Loans

Grandbridge Arranges $34M Construction Loan for Seniors Housing Community in Pennsylvania

by Alex Patton September 9, 2019

LIMERICK, PA. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged a $34 million construction loan for Arcadia at Limerick Pointe, a seniors housing development in Limerick, approximately 30 miles northwest of Philadelphia. Vantage Pointe Retirement Living is the borrower. Upon completion, the property will feature 160 units of independent living, assisted living and memory care. BB&T provided the funds. The Grandbridge team leading the transaction included Richard Thomas, Meredith Davis and Kim Huffstutler.

September 9, 2019

Loans Retail Texas

Berkadia Secures $18.9M CMBS Financing for Two Retail Properties in Metro San Antonio, Dallas

by Taylor Williams September 6, 2019

GARLAND,TEXAS — Berkadia has arranged CMBS financing totaling $18.9 million for two retail properties near San Antonio and Dallas. The financing included a $15.4 million, 10-year loan that Argentic provided for Courtyard Plaza, a retail strip center located at 155 S. Interstate 35 in the San Antonio suburb of New Braunfels. The other deal was a 10-year, $3.5 million loan that Wells Fargo provided for Duck Creek Community Shopping Center, a retail center located at 5006 N. Jupiter Road in the Dallas suburb of Garland. Joseph Hevey Jr. of Berkadia’s Dallas office arranged the loans on behalf of the borrower, an affiliate of Dallas-based Retail Plazas Inc.

September 6, 2019

Affordable Housing Development Loans Multifamily Western

WNC Closes $210M in Institutional LIHTC Funds to Develop, Renovate More Than 1,900 Affordable Housing Units

by Amy Works September 6, 2019

IRVINE, CALIF. — WNC, a provider of investment, asset management and development services in the affordable housing industry, has closed two institutional Low-Income Housing Tax Credit (LIHTC) funds. WNC Institutional Tax Credit Fund 47 (WNC Corp. 47) and WNC Institutional Tax Credit Fund 10 California Series 17 (CA 17) total approximately $210 million in equity. Together, the equity from the funds will be used to develop and renovate more than 1,900 affordable housing units in the United States. WNC Corp. 47 raised $134.6 million in equity, and CA 17 raised $75.5 million. The closure of the funds brings Irvine-based WNC’s total equity raised since inception to approximately $5.2 billion. The properties that will be funded are located in Arkansas, California, Colorado, Connecticut, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Virginia and Wyoming. The assets will include multifamily and seniors housing projects in urban, suburban and rural areas. One project of note is Mason Square Apartments II in Springfield, Mass., which is an adaptive reuse of two historic buildings — the former Indian Motorcycle manufacturing mill complex constructed in 1890 and the Masson Square Fire House, originally constructed in 1920. Another notable project is Park West Estates in Los Angeles County, Calif. …

September 6, 2019

Illinois Loans Midwest Retail

NorthMarq Arranges $8.4M Refinancing of Retail Center Near St. Louis

by Kristin Harlow September 6, 2019

ALTON, ILL. — NorthMarq has arranged an $8.4 million loan for the refinancing of Alton Corners Shopping Center in Alton, about 15 miles north of St. Louis. The 50,063-square-foot retail center is located at 309-319 Horner M Adams Parkway. Tenants include Office Depot, Mattress Firm, Firehouse Subs and Applebee’s. Susan Branscome of NorthMarq arranged the loan, which features an 80 percent loan-to-value ratio, with a regional bank.

September 6, 2019

Acquisitions Loans Louisiana Multifamily Southeast

Cohen Financial Provides $21.9M Acquisition Loan for Multifamily Property in Lafayette, Louisiana

by Alex Tostado September 5, 2019

LAFAYETTE, LA. — Cohen Financial has provided a $21.9 million Freddie Mac acquisition loan for La Veranda, a 220-unit multifamily community in Lafayette. The borrower is an affiliate of Waypoint Residential LLC. La Veranda was built in 2016 and offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, game room, outdoor fireplace, pet park and a rooftop lounge. The seller was not disclosed.

