KINGSTON, PA. — Arbor Realty Trust Inc. has provided a $3.4 million Fannie Mae loan for the refinancing of Chapin Apartments, a 60-unit multifamily property in Kingston, located approximately 65 miles north of Allentown. The loan has a seven-year term and a 30-year amortization schedule. Chapin Apartments is a garden-style community that is located at 151 East Walnut St and features a fitness center, resident lounge, storage lockers and a covered parking garage across the street. Ryan Duff of Arbor originated the loan.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $17 million acquisition loan for a 255-unit multifamily asset in northeast Houston. The loan was structured with a floating interest rate and three years of interest-only payments. Jamie Mullin of LMI Capital placed the debt on behalf of an undisclosed borrower. The property name was also not disclosed.
SEATTLE — CBRE has arranged $115.5 million in refinancing for The Danforth, a 16-story multifamily property located at 1425 Spring St. in Seattle’s First Hill neighborhood. The borrower acquired the 265-unit apartment property in December 2019 from the project developer, Columbia Pacific Advisors. John Lo of CBRE’s Capital Markets’ Debt & Structured Finance group secured the loan from a European lender on behalf of the borrower, an affiliate of the Vanbarton Group. Built in 2018, The Danforth is 96 percent leased and includes a two-level, 45,000-square-foot organic supermarket chain on the ground floor, as well as other residential amenities. The property is located at the corner of Broadway and East Madison Street and offers 358 underground parking stalls.
MANCHESTER, N.H. — Hospitality Real Estate Counselors (HREC) has arranged a $14.1 million construction loan for the 126-room Tru by Hilton hotel in Manchester, located approximately 15 miles south of Concord. A regional bank provided the loan. Florida-based developer Lansing Melbourne Group is building the hotel for $23 million, according to local news site manchesterinklink.com. John Siska and Mike Armstrong of HREC arranged the loan, specific terms of which were undisclosed. The hotel is expected to open in third quarter of 2020.
DENVER — Kroenke Sports and Entertainment (KSE) and Revesco Properties have received a $124.6 million loan to refinance Elitch Gardens Theme and Water Park in downtown Denver. The 130-year-old property is Colorado’s only combination amusement park and water park. The park is set to open for its 2020 season in April, but no word has come out if the outbreak of COVID-19 has changed that plan. Eric Tupler and Tyler Dumon of JLL arranged the five-year, floating-rate loan through Pacific Western Bank. KSE and Revesco, both based in Denver, plan to use the loan to retire existing debt and fund predevelopment work for the future River Mile project. Expected to take 25 years to fully come to fruition, River Mile is Revesco’s planned mixed-use district that will span 62 acres along a one-mile stretch of the South Platte River. KSE is a partner on the project. River Mile will eventually replace the amusement park, according to local media outlets. The redevelopment is expected to span 14 million square feet of residential and commercial mixed-use space, as well as public space along the riverfront. The River Mile project will include Meow Wolf, a 90,000-square-foot art installation attraction that is expected to …
HUNTSVILLE, ALA. — Walker & Dunlop has provided a $51.9 million construction loan to Spring Bay Property Co. and RCP Cos. for Eclipse at CityCentre, a planned five-story, 278-unit apartment complex in downtown Huntsville. Walker & Dunlop provided the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) construction program, which includes both construction and permanent financing in a single loan. The two-year term for the construction period is followed by a 40-year, fully amortizing, fixed-rate loan. The property is situated within an Opportunity Zone, meaning the developers are required to hold the asset for at least 10 years in order to not pay capital gains on the investment. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop originated the loan on behalf of the borrowers. Once complete, Eclipse at CityCentre will offer studio, one- and two-bedroom floor plans. The majority of the apartments will feature private balconies. Community amenities will include a heated pool, fitness center, pet walking and grooming area, grilling areas, outdoor fire pit and views of Big Spring Park. A timeline for construction was not disclosed. Eclipse at CityCentre will sit atop 18,000 square feet of restaurant and retail space and …
As markets, consumers and businesses react to the novel coronavirus, lenders and mortgage bankers across the country find themselves reflecting on the volatility that characterized the multifamily debt market in 2019 and wondering just how similar 2020 could be. To be sure, market uncertainty is par for the course during presidential election years, and the market event related to coronavirus is creating additional anxiety. The multifamily debt markets are also working to move away from the LIBOR index as a benchmark for pricing loans to a new index, creating the need for adjustment within the industry when that move takes effect in 2021. But beyond those factors, lenders and mortgage bankers anticipate continued strength in multifamily loan production fueled by strong fundamentals and low interest rates. These topics formed the basis of discussion for much of the Mortgage Bankers Association and CREFC’s Multifamily Housing Convention & Expo, held February 9-12 in San Diego. The event afforded ample opportunities for publications that cover the industry to meet individually with multifamily finance professionals and gauge their outlooks on the health and prospective performance of the market in 2020. Rebusinessonline.com took advantage of those opportunities to sit down and talk with Rich Martinez, …
NEW YORK CITY — JLL has arranged a $545 million loan for the refinancing of 711 Fifth Avenue, a 340,024-square-foot office building in Manhattan. Originally built in 1927, the 18-story building consists of 284,061 square feet of office space and 55,963 square feet of retail space. In its 93-year history, 711 Fifth Avenue has served as the both the corporate and regional headquarters of companies such as NBC, Columbia Pictures and Coca-Cola. The building is located near Central Park and the world-renowned 57th Street luxury residential corridor, also known as Billionaires’ Row. Goldman Sachs served as the senior lender on the deal. The borrower was a partnership between locally based development firm SVHO, Deutsche Finance America and BLG Capital. The partnership acquired the building in September 2019. A portion of the proceeds will be used to fund capital improvements, including upgrades to the lobby, mechanical systems, terraces and other outdoor common areas. The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York City. Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor led the JLL team that placed the debt. Wachtel Missry LLP served as the borrower’s legal …
CHICAGO — A partnership between funds managed by Oaktree Capital Management LP and GlenStar Properties has received a $256 million loan to refinance 141 W. Jackson, a historic, 1.3 million-square-foot office tower in Chicago’s central business district. Known as the Chicago Board of Trade Building, the 44-story skyscraper is the primary trading venue of the CME Group, a global markets company formed by a merger of the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange. JLL arranged the financing provided by a domestic financial institution. Ownership plans to allocate a portion of the loan proceeds toward future leasing. The Chicago Board of Trade Building was originally constructed in 1930 for CBOT and was designated a National Historic Landmark on June 2, 1978. The building is a popular sightseeing attraction and has appeared in several films, including as the headquarters of Wayne Enterprises in “Batman Begins” (2005). Ownership has maintained and updated the building with modern amenities and technology, including a 24/7 fitness center; video conference center; rooftop deck and game room; Ceres Café Bar and Patio; Cellars Market; and a tenant lobby with concierge services. The building is home to a roster of retail, banking, healthcare, legal and …
SHIPSEWANA, GALVESTON AND RUSSIAVILLE, IND. — Mag Mile Capital has arranged a $4.3 million loan for the acquisition of three mobile home properties in Indiana. The three parks are located in Shipsewana, Galveston and Russiaville and contain a total of 183 home sites. Rob Bernstein and Matt Weilgus of Mag Mile arranged the five-year loan with an interest rate of 5.5 percent. Aran Capital was the borrower.