Loans

Associated Bank Provides $17.7M Loan for Land Acquisition, Construction of Shopping Center Near Chicago

by Kristin Harlow February 25, 2020

GLENVIEW, ILL. — Associated Bank has provided a $17.7 million loan for the acquisition of land and development of a 62,540-square-foot shopping center in Glenview, about 20 miles northwest of Chicago. Known as Willows Crossing, the multi-tenant center will be located at the southwest corner of Willow and Pfingsten roads. Previously signed leases at the project include Mission BBQ, First Watch Café and an undisclosed 35,000-square-foot grocery tenant. Completion is slated for spring 2021. Daniel Barrins of Associated Bank managed the loan and closing on behalf of the borrower and developer, GW Properties.

February 25, 2020

Illinois Industrial Loans Midwest Office Ohio

NorthMarq Arranges $16.9M in Acquisition Financing for Two Flex Industrial Properties in Illinois, Ohio

by Kristin Harlow February 25, 2020

DES PLAINES, ILL. AND DUBLIN, OHIO — NorthMarq has arranged $16.9 million in acquisition financing for two flex industrial properties in Illinois and Ohio. Jeff Frankel of NorthMarq arranged both fixed-rate loans with Ready Capital Structured Finance. The first is a three-building property spanning 140,134 square feet in Des Plaines, a northwestern suburb of Chicago. The second is a three-building property totaling 124,929 square feet in Dublin, a northern suburb of Columbus. The Des Plaines property was 94 percent occupied at the time of acquisition, while the Dublin asset was 80 percent occupied.

February 25, 2020

Development Florida Loans Multifamily Southeast

JLL Arranges $34M Construction Loan for Multifamily Property in Little Havana

by Alex Tostado February 24, 2020

MIAMI — JLL has arranged a $34 million construction loan for First-Little Havana, a planned 194-unit multifamily property in Miami. Premium Development Inc. is building the asset, which is situated at Seventh Avenue and SW First Street, one mile west of downtown Miami. First-Little Havana will feature 7,000 square feet of ground-floor retail, 231 garage parking spaces, a pool, fitness center, yoga studio and dog park. The developer plans to open the community in 2021. Brian Gaswirth and Michael DiCosimo of JLL arranged the financing through Man Global Private Markets.

February 24, 2020

Connecticut Industrial Loans Northeast Self-Storage

Talonvest Arranges $16.5M Loan for Refinancing of Self-Storage Facility in Norwalk, Connecticut

by Alex Patton February 24, 2020

NORWALK, CONN. — Talonvest Capital Inc., a California-based self-storage advisory firm, has arranged a $16.5 million bridge loan for the refinancing of Secure Self Storage, a 766-unit facility in Norwalk, an eastern suburb of Stamford. A Midwest-based bank provided the 42-month loan, which carried 36 months of interest-only payments. Located at 587 Connecticut Ave., the property totals 72,490 square feet. Eric Snyder, Kim Bishop and Jim Davis led the Talonvest team that arranged the loan. A joint venture between TVG Partners and Clark Investment Group was the borrower.

February 24, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $8.6M Refinancing for Multifamily Portfolio in Minnesota

by Kristin Harlow February 24, 2020

WILLMAR, MINN. — Dougherty Mortgage LLC has provided an $8.6 million Fannie Mae loan for the refinancing of a 204-unit multifamily portfolio in Willmar in central Minnesota. The four buildings were constructed between 1974 and 1977. The loan features a 12-year term and a 30-year amortization schedule. Suite Liv’n manages the portfolio.

February 24, 2020

California Loans Office Western

Ready Capital Closes $23M Refinancing for Creative Office Portfolio in Metro Los Angeles

by Amy Works February 24, 2020

GLENDALE, CALIF. — Ready Capital has closed $23 million in refinancing for a creative office portfolio in Glendale, a suburb of Los Angeles. The undisclosed sponsor will use loan proceeds to pay off existing debt and acquire additional properties at the 59,000-square-foot property, which consists of 12 industrial/flex buildings that are or will be redeveloped into creative office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment. The financing includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest/operating reserves.

