Loans

Stratus Properties Refinances 448-Unit Apartment Community in Austin

by Taylor Williams October 4, 2019

AUSTIN, TEXAS — A subsidiary of Stratus Properties Inc., a publicly traded investment and development firm, has received a $75 million loan for the refinancing of The Santal, a 448-unit apartment community located in the Barton Creek area of Austin. ACRC Lender LLC provided the non-recourse loan, which carries a three-year term with two 12-month extension options and bears a 4.8 interest floor. A portion of the proceeds will be used to retire construction debt. The Santal features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, resident lounge and package handling service.

October 4, 2019

Loans Mixed-Use Texas

JLL Arranges $42M Refinancing for Century Square Mixed-Use Property in College Station

by Taylor Williams October 4, 2019

COLLEGE STATION, TEXAS — JLL has arranged a $42 million loan for the refinancing of Century Square, a mixed-use property in College Station. Built in 2018 and located adjacent to Texas A&M University’s campus, the development features 159,128 square feet of retail space, 57,204 square feet of office space, two hotels totaling 303 rooms and 249 multifamily units, as well as open green spaces. The refinancing did not cover the hospitality and residential components. Ares Management Corp. provided the nonrecourse loan to the borrower, a partnership between Houston-based Midway Cos. and Chicago-based Harrison Street. Colby Mueck, Timothy Joyce, Stephen Skok, Stuart Hepler, Katherine Miller and Charlie Strauss of JLL handled the transaction.

October 4, 2019

Development Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $35.4M Construction Loan for Retail-to-Multifamily Project in Florida Panhandle

by Alex Tostado October 4, 2019

MARY ESTHER, FLA. — Walker & Dunlop has provided a $35.4 million Department of Housing and Urban Development (HUD) loan for the construction of Renaissance Santa Rosa in Mary Esther, located on the Florida Panhandle. The borrowers and developers of Renaissance Santa Rosa, Rea Ventures Group LLC and Radiant Partners, will transform a former department store site connected to Santa Rosa Mall into a four-building, 229-unit multifamily community. The property will offer one-, two- and three-bedroom floor plans. Community amenities will include a two-story clubhouse, swimming pool, business center, game room, exercise facility, picnic areas, playground and a dog park. Frank Baldasare, Heather Olson, Al Rex and Marty McGrogan of Walker & Dunlop originated the 40-year loan on behalf of the borrowers.

October 4, 2019

Loans Midwest Multifamily ORIX Wisconsin

ORIX Provides $40M Construction Loan for 263-Unit Multifamily Development in Wisconsin

by Kristin Harlow October 4, 2019

MIDDLETON, WIS. — ORIX Real Estate Holdings (ORIX) has provided a $40 million construction loan for a 263-unit multifamily development in Middleton, a suburb of Madison. The project will also feature 31,000 square feet of ground-floor commercial space, including a food hall. The units will be standard one-floor apartments as well as two-story lofts. Completion is slated for February 2021. The borrower was not disclosed.

October 4, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $61.6M Financing for Seniors Housing Expansion Project in Abington, Pennsylvania

by Alex Patton October 3, 2019

ABINGTON, PA. — HJ Sims has arranged $61.6 million in financing for an expansion project at Rydal Park, a continuing care retirement community in Abington, located approximately 10 miles north of Philadelphia. The expanded property will be rebranded as Rydal Waters, and will sit on 33 acres and comprise 84 two-bedroom cottages. The project also includes a clubhouse, and the location is walking distance to restaurants, a grocery store and a rail station. The financing for the expansion is a draw-down, bank-held, tax-exempt loan with three years of interest-only payments and a 30-year amortization schedule. Presby’s Inspired Life, an affiliate of HumanGood, operates the community. The first phase of construction is scheduled for completion in 2020.

October 3, 2019

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures Sale, Financing of New Multifamily Property in Panama City Beach

by Alex Tostado October 3, 2019

PANAMA CITY BEACH, FLA. — Berkadia has arranged the sale of Vantage at Panama City Beach, a 288-unit, garden-style multifamily community. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, business center, internet café, swimming pool, covered pool lounge, outdoor grills, picnic areas, large and small breed dog parks, dog wash facilities, a 24-hour fitness center and 24-hour concierge. The property was built in 2018 and is three miles from the beach. David Etchison and Cole Whitaker of Berkadia represented the seller, Vantage Communities, in the transaction. The sales price was not disclosed, but Mitch Sinberg and Matthew Robbins of Berkadia originated a $42.6 million acquisition loan on behalf of the buyer, Cardone Capital. The Freddie Mac loan features a 10-year term with a fixed interest rate and five years of interest-only payments.

October 3, 2019

Loans Multifamily Texas

Ready Capital Provides $12.5M Bridge Loan for Dallas Multifamily Property

by Taylor Williams October 3, 2019

DALLAS — Ready Capital has provided a $12.5 million bridge loan for the acquisition, renovation and stabilization of a 144-unit multifamily property located in the Lake Highland submarket of Dallas. Upon acquisition, the sponsor will implement a capital improvement plan and renovate existing units to maximize net operating income and increase property value. Ready Capital closed the non-recourse, fixed-rate loan, which featured a 60-month term, declining prepayment and a facility to provide future funding for the capital expenditures.

October 3, 2019

Loans Massachusetts Northeast Office

EagleBridge Secures $5.2M Acquisition Loan for Office Building in Marlborough, Massachusetts

by Alex Patton October 2, 2019

MARLBOROUGH, MASS. — EagleBridge Capital has secured a $5.2 million acquisition loan for 33 Locke Drive, a 61,177-square-foot office building in Marlborough, located approximately 25 miles west of Boston. A regional financial institution provided the loan for an undisclosed borrower to purchase the two-story office building. At the time of the loan closing, the property was 95 percent occupied by tenants including Astellas Institute for Regenerative Medicine and Communication Technology Services. Ted Sidel of EagleBridge secured the loan.

October 2, 2019

Development Florida Loans Multifamily Southeast

Lotus Capital Arranges $100M Construction Loan for Residential Tower in South Florida

by Alex Tostado October 2, 2019

HALLANDALE BEACH, FLA. — Lotus Capital has arranged a $100 million construction loan for SLS Residence, a planned 250-unit residential tower in Hallandale Beach. Related Fund Management provided the five-year loan to the developer, Connecticut-based PPG Development. The 26-story building will be a part of a 150-acre project that will include SLS Hotel, tennis courts, a marina and a Greg Norman-designed golf course. The borrower expects to complete the multifamily units in late 2021.

October 2, 2019

Connecticut Development Loans Mixed-Use Northeast

JLL Arranges $97.5M Construction Loan for Mixed-Use Project in Stamford, Connecticut

by Alex Patton October 1, 2019

STAMFORD, CONN. — JLL has arranged a $97.5 million construction loan for the development of the second phase of Atlantic Station, a mixed-use project in Stamford, located approximately 35 miles northeast of New York City. Bank OZK provided the floating-rate loan. The first phase of Atlantic Station was completed in 2018 and comprised 325 rental units, 321 parking spaces and 16,000 square feet of retail space. The second phase will include 325 condominium units, approximately 48,000 square feet of retail space and a 534-space parking garage. Mike Tepedino, Michael Gigliotti and Scott Findlay of JLL arranged the loan on behalf of the developer and borrower, RXR Realty. Construction of Phase II is slated for completion by 2021.

October 1, 2019

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