Loans

HFF Places Loan for Refinancing of 717-Bed Student Housing Property in Houston

by Taylor Williams May 21, 2019

HOUSTON — HFF has placed a loan for the refinancing of Aspen Houston, a 717-bed student housing property located at 4971 Martin Luther King Blvd in Houston. The amount of the loan was not disclosed, but the financing was arranged as part of a $92 million package to refinance a student housing portfolio totaling 1,653 beds in Iowa, Texas and South Carolina. Doug Opalka, Casey Wenzel and Michael Johnson of HFF arranged the funds on behalf of the ownership, which is partnership between Austin-based developer Aspen Heights and global investment firm Safanad.

May 21, 2019

Loans Massachusetts Multifamily Property Type

American Street Capital Arranges $30.4M Refinancing for Apartment Building in Boston

by Taylor Williams May 21, 2019

BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.

May 21, 2019

Loans New York Northeast Retail

Cronheim Mortgage Places $30M in Permanent Financing for Retail Center in Pelham Manor, New York

by Taylor Williams May 21, 2019

PELHAM MANOR, N.Y. — New Jersey-based Cronheim Mortgage has placed $30 million in permanent financing for Post Road Plaza, a 257,593-square-foot regional shopping center in Pelham Manor, about 20 miles north of Manhattan. Transamerica Financial Life Insurance Co. provided the 15-year loan, which amortizes over 30 years. Post Road Plaza, which was built in the early 1960s, comprises a two-story primary retail strip, a one-story secondary strip and three outparcel buildings. A 75,000-square-foot Fairway supermarket anchors the property, which also houses a Dave & Buster’s, 24 Hour Fitness, HomeGoods, Lane Bryant, Smashburger and Sally Beauty Supply. The borrower was not disclosed.

May 21, 2019

Industrial Loans New York Northeast

Aries Capital Closes $6.5M CMBS Loan to Refinance Manufacturing Facility in Brooklyn

by Taylor Williams May 21, 2019

NEW YORK CITY — Aries Capital LLC, a Chicago-based commercial mortgage and investment banking firm, has closed a $6.5 million CMBS loan for the refinancing of a 16,500-square-foot manufacturing facility in Brooklyn. The property is located at 413 20th St. in the borough’s Greenwood Heights neighborhood and was fully leased at the time of sale to Sedona Marble & Granite, which is also a part owner of the building. Neil Freeman and Brandon Perdeck of Aries Capital handled the transaction on behalf of the borrower, New York-based TKS Development Group. The nonrecourse loan carried a 10-year term, 75 percent loan-to-value ratio and 30-year amortization schedule.

May 21, 2019

Florida Loans Multifamily Southeast

Berkadia Funds $79.5M Refinancing Loan for Apartment Community in South Florida

by Alex Tostado May 20, 2019

PALM BEACH GARDENS, FLA. — Berkadia has provided a $79.5 million Freddie Mac refinancing loan for Turnbury at Palm Beach Gardens, a 540-unit apartment community in Palm Beach Gardens. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated the seven-year, fixed-rate loan with three years of interest-only payments on behalf of Advenir at PGA LLC. Turnbury was built in 1974 and offers one-, two- and three-bedroom floor plans. Community amenities include three swimming pools, lounge furniture, an outdoor kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and a dog park.

May 20, 2019

Industrial Loans North Carolina South Carolina Southeast

KeyBank Provides $40M Acquisition Loan for Industrial Portfolio in Carolinas

by Alex Tostado May 20, 2019

CHARLOTTE, N.C. — KeyBank has provided a $40 million acquisition loan to Weston Inc. for the purchase of an industrial portfolio in North and South Carolina. Details on the individual facilities were not disclosed, but the portfolio spans five buildings, 1.5 million square feet, and is located in the Charlotte, Raleigh-Durham, Greenville and Augusta industrial markets. Weston is a privately owned company based in Cleveland that owns more than 13 million square feet of industrial space nationwide.

May 20, 2019

Berkeley-at-Waypointe-Norwalk-ConnecticutWaypointe-at-Berkeley-Norwalk-Connecticut

Connecticut Loans Multifamily Northeast

CBRE Arranges $53.5M Loan for Refinancing of Multifamily Assets in Norwalk, Connecticut

by Taylor Williams May 20, 2019

NORWALK, CONN. — CBRE has arranged a $53.5 million loan for the refinancing of The Berkeley at Waypoint and Quincy Lofts, two multifamily properties in Norwalk, located north of Stamford along the Connecticut coast. The Berkeley at Waypoint was built in 2017 and features 129 units in one- and two-bedroom formats. Quincy Lofts was constructed in 2016 and offers 69 loft-style units in one- and two-bedroom floor plans. Both properties were 95 percent occupied at the time of the loan closing, and 10 percent of the units in both properties are reserved for residents earning less than 80 percent of the area median income. Jason Gaccione, Shawn Rosenthal and Tom Didio of CBRE arranged the funds on behalf of the borrower, a joint venture between Alex Brown Realty Inc. and Belpointe Capital LLC. Los Angeles-based Thorofare Capital provided the financing.

May 20, 2019

Loans Multifamily New York Northeast Student Housing

Pebb Capital, TriArch Real Estate Receive $27.5M Loan for Student Housing Project in Manhattan

by Taylor Williams May 20, 2019

NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now invested in the project to the tune of $41.7 million.

May 20, 2019

Loans Multifamily Texas

Thorofare Capital Funds $24M Acquisition Loan for Multifamily Portfolio in San Antonio

by Taylor Williams May 17, 2019

SAN ANTONIO — Los Angeles-based Thorofare Capital has provided a $24 million acquisition loan for a portfolio of multifamily properties totaling 338 units in San Antonio. The five-year, nonrecourse loan features a floating interest rate, 75 percent loan-to-cost structure and flexible prepayment options. A portion of the proceeds will be used to fund expenditures for capital improvements. The borrower was not disclosed.

May 17, 2019

Loans Multifamily Texas

Arbor Provides $18.3M Fannie Mae Loan for Refinancing of Houston Apartments

by Taylor Williams May 17, 2019

HOUSTON — Arbor Realty Trust Inc. has provided an $18.3 million Fannie Mae loan for the refinancing of an undisclosed apartment community in Houston. The loan was sourced through Fannie Mae’s ARM 7-6 program, which allows borrowers to secure seven-year loans with floating interest rates with the option to be converted to fixed-rate loans. Matt Norman of Arbor’s Bloomington, Ind., office originated the loan on behalf of an undisclosed borrower.

May 17, 2019

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