Loans

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

Loans Multifamily New York Northeast

Merchants Capital Secures $51M Agency Construction Loan for New York City Homeless Shelter

by Taylor Williams June 6, 2019

NEW YORK — Mortgage banking firm Merchants Capital has secured $51 million in agency funding on behalf of Heights Advisors and Samaritan Daytop Village (SDV) for the permanent financing of 267 Rogers, a 165-unit property in New York City. The property offers transitional housing for homeless families. The Department of Homeless Services (DHS) has partnered with human services organization SDV on the project, which is located in the Crown Heights neighborhood. In addition to providing housing for these transitional families, 267 Rogers offers supportive services to all tenants, including employment and job readiness services, daily living workshops and personal financial management, plus education and child care assistance programs. The project was completed in 2018 and is fully occupied.

June 6, 2019

Florida Loans Mixed-Use Southeast

HFF Arranges $100M Construction Loan for Mixed-Use Development in Metro Miami

by Alex Tostado June 5, 2019

CORAL GABLES, FLA. — HFF has arranged a $100 million construction loan for the development of The Plaza Coral Gables, a mixed-use project in downtown Coral Gables. Developer Agave Holdings LLC will use the loan to finance the first of two phases of the project. Phase I will include a 14-story, 291,129-square-foot office building; 135 residential units; and 101,439 square feet of retail space. CallisonRTKL is designing the first phase to incorporate Fred B. Harnett Ponce Circle Park, which will add to the project’s outdoor space. At full buildout, the development will comprise a 242-room hotel and 222,541 square feet of rentable office, retail and living space. Manny de Zárraga, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of the borrower.

June 5, 2019

Illinois Loans Midwest Multifamily

Waterton Receives $171.2M Refinancing for 600-Unit Apartment Tower in Chicago

by Kristin Harlow June 5, 2019

CHICAGO — Waterton has received a $171.2 million loan for the refinancing of North Harbor Tower in Chicago’s Lakeshore East neighborhood. The 600-unit apartment building is located at 175 N. Harbor Drive adjacent to the six-acre Lakeshore East Park. Originally constructed in 1988, the 55-story tower comprises a mix of floor plans averaging 958 square feet. Community amenities include an indoor swimming pool, outdoor sundeck, 24-hour fitness center, party room and library. Stephen Skok, Stella Pappas and Gregory Napper of HFF arranged the seven-year, fixed-rate loan through Freddie Mac’s green advantage program. Waterton committed to reducing energy or water by at least 30 percent, with a minimum 15 percent in energy savings.

June 5, 2019

Colorado Loans Office Western

HFF Arranges $220M in Financing for 40-Story Office Tower in Denver

by Amy Works June 3, 2019

DENVER — HFF has secured $220 million in financing for 1144 15th Street, a 40-story, Class AA office tower in Denver. Eric Tupler of HFF worked on behalf of Hines and its equity partner to arrange a 17-year, fixed-rate permanent loan through a national life insurance company. Completed in 2018, the 673,852-square-foot core office tower features 5,770 square feet of ground-level retail space and 13 stories of parking for a total of 858 parking spaces. Current tenants include Gates Industrial Corp., Optiv Security Inc. and Faegra Baker Daniels. In 2015, HFF arranged construction financing for the project on behalf of Hines.

June 3, 2019

California Loans Multifamily Western

George Smith Partners Closes $128.1M Loan for 566-Unit Multifamily Property in Los Angeles

by Amy Works June 3, 2019

LOS ANGELES — George Smith Partners has secured $128.1 million in financing for Orsini II, an institutional-quality multifamily property in downtown Los Angeles. Gary Tenzer of George Smith Partners arranged the funding for the undisclosed borrower. The non-recourse, 10-year, fixed-rate, interest-only loan features a 4.24 percent interest rate and a 55 percent loan-to-value ratio. The new loan replaces a $115.2 million floating-rate loan that George Smith Partners secured for the property in 2016. The original loan had a remaining term of more than eight years and pre-payment penalties in place. Located at 550 N. Figueroa St. in downtown Los Angeles, Orsini II features a five-story residential portion offering a total of 566 units above a three-level parking garage.

June 3, 2019

Affordable Housing California Loans Multifamily Western

Greystone Provides $2.4M Refinancing for Affordable Housing Project in Southern California

by Amy Works June 3, 2019

VICTORVILLE, CALIF. — Greystone has funded a $2.4 million Fannie Mae loan for the refinancing of Hillcrest Court Apartments, an affordable housing property in Victorville. Cody Field of Greystone’s San Francisco office, in coordination with the Housing Authority of the County of San Bernardino, originated the transaction. The $2.4 million Fannie Mae loan carries a 30-year term at a fixed rate and is self-amortizing. The undisclosed borrower plans to use proceeds of the loan to recapitalize acquisition financing in conjunction with city financing sources.

June 3, 2019

Illinois Loans Midwest Multifamily

Berkadia Secures $34.3M Rehab Financing for Multifamily Portfolio in Rock Island, Illinois

by Kristin Harlow June 3, 2019

ROCK ISLAND, ILL. — Berkadia has secured $34.2 million in construction-to-permanent rehabilitation financing for a two-property multifamily portfolio in Rock Island. The properties include Heather Ridge and Century Woods. Renovation plans call for new flooring, windows, heating and cooling systems, cabinets, countertops and appliances. Rick Price, Gemma Geldmacher, Mark Vogel and Dan Geuther of Berkadia originated the two HUD 221(d)(4) loans on behalf of Cleveland-based Millennia Cos. The financing features a 40-year term and a 90 percent loan-to-value ratio.

June 3, 2019

Loans New York Northeast Office

PGIM Provides $200M Loan for Refinancing of Manhattan Office Building

by Taylor Williams June 3, 2019

NEW YORK CITY — PGIM Real Estate Finance has provided a $200 million loan for the refinancing of 315 Hudson Street in Manhattan. The 10-year, fixed-rate loan will be used to restructure existing debt and to fund the remaining costs of a capital improvements program that will upgrade the lobby, elevators, signage and other mechanical systems. The borrower was Jack Resnick & Sons. Standing 10 stories tall and spanning 484,000 square feet, 315 Hudson is located in the Hudson Square area of Lower Manhattan. PGIM Real Estate Finance, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business.

June 3, 2019

Loans New York Northeast Office

JLL Arranges $75M CMBS Loan for Refinancing of Office Building in New York City

by Taylor Williams June 3, 2019

NEW YORK CITY — JLL’s Capital Markets team has arranged a $75 million CMBS loan for the refinancing of 450-460 Park Avenue South, a 183,019-square-foot office building in the Midtown South neighborhood of Manhattan. Aaron Appel, Kellogg Gaines, Jackson Sastri and Matt Fagella of JLL placed the debt through Wells Fargo on behalf of the borrower, Moinian Group, which has owned the property for more than three decades. Coworking giant WeWork recently inked a deal to occupy space at the building, which was originally built in 1912 and was 95 percent leased at the time of the loan closing.

June 3, 2019

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