Loans

CBRE Secures $18.5M Loan for Five-Property Student Housing Portfolio in Santa Barbara

by Amy Works March 13, 2020

SANTA BARBARA, CALIF. — CBRE has arranged an $18.5 million loan for The Hive Isla Vista, a five-property student housing portfolio near the campus of University of California, Santa Barbara. Brad Wilmot of CBRE’s Los Angeles office secured the floating-rate loan with a three-year initial term on behalf of the borrower, Los Angeles-based M&A Real Estate Partners. The planned use of the funds was not disclosed. The portfolio totals 35,868 square feet and is comprised of five student housing properties, all within walking distance of the campus. Community amenities include fitness centers, gated access and swimming pools.

March 13, 2020

Loans Massachusetts Multifamily Northeast

Berkadia Arranges $211.2M Loan for Refinancing of Multifamily Property in Chestnut Hill, Massachusetts

by Alex Patton March 13, 2020

CHESTNUT HILL, MASS. — Berkadia has arranged a $211.2 million refinancing loan for Hancock Village, a 161-unit multifamily community in Chestnut Hill, a northwestern suburb of Boston. The 15-year Freddie Mac loan featured a fixed interest rate and a 30-year amortization schedule. The property features one- and two-bedroom townhomes and amenities including a fitness center and a resident lounge. Robert Lipson of Berkadia arranged the loan on behalf of the borrower, Chestnut Hill Realty.

March 13, 2020

Connecticut Loans Multifamily Northeast

Greystone Arranges $50M Construction Loan for Multifamily Project in New Haven, Connecticut

by Alex Patton March 13, 2020

NEW HAVEN, CONN. — Greystone has arranged a $50 million construction loan for a multifamily project that will be located at 44 Olive St in New Haven. BMO Harris Bank, a subsidiary of BMO Financial Group, provided the loan on a three-year initial term. The borrower, Adam America Real Estate, will use the loan to finance construction of a six-story multifamily building with 299 units and 6,100 square feet of ground-floor retail space. Drew Fletcher and Matthew Hirsh of Greystone arranged the loan. Construction is slated to be complete by August 2022.

March 13, 2020

Arizona Development Loans Multifamily Western

PCCP Provides $49.2M Loan for the Development of 458-Unit Apartment Asset in Phoenix

by Amy Works March 12, 2020

PHOENIX — PCCP has provided a $49.2 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Algodon. The Class A, garden-style multifamily community will be located in the West Valley of Phoenix. Situated on 20.5 acres along North 91st Avenue, Acero Algodon will offer 458 apartments in a mix of 196 one-bedroom units, 238 two-bedroom units and 24 three-bedroom units, spread across 24 three-story buildings. All floor plans will feature quartz countertops, stainless steel appliances, vinyl plank flooring with carpeted bedrooms, walk-in closets, in-unit laundry rooms and private patios or balconies. On-site amenities will include 901 parking spaces, two resort-style swimming pools, a fitness center with yoga and spin studio, business center, community lounge and kitchen, game room, dog park, and barbecue and picnic areas. Construction is scheduled to start soon, with the first units planned for delivery in mid-2021. Total build-out is slated for completion in mid-2022. David Kidder, Adam Deermount, Steve Sims and John Meek of Landmark Real Estate arranged the financing.

March 12, 2020

Industrial Loans Massachusetts Northeast

JLL Arranges $5.6M Loan for Refinancing of Industrial Building in Wilmington, Massachusetts

by Alex Patton March 12, 2020

WILMINGTON, MASS. — JLL has arranged a $5.6 million loan for the refinancing of a light manufacturing industrial building in Wilmington, a northern suburb of Boston. Local bank Webster Five provided the 10-year, fixed-rate loan to the borrower, Boston-based Rhino Capital Advisors LLC. The property, located at 272 Ballardvale St., was constructed in 1976 and features 20-foot clear heights. Brett Paulsrud and Amy Lousararian of JLL arranged the loan.

