Loans

CrossHarbor Capital Provides $95M Loan for Refinancing of Dallas Apartment Property

by Taylor Williams July 1, 2019

DALLAS — Boston-based CrossHarbor Capital Partners has provided a $95 million loan for The McKenzie, a 183-unit apartment property in Dallas. The McKenzie was 50 percent occupied at the time of the loan closing and features one-, two- and three-bedroom units averaging 1,600 square feet. Amenities include a pool, fitness center and 24-hour concierge and valet services. The loan, which will be used to refinance construction debt, was provided to a partnership between StreetLights Residential and A.G. Hill Partners, which developed the property in 2018.

July 1, 2019

Loans Multifamily Texas

HFF Arranges Acquisition Financing for 246-Unit Apartment Community in Metro Houston

by Taylor Williams July 1, 2019

RICHMOND, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for Waterside at Mason, a 246-unit apartment community located in the western Houston suburb of Richmond. Built in 2017, the property features one- and two-bedroom units averaging 867 square feet. Amenities include a pool, fitness center, clubhouse with a conference center and a game room. Cortney Cole and Jett Lucia of HFF arranged the financing through a life company on behalf of Houston-based Hilltop Residential. The loan was structured with a five-year term, a fixed interest rate and interest-only payments.

July 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

Washington Trust Provides $30M Refinancing for Seniors Housing Community Near Boston

by Taylor Williams July 1, 2019

WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.

July 1, 2019

Loans New York Northeast Office Retail

Mission Capital Arranges $15.2M Loan for Brooklyn Redevelopment Project

by Taylor Williams July 1, 2019

NEW YORK CITY — Mission Capital Advisors has arranged a $15.2 million loan for The Box Factory, a former industrial building in Brooklyn that is being redeveloped into a 65,837-square-foot office and entertainment complex. Proceeds will be used to refinance construction debt and further redevelop the property. Jonathan More, Ari Hirt and Lexington Henn of Mission Capital arranged the financing on behalf of the project development team, which is led by Brickman Real Estate and Hornig Capital Partners. Construction began in 2018. Pine River provided the loan.

July 1, 2019

Loans Mixed-Use New York Northeast

Chess Builders Receives $140M Construction Loan for Mixed-Use Project in The Bronx

by Taylor Williams June 28, 2019

NEW YORK CITY — Chess Builders, a locally based developer, has received a $140 million construction loan for a mixed-use project located at 210 E. 135th St. in The Bronx. The project will consist of two 25-story towers housing 430 apartments, 129 of which will be rented at below-market rates, as well as 24 hotel rooms, 5,000 square feet of commercial space and 210 parking spaces. S3 Capital Partners, a New York-based private lender, provided the funds.

June 28, 2019

Loans Multifamily New York Northeast

Arbor Provides $4M Freddie Mac Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams June 28, 2019

NEW YORK CITY — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small balance loan for the refinancing of a 13-unit apartment building located at 2402 Gerritsen Ave. in Brooklyn. Built in 1964 and recently rehabilitated, the property includes ground-floor retail space. Vincent Chiodo of Arbor’s New York office provided the loan, which carries a 10-year term and a 30-year amortization schedule. The borrower was not disclosed.

June 28, 2019

Kentucky Loans Multifamily Southeast

Greystone Provides $125.2M Fannie Mae Loan for Multifamily Portfolio in Kentucky, Pennsylvania

by Alex Tostado June 28, 2019

NEW YORK CITY — New York City-based Greystone has provided a $125.2 million refinancing loan for a four-property multifamily portfolio in Kentucky and Pennsylvania. The Fannie Mae financing features a 12-year term, 30-year amortization and six years of interest-only payments. The loan also includes a new ownership structure, with Nick Kozul of Bayshore Properties taking a 50 percent stake in the portfolio from current owner, Angie Djurin of North Street Properties. The four properties are the 470-unit Ventana Hills Apartments in Corapolis, Pa.; the 252-unit Berkeley Manor Apartments in Cranberry Township, Pa.; the 409-unit WoodSpring Apartments in Florence, Ky.; and the 252-unit Colts Run Apartments in Lexington, Ky.

June 28, 2019

Loans Multifamily Washington Western

NBS Financial Secures $5.5M in Financing for Soundview Apartments in Seattle

by Amy Works June 28, 2019

SEATTLE — Norris, Beggs & Simpson Financial Services has arranged $5.5 million in financing for Soundview Apartments in Seattle. The borrower, RSA Soundview LLC, plans to use the funds to refinance existing debt. Michael Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate financing through State Farm Life Insurance Co., a life company correspondent of NBS Financial. The 108,066-square-foot property features 85 apartments, a parking garage, rooftop deck, courtyard and 3,872 square feet of ground-floor retail space.

June 28, 2019

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Vibrant Cities Receives $31.3M in Construction Financing for Mixed-Use Project in Seattle

by Amy Works June 27, 2019

SEATTLE — Vibrant Cities has received $31.3 million in construction financing for the development of Pivot, a mixed-use property in Seattle’s Capitol Hill neighborhood. Brandon Roth and Zack Goodwin of HFF secured the five-year, floating-rate loan through H.I.G. Realty Partners for the borrower. The project will replace an existing parking lot with a pedestrian-inspired development along the Pike/Pine corridor. Once complete, Pivot will features 71 apartments above a sub-grade parking garage, street-level retail space and 11,000 square feet of office space.

June 27, 2019

Development Loans Maryland Multifamily Southeast

HFF Arranges $65.4M in Construction Debt, JV Equity to Build Multifamily Community in Metro D.C.

by Alex Tostado June 27, 2019

NEW CARROLLTON, MD. — HFF has arranged a total of $65.4 million in capital for Urban Atlantic to develop The Stella, a 282-unit multifamily community in New Carrollton. HFF arranged a $46.6 million construction loan through TD Bank and also arranged $18.8 million in joint venture equity from Bridge Investment Group. The Stella will be located at 3950 Garden City Drive, which is situated within an Opportunity Zone about 11 miles northeast of downtown Washington, D.C. The property will offer studio, one-, two- and three-bedroom floor plans, as well as 3,500 square feet of ground-level retail space. Community amenities will include a swimming pool, common outdoor terraces, club room, game room, fitness center, coworking space, private entertaining room and terrace, coffee bar and a dog wash station. Urban Atlantic expects the project to be delivered in late 2020. Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker of HFF arranged both transactions.

June 27, 2019

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