Loans

Dekel Capital Arranges $47.8M Construction Loan for Multifamily Community in Los Angeles

by Amy Works March 24, 2020

LOS ANGELES — Los Angeles-based Dekel Capital, on behalf of Los Angeles-based CGI Strategies, has secured $47.8 million in non-recourse construction financing for the development of a multifamily community located at 837 S. Fedora St. in Los Angeles. Provided by a national lender, the loan will be used for the construction of a seven-story concrete and wood building over two levels of subterranean parking in the Koreatown neighborhood. The multifamily property will offer 200 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 622 square feet to 1,000 square feet, with 10 percent of the units earmarked for low-income residents. On-site community amenities will include a fully equipped fitness center, 6,500-square-foot community lounge, clubhouse, exterior courtyard and 5,400-square-foot rooftop lounge. Completion is scheduled for summer 2022.

March 24, 2020

Acquisitions Loans Office Oregon Western

JLL Secures $37.3M in Acquisition Financing for Fremont Place Office Campus in Portland

by Amy Works March 24, 2020

PORTLAND, ORE. — JLL Capital Markets has secured $37.3 million in acquisition financing for Fremont Place I and II, a two-building office campus in Portland’s Pearl District. The borrower is a Rialto Capital Management fund along with one of the company’s subsidiaries, Rialto Capital. Loan proceeds will be used to acquire and transform the urban, waterfront property through series of interior and exterior renovations. Located at 1650 and 1750 Naito Parkway, Fremont I and II offer 123,600 square feet of office space spread across a two-story building and a three-story building. Originally built in 1987, the asset was recently renovated and renovations, including an outdoor amenity space, are scheduled for the near future. At the time of sale, the property was 62 percent leased to a variety of tenants in the telecommunications, engineering and healthcare industries, among others. Casey Davidson and Zachary Kersten of JLL Capital Markets arranged the five-year, floating-rate acquisition bridge loan through a debt fund.

March 24, 2020

Company News District of Columbia Loans Multifamily Seniors Housing Southeast Student Housing Top Stories

Freddie Mac, Fannie Mae Enact 90-Day Financial Relief Plan for Multifamily Borrowers, Tenants

by John Nelson March 24, 2020

WASHINGTON, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate the initiatives could impact more than 54,000 apartment communities across the country. “This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” says Debby Jenkins, executive vice president and head of Freddie Mac Multifamily, which implemented a similar forbearance plan in 2017 following Hurricane Harvey in Houston. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief as our nation addresses this global pandemic,” says Jenkins. The outbreak of COVID-19 is likely to push the United States into a recession as the …

March 24, 2020

Loans Multifamily Texas

Barings Provides Loan for Refinancing of 451-Unit Terra Lago Apartments in Metro Dallas

by Taylor Williams March 23, 2020

ROWLETT, TEXAS — Barings Real Estate Capital has provided a loan of an undisclosed amount for the refinancing of Terra Lago, a 451-unit apartment community located in the northeastern Dallas suburb of Rowlett. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, a business center and a bocce court. The borrower was a partnership between Transcontinental Realty Investors Inc. and Abode Properties.

March 23, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $17.8M Acquisition Loan for Apartment Complex in Tampa

by Alex Tostado March 23, 2020

TAMPA, FLA. — Berkadia has provided a $17.8 million Freddie Mac acquisition loan for Southern Cove, a 180-unit apartment complex in Tampa. The property was built in 1974 at 8741 Grove Terrace, nine miles northeast of downtown Tampa. The community offers two-bedroom units and townhomes. Communal amenities include a business center, clubhouse, dog park, swimming pool, tennis courts and a laundry facility. Mitch Sinberg, Wes Moczul and Brad Williamson of Berkadia originated the loan on behalf of the borrower, San Francisco-based 29th Street Capital. The three-year value-add loan offers a floating interest rate.