February 24, 2020

Loans Multifamily New York Northeast Top Stories

Meritz Securities Provides $350M Refinancing for The Centrale Residential Tower in Manhattan

by Taylor Williams February 24, 2020

NEW YORK CITY — Meritz Securities, a South Korea-based lender and intermediary, has provided a $350 million inventory loan for The Centrale, a 63-story residential tower in Midtown Manhattan. The loan, which essentially functions as permanent financing, is collateralized by the property and pays off the property’s $300 million construction loan. New York City-based Madison Realty Capital provided that loan to the project developer, Ceruzzi Properties, in 2017. The Centrale features 124 residential condominium units, 7,645 square feet of ground-floor retail space and a parking garage. Pelli Clarke Pelli Architects designed the project, construction of which was completed in early 2019. Units at the property feature one-, two-, three-, four- and five-bedroom floor plans that range in size from 777 to 5,388 square feet. Amenities include an indoor pool, a spa, fitness center and shared workspaces. The property also offers proximity to Grand Central Station, several subway lines, Times Square and Midtown East’s Plaza District. JLL arranged the loan through Meritz Securities on behalf of Ceruzzi Properties. VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to manage the project. “New York City remains the go-to market for global capital,” says Chris Peck, a managing director …

February 24, 2020

Georgia Loans Multifamily ORIX Southeast

Hunt Provides $9.4M Acquisition, Renovation Loan for Affordable Multifamily Complex in North Georgia

by Alex Tostado February 21, 2020

ROME, GA. — Hunt Real Estate Capital has provided a $9.4 million Freddie Mac acquisition and renovation loan for Callier Forest Apartments, a 130-unit, mixed-income multifamily complex in Rome. The borrower, Memphis-based Envolve Communities (formerly LEDIC Realty Co.), plans to invest $7.3 million to upgrade unit interiors, including adding new kitchen cabinets, flooring, paint, fixtures and full bathroom renovations. Hunt Real Estate Capital closed the 17-year, tax-exempt loan featuring a 35-year amortization schedule through Freddie Mac’s Targeted Affordable Housing (TAH) program. Callier Forest comprises 17 two- and three-story buildings. The property was built in 1981 and renovated in 2004, utilizing low-income housing tax credits (LIHTC). Paul Weissman of Hunt Real Estate Capital says the property will benefit from a new, 20-year housing assistance payment (HAP) Section 8 contract. Callier Forest was fully occupied with an 87-household waitlist at the time of the transaction. Envolve Communities is an owner-operator of affordable housing properties, with a portfolio spanning 33,000 units in the Southeast, Southwest and Midwest.

February 21, 2020

Industrial Loans Washington Western

Ready Capital Closes $13.2M Refinancing for Industrial/Flex Portfolio in Metro Seattle

by Amy Works February 21, 2020

FEDERAL WAY AND AUBURN, WASH. — Ready Capital has closed $13.2 million in financing for the recapitalization, renovation and stabilization of an industrial/flex portfolio located in Federal Way and Auburn, located in metro Seattle. The assets offer approximately 138,000 square feet of Class B industrial and flex space. Proceeds will be used for the recapitalization of funds, capital improvements, tenant leasing costs, and interest and operating shortfalls. The non-recourse, floating-rate loan features a 36-month term, two extension options, flexible pre-payment and collateral release provisions.

February 21, 2020

Loans Multifamily Texas

JLL Arranges Loan for Refinancing of 144-Unit Apartment Community in Dallas

by Taylor Williams February 21, 2020

DALLAS — JLL has arranged a Freddie Mac loan of an undisclosed amount for the refinancing of Central Park Apartments, a 144-unit multifamily community located in the Vickery Meadow neighborhood of Dallas. The property was built in 1977 and features one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse, a business center and onsite laundry facilities. Mark Brandenburg and Chad Russell of JLL arranged the loan, which carries a 10-year term and a fixed interest rate on behalf of the borrower, Frontline Holdings. The Beverly Hills-based private equity firm acquired the asset in 2016 and implemented capital improvements.

February 21, 2020

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