March 12, 2020

Loans Multifamily Southeast Student Housing Virginia

Financial Federal Bank Provides $38.7M Refinancing for Student Housing Community Near Virginia’s James Madison University

by Alex Tostado March 11, 2020

HARRISONBURG, VA. — Financial Federal Bank has provided a $38.7 million loan to refinance North 38 Apartments, a 228-unit student housing community near James Madison University (JMU) in Harrisonburg. The property was built in 2009 and offers 816 beds and fully furnished units featuring 55-inch TVs. Communal amenities include a pool, hammock gardens, car care center, sand volleyball court, computer lounge, fitness center, detached garage buildings and multiple dog parks. At the time of the transaction, the property was 94 percent occupied. The community is situated at 1190 Meridian Circle, two miles north of JMU. Rick Wood and Jon Van Hoozer of Financial Federal originated the 12-year loan with three years of interest-only payments, a 30-year amortization schedule and a fixed interest rate below 3.95 percent. The borrower was not disclosed.

March 11, 2020

Georgia Loans Office Southeast

NXT Capital Closes $19M Refinancing Loan for Two Office Buildings Near Atlanta

by Alex Tostado March 11, 2020

DULUTH, GA. — NXT Capital has provided a $19 million refinancing loan for Sugarloaf VI and VII, two office buildings comprising 160,000 square feet in Duluth. The property is situated at 2905 and 2915 Premiere Parkway, 29 miles northeast of downtown Atlanta in Gwinnett County. Property amenities include large lobbies and an outdoor greenspace. C.J. Kelley of CBRE originated the loan on behalf of the undisclosed borrower. Further details of the loan were not disclosed.

March 11, 2020

Loans Midwest Multifamily Nebraska

NorthMarq Provides $19.3M Refinancing for Apartment Community in Lincoln, Nebraska

by Kristin Harlow March 11, 2020

LINCOLN, NEB. — NorthMarq has provided a $19.3 million Fannie Mae loan for the refinancing of Wilderness Hills Flats in Lincoln. The 168-unit apartment community is located at 3055 Crescent Drive within the Wilderness Hills commercial development. Amenities include a bike repair station, dog park, outdoor grill area and package service. Bob Chalupa of NorthMarq arranged the 15-year loan on behalf of the undisclosed borrower.

March 11, 2020

Loans Multifamily Office Retail Washington Western

Gantry Arranges $40M in Financing for Office Building, Apartment Asset in Seattle

by Amy Works March 11, 2020

SEATTLE — San Francisco-based Gantry, an independent commercial banking firm, has secured $40 million in permanent financing for the Ainsworth & Dunn (A&D) Building and newly constructed 10 Clay Apartments in Seattle. The mixed-use residential and historic office project is located at 10 Clay St. and 2815 Elliott Ave. in Seattle’s Waterfront neighborhood. The multifamily component consists of a six-story, 62-unit, mid-rise apartment complex with more than 7,000 square feet of ground-floor retail space. The redeveloped A&D Building is a three-story historic landmark property with 32,615 square feet of commercial office space. The two buildings are connected by one level of subterranean parking and a ground-level breezeway between the properties. Mike Taylor and Mike Wood of Gantry’s Seattle office co-brokered the financing. The pair arranged the 13.5-year term financing through Principal Global Investors on behalf of A&D Partners.

March 11, 2020

Hospitality Loans Midwest Minnesota

JLL Arranges $12.3M Refinancing for Moxy Hotel in Minneapolis

by Kristin Harlow March 11, 2020

MINNEAPOLIS — JLL Capital Markets has arranged a $12.3 million loan for the refinancing of Moxy Minneapolis Uptown, a 125-room boutique hotel in the Uptown submarket of Minneapolis. Completed in 2018, the hotel features a fitness center, business center, lobby lounge and bar, hot breakfast and valet parking. Gerard Sansosti, Jeff Bucaro and Nicole Aguiar of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, Graves Hospitality. A newly formed debt fund provided the loan, proceeds of which were used to refinance the original construction loan. Moxy hotels are under the Marriott umbrella of properties.

March 11, 2020

Newer Posts

Older Posts