Loans

Greystone Provides $15.4M Fannie Mae Green Acquisition Loan for Multifamily Property in Baton Rouge

by Alex Tostado November 7, 2019

BATON ROUGE, LA. — Greystone has a provided a $15.4M Fannie Mae acquisition loan for the purchase of Live Oaks Apartment Homes in Baton Rouge. The loan carries a 12-year term with two years of interest-only payments. The buyer, Cyprus Multifamily, plans to implement upgrades that will improve water and electricity usage as part of the Fannie Mae Green Rewards program. Live Oaks was built in 2001 and offers 184 units with one-, two- and three-bedroom floor plans. Communal amenities include barbecue and picnic areas, a clubhouse, business center, fitness center and a pool. Keith Hires of Greystone originated the loan.

November 7, 2019

Loans Multifamily New York Northeast Seniors Housing

Capital One Provides $285M Loan for Refinancing of Prime Care Seniors Housing Portfolio

by Alex Patton November 7, 2019

NEW YORK CITY — Capital One Healthcare, a New York-based lender, has provided a $285 million bridge loan for the refinancing of a portfolio of 13 seniors housing communities owned by Prime Care Properties LLC. Specific names and locations of the properties involved in the financing were not disclosed. The properties total 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two. Prime Care has owned the facilities since they were built in the late 1990s.

November 7, 2019

Loans Midwest Multifamily Ohio

Maverick Commercial Arranges $2M Acquisition Loan for Manufactured Housing Community in Ohio

by Kristin Harlow November 7, 2019

MIDDLEFIELD, OHIO — Maverick Commercial Mortgage has arranged a $2 million loan for the acquisition of a 152-site manufactured housing community in Middlefield known as Middlefield MHC. The community features a management office, off-street parking and storage units. Ben Kadish of Maverick arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. A national lender provided the nonrecourse loan. Borrower Park Place Communities currently owns and operates 35 manufactured housing communities in 13 states.

November 7, 2019

Riverway-Assisted-Living-Memory-Care-South-Jordan-UT

Loans Multifamily ORIX Seniors Housing Utah Western

Lancaster Pollard Arranges $7.5M Refinancing for Assisted Living Community in Utah

by Amy Works November 7, 2019

SOUTH JORDAN, UTAH — Lancaster Pollard Mortgage Company has arranged a $7.5 million refinancing for Riverway Assisted Living and Memory Care in South Jordan, approximately 15 miles south of downtown Salt Lake City. The borrowers are Giza Development and SAL Management Group. The financing represents a long-term financing solution through Fannie Mae, as well as some cash out. The deal is Giza’s second with Lancaster Pollard in 2019. Ross Holland and Rodger Davis led the transaction for Lancaster Pollard.

November 7, 2019

Loans New York Northeast Office Top Stories

Barclays Provides $350M Loan to Refinance Leasehold Interest in 43-Story Manhattan Office Tower

by Alex Tostado November 7, 2019

NEW YORK CITY — Barclays has provided Shorenstein Properties LLC with a $350 million loan to refinance the leasehold position in 1407 Broadway, a 43-story, 1.1 million-square-foot office tower near Times Square in New York City. The five-year loan features a floating interest rate. Solil Management, the company that manages the assets of late real estate mogul Sol Goldman, owns the land upon which 1407 Broadway is situated. The building is located at 1407 Broadway between 38th and 39th streets, two blocks from Times Square, one block from Bryant Park and six blocks from Hudson Yards. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lightstone Group in April 2015 for $330 million. Shorenstein then implemented a three-year, $62 million renovation to improve the lobby, common areas, security, roof, terrace and elevator cabs. The building also underwent a retail renovation, adding new storefronts and signing tenants such as Num Pang, Luke’s Lobster and ’Wichcraft, a sandwich shop. The retail portion of the building is 95 percent leased. Over the past 12 months, 160,000 square feet have been leased throughout the building. Geoff Goldstein of JLL, which arranged the loan, says Shorenstein moved forward with this …

November 7, 2019

Acquisitions Loans Multifamily Southeast Virginia Walker & Dunlop

Walker & Dunlop Provides $225.1M Fannie Mae Acquisition Loan for Multifamily Portfolio in Virginia

by Alex Tostado November 5, 2019

BETHESDA, MD. — Bethesda-based Walker & Dunlop has provided a $225.1 million Fannie Mae acquisition loan for a five-property multifamily portfolio on behalf of Capital Square 1031. Walker & Dunlop provided a $66 million loan for 2000 West Creek in Richmond, a $29.7 million loan for Hickory Creek Apartments in Richmond, a $31.6 million loan for Saltmeadow Bay Apartments in Virginia Beach, a $52.5 million loan for Misty Ridge Apartments in Woodbridge and a $45.3 million loan for Bellemeade Farms Apartments in Leesburg. Four of the five properties are fully stabilized, with the exception of 2000 West Creek, which was built in 2018 and is in the final stages of lease-up. Bristol Development Group sold 2000 West Creek. The sellers of the other properties were not disclosed. Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds.

November 5, 2019

Indiana Loans Midwest Multifamily ORIX

Hunt Real Estate Capital Provides $24.2M Refinancing for Multifamily Portfolio in Indianapolis

by Kristin Harlow November 5, 2019

INDIANAPOLIS — Hunt Real Estate Capital has provided a $24.2 million loan for the refinancing of Circle City Apartments, a 356-unit multifamily portfolio in Indianapolis. The portfolio comprises six mid-rise buildings that range in size from 24 to 136 units and were built from 1900 to 1929. Hunt sourced the 10-year loan through Freddie Mac. The borrower, Old Northside Capital Partners LLC, purchased the portfolio in July 2015 and subsequently completed $10.9 million in capital improvements.

November 5, 2019

Iowa Loans Midwest Multifamily Seniors Housing

NorthMarq Arranges $12.5M Refinancing for Seniors Housing Property in Bettendorf, Iowa

by Kristin Harlow November 5, 2019

BETTENDORF, IOWA — NorthMarq has arranged a $12.5 million loan for the refinancing of The Fountains Independent Living in Bettendorf. The seniors housing property is located at 3728 Thunder Ridge Road. Jason Kinnison of NorthMarq structured the loan with an immediate funding of $8.5 million and a construction component in the amount of $4 million, which will be used to complete an addition to the property. The borrower was not disclosed.

November 5, 2019

Hospitality Loans Michigan Midwest

Cohen Financial Secures $12M Refinancing for DoubleTree Hotel in Michigan

by Kristin Harlow November 5, 2019

PORT HURON, MICH. — Cohen Financial, a division of SunTrust Bank, has secured a $12 million CMBS loan for the refinancing of a 149-room DoubleTree by Hilton hotel in Port Huron, which is located in eastern Michigan along Lake Huron. Cathy Bronkema of Cohen arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. JB Real Estate Development Co. was the borrower.

November 5, 2019

Loans Multifamily Texas

Arbor Provides Five Fannie Mae Loans Totaling $68.6M for Refinancing of DFW Multifamily Portfolio

by Taylor Williams November 5, 2019

DALLAS AND FORT WORTH, TEXAS — New York-based Arbor Realty Trust Inc. has provided five loans totaling $68.6 million for the refinancing of a portfolio of multifamily properties in the Dallas-Fort Worth (DFW) metroplex. The portfolio spans approximately 1,100 units. Vincent Chiodo of Arbor Realty Trust provided the loans, all of which carried 12-year terms, fixed interest rates and six years of interest-only payments, through Fannie Mae. The property names and borrowers were not disclosed.

November 5, 2019

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