Loans

Barclays Provides $350M Loan to Refinance Leasehold Interest in 43-Story Manhattan Office Tower

by Alex Tostado November 7, 2019

NEW YORK CITY — Barclays has provided Shorenstein Properties LLC with a $350 million loan to refinance the leasehold position in 1407 Broadway, a 43-story, 1.1 million-square-foot office tower near Times Square in New York City. The five-year loan features a floating interest rate. Solil Management, the company that manages the assets of late real estate mogul Sol Goldman, owns the land upon which 1407 Broadway is situated. The building is located at 1407 Broadway between 38th and 39th streets, two blocks from Times Square, one block from Bryant Park and six blocks from Hudson Yards. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lightstone Group in April 2015 for $330 million. Shorenstein then implemented a three-year, $62 million renovation to improve the lobby, common areas, security, roof, terrace and elevator cabs. The building also underwent a retail renovation, adding new storefronts and signing tenants such as Num Pang, Luke’s Lobster and ’Wichcraft, a sandwich shop. The retail portion of the building is 95 percent leased. Over the past 12 months, 160,000 square feet have been leased throughout the building. Geoff Goldstein of JLL, which arranged the loan, says Shorenstein moved forward with this …

November 7, 2019

Acquisitions Loans Multifamily Southeast Virginia Walker & Dunlop

Walker & Dunlop Provides $225.1M Fannie Mae Acquisition Loan for Multifamily Portfolio in Virginia

by Alex Tostado November 5, 2019

BETHESDA, MD. — Bethesda-based Walker & Dunlop has provided a $225.1 million Fannie Mae acquisition loan for a five-property multifamily portfolio on behalf of Capital Square 1031. Walker & Dunlop provided a $66 million loan for 2000 West Creek in Richmond, a $29.7 million loan for Hickory Creek Apartments in Richmond, a $31.6 million loan for Saltmeadow Bay Apartments in Virginia Beach, a $52.5 million loan for Misty Ridge Apartments in Woodbridge and a $45.3 million loan for Bellemeade Farms Apartments in Leesburg. Four of the five properties are fully stabilized, with the exception of 2000 West Creek, which was built in 2018 and is in the final stages of lease-up. Bristol Development Group sold 2000 West Creek. The sellers of the other properties were not disclosed. Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds.

November 5, 2019

Indiana Loans Midwest Multifamily ORIX

Hunt Real Estate Capital Provides $24.2M Refinancing for Multifamily Portfolio in Indianapolis

by Kristin Harlow November 5, 2019

INDIANAPOLIS — Hunt Real Estate Capital has provided a $24.2 million loan for the refinancing of Circle City Apartments, a 356-unit multifamily portfolio in Indianapolis. The portfolio comprises six mid-rise buildings that range in size from 24 to 136 units and were built from 1900 to 1929. Hunt sourced the 10-year loan through Freddie Mac. The borrower, Old Northside Capital Partners LLC, purchased the portfolio in July 2015 and subsequently completed $10.9 million in capital improvements.

November 5, 2019

Iowa Loans Midwest Multifamily Seniors Housing

NorthMarq Arranges $12.5M Refinancing for Seniors Housing Property in Bettendorf, Iowa

by Kristin Harlow November 5, 2019

BETTENDORF, IOWA — NorthMarq has arranged a $12.5 million loan for the refinancing of The Fountains Independent Living in Bettendorf. The seniors housing property is located at 3728 Thunder Ridge Road. Jason Kinnison of NorthMarq structured the loan with an immediate funding of $8.5 million and a construction component in the amount of $4 million, which will be used to complete an addition to the property. The borrower was not disclosed.

November 5, 2019

Hospitality Loans Michigan Midwest

Cohen Financial Secures $12M Refinancing for DoubleTree Hotel in Michigan

by Kristin Harlow November 5, 2019

PORT HURON, MICH. — Cohen Financial, a division of SunTrust Bank, has secured a $12 million CMBS loan for the refinancing of a 149-room DoubleTree by Hilton hotel in Port Huron, which is located in eastern Michigan along Lake Huron. Cathy Bronkema of Cohen arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. JB Real Estate Development Co. was the borrower.

