Loans

Ziegler Arranges $91.9M Bond Refinancing for Seniors Housing Community in Dallas

by Taylor Williams October 24, 2018

DALLAS — Ziegler has arranged $91.9 million in tax-exempt bond financing for Presbyterian Village North, a 63-acre, nonprofit continuing care retirement community (CCRC) in Dallas. The campus is spread across 89 buildings featuring a total of 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds. Proceeds of the bonds, along with trustee funds on hand were used to refund all outstanding debt, finance a project fund for pre-finance costs related to a future expansion, fund a debt service reserve and pay costs of issuance.

October 24, 2018

Acquisitions California Industrial Loans Western

CIT Arranges $50M Acquisition Financing for Six-Property Industrial Portfolio in San Diego

by Amy Works October 24, 2018

SAN DIEGO — CIT Group’s Real Estate Finance division has arranged $50 million in financing for the acquisition of a six-property industrial portfolio in San Diego’s Otay Mesa submarket. BKM Capital Partners purchased the assets, which total 14 buildings and 703,215 square feet, from Stockbridge Capital Group for an undisclosed price. Cushman & Wakefield represented the seller in the transaction. The light industrial multi-tenant properties offer access to major transportation routes and the border crossing to Mexico. At the time of sale, the portfolio was 97 percent occupied by a diverse range of 44 tenants. The properties are: Border Point Business Park at 6754, 6744 and 6794 Calle De Linea San Diego International Center at 883 Siempre Viva Road Faraday Industrial Park at 2325, 2345, 2365, 2375 Michael Faraday Drive and 2350 Marconi Place Otay Business Center at 6987 and 6995 Calle De Linea Frontera Business Center at 2695 Customhouse Court Otay Crossing Business Park at 2340 Enrico Fermi Drive and 10025 Siempre Viva Road

October 24, 2018

California Loans Multifamily Seniors Housing Western

CBRE Provides $32M Acquisition Financing for 200-Unit Seniors Housing Community in Fresno, California

by Amy Works October 24, 2018

FRESNO, CALIF. — CBRE has provided $32 million in Freddie Mac financing for the acquisition of The Windham Senior Living, a 200-unit independent living and assisted living community in Fresno’s affluent Woodward Park neighborhood. The borrower is The Reliant Group, which plans to make capital improvements and bring in Cadence Senior Living to operate the community under a third-party management agreement. The property is situated on a 10.2-acre parcel and consists of a main three-story building and six one-story buildings featuring 30 cottages each. The CBRE team involved in the financing includes Aron Will and Austin Sacco of CBRE National Senior Housing, as well as Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group. The 10-year, fixed-rate, Green Advantage loan features 72 months of interest-only payments. This transaction represents one of the first Freddie Mac Green Advantage loans closed in the seniors housing space.

October 24, 2018

Florida Loans Multifamily Southeast

Eyzenberg & Co. Arranges Capital for Acquisition of Apartment Community Near Miami

by Amy Works October 24, 2018

MIAMI GARDENS, FLA. — Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative investment manager based in Denver, for the value-add opportunity. Additionally, Eyzenberg & Co. helped to structure $25.4 million in Freddie Mac financing that capitalized the acquisition. The buyers plan to add a swimming pool and renovate the individuals units at the property, which was built in 1972. Additional onsite community amenities include a fitness center, laundry facilities, a grill and picnic area and business center.

October 24, 2018

Industrial Loans New Jersey Northeast

CBRE Arranges $19.5M Refinancing for Industrial Property in South Brunswick, New Jersey

by David Cohen October 23, 2018

SOUTH BRUNSWICK, N.J. — CBRE has arranged a $19.5 million refinancing for a soon to be completed 305,598-square-foot industrial facility in South Brunswick. Located at 2270 Route 130, the property has been leased to regional last-mile delivery company Lasership. James Gunning, Donna Falzarano and Kyle Saviano of CBRE arranged the loan on behalf of borrower, 2270 Route 130 LLC. The lender was undisclosed. The building features 40-foot clear heights, 46 dock doors and 68 trailer parking spaces.

