Loans

Walker & Dunlop Arranges $40.6M in Financing for Keahumoa Place Apartments in Hawaii

by Amy Works June 20, 2019

EWA BEACH, HAWAII — Walker & Dunlop has structured $40.6 million in financing across four loans for Keahumoa Place Apartments, a multifamily housing community under development in Ewa Beach on Oahu. The Michaels Organization, the borrower, is developing the master-planned community. Located 20 miles west of Honolulu, the garden-style project will be built on previously vacant, state-owned land and provide much-needed affordable housing options. Once completed in 2021, Keahumoa Place Apartments will consist of 320 one-, two- and three-bedroom units in 37 two-story buildings across 20 acres of land. Community amenities will include a garden space, picnic area, pet park and community center with multi-purpose room and computer lab. The property will also feature solar panels with efficient energy storing and sharing technology to reduce the project’s carbon footprint, as well as lower utility costs for residents. Kyle Peterson and Michael Liefer of Walker & Dunlop structured the financing through Freddie Mac’s Tax-Exempt Loan and Unfunded Forward Commitment programs, allowing the borrower to lock in interest rates through the entire term of each 16-year loan. The Walker & Dunlop team worked closely with the borrower, the Hawaii Housing Finance & Development Corp. and Hawaii’s Attorney General to complete the multi-phased …

June 20, 2019

Loans Midwest Missouri Multifamily

M&T Realty Capital Corp. Provides $3.9M Fannie Mae Loan for Acquisition of Apartment Property in Kansas City

by Kristin Harlow June 20, 2019

KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to rebrand the community as Hidden Hills Apartments and add a dog park, picnic area and community center. Units will be upgraded with new kitchens, bathrooms and flooring.

June 20, 2019

Loans Multifamily Texas

NXT Capital Provides $53M Loan for Refinancing of Plano Apartment Community

by Taylor Williams June 20, 2019

PLANO, TEXAS — Chicago-based NXT Capital has provided a $53 million loan for the refinancing of a 320-unit apartment community located in the northeastern Dallas suburb of Plano. The property is located within a mile of the Sam Rayburn Tollway and the Dallas North Tollway junction. Amenities include a resort-style pool with cabanas, fitness center, resident lounge with coffee bar, business center, pet play area and walking and running trails. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.

June 20, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Acquisition Loans Totaling $39M for Corpus Christi Apartments

by Taylor Williams June 20, 2019

CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $39 million for a pair of multifamily assets in Corpus Christi. In the first transaction, Brandon Brown of LMI Capital placed a $16 million, nonrecourse loan for a 190-unit property. The loan carried a 4.47 percent interest rate and four years of interest-only payments. In the second deal, Brown arranged a $23 million bridge loan for a 265-unit community, which was structured with a floating interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.

June 20, 2019

Loans Multifamily Seniors Housing Texas

Live Oak Bank Funds $10M Acquisition Financing for Seniors Housing Community in Texas

by Taylor Williams June 20, 2019

TEXAS — Live Oak Bank has provided a $10 million conventional loan for the acquisition and renovation of a 90-unit assisted living and memory care community. The name and location were not disclosed, though the lender noted the property is located “in a significant Texas market.” The borrower was a private investment firm that acquired the project from the original developer and will introduce new management with a multi-year plan to stabilize the project. The balance sheet loan features a 70 percent loan-to-value ratio, five-year term, interest-only period and flexible prepayment options.

June 20, 2019

Loans New Jersey Northeast Office

CBRE Arranges $53.6M Acquisition Loan for Office Building in Morristown, New Jersey

by Taylor Williams June 19, 2019

MORRISTOWN, N.J. — CBRE has arranged a $53.6 million loan for the acquisition of 445 South Street, a 320,274-square-foot office building in Morristown, located west of Newark. James Gunning, Donna Falzarano and Kyle Saviano of CBRE sourced the financing through Morgan Stanley to finance the sponsor’s prior all-cash acquisition of the property. The borrower was Strategic Real Estate LLC. The building is leased to tenants such as Travelers Insurance, Covanta Energy Corp. and Arch Reinsurance Co., and offers amenities such as a outdoor basketball court, a fitness center, two conference rooms and a full-service cafeteria.

June 19, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $20.5M in Financing for Continuing Care Retirement Community in Pennsylvania

by Taylor Williams June 19, 2019

WEST CHESTER, PA. — HJ Sims has arranged $20.5 million for the rebuilding of a portion of Barclay Friends, a nonprofit continuing care retirement community (CCRC) in West Chester, a borough 25 miles west of Philadelphia. In 2017, a fire destroyed the Woolman Building, which housed residential, dining, common areas, administrative space and the memory care programming. While the skilled nursing areas reopened following renovations in 2018, ownership is still finalizing plans to replace the Woolman Building. Barclay’s property and casualty insurance coverage was expected to fund a portion of the replacement facility along with an equity contribution; the remainder was to be provided via external debt financing. Sims arranged the financing package, which will both fund the rebuilding and refinance existing debt. M&T provided the capital. Construction is scheduled to begin this year

June 19, 2019

Florida Loans Multifamily Southeast

SunTrust Provides $139M Loan to Refinance New High-Rise Apartment Project in Fort Lauderdale

by John Nelson June 19, 2019

FORT LAUDERDALE, FLA. — SunTrust Banks has provided a $139 million Freddie Mac loan to refinance Icon Las Olas, a newly built high-rise apartment tower in downtown Fort Lauderdale. Built in 2018, the property is the tallest building in the city at 44 stories. Icon Las Olas features 272 residences and 21,415 square feet of retail space, including signature restaurant Etaru. Community amenities include a plaza, club room, fitness center, spa, morning news café, oval infinity pool, wine tasting salon, sky terrace on the rooftop, party room with built-in bar and catering kitchen, 24-hour valet, 24-hour concierge, enclosed parking garage and a business center. Rental rates at Icon Las Olas range from $2,985 for a one-bedroom unit to $6,935 for a three-bedroom apartment, according to Apartments.com. Justin Ginsberg of SunTrust Commercial Real Estate Agency Lending and Rebecca Cox of SunTrust Commercial Real Estate originated the loan on behalf of the borrowers, Related Group and Rabina Properties. SunTrust Bank provided a $105 million construction loan for the project to the co-developers in 2016.

June 19, 2019

Loans Oregon Retail Western

Wilshire Quinn Provides $1.1M Refinancing for Retail Property in Oregon

by Amy Works June 19, 2019

BEAVERTON, ORE. — Wilshire Quinn Capital, through Wilshire Quinn Income Fund, has provided a $1.1 million refinancing for a retail property in Beaverton. The multi-tenant, 6,634-square-foot retail building is situated on a 32,670 square-foot lot. At the time of financing, the property was fully leased and recently appraised for $2.1 million.

June 19, 2019

Loans Multifamily Texas

NorthMarq Arranges Loan for Refinancing of 124-Unit Multifamily Asset in San Antonio

by Taylor Williams June 19, 2019

SAN ANTONIO — NorthMarq Capital has arranged a loan of an undisclosed amount for the refinancing of Hidden Oaks Apartments, a 124-unit multifamily community in San Antonio. Bryan Leonard of NorthMarq negotiated the loan, which carried a fixed interest rate and a 10-year term followed by an amortizing payment schedule, on behalf of the undisclosed borrower. UNUM Group, a life insurance company based in Tennessee, provided the funds.

June 19, 2019

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