular construction. The borrower was locally based firm 842 Enterprises Inc. Bloomberg reports that guest rooms will be assembled in Poland and shipped to New York, with the opening of the property slated to occur some time next year.

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48-East-Austin
LoansMultifamilyTexas

3650 REIT Originates $87.9M Construction Loan for Austin Residential Project

by Taylor Williams

AUSTIN, TEXAS — Miami-based balance sheet lender 3650 REIT has originated an $87.9 million construction loan for 48 East, a 33-story condominium project that will be located in the Rainey Street district of Austin. The property will feature 249 units ranging in size from 456 to 851 square feet. Amenities will include a rooftop pool, viewing deck and a fitness center. The borrower was a joint venture between Austin-based Pearlstone Partners and Miami-based Newgard Development Partners. Mike Guterman of Highland Realty Capital and John Ghiselli of Waterloo Real Estate Investments placed the nonrecourse loan, which carried a 75 percent loan-to-cost structure.

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LoansMichiganMidwestMultifamily

Arbor Provides $4M Refinancing for Multifamily Property in Detroit

by Kristin Harlow

DETROIT — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small-balance loan for the refinancing of Van Dyke Apartments located at 1780 Van Dyke St. in Detroit. The 40-unit multifamily property was built in 1928 and renovated in 2018. Michael Jehle of Arbor originated the 20-year loan, which features a 30-year amortization schedule.

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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

JDS Receives $664.1M Construction Loan to Build Brooklyn’s Tallest Building

by John Nelson

NEW YORK CITY — A pair of real estate lenders provided a $664.1 million construction loan that will allow JDS Development Group to build the tallest building in Brooklyn. Situated at 9 DeKalb Ave. in the borough’s downtown district, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022. About 30 percent of the rental units at 9 DeKalb will be capped below market rates. The lenders include New York-based Silverstein Capital Partners and Montreal-based Otera Capital Inc., a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisherand, Matthew Collins and Sean Bastian of JLL arranged the financing, details of which were not disclosed. SHoP architects is designing the residential tower’s façade to be clad in bronze and glass. New York-based JDS and Chetrit Group originally acquired the 9 DeKalb site in 2016 for $90 million, including air rights for the future development. On the site is a 70,000-square-foot, five-story property that once housed …

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