Loans

Commercial Real Estate Lending Had a Banner Year in 2018

by Jaime Lackey January 28, 2019

Records were meant to be broken. That’s a phrase commercial lenders have become fairly familiar with over the past few years. Multifamily lending, in particular, has enjoyed a good run. In the fourth quarter of 2018, the Mortgage Bankers Association released the MBA Annual Report on Multifamily Lending. According to the report, strong market conditions helped fuel a 6 percent increase in multifamily lending in 2017. Lenders provided a record high of $285 billion in new mortgages for apartment buildings with five or more units. Jamie Woodwell, vice president of commercial real estate research for MBA, cited a few reasons for this uptick in activity. “The multifamily lending market in 2017 benefited from improving fundamentals, rising property values and low interest rates,” he says. “The result was larger loan sizes and record levels of overall borrowing and lending…Demand came from borrowers and lenders of all sizes, with loan amounts ranging from thousands of dollars to hundreds of millions.” This breakneck pace continued last year as low unemployment, job growth and overall economic strength gave investors and lenders confidence in the market. Freddie Mac had its best year ever in terms of multifamily production in 2018. The government-sponsored enterprise (GSE) closed …

January 28, 2019

Florida Loans Multifamily Southeast

KeyBank Provides $52.4M Refinancing Loan for Apartment Complex in Orlando

by Alex Tostado January 25, 2019

ORLANDO, FLA. — KeyBank Real Estate Capital has provided a $52.4 million Fannie Mae loan for the refinancing of Harbor Beach Apartment Homes in Orlando. Todd Linehan of KeyBank originated the non-recourse, fixed-rate loan with a 15-year term and 30-year amortization schedule on behalf of the undisclosed borrower. The 602-unit community was built between 1984 and 1987 and was renovated in 2013. Amenities include a fitness center, car wash, resident boat dock, sand volleyball court, picnic area, swimming pool and a tennis court.

January 25, 2019

Industrial Loans New Jersey Northeast Self-Storage

Tulfra Secures $10.3M Construction Loan for Self-Storage Facility in New Jersey

by David Cohen January 25, 2019

ROCHELLE PARK, N.J. — Tulfra Real Estate has secured a $10.3 million construction loan for a self-storage facility in Rochelle Park. Located at 120 W. Passaic St., the planned 100,0000-square-foot property will include 823 units. The lender was First Bank of Hamilton. Terms of the financing were not disclosed. The new self-storage facility will be managed by CubeSmart.

January 25, 2019

Illinois Loans Midwest Office

Cronheim Arranges $47.7M Acquisition Loan for Two Office Buildings in Suburban Chicago

by Kristin Harlow January 25, 2019

OAK BROOK AND WARRENVILLE, ILL. — Cronheim Mortgage has arranged a $47.7 million loan for the acquisition of Oak Brook Gateway and Cornerstone I at Cantera in suburban Chicago. Oak Brook Gateway is a multi-tenant office building in Oak Brook. Tenants include Lewis University, the U.S. Census Bureau, Thomson Reuters and Oxford Bank. Cornerstone I at Cantera is a multi-tenant office building in Warrenville with 80 percent occupancy. A national lender provided the 10-year loan, which features an interest rate of 4.84 percent and a 30-year amortization schedule. The loan represented 75 percent of the acquisition price. Fairbridge Partners was the borrower.

January 25, 2019

California Development Hospitality Loans Western

HFF Arranges $155M in Construction Financing for Two Beachfront Hotels in Oceanside, California

by Amy Works January 25, 2019

OCEANSIDE, CALIF. — HFF has arranged $155 million in construction financing for the ground-up development of two oceanfront hotels in Oceanside. The developer/borrower is S.D. Malkin Properties. Situated on a 2.7-acre, two-block site along Mission Avenue and North Pacific Street, the two hotels will offer immediate access to the beach and a total of 387 rooms, 85 percent of which will have water views. Destination Resorts will operate one of the hotels, while Joie de Vivre will operate the other. Hyatt owns both brands. The property operated by Destination Resort will feature 226 rooms, a signature restaurant, indoor/outdoor lounge, pool with ocean views, luxury spa and more than 20,000 square feet of meeting and event space. The hotel operated by Joie de Vivre will feature 161 guest rooms, a rooftop pool and bar, a world-class restaurant, public garden and 3,000 square feet of retail space, as well as the historic 1887 Graves House, which will be renovated and open to the public. Timothy Wright, Scott Hall, Olga Walsh and Aaron Lapping of HFF placed the construction financing with Bank OZK and an East Coast-based institutional investor for the borrower.