November 5, 2019

Loans Multifamily Texas

Arbor Provides Five Fannie Mae Loans Totaling $68.6M for Refinancing of DFW Multifamily Portfolio

by Taylor Williams November 5, 2019

DALLAS AND FORT WORTH, TEXAS — New York-based Arbor Realty Trust Inc. has provided five loans totaling $68.6 million for the refinancing of a portfolio of multifamily properties in the Dallas-Fort Worth (DFW) metroplex. The portfolio spans approximately 1,100 units. Vincent Chiodo of Arbor Realty Trust provided the loans, all of which carried 12-year terms, fixed interest rates and six years of interest-only payments, through Fannie Mae. The property names and borrowers were not disclosed.

November 5, 2019

Loans Multifamily New Jersey Northeast

JLL Arranges $117.8M Refinancing of 360-Unit Everly Roseland Apartment Community in New Jersey

by Alex Patton November 5, 2019

ROSELAND, N.J. — JLL has arranged $117.8 million loan for the refinancing for Everly Roseland, a 360-unit apartment community located in Roseland, a western suburb of New York City. An international bank provided a $96.3 million senior loan while J.P. Morgan Asset Management provided a $21.5 million mezzanine loan to refinance the existing loan and complete unit renovations. The property offers a mix of one-, two- and three-bedroom floor plans with amenities including a newly constructed clubhouse, fitness center, pool and tennis court. Michael Klein and Matthew Pizzolato of JLL arranged the loan on behalf of the borrower, Novel Property Ventures.

November 5, 2019

Loans Midwest Multifamily Ohio

ACRES Capital Originates $38M Loan for Development of Multifamily Project in Cincinnati

by Kristin Harlow November 4, 2019

CINCINNATI — ACRES Capital Corp. has originated a $38 million loan for the development of 1118 Sycamore Street, a 155-unit multifamily project in Cincinnati’s Over-the-Rhine district. The project will rise seven stories and feature a two-level parking structure, 8,875 square feet of retail space, 3,611 square feet of office space and four townhomes. The third floor will feature an outdoor courtyard with a pool, fire pit, barbecue and seating area. ACRES provided the 30-month loan on behalf of Charles Street Investment Partners. Architectural firm NBBJ led the design and will oversee production designs completed by Architecture Alliance. The Over-the-Rhine submarket recently underwent a massive revitalization plan funded primarily by local corporations, including more than $500 million of investments.

November 4, 2019

Loans Midwest Multifamily Nebraska

Dougherty Mortgage Provides $3.8M Refinancing for Apartment Property in Nebraska

by Kristin Harlow November 4, 2019

GRAND ISLAND, NEB. — Dougherty Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Cedar Ridge Apartments in Grand Island. The 64-unit, market-rate apartment property is comprised of four buildings. The 12-year loan features a 30-year amortization schedule. Cedar ridge Apartments-Grand Island LLC was the borrower.

November 4, 2019

Acquisitions Loans Retail South Carolina Southeast

Eyzenberg & Co. Arranges $14.1M Acquisition Loan for Beachside Retail Center in Myrtle Beach

by Alex Tostado November 4, 2019

MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $14.1 million acquisition loan for THEBlvd, a 42,000-square-foot entertainment, retail and restaurant building in Myrtle Beach. The property is located at 1410 N. Ocean Blvd., a mile north of downtown Myrtle Beach. The seller, Land South of MB LLC, developed the three-story asset, which was fully triple-net leased to tenants including live music venue Tin Roof Myrtle Beach, Bandito’s Restaurant and Cantina and American Resort Management. An undisclosed New York-based family investor acquired the property for $22.6 million via a 1031 exchange. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. represented the buyer in placing debt financing through Morgan Stanley.

November 4, 2019

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