March 23, 2020

Hospitality Loans New York Northeast

Helmsley Spear Arranges $9.5M Refinancing Loan for Kings Hotel in Brooklyn

by Alex Patton March 23, 2020

NEW YORK CITY — Helmsley Spear LLC has arranged a $9.5 million refinancing loan for the 49-room Kings Hotel in Brooklyn. Crown Bank provided the 10-year, fixed-rate loan that carries a 25-year amortization schedule. Located at 2416 Atlantic Ave., the hotel features a fitness center and conference rooms. Showket Ahamed of Helmsley Spear arranged the financing.

March 23, 2020

California Hospitality Loans Western

Sonnenblick-Eichner Co. Arranges $20.5M Loan for Carriage Inn in Los Angeles

by Amy Works March 23, 2020

LOS ANGELES — Beverly Hills, Calif.-based Sonnenblick-Eichner Co. has secured $20.5 million in first mortgage debt for Carriage Inn, a hotel located at the intersection of Burbank Boulevard and the San Diego Freeway in the Sherman Oaks neighborhood of Los Angeles. The non-recourse, 10-year, fixed-rate loan features interest-only payments for the entire loan term. Affiliated with the Best Western brand, the hotel features 178 guest rooms, meeting space, a pool, Jacuzzi, fitness center and surface parking for 160 cars. Patrick Brown and Elliot Eichner of Sonnenblick-Eichner Co. arranged the financing for the undisclosed borrower. The lender was also not disclosed.

March 23, 2020

Florida Loans Retail Southeast

Terra Receives $45M Refinancing Loan for Phase II of Shopping Center in South Florida

by Alex Tostado March 20, 2020

PEMBROKE PINES, FLA. — Terra City Center Investments II LLC, an entity sponsored by development firm Terra, has received a $45 million refinancing loan for Phase II of Pines City Center in Pembroke Pines. First Bank of Florida provided the loan. Terra broke ground on Phase II last year and expects to complete the 150,000-square-foot project by the end of this year. Some of Phase II is complete, with 98 percent of the space leased to tenants including anchors Hobby Lobby and UFC Gym, as well as CoreLife Eatery, AT&T, Space Coast Credit Union, Walk-On’s Bistreaux, Chuy’s Tex Mex and McAlister’s Deli. Terra completed the145,000-square-foot first phase of Pines City Center before selling it to TA Realty in December 2018. Pines City Center spans 47 acres.

March 20, 2020

Colorado Development Loans Office Western

JV Receives $29.4M Construction Loan for S’PARK Railyards Office Project in Boulder

by Amy Works March 20, 2020

BOULDER, COLO. — A joint venture between The John Buck Co., Kinship Capital and Element Properties has secured a $29.4 million construction loan for the development of S’PARK Railyards, a Class A office project in Boulder. Located at 3401 Bluff St., the four-story Railyards building will feature 64,000 square feet of office space and 5,263 square feet of ground-floor retail space. The office layouts have been designed with 25-foot spans between columns, offering nearly column-free floor plates. Slated for completion in March 2021, the project is 92.4 percent pre-leased. The Railyards project is located within S’PARK, a master-planned community that will offer 288 multifamily units, 106,029 square feet of office space, 31,363 square feet of ground-floor retail space and approximately 350 parking spaces across six separate buildings. Railyards is the fourth of six planned buildings to be built by the joint venture. Construction of the last two projects are scheduled to start by the end of the year. JLL Capital Markets arranged the five-year, floating-rate construction loan through Wintrust Financial Corp. Keith Largay, Brian Walsh and Leon McBroom of JLL Capital Market represented the borrower in the financing.

March 20, 2020

Development Loans North Carolina Office Southeast

PCCP Provides $95.6M Construction Loan for 16-Story Office Building in Charlotte

by Alex Tostado March 19, 2020

CHARLOTTE, N.C. — PCCP LLC has provided a $95.6 million construction loan to a joint venture for a 16-story office building in Charlotte’s South End. Atlanta-based Portman Holdings and Washington, D.C.-based National Real Estate Advisors LLC are developing 2151 Hawkins, which will feature multiple rooftop terraces, a six-story parking structure, ground-level retail anchored by Sycamore Brewing and access to the LYNX Light Rail Blue Line. In addition to Sycamore, the developers plan to incorporate a food hall concept on the ground floor. Gensler designed the building, which, according to media reports, is expected to come on line in March 2021.

March 19, 2020

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