Loans

Berkadia Originates $23M Refinancing for Apartment Property in Shelby, Michigan

by Kristin Harlow May 3, 2019

SHELBY, MICH. — Berkadia has originated a $23 million Fannie Mae loan for the refinancing of Ashford Apartments in Shelby, about 30 miles north of Detroit. Located at 48377 Commonview Drive, the apartment property features two-bedroom floor plans. Amenities include a resort-style pool, sundeck and various health and fitness clubs. Colin Callaghan and Peter Benedetto of Berkadia originated the 15-year loan, which features a 30-year amortization schedule and a loan-to-value ratio of 75 percent. Michigan-based Ashford 180 LLC, an affiliate of MJC Cos., was the borrower.

May 3, 2019

Illinois Industrial Loans Midwest

Associated Bank Provides $5.5M Bridge Loan for Acquisition of Industrial Facility in McHenry, Illinois

by Kristin Harlow May 3, 2019

MCHENRY, ILL. — Associated Bank has provided a $5.5 million bridge loan for the acquisition of a 218,000-square-foot industrial facility located at 1301 Ridgeview Drive in McHenry. Built in 1995, the air-conditioned building is located on almost 20 acres. Features include 20 exterior loading docks and parking for 519 cars and 40 trailers. Disk.com, which provides printing, manufacturing and fulfillment solutions, leases approximately 50 percent of the space. Krista Casper of Associated Bank originated the loan on behalf of the borrower, Midwest Industrial Funds.

May 3, 2019

Loans Maine Massachusetts Multifamily New Hampshire Northeast Seniors Housing

HFF Provides Financing for 565-Unit Seniors Housing Portfolio in New England

by Taylor Williams May 2, 2019

MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine. The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.

May 2, 2019

Industrial Loans New Jersey Northeast

Axiom Capital Arranges $52M in Permanent Financing for Warehouse in Wayne, New Jersey

by Taylor Williams May 2, 2019

WAYNE, N.J. — Axiom Capital Corp., a real estate finance and advisory firm with offices in New York and New Jersey, has arranged $52 million in permanent financing for a 473,670-square-foot warehouse in Wayne, located northwest of Newark. Situated on 31 acres, the property features 40-foot clear heights, 42 dock doors and proximity to I-80 and U.S. Route 46. A life insurance company provided the loan, which features a 10-year term, a fixed interest rate and a 30-year amortization schedule. The borrower was Peykar Family Properties of Wayne.

May 2, 2019

Loans Midwest Multifamily Ohio

Hunt Real Estate Capital Provides $33.2M Refinancing for Apartment Complex in Dayton

by Kristin Harlow May 1, 2019

DAYTON, OHIO — Hunt Real Estate Capital has provided a $33.2 million Freddie Mac loan for the refinancing of Water Street Residential in Dayton. The newly constructed apartment complex is located at 427 Water St. and consists of 269 units housed within seven buildings. There are 21 different floor plans and the unit mix includes 161 one-bedroom units, 93 two-bedroom units and 15 three-bedroom units. Amenities at the property, built in two phases in 2015 and 2018, include a clubhouse, movie theater room, business center and pool. Chad Kiner and A.J. Mangan of MSF Real Estate Capital Inc. arranged the 15-year, permanent loan, which replaced a short-term bridge loan that the borrower put in place in October. Water Street Residential I LLC was the borrower.

May 1, 2019

Arizona Loans Multifamily Western

Thorofare Capital Funds $11.4M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works May 1, 2019

PHOENIX — Thorofare Capital has provided a $11.4 million loan for the acquisition of a multifamily property in Phoenix. The name of the borrower was not released. The Class B property features 158 apartments and was 67 percent occupied at closing. The non-recourse loan features a five-year floating rate with interest-only payments. Additionally, the financing features 75 percent loan-to-cost ratio and funding for future capital expenditures. Kevin Miller, Felix Gutnikov and Daniel Pavlinik of Thorofare Capital handled the financing.

May 1, 2019

Loans New Jersey Northeast Retail

Eastman Cos. Refinances 95,809 SF Retail Center in Livingston, New Jersey

by Taylor Williams May 1, 2019

LIVINGSTON, N.J. — Locally based development and management firm Eastman Cos. has refinanced The Shoppes at Livingston Circle, a 95,809-square-foot retail center in Livingston, an eastern suburb of Newark. Built in 1993 and anchored by German discount grocer Aldi, the property was 80 percent leased at the time of sale to tenants such as Olive Garden, Goldfish Swim and Club Pilates. Jon Mikula and Jim Cadranell of HFF placed the loan, which features a 12-year term and a fixed interest rate, on behalf of Eastman. The lender was not disclosed. There are more than 150,000 residents earning an average annual household income in excess of $190,000 living within a five-mile radius of the center, which has been extensively redeveloped over the past two years.

May 1, 2019

Hospitality Loans New York Northeast

ACRES Capital Provides $37M Construction Loan for Hilton-Branded Hotel Near Rochester

by Taylor Williams May 1, 2019

CANADAGUIA, N.Y. — ACRES Capital, a New York-based real estate hedge fund, has provided a $37 million construction loan for the Hilton Tapestry Collection hotel in Canadaguia, a hospitality project located near Rochester. The project, which includes the development of a 44-unit condominium building, is valued at $53 million. Miami-based GenX Capital Partners and Boston-based Capstack Finance sourced the loan through ACRES Capital on behalf of the undisclosed borrower.

May 1, 2019

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $32M Loan for Refinancing of New Jersey Apartments

by Taylor Williams May 1, 2019

MAPLEWOOD, N.J. — G.S. Wilcox & Co., a New Jersey-based mortgage banking firm, has arranged a $32 million loan for the refinancing of Maplewood Crossing, a 151-unit apartment community located about 10 miles southwest of Newark. Robert Logan and Al Raymond of G.S. Wilcox placed the loan, which included a 20-year term and a 30-year amortization schedule, on behalf of the borrower, local developer Elite Properties.

May 1, 2019

Loans Multifamily New York Northeast Seniors Housing

KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York

by Taylor Williams April 30, 2019

ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.

April 30, 2019

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