Loans

JLL Arranges Refinancing of 443,549 SF Two CityWestPlace Office Tower in Houston

by Taylor Williams April 1, 2020

HOUSTON — JLL has arranged a loan for the refinancing of Two CityWestPlace, a 443,549-square-foot office tower located in Houston’s Westchase neighborhood. The building is situated within the 29-acre CityWestPlace complex, which offers amenities such as conference space, a dry cleaner, salon, dentist, car detailing and auto service, multiple food and beverage options, two fitness centers, jogging track, soccer field, basketball court, sand volleyball and bocce ball courts. Susan Hill, Jett Lucia and Sherri Rollins of JLL arranged the five-year, floating-rate loan through Regions Bank and Citizens Bank on behalf of the borrower, Parkway.

April 1, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $6.5M Refinancing for Affordable Housing Property in Minnesota

by Kristin Harlow April 1, 2020

STILLWATER, MINN. — Dougherty Mortgage LLC has provided a $6.5 million Fannie Mae loan for the refinancing of Long Lake Villas in Stillwater, about 25 miles east of Minneapolis. The 59-unit affordable housing property consists of 10 buildings. The 12-year loan features a 30-year amortization schedule. Long Lake Villa LP was the borrower.

April 1, 2020

Loans Midwest Multifamily Nebraska

NorthMarq Secures $13M Refinancing for Apartment Complex in Omaha

by Kristin Harlow March 31, 2020

OMAHA, NEB. — NorthMarq has secured a $13 million loan for the refinancing of Ontario Place Apartments in Omaha. The 156-unit apartment complex is located at 7325 Ontario St. Amenities include a pool, clubhouse, fitness center and business center. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan, which features a fixed rate of 3.32 percent.

March 31, 2020

Development Loans Louisiana Multifamily Southeast

Greystone Provides $25.3M HUD Construction Loan for Multifamily Community in Youngsville, Louisiana

by Alex Tostado March 30, 2020

YOUNGSVILLE, LA. — Greystone has provided a $25.3 million HUD 221(d)(4) loan for the construction of Sugar Mill Villas Apartments, a planned 164-unit multifamily community in Youngsville. The non-recourse, fixed-rate loan will fund 85 percent of the project. The loan will automatically convert to a 40-year, fully amortizing permanent loan upon stabilization. The community will be situated at 1931 Chemin Metairie Parkway, within the master-planned Sugar Mill Pond neighborhood. Sugar Mill Villas will also be located near the Youngsville Sports Complex, a $20 million, 70-acre development. A timeline for construction of Sugar Mill Villas was not disclosed. The borrower was also not disclosed.

March 30, 2020

Connecticut Loans Northeast Retail

ABS Altman Warwick Arranges $15.2M Refinancing Loan for Retail Center in Hartford, Connecticut

by Alex Patton March 30, 2020

HARTFORD, CONN. — ABS Altman Warwick, a division of ABS Partners Real Estate, has arranged a $15.2 million permanent refinancing loan for Charter Oak Marketplace, a 309,800-square-foot shopping center located in Hartford. An undisclosed direct lender provided the seven-year, nonrecourse loan, which features a fixed interest rate of 3.5 percent. Walmart anchors the shopping center along with tenants including Marshall’s and Dollar Tree, as well as several restaurants. The borrower was Paramount Realty. Morris Dweck of ABS Altman Warwick originated the loan.

March 30, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Provides $15.9M HUD Loan for Affordable Seniors Housing Community in Minneapolis

by Kristin Harlow March 30, 2020

MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable seniors housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a project-based Section 8 HAP contract. Under this program, the rents are subsidized by HUD. The borrower is Trinity Limited Partnership. The property will receive $6.7 million in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co., an affiliate of Dougherty Mortgage, underwrote the bonds. This is the second transaction to close under the new HUD 221(d)(4) pilot program through Minneapolis. The term is 40 years plus construction period with a 40-year amortization.

March 30, 2020

Loans Multifamily Oregon Seniors Housing Western

Carnegie Capital Secures $7.4M Refinancing for Memory Care Community in Oregon

by Amy Works March 30, 2020

EUGENE, ORE. — Carnegie Capital has arranged a $7.4 million refinancing for a 60-unit memory care community in Eugene. The cash-out refinancing represents a 75 percent loan-to-value ratio, and bears an interest rate of 5.55 percent for three years. Residents at the community are approximately half private pay and half Medicaid. The borrower is a regional owner-operator. The lenders are a national bank and a private lender.

March 30, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $17.5M Construction Loan for Apartment Project in New Jersey

by Alex Patton March 27, 2020

MORRISTOWN, N.J. — JLL has arranged a $17.5 million construction loan for the development of The Rail at Red Bank, a 57-unit, Class A apartment development in Red Bank, located approximately 45 miles southeast of New York City. Provident Bank provided the 30-month, floating-rate construction loan, as well as a 10-year permanent loan. The borrower, Denholtz Properties, is currently developing the property, which will include 6,500 square feet of retail space, a 147-space parking garage and a fitness center. The property is positioned at 116-118 Chestnut Street, adjacent to the Red Bank Train Station. Construction is slated for completion later this year. Jon Mikula, Michael Klein and Andrew Zilenziger arranged the loan.

March 27, 2020

Indiana Loans Midwest Minnesota Retail

NorthMarq Arranges $23.1M in Financing for Two Retail Properties in Minnesota, Indiana

by Kristin Harlow March 27, 2020

ST. LOUIS PARK, MINN. AND FISHERS, IND. — NorthMarq has arranged two separate loans with different life insurance companies for two retail properties in Minnesota and Indiana. First, NorthMarq arranged an $18.3 million acquisition loan for Park Place Plaza in St. Louis Park. The 87,975-square-foot property consists of four multi-tenant retail buildings. The center was fully leased at the time of closing. Major tenants include PetSmart and Office Depot. The 10-year loan features a 25-year amortization schedule. The second loan totaled $4.8 million for the refinancing of Fishers Gateway Shops in Fishers. The 21,330-square-foot neighborhood shopping center, located at 9001 E. 116th St., was also fully leased at the time of closing. The 10-year loan features a 25-year amortization schedule. David Garfinkel of NorthMarq arranged both loans. He also secured a $19.5 million acquisition loan for a property in Washington on behalf of the same borrower.

March 27, 2020

Loans Multifamily New York Northeast

ABS Arranges $13M Refinancing Loan for Apartment Building in Manhattan

by Alex Patton March 26, 2020

NEW YORK CITY — ABS Altman Warwick, a division of ABS Partners Real Estate, has arranged a $13 million refinancing loan for an apartment building in Manhattan. An undisclosed life insurance company provided the nonrecourse loan, which features interest-only payments for 10 years. Located at 232 East 12th St., the 10-story building includes 68 apartment units and also houses two medical offices on the ground floor. Morris Dweck of ABS arranged the loan on behalf of the borrower, Capri Apartments LLC.

March 26, 2020

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