Loans

Talonvest Secures $22.2M in Financing for Two Southern California Self-Storage Facilities

by Amy Works March 11, 2020

INDIO AND LA QUINTA, CALIF. — Talonvest Capital has negotiated non-recourse, securitized loans for William Warren Group for two self-storage facilities in Indio and La Quinta. Totaling $22.2 million, the 10-year, fixed-rate loans feature interest-only payments for the full term. The two assets are StorQuest Indio, located at 83614 Dr. Carreon Blvd., and StorQuest La Quinta, at 47350 Dune Palms Road. The two properties feature a combined 218,000 net rentable square feet in 1,335 storage units. Additionally, the Indio facility offers 125 RV spaces. Kim Bishop, Eric Snyder, Lauren Maehler and David DiRienzo of Talonvest handled the financing.

March 11, 2020

Acquisitions Georgia Industrial Loans Southeast

Truist Provides $84.3M Acquisition Loan for 16-Property Industrial Portfolio

by Alex Tostado March 10, 2020

ATLANTA — Truist Financial Corp., through subsidiary SunTrust Commercial Real Estate, has provided an $84.3 million loan to Atlanta-based MDH Partners for the acquisition of seven warehouses, three truck terminals and six trailer yards spread across the Atlanta, Memphis, Louisville, Dallas and Kansas City markets. The warehouses and truck terminal assets total 1.9 million square feet. The six trailer yards contain 1,855 trailer spaces on 46.1 acres in Kansas City. Mark Hancock of Truist originated the loan on behalf of the borrower. The seller(s) was not disclosed.

March 10, 2020

Illinois Loans Midwest Multifamily

Berkadia Arranges $76M Refinancing for Apartment Building in Chicago

by Kristin Harlow March 10, 2020

CHICAGO — Berkadia has arranged a $76 million loan for the refinancing of 1407 On Michigan, an apartment building in Chicago. Located at 1407 S. Michigan Ave., the property features amenities such as a gym, indoor basketball court, sauna, yoga studio and outdoor pool deck. The Class A building includes 199 luxury apartment units and 41,498 square feet of retail space that is currently occupied by Rush University Medical Center. Chris Blechschmidt and Joel Kirstein of Berkadia secured the refinancing on behalf of the borrower, Illinois-based Russland Capital. Ares Management provided the loan.

March 10, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $23.8M Refinancing for Multifamily Property in Rochester, Minnesota

by Kristin Harlow March 10, 2020

ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $23.8 million Fannie Mae loan for the refinancing of Red44, a 159-unit, market-rate multifamily property in Rochester. The five-story community was built in 2017. Amenities include an outdoor pool, grilling area, dog park, community area, pet station, rooftop terrace, fitness center and heated garage parking. The 12-year loan features a 30-year amortization schedule. Mayowood Commons LLC was the borrower.

March 10, 2020

California Development Loans Mixed-Use Office Restaurant Retail Western

Stockdale Capital Partners Secures $330M Construction Loan for The Campus at Horton in San Diego

by Amy Works March 10, 2020

SAN DIEGO — Stockdale Capital Partners has closed on a $330 million loan with a group of funds managed by Alliance Bernstein to continue the redevelopment efforts at Horton Plaza in San Diego. Exterior construction is scheduled to begin soon with 600 to 800 construction workers expected on-site to build the mixed-use creative office and retail redevelopment. Stockdale Capital originally announced its redevelopment plans for Horton Plaza Mall in January. The Campus at Horton will include 700,000 square feet of creative office space and 300,000 square feet of retail space. The development is targeting LEED Platinum, WELL Platinum and WiredSource certifications, with sustainability efforts at the forefront of design and construction. Completion is slated for the end of 2021. Developers estimate the project will bring 3,000 to 4,000 jobs to the community.

March 10, 2020

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 256-Unit Silverton Apartments in Irving

by Taylor Williams March 10, 2020

IRVING, TEXAS — Dougherty Mortgage LLC has arranged acquisition financing for Silverton Apartments, a 256-unit community in Irving. According to apartments.com, the property was built in 1980 and features one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling area. Dougherty arranged the loan, which carries as 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending. The borrower and loan amount were not disclosed.

March 10, 2020

Loans New York Northeast Retail

NKF Arranges $20M Acquisition Loan for Retail Property on Staten Island

by Alex Patton March 10, 2020

NEW YORK CITY — Newmark Night Frank (NKF) has arranged a $20 million acquisition loan for the Shops at Richmond Avenue, a 76,000-square-foot retail property on Staten Island. Bridge Investment Group provided the floating-rate loan to the borrower, Infinity Real Estate. The property consists of two buildings that are leased to tenants including Dick’s Sporting Goods, Staples, Men’s Warehouse, Starbucks and Bank of America. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of NKF arranged the loan.

March 10, 2020

Loans Mixed-Use New York Northeast

JLL Secures $210M Acquisition Loan for Mixed-Use Building in Manhattan

by Alex Patton March 9, 2020

NEW YORK CITY — JLL has secured a $210 million acquisition loan for 530 Broadway, a 200,000-square-foot mixed-use building in the SoHo neighborhood of Manhattan that was originally built in 1898. LoanCore Capital LLC provided the loan to a joint venture between local real estate developer SHVO, Deutsche Finance America and BLG Capital Ltd. The joint venture purchased the 11-story property from a partnership of Wharton Property Advisors and Thor Equities. Michael Tepedino, David Sitt and Robert Tonnessen of JLL arranged the financing.

March 9, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Provides Two Refinancing Loans Totaling $8.1M for Multifamily Properties in South Florida

by Alex Tostado March 9, 2020

BELLE GLADE, FLA. — Hunt Real Estate Capital has provided two refinancing loans totaling approximately $8.1 million for Amelia Gardens and Amelia Estate in Belle Glade. Both Freddie Mac Small Balance Loans are hybrid adjustable-rate mortgages (ARMs) with a fixed interest rate for the first 10 years and then a floating interest rate for the following 10 years. Hunt Real Estate provided a $2.8 million loan for Amelia Gardens, a 12-building, 24-unit community that was built in 2003. The property offers three-bedroom floor plans. Hunt provided an additional $5.3 million for Amelia Estates, which offers 48 units and was delivered in 2016. Loan proceeds went mainly toward paying off the construction loan for Amelia Estates. The borrower, Houston Realty & Investment Co., is currently developing Amelia Circle, a multifamily development that will encompass Amelia Estates. Kristian Molloy of Hunt Real Estate originated the loan on behalf of the borrower.

March 9, 2020

Loans Multifamily Texas

LMI Capital Arranges Two Commercial Loans Totaling $9M in Houston Area

by Taylor Williams March 9, 2020

HOUSTON AND PASADENA, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two commercial loans totaling $9 million in the Houston area. In the first transaction, Jamie Safier of LMI Capital placed a $2.6 million, 10-year loan for the refinancing of a 50-unit multifamily asset located in the eastern suburb of Pasadena. In the second deal, Adam Pike of LMI Capital arranged a $6.4 million acquisition loan for a 105,000-square-foot office building in west Houston. The property names and borrowers were not disclosed.

March 9, 2020

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