Loans

Arbor Provides $12.4M Fannie Mae Acquisition Loan for Greenville Apartment Community

by John Nelson November 19, 2019

GREENVILLE, S.C. — Arbor Realty Trust Inc. has provided a $12.4 million Fannie Mae acquisition loan for the Hudson Orchard Park, a 172-unit apartment community in Greenville. Ryan Duff of Arbor’s New York City office originated the loan. Built in 1984, Hudson Orchard Park features outdoor amenities including a barbecue/picnic area, clubhouse with residential kitchen, large patios and balconies, pet play area and a pool, fitness center and volleyball court. Located at 49 Orchard Park Drive, the property is located less than five miles east of downtown Greenville.

November 19, 2019

Loans Office Washington Western

JLL Arranges $110M Refinancing for 15-Building Bellefield Office Park in Metro Seattle

by Amy Works November 19, 2019

BELLEVUE, WASH. — JLL has secured $110 million loan for the refinancing of Bellefield Office Park, a 15-buliding campus in Bellevue, a city 10 miles east of Seattle across Lake Washington. The borrowers are Lionstone Investments and Talon Private Capital. Situated on 56 acres at 1150-1180 114th Ave SE, Bellefield Office Park’s 15 buildings offer a combined total of 513,385 square feet. The buildings were renovated between 2013 and 2017 and offer a variety of tenant amenities including a new fitness center, conference facilities, dry cleaning pick-up services and electric car charging stations, as well as monthly on-site mechanic service. At the time of financing, the property was 96 percent leased to a diverse tenant roster of investment-grade credit and nationally recognized tenants. Colby Mueck, Tom Wilson and Laura Sellingsloh of JLL Capital Markets arranged the loan for the borrowers through Bank of America.

November 19, 2019

Loans Multifamily Texas

Dougherty Arranges Fannie Mae Acquisition Loan for 100-Unit Apartment Property in Howe, Texas

by Taylor Williams November 19, 2019

HOWE, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae financing for the acquisition of Westwood Manor Apartments, a 100-unit multifamily community in Howe, located north of Dallas near the Oklahoma border. The loan, which carried a 10-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for the borrower, Westwood Manor Apartments LLC.

November 19, 2019

Loans Multifamily New York Northeast

Greystone Arranges $50M Loan for Refinancing of Brooklyn Multifamily Building

by Alex Patton November 19, 2019

NEW YORK CITY — Greystone has arranged a $50 million bridge loan for the refinancing of House No. 94, a recently constructed 75-unit multifamily building in the Williamsburg neighborhood of Brooklyn. An affiliate of Ares Management LLC provided the five-year, variable-rate loan to the borrower, an affiliate of Hudson Cos. Inc. Completed in 2018, the property offers mixed-income housing, ground-floor retail space and amenities including a 12,000-square-foot courtyard, tenant lounge and fitness center.

November 19, 2019

Arizona Loans Multifamily ORIX Seniors Housing Western

Lancaster Pollard Closes $12.7M Bridge Loan for Seniors Housing Asset in Yuma, Arizona

by Amy Works November 19, 2019

YUMA, ARIZ. — Lancaster Pollard Mortgage Co.’s affiliate OREC Structured Finance Co. has arranged a $12.7 million bridge loan for River Valley Estates, a seniors housing community in Yuma. The borrower is Mission Senior Living. The community features 56 assisted living units and 32 memory care beds. The transaction refinances the existing debt on the facility and provides equity at initial closing with an earn-out to allow the client to extract additional cash upon achievement of performance metrics. The lender was not disclosed. Rob McAdams led the transaction for Lancaster Pollard.

November 19, 2019

Loans Michigan Midwest Retail

Berkadia Arranges $23.2M Refinancing for Retail Property in Michigan

by Kristin Harlow November 19, 2019

SHELBY TOWNSHIP, MICH. — Berkadia has arranged a $23.2 million loan for the refinancing of The Shops at Stony Creek, a 115,000-square-foot shopping center in Shelby Township. LA Fitness, TJ Maxx, Ulta, Petco and Five Below anchor the property, which is located at the southwest corner of 26 Mile Road and Van Dyke Avenue. Kroger shadow anchors the property. Colin Callaghan and Aaron Moll of Berkadia arranged the 10-year, fixed-rate loan, which features a 30-year amortization and a 75 percent loan-to-value ratio. Michigan-based MJC Homes Inc. was the borrower. The lender was not disclosed.

November 19, 2019

Loans New Jersey Northeast Retail

JLL Secures $32M Loan for Refinancing of Shopping Center in Lyndhurst, New Jersey

by Taylor Williams November 18, 2019

LYNDHURST, N.J. — JLL has secured a $32 million loan for the refinancing of Veterans Square Town Center, a 136,928-square-foot shopping center in Lyndhurst, a western suburb of New York City. Originally constructed in 2000, Veterans Square Town Center is fully occupied by 13 tenants, including anchor tenant ShopRite, HomeGoods, PetSmart and Supercuts. PGIM Real Estate Finance provided the nonrecourse loan, which carries a 10-year term and a fixed rate. Proceeds will be used to refinance an existing loan previously arranged by HFF prior to its acquisition by JLL. Jon Mikula, Michael Klein and Connor Van Cleef of JLL secured the loan for the borrower, The Hampshire Cos.

November 18, 2019

Loans Midwest Mixed-Use Ohio

Kawa Provides $26M Loan to Help Fund $134.5M Acquisition of Mixed-Use Development in Ohio

by Kristin Harlow November 18, 2019

MIAMISBURG, OHIO — Kawa has provided a $26 million loan to help fund the $134.5 million acquisition of Austin Landing, an 834,630-square-foot mixed-use project in Montgomery County’s Miamisburg. Austin Landing, constructed in phases between 2009 and 2019, features office and retail space and is more than 95 percent occupied. Office tenants include Wells Fargo, UBS, Merrill Lynch, Raymond James and Baird. Retail tenants include Kroger, Kohl’s, a movie theater and 16 restaurants. An eight-acre community park provides event space. In addition to Kawa’s loan, the buyers utilized senior financing from Citi Bank and its own equity to fund the acquisition. Austin Landing North LLC, a partnership between Columbia Investments, Venture Capital Properties and A&H Acquisitions, purchased the property, according to the Dayton Business Journal. VisCap Development has managed the property since 2016.

November 18, 2019

Hawaii Loans Multifamily Seniors Housing Western

Sims Mortgage Funding Arranges $14.1M Financing for Liliha Healthcare Center in Honolulu

by Amy Works November 18, 2019

HONOLULU — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged $14.1 million in financing for Liliha Healthcare Center, a 92-bed skilled nursing facility in Honolulu. Liliha, and its sister facility, Nuuanu Hale, were collateralized with a single, high-interest-rate bridge loan that featured a short maturity and expensive extension provisions. SMF arranged a HUD-insured loan with a fixed interest rate and long term to refinance the existing debt. To complete the refinancing capital stack, the holding company of the Liliha and Nuuanu borrowers obtained additional financing through Sims. SMF underwrote a refinancing loan insured under the Section 232/223(f) program that represents 80 percent of the community’s estimated market value. The loan featured a 35-year term and was underwritten with a 2.05 debt service coverage ratio.

November 18, 2019

Loans Multifamily New Jersey Northeast Top Stories

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

by Taylor Williams November 18, 2019

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …

November 18, 2019

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