January 25, 2019

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $50.4M Development Financing for Affordable Housing in Boulder

by Amy Works January 25, 2019

BOULDER, COLO. — KeyBank has arranged $50.4 million in total combined financing for a tax-exempt bond transaction to support Koelbel & Co.’s construction of Diagonal Crossing. Located in Boulder, Diagonal Crossing will feature 105 garden-style apartments for families earning at or below 60 percent of area median income. KeyBank’s Community Development Lending & Investment (CDLI) team provided a $24.7 million construction loan and $10.4 million in Low-Income Housing Tax Credit equity. Additionally, KeyBank Real Estate Capital arranged a $15.3 million permanent loan through a forward commitment for Fannie Mae to issue a mortgage-backed security. Diagonal Crossing will be developed on two parcesl: Lot 3 and Lot 6. Lot 3 will feature 85 affordable housing units in two three-story buildings and one two-story building, while Lot 6 will feature 20 affordable housing units across four buildings. Sarah Geis and Beth Palmer Wirtz of KeyBank’s CDLI team collaborated with Jeff Rodman of KeyBank’s Commercial Mortgage Group on the financing for the project.

January 25, 2019

Acquisitions Industrial Loans Northeast Rhode Island Self-Storage

Talonvest Arranges $17.4M Acquisition Loan for Self-Storage Portfolio in Rhode Island

by David Cohen January 24, 2019

Rhode Island — Talonvest has arranged a $17.4 million acquisition loan for a self-storage portfolio in Rhode Island. The three properties consist of 1,416 storage units across 177,575 square feet. Erich Pryor, Jim Davies, Tom Sherlock, and Terra Hendrich of Talonvest represented the borrower, Rosewood Property Co. in the transaction. The lender was a national bank. Terms of the financing included a 10-year, fixed-rate loan with interest-only payments for the full loan term. The three metro Rhode Island properties expand Rosewood’s portfolio to 48 self-storage properties across 12 states.

January 24, 2019

Healthcare Loans Texas

Madison Realty Capital Provides $28M Loan for Refinancing of Medical Office Building in Houston

by Taylor Williams January 24, 2019

HOUSTON — New York City-based Madison Realty Capital has provided a $28 million loan for the refinancing of a 191,676-square-foot medical office building located at 1917 Ashland St. in the Heights area of Houston. The Class A property was 95 percent leased at the time of the loan closing to tenants such as St. Joseph Medical Center and CuraHealth. The borrower, a joint venture between two Houston-based medical office developers, will use a portion of the proceeds to fund building renovations and tenant improvements.

January 24, 2019

Loans Office South Carolina Southeast

NorthMarq Arranges $14M Refinancing for Office Property in Columbia

by Alex Tostado January 24, 2019

COLUMBIA, S.C. — NorthMarq Capital has arranged a $14 million bridge loan for the refinancing of 1600 Williams Street Office, a 140,000-square-foot office building in Columbia. The building once served as the South Carolina headquarters for BellSouth, and will now be leased to both Aflac and AT&T. Will James of NorthMarq’s Atlanta office arranged the loan on behalf of the undisclosed borrower. The loan was structured with a two-year, interest-only term through an undisclosed bridge/mezzanine lender.

January 24, 2019

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $37.1M in Refinancing for Affordable Housing Community in Orlando

by Alex Tostado January 23, 2019

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $37.1 million in refinancing for Castilian Apartments in Orlando. The 304-unit community comprises 17 two-story, garden-style apartment buildings. The property was originally built in 1975 and was renovated in 2017. Jeff Rodman and Kelly Frank of KeyBank secured a $33.4 million Freddie Mac loan, as well as a $3.7 million Letter of Credit to the undisclosed borrower. The workforce housing property sits on 14.8 acres and features units with rents at 80 percent of area median income or less.

January 23, 2019

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