Loans

Knighthead Funding Provides $37.3M for Three Multifamily Projects in Michigan

by Kristin Harlow May 12, 2020

ANN ARBOR, DETROIT AND TRAVERSE CITY, MICH. — Knighthead Funding LLC has provided three separate loans totaling $37.3 million for three multifamily projects in Michigan. Knighthead provided a Michigan-based developer with a $17.7 million first mortgage loan to finance the completion of a four-story, 78-unit building in Traverse City. Located at 155 Garland St., the property will feature 162 parking spaces and 9,716 square feet of ground-level retail space. In the second financing, Knighthead provided Greatwater Opportunity Capital with a $10.8 million loan for the acquisition and renovation of two multifamily buildings in Midtown Detroit. The properties, totaling 118 units, are located within an opportunity zone in the Cass Corridor. Lastly, Knighthead provided an $8.8 million loan for the construction of a 19-unit condominium building in downtown Ann Arbor. Known as The Gallery, the property is 50 percent pre-sold. It will be situated in the Old West Side neighborhood and within walking distance of the University of Michigan. Ann Arbor Builders Inc. was the borrower.

May 12, 2020

Alcove at Arapahoe Shopping Center Boulder Colorado

Colorado Loans Retail Western

JLL Arranges $26.7M Refinancing for Alcove on Arapahoe Shopping Center in Boulder, Colorado

by Amy Works May 12, 2020

BOULDER, COLO. — JLL Capital Markets has secured $26.7 million in refinancing for Alcove on Arapahoe, a community shopping center in Boulder. The firm placed the 10-year, fixed-rate loan with Nationwide for the borrower, an existing co-investment partnership that Regency Centers manages. Built in 1957 and renovated in 2019, Alcove on Arapahoe offers 159,050 square feet of retail space. Tenants include Safeway, HomeGoods, Verizon Wireless and Flower Child. Tarik Bateh, Kristian Lichtenfels and Jennifer Swanson of JLL Capital Markets arranged the financing for the borrower.

May 12, 2020

Acquisitions Healthcare Loans Texas

Ridgeline Capital Partners Acquires 10 Medical Office Buildings in DFW

by Taylor Williams May 11, 2020

DALLAS — Dallas-based Ridgeline Capital Partners has acquired 10 medical office buildings totaling 99,072 square feet throughout the Dallas-Fort Worth (DFW) metroplex. The seller and sales price were not disclosed, but Ridgeline raised $5.3 million in equity for the deal from sources on Oregon-based investment platform CrowdStreet. All buildings were fully leased at the time of sale, with dialysis provider U.S. Renal Care being the sole or primary tenant at each property. CIT Group Inc. arranged $21 million in acquisition financing on behalf of Ridgeline.

May 11, 2020

Loans Multifamily North Carolina Southeast

Newmark Knight Frank Arranges $43M Refinancing Loan for New Apartment Complex in Charlotte

by Alex Tostado May 8, 2020

CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has arranged a $43 million refinancing loan for Arlo Apartment Homes, a 286-unit community in Charlotte. The property, which was built in 2018, offers studio through three-bedroom floor plans. Communal amenities include a pool, outdoor kitchen, rooftop lounge, fitness center, club room with a gaming lounge, courtyard, pet spa and grooming lounge and a bike storage and repair station. The community is situated at 1331 W. Morehead St., two miles west of downtown Charlotte. Chris Caison and Josh Davis of NKF arranged the loan through an undisclosed insurance company on behalf of the borrower, Bluerock Residential Growth REIT Inc.

May 8, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $37.3M Refinancing Loan for Multifamily Community in Orlando

by Alex Tostado May 8, 2020

ORLANDO, FLA. — Berkadia has provided a $37.3 million Freddie Mac refinancing loan for Advenir at Polos East Apartments, a 308-unit multifamily community in Orlando. The seven-year loan offers a fixed interest rate with interest-only payments for the full term at a 70 percent loan-to-value ratio. The property offers one- through three-bedroom floor plans averaging 877 square feet. Communal amenities include a pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; internet café; and a game room. Advenir at Polos East is situated at 1700 Woodbury Road, 13 miles east of downtown Orlando. Charles Foschini and Christopher Apone of Berkadia originated the loan on behalf of the borrower, Aventura, Fla.-based Advenir Real Estate.

