Loans

HFF Secures $47.1M Construction Financing for 293-Unit Apartment Property in Metro Denver

by Amy Works January 23, 2019

LAKEWOOD, COLO. — HFF has arranged $47.1 million in financing for the construction of Brickhouse at Lamar Station, a Class A multifamily property located at 6300 W. 13th Ave. in Lakewood. Riverpoint Partners and Iron River Management are the borrowers. Josh Simon and Kristian Lichtenfels of HFF secured the 15-year construction-to-permanent loan through a correspondent insurance company lender. The loan includes three years of interest-only payments and a 35-year amortization schedule. Situated on 3.7 acres, the four-story Brickhouse at Lamar Station will feature 293 apartments, averaging 748 square feet, with stainless steel appliances, granite and quartz countertops, washers and dryers, wood flooring, and balconies or patios. Common area amenities include a swimming pool, two interior courtyards, fire pits, grilling stations, a large community room, 24-hour fitness center, yoga studio, top-floor club room, business center and pet spa. The development will also be within walking distance to the Lamar Station light rail stop. Completion is slated for mid-2020.

January 23, 2019

Loans Multifamily Washington Western

CBRE Arranges $13M in Financing for 108-Unit Multifamily Development in Seattle

by Amy Works January 23, 2019

SEATTLE — CBRE Capital Markets’ Debt & Structured Finance team has secured long-term refinancing for Cubix North Apartments, a newly delivered multifamily development located at 1008 N. 109th St. in North Seattle. The borrower is Daniel Stoner of 1008 Apartments LLC. Completed this month, the four-story Cubix North features 108 micro apartments with natural lighting, microwaves, premium countertops, two-burner stoves and refrigerators, as well as 3,380 square feet of commercial space. On-site amenities include a rooftop deck with barbecue areas and city views, storage units, bike storage, smart-phone enabled on-site laundry, two building-owned smart cars for tenant use and free bus passes. Jeff Henderson of Seattle’s CBRE office arranged the 10-year, $13 million, fixed-rate loan.

January 23, 2019

Loans Midwest Ohio Top Stories

Fairmount, DiGeronimo Refinance Mixed-Use Village in Suburban Cleveland with $171.5M Loan

by John Nelson January 22, 2019

ORANGE VILLAGE, OHIO — The developers behind Pinecrest in suburban Cleveland have obtained a $171.5 million loan to refinance the 750,000-square-foot mixed-use project. Square Mile Capital Management LLC provided the loan to a joint venture between Cleveland-based Fairmount Properties and the DiGeronimo Cos., which opened Pinecrest in spring 2018. Situated on 58 acres in Orange Village, Pinecrest features 400,000 square feet of retail and restaurant space that houses Whole Foods Market, REI, Silverspot Cinema, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Orangetheory Fitness, as well as chef-driven restaurants. About 160,000 square feet of creative office space sits atop the ground-level shops and restaurants. Pinecrest also features 87 high-end apartment residences and a one-acre park, as well as a 145-room AC Hotel by Marriott that wasn’t included in the financing. Trey Morsbach and Jim Curtin of HFF’s Dallas office led the debt placement team to arrange the floating-rate loan, which will be used to refinance a $142 million construction loan that HFF arranged for the developers in spring 2017. HFF also assisted the developer in securing joint venture equity for the project in June 2016. “This refinancing reflects the viability and strength of our asset,” says Eric Louttit, …

January 22, 2019

Loans Retail Southeast Virginia

KeyBank Provides $25.3M in CMBS Financing for Retail Center in Alexandria

by Alex Tostado January 21, 2019

ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.

January 21, 2019

Loans Mixed-Use North Carolina Southeast

Trez Forman Closes $20.5M Construction Loan for Mixed-Use Project in Burlington, North Carolina

by Alex Tostado January 21, 2019

BURLINGTON, N.C. — Trez Forman has provided a $20.5 million construction loan to developer Diamondback Investment Group LLC for a mixed-use development in Burlington. Named St. Marks, the project will entail 183 apartment units and 2,500 square feet of retail space. Bret Forman of Trez Forman originated the loan on behalf of the borrower. St. Marks is situated on seven acres and apartment amenities will include a dog park, clubhouse, saltwater pool and a lounge area. Terms of the loan and a timeline for the project were not disclosed.

January 21, 2019

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $5M Refinancing for Retail Center in New Jersey

by David Cohen January 21, 2019

SPRINGFIELD, N.J. — Cronheim Mortgage has secured a $5 million loan to refinance an 80,000-square-foot retail center in Springfield. The seven-acre property was built in 1972 and renovated in 1995. Currently the center is fully occupied by Christmas Tree Shoppes. Cronheim secured the 15-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was American United Life Insurance Co.

January 21, 2019

Loans Multifamily Seniors Housing Washington Western

KeyBank Provides $70M Development Financing for 241 Affordable Seniors Housing Units in Lacey, Washington

by Amy Works January 21, 2019

LACEY, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $70 million in combined construction and permanent loan financing to AVS Communities. The funds are for development of The Reserve at Lacey, a 241-unit affordable housing property in Lacey, about 60 miles southwest of Seattle. Apartments will serve seniors age 55 or older who earn 60 percent or less of the area median income (AMI). KeyBank paired a $40 million construction loan with a $30 million private placement forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.

January 21, 2019

Iowa Loans Midwest Multifamily

Dougherty Provides $6.9M Refinancing for Apartment Property in Spencer, Iowa

by Kristin Harlow January 21, 2019

SPENCER, IOWA — Dougherty Mortgage has provided a $6.9 million Fannie Mae loan for the refinancing of Windcrest Village in Spencer in northwestern Iowa. The 87-unit apartment property includes laundry facilities, a fitness center and children’s playground. The 12-year loan features a 30-year amortization schedule. Windcrest Village LLC was the borrower.

January 21, 2019

District of Columbia Loans Retail Southeast

KeyBank Provides $30.3M Construction Loan for Target-Leased Retail Property in D.C.

by Alex Tostado January 18, 2019

WASHINGTON, D.C. — KeyBank Real Estate Capital has provided a $30.3 million construction loan for a planned 67,000-square-foot, two-story retail property that will be fully leased to Target upon completion. The property is situated at 1515 New York Ave. N.E. in Washington, D.C.’s Ivy City neighborhood. Scott Bois and Ashley Reiser of KeyBank arranged the fixed-rate, non-recourse loan with a 20-year amortization schedule. The loan included a credit tenant lease transaction to facilitate the funding. According to Washington Business Journal, the developer, Douglas Development Corp., is planning to open the Target in fall 2020.

January 18, 2019

Loans Mixed-Use New Jersey Northeast

Progress Capital Secures $10M Acquisition Loan for Mixed-Use Property in New Jersey

by David Cohen January 18, 2019

BRICK, N.J. — Progress Capital has secured $10 million in acquisition financing for a mixed-use building in Brick. Located at 101 Prosper Way, the four-story property consists of 20,000 square feet of ground-floor retail space and 44 residential units on the upper three floors. Kathy Anderson of Progress Capital represented the undisclosed borrower in the transaction. The lender was Lakeland Bank. Terms of the financing included a 4.6 percent fixed rate for seven years and a 30-year amortization schedule. The loan amount represents a 70 percent loan-to-value ratio.

January 18, 2019

Newer Posts

Older Posts