October 23, 2018

Loans Midwest Multifamily Ohio

KeyBank Provides $39.4M for Redevelopment of Apartment Property in Cleveland

by Kristin Harlow October 23, 2018

CLEVELAND — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan. The 12-story, high-rise building was originally constructed in 1924 as a hotel and later converted into apartment units in 1964, with renovations in 2008 and 2010. The 198-unit apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract will provide rental assistance for 144 units for tenants earning between 30 to 60 percent of the area median income. Rehabilitation plans call for the replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors. Jeff Rodman, Kelly Frank and Victoria O’Brien of KeyBank originated the financing. Ohio Housing Finance Agency, the city of Cleveland and The Community Builders were financing partners.

October 23, 2018

Development Industrial Loans South Carolina Southeast

Courtland Group Receives $19.5M Loan, JV Equity for 436,800 SF Warehouse Development in Upstate South Carolina

by Amy Works October 23, 2018

SPARTANBURG, S.C. — Courtland Group has received $19.5 million in construction financing, as well as joint venture equity from JDI Realty, for the development of Fort Prince Distribution Center, a bulk industrial warehouse building in Spartanburg. Travis Anderson, Chris Norvell, Cory Fowler, Trent Niederberger and Patrick Nally of HFF arranged the joint venture equity and placed the five-year construction loan with CrossHarbor Capital Partners on behalf of Courtland Group. The 436,800-square-foot Fort Prince Distribution Center will feature 36-foot clear heights, 66 dock doors and two automatic drive-in doors in a cross-dock configuration. Situated on 56 acres in the city’s West Side industrial submarket, the property’s location offers access to interstate 85 and 26, enabling tenants to reach more than 95 million consumers within a day’s drive and direct interstate access to import/export goods through the Port of Charleston.

October 23, 2018

Arkansas Loans Multifamily Southeast

Hunt Real Estate Capital Funds $9M Green Acquisition Loan for Multifamily Property in Arkansas

by Amy Works October 23, 2018

JONESBORO, ARK. — Hunt Real Estate Capital has provided a $9 million Fannie Mae conventional loan for the acquisition of Stadium Place Apartments, a 200-unit multifamily property located at 3719 Stadium Blvd. in Jonesboro. Chad Thomas Hagwood led the Hunt Real Estate Capital team that closed the financing. Built in 2000, Stadium Place comprises 10 three-story garden-style buildings on a 10.4-acre site. Totaling 179,880 square feet of rentable area, the property offers a mix of one-, two- and three-bedroom layouts. Onsite community amenities include a fitness center, swimming pool, playground, basketball court, grilling stations and a large open green space. Loan terms include a 75 percent, 12-year Green Rewards loan with four years of interest-only payments. As per terms of the Green Rewards loan, the undisclosed borrower will implement efficiency upgrades within 12 months of loan closing. With this property, most of the efficiency upgrades will take the form of water savings.

October 23, 2018

Acquisitions Florida Loans Mixed-Use Retail Southeast

Berkadia Secures $46.9M Acquisition Loan for Mixed-Use Development in Miami

by Amy Works October 22, 2018

MIAMI — Berkadia has arranged a $46.9 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development located 7250 N. Kendall Drive in Miami. Brad Williamson and Mitch Sinberg of Berkadia secured the financing for the borrower, Midtown Capital Partners, a real estate investment and asset management firm led by Alejandro Velez and Alexander Saieh. A life company originated an initial $44.5 million loan with a $2.4 million earnout. The 10-year loan was secured with five years interest-only payments and a interest rate with no prepayment after seven years. Built in 2008 and renovated in 2015, the property consists of 126,133 square feet of ground-floor retail space occupied by a mix of national, regional and local tenants, 416 condo units and more than 500 parking space in seven buildings. At the time of sale, the retail portion of the property was 97 percent leased. Tenants include West Elm, Chili’s Bar & Grill, Men’s Wearhouse, Club Champion, Orangetheory Fitness, Paul Mitchell, The Brass Tap, Pubbelly Sushi, Harry’s, Ghee, Erba, Barley and The Brick.

October 22, 2018

Development Loans Mixed-Use New York Northeast

Madison Realty Capital Originates $36.1M Construction Loan for Mixed-Use Development in Upper West Side

by David Cohen October 19, 2018

NEW YORK CITY — Madison Realty Capital has provided a $36.1 million construction loan for a mixed-use development in the Upper West Side neighborhood of Manhattan. Located at 214 W. 72nd St., a vacant, five-story building currently occupies the property. The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000-square-foot mixed-use project on the site that will include both residential and retail uses.

October 19, 2018

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