September 5, 2019

Loans Multifamily Texas

NXT Capital Provides $18M Acquisition Loan for Houston Apartment Community

by John Nelson September 5, 2019

HOUSTON — NXT Capital has provided an $18 million acquisition loan for an undisclosed apartment community in Houston. The Class B property spans 228 units and features a detached clubhouse with a business center, conference room, community kitchen, fitness center, detached garages, barbecue grills, dog park and a swimming pool with a sun deck. Mark Grace and Alex Koos of Walker & Dunlop’s Irvine, Calif., office arranged the three-year loan with NXT Capital on behalf of the borrower, Haven Realty Capital. The loan features two one-year extension options.

September 5, 2019

Loans Multifamily Washington Western

Knighthead Funding Provides $29.8M in Financing for Two Seattle Apartment Properties

by Amy Works September 5, 2019

SEATTLE — Knighthead Funding has originated two separate loans totaling $29.8 million in first mortgage debt structured by a micro-unit apartment asset and a student housing property in Seattle. In the first financing, Knighthead provided an affiliate of Barcelo Homes with a $25.2 million loan secured by a 178-unit micro studio apartment project in Seattle’s Roosevelt neighborhood. Community amenities include a courtyard, lounge, fitness center, rooftop deck, bike storage, common laundry area and controlled access entry. The financing takes out the existing construction loan. Additionally, Knighthead provided a $4.6 million loan to Vekst Development. The loan was secured by a new 28-unit studio apartment development located four blocks from the University of Washington. The financing will allow the sponsor to complete a rooftop deck and list items on the newly constructed four-story building.

September 5, 2019

Florida Loans Multifamily Southeast

SunTrust Provides Two Refinancing Loans Totaling $94.8M for Apartment Complexes in Florida

by Alex Tostado September 4, 2019

DESTIN AND NAPLES, FLA. — SunTrust Bank has provided two Fannie Mae Green refinancing loans for apartment complexes in Florida. The first loan was a $48.5 million refinancing for The Preserve at Henderson in Destin. The 10-year loan features nine years of interest-only payments followed by a 30-year amortization schedule. The 340-unit property is located at 4131 Commons Drive W., near Elgins Air Force Base and the beach. The Preserve was built in 2009 and offers one- through three-bedroom floor plans. The community was 97 percent occupied at the time of sale. The second loan was for ARIUM Gulfshore in Naples. SunTrust originated the $46.3 million, 10-year loan, which features three years of interest-only payments followed by a 30-year amortization schedule. ARIUM Gulfshore was built in 1986 and is under renovation. The property offers one- and two-bedroom floor plans. The borrower was an undisclosed REIT.

September 4, 2019

Loans Mixed-Use New York Northeast

ACRES Capital Provides $35M Construction Loan for Mixed-Use Property in Long Island

by Alex Patton September 4, 2019

LONG ISLAND CITY, N.Y. — ACRES Capital Corp., a New York-based lender, has provided a $35 million construction loan for 23-20 Jackson Avenue, an 82,000-square-foot mixed-use project located in Long Island City. Local real estate developer VOREA Group was the borrower. Designed by Oklahoma-based KSQ Architects, the property will feature retail across the ground floor and basement, two floors of office space and six floors of hospitality space. Marko J. Kazanjian of JLL arranged the loan, which carries a term of 24 months.

September 4, 2019

Illinois Loans Midwest Multifamily

Capital One Provides $7.5M Refinancing for Apartment Building in Chicago

by Kristin Harlow September 4, 2019

CHICAGO — Capital One has provided a $7.5 million Freddie Mac small balance loan for the refinancing of a 17-unit apartment building in Chicago’s Wicker Park neighborhood. The borrower, Saxony Capital, purchased the property in January 2018 and renovated it with new appliances, flooring and cabinets. The company also added nine new units and modernized the street-level retail space. Vincent Punzi of Capital One originated the 20-year loan, which features a fixed rate for the initial five years and a floating rate thereafter. The loan also features interest-only payments during the first five years followed by a 30-year amortization schedule.

September 4, 2019

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