Loans

Berkadia Arranges $20.1M Acquisition Loan for Multifamily Community in Columbia, South Carolina

by Alex Tostado November 11, 2019

COLUMBIA, S.C. — Berkadia has arranged a $20.1 million acquisition loan for Arcadia’s Edge, a 204-unit multifamily community in Columbia. Berkadia originated the 10-year, fixed-rate loan with five years of interest-only payments. Arcadia’s Edge offers one-, two- and three-bedroom floor plans. Community amenities include a car care center, clubhouse, community garden, cyber café, swimming pool and a fitness center. The property is situated at 6837 N. Trenholm Road, seven miles northeast of downtown Columbia and eight miles northeast of the University of South Carolina. Charles Foschini and Christopher Apone of Berkadia arranged the loan on behalf of the borrower, West Shore Arcadia LLC, in the transaction. The Cushman & Wakefield team of Jordan McCarley, Tai Cohen and Marc Robinson represented the seller, Estates & Cos., in the sale.

November 11, 2019

Loans Multifamily New York Northeast

Greystone Provides $34.5M Bridge Loan for Multifamily Property in Brooklyn

by Alex Patton November 11, 2019

NEW YORK CITY — Greystone has provided a $34.5 million bridge loan to refinance Lenox Apartments, a 55-unit multifamily property in Brooklyn. The loan refinances previous debt from Madison Realty Capital and comprises a 24-month term with two six-month extensions. Lenox Apartments was completed in 2018 and features 9,000 square feet of retail space on the ground floor. The loan was originated by Anthony Cristi and Hope Curtis of Greystone.

November 11, 2019

Loans Multifamily New York Northeast

Merchants Capital Secures $21M Construction loan for Multifamily Community in Queens

by Alex Patton November 11, 2019

NEW YORK CITY — Merchants Capital has secured a $21 million construction loan for a 200-unit multifamily community in Queens. The borrower, Dunn Development, will use the loan to redevelop the Triboro Hospital for Tuberculosis into a housing project that will provide a mix of supportive housing for special needs and homeless tenants, as well as affordable housing for low- to moderate-income households. Merchants Capital secured the funding using a Freddie Mac low-income housing tax credit cash loan. Construction is underway and is slated for completion by July 2021.

November 11, 2019

Loans Michigan Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $48.3M Bridge Loan for Apartment Property in Suburban Grand Rapids

by Kristin Harlow November 11, 2019

GRANDVILLE, MICH. — Walker & Dunlop Inc. has arranged a $48.3 million bridge loan for the refinancing of The Grand Castle Apartments, a newly developed apartment property in Grandville, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., the exterior of the property is modeled after the famed Neuschwantstein Castle in southern Germany. It comprises 522 units. Amenities include a pool, fitness center, business center, resident lounge and dog park. Benjy Krosin of Walker & Dunlop arranged the 24-month, floating-rate loan. Kari Zapolski of Inner Circle Holdings originated the loan, which will enable the borrower to pay off the existing construction debt and complete lease-up.

November 11, 2019

Loans Midwest Multifamily ORIX Wisconsin

Hunt Real Estate Capital Provides $26.8M Refinancing for Four Multifamily Properties in Wisconsin

by Kristin Harlow November 11, 2019

PLEASANT PRAIRIE, WIS. — Hunt Real Estate Capital has provided four Freddie Mac small balance loans totaling $26.8 million to refinance four multifamily properties in Pleasant Prairie. The properties, totaling 202 units, include Fountain Ridge II through V. The borrower, Jeff Marlow, purchased the land for all four properties in September 2016 and completed construction in 2018. All properties are currently fully occupied. The 10-year, fixed-rate loans feature 30-year amortization schedules.

November 11, 2019

Acquisitions Loans Multifamily Nevada Western

KeyBank Provides $19.5M in Acquisition Financing for Multifamily Property in Nevada

by Amy Works November 11, 2019

LAS VEGAS — KeyBank Real Estate Capital has funded a $19.5 million commercial mortgage to MAXX Properties for the acquisition of Madison at Spring Valley, an apartment community located in Las Vegas. Built in 2000, Madison at Spring Valley offers 168 units in a mix of one-, two- and three-bedroom layouts ranging from 700 square feet to 1,600 square feet. The units feature open-concept, pet-friendly living with nine-floor ceilings, central air and in-unit washer/dryers. Community amenities include a swimming pool with sundeck, playground, clubhouse with coffee bar and 24-hour fitness center. The buyer plans to implement a capital expenditure program that includes unit and common-area renovations. Alan Isenstadt and Cathy Berbieri of KeyBank Real Estate Capital’s Income Property Group structured the financing for the borrower.

November 11, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Capital One Funds $7.7M Acquisition Loan for Age-Restricted Community in California

by Amy Works November 11, 2019

MANTECA, CALIF. — Capital One has provided a $7.7 million Fannie Mae loan for the acquisition of Almond Blossom Estates. The 139-unit, age-restricted, manufactured housing community is located in Manteca, a Central Valley city 75 miles east of San Francisco. The sponsor is a long-time Capital One and Fannie Mae customer. Damon Reed and Monica Schroeder of Capital One originated the transaction. The fixed-rate loan has a 12-year term with five years of interest-only payments followed by a 30-year amortization schedule.

November 11, 2019

Loans Multifamily New Jersey Northeast

Madison Realty Capital Provides $168M Construction Loan for Residential Development in Jersey City

by Alex Patton November 8, 2019

JERSEY CITY, N.J. — Madison Realty Capital has provided a $168 million construction loan for Emerson Lofts, a 1,000-unit residential development project in Jersey City. The loan allows the borrower, Manhattan Building Co., to complete the first phase of the project and will fund predevelopment on three subsequent phases. Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail space, an approximately 24,000-square-foot community center, a public park and parking. Amenities will include a 28,000-square-foot outdoor roof deck with a pool and a fitness center and spa.

November 8, 2019

Arizona Loans Multifamily Utah Western

KeyBank Arranges $140.3M Refinancing for Three Multifamily Properties in Utah, Arizona

by Amy Works November 8, 2019

SANDY AND LAYTON, UTAH, AND FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured a $140.3 million in Fannie Mae Credit Facility for Centerville, Utah-based Keller Investment Properties. The borrower will use the facility, which is expandable to additional properties, to refinance three multifamily assets in Utah and Arizona. The properties are Park at City Center in Sandy, Quail Cove Apartments in Layton and Woodcrest Apartments in Flagstaff. Brain Caudel of KBREC’s Commercial Mortgage Group and Devin Jolley of KBREC’s Income Property Group structured the financing.

November 8, 2019

Illinois Loans Midwest Retail

Uber Capital Group Arranges $12.5M Acquisition Loan for Chicago Mall

by Kristin Harlow November 8, 2019

CHICAGO — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the borrower.

November 8, 2019

Newer Posts

Older Posts