Loans

Walker & Dunlop Secures $24.8M Construction Loan for Seniors Housing Complex in Michigan

by Kristin Harlow January 16, 2019

WYOMING, MICH. — Walker & Dunlop Inc. has secured a $24.8 million loan for the construction of Traditions at Rivertown, a seniors housing complex in Wyoming, just south of Grand Rapids. The 150-unit property will include independent living, assisted living and memory care units. Slated for completion in November, the property will feature a library, bar, theater, fitness center, coffee bar, lounge and underground parking. Benjamin Krosin, Jeff Schmidt, Tim Cotter and Russell Dey of Walker & Dunlop partnered with Kari Zapolski of Inner Circle Holdings to structure the five-year loan with three years of interest-only payments. A regional bank provided the loan on behalf of the borrower, Redstone Group Management Inc.

January 16, 2019

Loans Office Southeast Virginia

Square Mile Capital Provides $36M Acquisition Loan to Meridian Group for Office Building in Arlington

by Alex Tostado January 15, 2019

ARLINGTON, VA. — Square Mile Capital Management LLC has provided a $36 million loan to The Meridian Group for the acquisition of a five-story office building situated in Arlington’s Courthouse District. The office building is located at 2500 Wilson Blvd., about five miles north of Ronald Reagan Washington National Airport and about four miles west of downtown Washington, D.C. The loan also includes funds for capital improvement and leasing plans. Joe Donato and Kassi Sardidakis of Newmark Knight Frank arranged the financing.

January 15, 2019

Arkansas Loans Multifamily Southeast

Dougherty Mortgage Provides $22.8M Fannie Mae Loan for Multifamily Property in Little Rock

by Alex Tostado January 15, 2019

LITTLE ROCK, ARK. — Dougherty Mortgage LLC has provided a $22.8 million Fannie Mae refinancing loan to Bowman Pointe LLC for Phase II of Bowman Pointe in Little Rock. The second phase of Bowman Pointe will comprise 202 units. The loan features a 10-year term and a 30-year amortization. The borrower plans to build Bowman Pointe in three separate phases.

January 15, 2019

Loans Multifamily New Jersey Northeast

HFF Arranges $70M Refinancing for Apartment Community in Harrison, New Jersey

by David Cohen January 15, 2019

HARRISON, N.J. — HFF has arranged a $70 million loan to refinance Steel Works, a recently completed, 286-unit apartment community in Harrison. Located at 1200 Frank E. Rodgers Boulevard South, the five-story property is currently 96 percent occupied and consists of a mix of studio, one- and two-bedroom floor plans. Amenities include an outdoor swimming pool with sundeck, fitness center, resident clubroom, dog park and electric car charging stations. Greg Nalbandian and Jim Cadranell of HFF secured financing for the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure a 10-year, fixed-rate loan through an institutional lender. Loan proceeds were used to retire existing construction financing.

January 15, 2019

Loans Office Texas

New York Life Provides $44.5M Bridge Loan for Houston Office Property

by Taylor Williams January 15, 2019

HOUSTON — New York Life Real Estate Investors has provided a $44.5 million bridge loan for 515 Post Oak, a 274,848-square-foot, 12-story office property located in the Galleria area of Houston. The Class A property, which offers access to Interstates 610 and 69, was renovated in 2012 and includes a four-story parking garage, fitness center and a full-service deli. Proceeds will be used to meet the lease-up objectives of the owner and borrower, Spear Street Capital. Other loan terms were not disclosed.

January 15, 2019

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $20.9M Construction Loan for Seniors Housing Apartment Complex in West St. Paul

by Kristin Harlow January 15, 2019

WEST ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $20.9 million HUD-insured loan for the construction of Darts Senior Apartments, a 172-unit affordable seniors housing property in West St. Paul. All units will be restricted to persons age 62 and older who earn up to 60 percent of the area median income. Dougherty arranged the 40-year loan on behalf of the borrower, WSP Senior Housing I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of low-income housing tax credits and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program. Dougherty & Co. LLC also underwrote tax-exempt bonds for the development, which is expected to open in summer 2020.

January 15, 2019

Illinois Loans Midwest Retail

Cushman & Wakefield Arranges $12M Refinancing for Retail Property in Naperville, Illinois

by Kristin Harlow January 15, 2019

NAPERVILLE, ILL. — Cushman & Wakefield has arranged a $12 million loan for the refinancing of River Square in Naperville. The 58,677-square-foot retail property, located at 22 E. Chicago Ave., is 96 percent leased. Jeffrey Cohen of Cushman & Wakefield arranged the fixed-rate loan on behalf of Clarion Partners and a large overseas pension fund. Voya Investment Management provided the loan. NARE, a local real estate investor, sold the property to Clarion in October 2018.

January 15, 2019

California Loans Retail Western

HFF Arranges $160M in Refinancing for Rodeo Drive Retail Property in Beverly Hills

by Amy Works January 14, 2019

BEVERLY HILLS, CALIF. — HFF has secured $160 million, or $5,691 per square foot, in refinancing for a high-street retail property located at 338-346 N. Rodeo Drive in Beverly Hills. Tom Ford, Bally and Balenciaga occupy the two-story, 28,114-square-foot retail property, which is situated on the premier 300 block and across street from the flagship Gucci store. Marc Schillinger led the HFF team that arranged the 10-year, fixed-rate loan through an entity managed by an affiliate of Apollo Global Management for the borrower, a private owner.

January 14, 2019

Acquisitions Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $24.5M Financing for Acquisition, Renovation of Affordable Housing Communities

by David Cohen January 14, 2019

NEW YORK CITY — KeyBank Community Development Lending and Investment (CDLI) has provided $24.5 million in financing for the acquisition and renovation of Highbridge Franklin and Twin Parks West, two New York City Housing Authority (NYCHA) properties in the Bronx. Together, the two properties total 647 units of permanent affordable housing. Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program. KeyBank provided the financing to borrower Gilbane Development Co. Terms of the financing were not disclosed.

January 14, 2019

Loans New Jersey Northeast Office

Cronheim Mortgage Secures $11.5M Refinancing for Office Portfolio in New Jersey

by David Cohen January 14, 2019

SOUTH PLAINFIELD, N.J. — Cronheim Mortgage has secured an $11.5 million loan to refinance a four-building office portfolio within the Middlesex Business Center in South Plainfield. The fully leased portfolio totals 150,192 square feet. Cronheim secured the 10-year, fixed-rate loan on behalf of borrower National Realty and Development Corp. The lender was Farm Bureau Life Insurance Co. Middlesex Business Center is a 420,000-square-foot office and industrial complex in South Plainfield.

January 14, 2019

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