Loans

NKF Arranges $61M Acquisition Loan for Multifamily Asset in Suburban Chicago

by Kristin Harlow January 8, 2020

NAPERVILLE, ILL. — Newmark Knight Frank (NKF) has secured a $61 million Freddie Mac loan for the acquisition of Railway Plaza in Naperville. Built in 2000, the transit-oriented multifamily property is adjacent to the Route 59 Metra station. Bill Weber, Henry Stimler and Daniel Sarsfield of NKF arranged the 10-year, fixed-rate loan on behalf of the buyers, BH Equities and Cantor Fitzgerald. Railway Plaza comprises 13 three-story buildings with 417 units. Amenities include a clubroom, fitness center, lounge, pool and fire pit.

January 8, 2020

Kansas Loans Midwest Multifamily

NXT Capital Provides $51.3M Refinancing for Apartment Community in Overland Park, Kansas

by Kristin Harlow January 8, 2020

OVERLAND PARK, KAN. — NXT Capital has provided a $51.3 million loan for the refinancing of Promontory Apartments in Overland Park. The 291-unit, Class A apartment community is located on Metcalf Avenue. Amenities include a clubroom, rooftop terrace, coffee lounge, sundeck, pool, fitness center and pet care station. The property also features 21,000 square feet of ground-floor retail space. Noah Laredo of BMC Capital arranged the loan. The borrower and loan terms were undisclosed.

January 8, 2020

Acquisitions Loans Multifamily Texas

Berkadia Provides $18.5M Freddie Mac Acquisition Loan for Mercer Park Apartments in Arlington

by John Nelson January 8, 2020

ARLINGTON, TEXAS — Berkadia has provided an $18.5 million acquisition loan for Mercer Park Apartments, a garden-style apartment community located at 2014 Remington Drive in Arlington. The 12-year Freddie Mac loan features a 30-year amortization schedule and four years of interest-only payments. Josh Finley of Berkadia’s Atlanta office originated the loan on behalf of the borrower, Texas-based Mercer Park Apartments EB LP. The previous owner was not disclosed. Mercer Park Apartments features one- and two-bedroom floor plans, as well as a swimming pool, playground, laundry facilities, outdoor grilling area, clubhouse and assigned parking.

January 8, 2020

Loans Multifamily New York Northeast Seniors Housing

JLL Arranges $47.5M Refinancing for Seniors Housing Facility in Manhattan

by Alex Patton January 7, 2020

NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, a seniors housing facility in Manhattan. The assisted living facility specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.

January 7, 2020

Company News Loans Texas

NorthMarq Acquires KDH to Expand Mortgage Business in Houston

by John Nelson January 7, 2020

HOUSTON — Minneapolis-based NorthMarq has acquired Kinghorn, Driver, Hough & Co. (KDH), a commercial debt and equity firm based in Houston. Ray Driver will relinquish his role as principal of KDH to become managing director of NorthMarq’s Houston office, joining Tony Gray and John Burke to lead the office. Founded in 1945, KDH is self-described as the oldest independently owned commercial real estate capital company in Texas. Formerly part of the Q10 network, KDH will bring eight additional mortgage banking professionals and five financial analysts, increasing the total employees in the expanded NorthMarq office to nearly 30. KDH also brings a loan servicing portfolio totaling nearly $2 billion, extending NorthMarq’s servicing portfolio to more than $60 billion.

January 7, 2020

Development Loans Multifamily Texas

Cronheim Arranges $55.5M Construction Financing for New Apartment Community in Allen, Texas

by John Nelson January 7, 2020

ALLEN, TEXAS — Cronheim Mortgage has arranged a construction financing syndicate package totaling $55.5 million for the second phase of Dolce Twin Creeks, a multifamily community in Allen. Phase II will be a midrise, garden-style apartment community totaling 366 units, bringing the entire Dolce Twin Creeks unit count to 740. The second phase will also feature 15,000 square feet of commercial space that will house at least one medical office tenant. Community amenities will include a two-story clubhouse, fitness center, resort-style pool with outdoor grilling stations and cabanas, elevators, large corridors and a dog park. The borrower was not disclosed. Cottonwood Communities provided a mezzanine portion of the construction loan that was included in the syndication package. BridgeInvest and JLJ Capital hold the senior loan portion. Cronheim Mortgage will act as servicer and correspondent and is handling approval and disbursement of all construction draws.

January 7, 2020

Loans Maryland Multifamily Southeast

JLL Secures $62M Refinancing for Apartment Community in Metro D.C.

by Alex Tostado January 7, 2020

ROCKVILLE, MD. — JLL Capital Markets has arranged a $62 million loan for the refinancing of The Daley at Shady Grove, a 333-unit apartment community in Rockville with nearly 15,000 square feet of ground-floor retail space. Jamie Leachman, Eric Tupler and Josh Simon of JLL arranged the seven-year loan on behalf of the borrower, Denver-based Black Creek Group, through a life company lender. The loan features interest-only payments for half of the term and a fixed 3.2 percent interest rate. The Daley at Shady Grove is located at 8010 Gramercy Blvd. within EYA’s Westside at Shady Grove master-planned community, which is less than one mile from the Shady Grove Metro Station. Built in 2017, the apartment community’s amenities include a pool, grilling station and a fitness center. Starbucks anchors the community’s retail portion.

January 7, 2020

Acquisitions Arkansas Loans Multifamily Southeast

KeyBank Provides $24M Acquisition Loan for Multifamily Complex in Bentonville, Arkansas

by Alex Tostado January 7, 2020

BENTONVILLE, ARK. — KeyBank Real Estate Capital has provided a $24 million Fannie Mae acquisition loan for The Glen at Polo Park, a 356-unit, garden-style apartment complex in Bentonville. Caleb Marten and Chris Neil of KeyBank originated the fixed-rate loan on behalf of the borrower, an undisclosed private equity investment company. Built in 2006, Glen at Polo Park features 29 three-story residential buildings situated on 18.5 acres.

January 7, 2020

California Development Loans Multifamily Student Housing Western

Shamrock Acquisitions Receives $68.8M Construction Financing for Student Housing Community in California

by Amy Works January 7, 2020

MERCED, CALIF. — Shamrock Acquisitions has received $68.8 million in construction financing for the development of Merced Station, an 885-bed student housing community located near the University of California, Merced. Scott Meredith of George Smith Partners secured the financing from an affiliate of Mosaic Real Estate Credit on behalf of the borrower. The community will offer two-, three- and four-bedroom units. Shared amenities will include retail space, a state-of-the-art clubhouse, swimming pool, spa, basketball court, fitness room and study lounge. Construction is scheduled for completion in summer 2021.

January 7, 2020

Illinois Loans Midwest Office

JLL Arranges $6M Refinancing for Boutique Office Property in Chicago’s Streeterville

by Kristin Harlow January 7, 2020

CHICAGO — JLL has arranged a $6 million loan for the refinancing of 200 East Ohio in Chicago’s Streeterville neighborhood. The 27,000-square-foot boutique office property rises five stories and is nearly 90 percent occupied by multiple tenants. Christopher Carroll and Lucas Borges of JLL represented the borrower, Tishman Realty. A Chicago-based financial institution provided the loan, terms of which were undisclosed. Boutique office buildings are smaller than traditional office buildings, typically under 150,000 square feet.

January 7, 2020

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