May 8, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $10M Construction Loan for Multifamily Project in Everett, Massachusetts

by Alex Patton May 8, 2020

EVERETT, MASS. — Cornerstone Realty Capital has arranged a $10 million loan for the construction of a 51-unit multifamily project in Everett, a Northern suburb of Boston. A local lender provided the loan at a fixed interest rate, which features 24 months of interest-only payments and a 30-year amortization schedule. Massachusetts-based developer United Properties Inc. was the borrower. The project, the name of which has yet to be determined, will repurpose an existing three-story brick structure on the property, expanding it to six stories and constructing one-bedroom units that will range between 460 and 895 square feet. Amenities will include an outdoor lounge area with benches and a firepit, a fitness center and a rooftop deck.

May 8, 2020

Loans Michigan Midwest Multifamily

Greystone Provides $26.2M Refinancing for Multifamily Asset in Michigan

by Kristin Harlow May 8, 2020

NEW HUDSON, MICH. — Greystone Real Estate Advisors has provided a $26.2 million Fannie Mae loan for the refinancing of Pendleton Park Apartments in New Hudson, about 10 miles west of Novi. Built in 2001, the 240-unit multifamily property offers one-, two- and three-bedroom floor plans as well as two-story, loft-style units. Amenities include a clubhouse, fitness center, theater, pool, outdoor kitchen and tennis courts. Cary Belovicz of Greystone sourced the deal while Clint Darby of Greystone originated the financing. The borrower was undisclosed.

May 8, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Originates $6.7M Refinancing for Seniors Housing Property in Roseville, Minnesota

by Kristin Harlow May 8, 2020

ROSEVILLE, MINN. — Dougherty Mortgage has provided a $6.7 million HUD loan for the refinancing of Roseville Seniors, a 127-unit affordable seniors housing property in Roseville. All of the units are restricted to elderly or disabled residents. The 35-year loan, which was the refinancing of an existing HUD loan through the Section 232 mortgage insurance program, is fully amortizing. The financing will enable the borrower, Good Neighbor Senior Apartments LP, to reduce its interest rate and mortgage insurance premium.

May 8, 2020

Development Loans Retail Washington Western

McBride Capital Arranges $7M Acquisition, Predevelopment Loan for Retail Center in Washington

by Amy Works May 8, 2020

VANCOUVER, WASH. — McBride Capital has arranged a $7 million acquisition and predevelopment loan for a proposed retail center in Vancouver’s Salmon Creek neighborhood. The non-recourse debt facility features a 12-month initial term with extension options, limited prepayment penalty and proceeds to cover predevelopment costs. Danny Natsch of McBride Capital placed the financing on behalf of an undisclosed borrower with a national bridge lender. The name of the grocery-anchored retail property and lender were not released.

May 8, 2020

Loans New Jersey Northeast Office

Houlihan-Parnes Arranges $31M Loan for Refinancing of Office Building in Tarrytown, New York

by Alex Patton May 7, 2020

TARRYTOWN, N.Y. — Houlihan-Parnes LLC has arranged a $31 million loan for the refinancing of 660 White Plains Road, a 280,000-square-foot, Class A office building in Tarrytown, located approximately 30 miles north of New York City. A local bank provided the 10-year loan at a fixed interest rate of 3.13 percent to the building owners, a partnership of RD Management and Houlihan-Parnes affiliate GHP Office Realty. Since acquiring the property in 2017, ownership has invested millions of dollars in capital improvements and various building upgrades, including a fitness center and renovated lobby, and raised the occupancy rate from 78 percent to 98 percent. Tenants include Prestige Brands, ENT & Allergy Associates and KeyBank National Association. Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes arranged the loan.

May 7, 2020

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