Loans

Waterton Receives $171.2M Refinancing for 600-Unit Apartment Tower in Chicago

by Kristin Harlow June 5, 2019

CHICAGO — Waterton has received a $171.2 million loan for the refinancing of North Harbor Tower in Chicago’s Lakeshore East neighborhood. The 600-unit apartment building is located at 175 N. Harbor Drive adjacent to the six-acre Lakeshore East Park. Originally constructed in 1988, the 55-story tower comprises a mix of floor plans averaging 958 square feet. Community amenities include an indoor swimming pool, outdoor sundeck, 24-hour fitness center, party room and library. Stephen Skok, Stella Pappas and Gregory Napper of HFF arranged the seven-year, fixed-rate loan through Freddie Mac’s green advantage program. Waterton committed to reducing energy or water by at least 30 percent, with a minimum 15 percent in energy savings.

June 5, 2019

Colorado Loans Office Western

HFF Arranges $220M in Financing for 40-Story Office Tower in Denver

by Amy Works June 3, 2019

DENVER — HFF has secured $220 million in financing for 1144 15th Street, a 40-story, Class AA office tower in Denver. Eric Tupler of HFF worked on behalf of Hines and its equity partner to arrange a 17-year, fixed-rate permanent loan through a national life insurance company. Completed in 2018, the 673,852-square-foot core office tower features 5,770 square feet of ground-level retail space and 13 stories of parking for a total of 858 parking spaces. Current tenants include Gates Industrial Corp., Optiv Security Inc. and Faegra Baker Daniels. In 2015, HFF arranged construction financing for the project on behalf of Hines.

June 3, 2019

California Loans Multifamily Western

George Smith Partners Closes $128.1M Loan for 566-Unit Multifamily Property in Los Angeles

by Amy Works June 3, 2019

LOS ANGELES — George Smith Partners has secured $128.1 million in financing for Orsini II, an institutional-quality multifamily property in downtown Los Angeles. Gary Tenzer of George Smith Partners arranged the funding for the undisclosed borrower. The non-recourse, 10-year, fixed-rate, interest-only loan features a 4.24 percent interest rate and a 55 percent loan-to-value ratio. The new loan replaces a $115.2 million floating-rate loan that George Smith Partners secured for the property in 2016. The original loan had a remaining term of more than eight years and pre-payment penalties in place. Located at 550 N. Figueroa St. in downtown Los Angeles, Orsini II features a five-story residential portion offering a total of 566 units above a three-level parking garage.

June 3, 2019

Affordable Housing California Loans Multifamily Western

Greystone Provides $2.4M Refinancing for Affordable Housing Project in Southern California

by Amy Works June 3, 2019

VICTORVILLE, CALIF. — Greystone has funded a $2.4 million Fannie Mae loan for the refinancing of Hillcrest Court Apartments, an affordable housing property in Victorville. Cody Field of Greystone’s San Francisco office, in coordination with the Housing Authority of the County of San Bernardino, originated the transaction. The $2.4 million Fannie Mae loan carries a 30-year term at a fixed rate and is self-amortizing. The undisclosed borrower plans to use proceeds of the loan to recapitalize acquisition financing in conjunction with city financing sources.

June 3, 2019

Illinois Loans Midwest Multifamily

Berkadia Secures $34.3M Rehab Financing for Multifamily Portfolio in Rock Island, Illinois

by Kristin Harlow June 3, 2019

ROCK ISLAND, ILL. — Berkadia has secured $34.2 million in construction-to-permanent rehabilitation financing for a two-property multifamily portfolio in Rock Island. The properties include Heather Ridge and Century Woods. Renovation plans call for new flooring, windows, heating and cooling systems, cabinets, countertops and appliances. Rick Price, Gemma Geldmacher, Mark Vogel and Dan Geuther of Berkadia originated the two HUD 221(d)(4) loans on behalf of Cleveland-based Millennia Cos. The financing features a 40-year term and a 90 percent loan-to-value ratio.

June 3, 2019

Loans New York Northeast Office

PGIM Provides $200M Loan for Refinancing of Manhattan Office Building

by Taylor Williams June 3, 2019

NEW YORK CITY — PGIM Real Estate Finance has provided a $200 million loan for the refinancing of 315 Hudson Street in Manhattan. The 10-year, fixed-rate loan will be used to restructure existing debt and to fund the remaining costs of a capital improvements program that will upgrade the lobby, elevators, signage and other mechanical systems. The borrower was Jack Resnick & Sons. Standing 10 stories tall and spanning 484,000 square feet, 315 Hudson is located in the Hudson Square area of Lower Manhattan. PGIM Real Estate Finance, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business.

June 3, 2019

Loans New York Northeast Office

JLL Arranges $75M CMBS Loan for Refinancing of Office Building in New York City

by Taylor Williams June 3, 2019

NEW YORK CITY — JLL’s Capital Markets team has arranged a $75 million CMBS loan for the refinancing of 450-460 Park Avenue South, a 183,019-square-foot office building in the Midtown South neighborhood of Manhattan. Aaron Appel, Kellogg Gaines, Jackson Sastri and Matt Fagella of JLL placed the debt through Wells Fargo on behalf of the borrower, Moinian Group, which has owned the property for more than three decades. Coworking giant WeWork recently inked a deal to occupy space at the building, which was originally built in 1912 and was 95 percent leased at the time of the loan closing.

June 3, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 154-Unit Apartment Community in Metro Dallas

by Taylor Williams June 3, 2019

GARLAND, TEXAS — Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for The Hills of Palos Verdes, a 154-unit multifamily community in Garland, located northeast of Dallas. The property was built in 1983 and spans eight three-story residential building and one auxiliary building. Amenities include a pool, fitness center, playground and outdoor grilling areas. Dougherty arranged the loan in partnership with Old Capital Lending on behalf of the undisclosed borrower.

June 3, 2019

Loans Mixed-Use North Carolina Southeast

Ready Capital Provides $22.6M Refinance Loan for Mixed-Use Redevelopment in Charlotte

by Alex Tostado May 31, 2019

CHARLOTTE, N.C. — Ready Capital has provided a $22.6 million loan for General Assembly, a redevelopment of the longtime home of City North Business Center in Charlotte. The non-recourse, floating rate loan features a 48-month term, one extension option, 36-months of interest only and flexible pre-payment. The site is situated on 8.1 acres in the NoDa-North End submarket of Charlotte and was the longtime home of City North Business Center which was originally built in the 1930s. The borrower, Artesia Real Estate, plans to redevelop the site to include 100,000 square feet of office space and 24,000 square feet of retail and brewery space. The project is slated for completion in late 2020. In addition to the redevelopment, loan proceeds are being used to refinance the acquisition loan. Doug Opalka, Robert Wooten and Cory Fowler of HFF arranged the loan on behalf of the borrower.

May 31, 2019

Florida Industrial Loans Southeast

FM Capital Originates $21M Loan to Refinance Cold-Storage Warehouse in Miami

by Alex Tostado May 31, 2019

MIAMI — FM Capital has provided a $21 million refinancing loan for a cold-storage warehouse in Miami. The 235,758-square-foot warehouse was originally built in 1968 and is located near I-95 with access to the Florida Turnpike. The property was 82 percent leased at the time of the refinancing to South East Frozen Foods and Super Value. The undisclosed borrower will also invest $1.1 million in capital improvements with the option of selling the asset or refinancing within the loan term.

May 31, 2019

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