Loans

NKF Capital Markets Arranges $57M Construction Financing for Walker Hotel Tribeca

by David Cohen October 8, 2018

NEW YORK CITY — NKF Capital Markets has arranged a $57 million construction loan for the Walker Hotel Tribeca, a 171-room hotel in the Tribeca neighborhood of Manhattan. The borrower, Bridgeton Holdings, is converting the 10-story former office building into a hotel. The lender was BoI Federal. The property will be Bridgeton’s second Walker Hotel in New York City, with the first in Greenwich Village. The hotel will include a Blue Bottle Coffee on the ground floor as well as a speakeasy bar in the cellar.

October 8, 2018

Loans Multifamily Texas

Hunt Provides $35M Bridge Loan for Apartment Community in Dallas

by Taylor Williams October 8, 2018

DALLAS — Hunt Real Estate Capital has provided a $35 million bridge loan for the acquisition of Park Ninety Six 90, a 506-unit multifamily community in Dallas. The property offers studio, one-, two- and three-bedroom units and amenities such as three pools, a resident lounge, fitness center, playgrounds, dog parks and outdoor grilling areas. A portion of the proceeds will be used to renovate select unit interiors and to make exterior upgrades. The borrower was a joint venture between California-based Concord Real Estate and New York-based Sun Equity Partners.

October 8, 2018

Industrial Loans Washington Western

iBorrow Provides $10.2M Loan for Industrial Building in Metro Seattle

by Amy Works October 8, 2018

ARLINGTON, WASH. — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $10.2 million loan for an industrial building in Arlington, approximately 45 miles north of Seattle. The borrower group plans to use the proceeds to fund the value-add component of the property. The 244,590-square-foot property, which features 16,108 square feet of office space, was 84 percent leased at the time of financing.

October 8, 2018

Illinois Loans Midwest Multifamily

ASC Arranges $3.8M Acquisition Loan for Multifamily Complex in Hanover Park, Illinois

by Kristin Harlow October 8, 2018

HANOVER PARK, ILL. — American Street Capital (ASC) has arranged a $3.8 million acquisition loan for a 64-unit multifamily complex in Hanover Park, a suburb of Chicago. Built in 1962, the property features four 16-unit buildings. Floor plans are all two-bedroom units. Igor Zhizhin of ASC arranged a 20-year, non-recourse loan that features a 30-year amortization schedule. A correspondent agency lender provided the loan.

October 8, 2018

Development Loans Multifamily New York Northeast

NKF Capital Markets Arranges $66M Mezzanine Loan for 60-Story Condominium Tower in Manhattan

by David Cohen October 5, 2018

NEW YORK CITY — NKF Capital Markets has arranged a $66 million mezzanine loan for 1 Seaport, a 60-story, 98-unit luxury condominium tower in the Financial District of Manhattan. Dustin Stolly, Jordan Roeschlaub and Nick Scribani of NKF Capital Markets secured financing on behalf of borrower Fortis Property Group through lender Mack Real Estate. The property features two floors of amenities, including a hydrotherapy area and pool that spans the entire 30th floor, as well as a Spa with 360-degree views of Manhattan. The anticipated sellout of the building exceeds $275 million.

October 5, 2018

Development Hospitality Loans Southeast Tennessee

Goldman Sachs, Lionheart Strategic Management Provide $133M Construction Financing for W Hotel in Nashville’s Gulch District

by Amy Works October 5, 2018

NASHVILLE, TENN. — Goldman Sachs and Lionheart Strategic Management have provided senior and mezzanine financing totaling $133 million for the ground-up construction of a W-branded hotel in Nashville’s Gulch neighborhood. Magellan Development, Corner Partnership and Hospitality Gaming Advisors are developing the 346-room hotel. The senior and mezzanine financing will have co-terminus initial terms of three years. The financing closed in mid-September.

October 5, 2018

Loans Mississippi Multifamily Southeast

MLK Real Estate Capital Secures $6.3M in Financing for Multifamily Property in Hattiesburg, Mississippi

by Amy Works October 5, 2018

HATTIESBURG, MISS. — MLK Real Estate Capital has arranged $6.3 million in permanent financing on behalf of Keystone Equities LLC for the value-add acquisition of Villa Trace Apartments, the first acquisition for the New York-based investor. Located at 3 Courtland Drive in Hattiesburg, the 114-unit, garden-style property was built in 2003. Ryan Goldstein of MLK originated the deal, while MLK’s Ryan Carlson executed the financing transaction.

October 5, 2018

Industrial Loans Washington Western

KeyBank Arranges $60M in Financing for 11 Industrial Buildings in Seattle

by Amy Works October 5, 2018

SEATTLE — KeyBank Real Estate Capital has secured a $60 million first-mortgage loan for SoDo Portfolio, an group of industrial properties in Seattle. The name of the borrower was not released. Encompassing 12.7 acres, the portfolio totals 11 buildings offering mixed-use industrial space. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing, which features a five-year term. A life company provided the funds.

October 5, 2018

Development Loans Multifamily Washington Western

State Farm Provides $21M Construction Financing for Multifamily Project in Seattle

by Amy Works October 5, 2018

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $21 million in financing for the development of Ivy Apartments in Seattle. Mike Wood and Colin Ceithaml of NBS Financial represented the borrower, Interbay Apts LLC, in the financing. State Farm Life Insurance provided the fixed-rate construction/perm loan, which is structured with a 12-year term and a 30-year amortization. Upon completion, Ivy Apartments will bring 93 residential units to Seattle’s Interbay submarket. The seven-story 82,965-square-foot building will feature 47 parking stalls and 23 storage units. Construction is slated to begin in November.

October 5, 2018

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $28.4M HUD-Insured Loan for Seniors Housing Community Near Chicago

by Kristin Harlow October 5, 2018

DES PLAINES, ILL. — Capital One has provided a $28.4 million HUD-insured loan to refinance a 383-unit seniors housing community in the Chicago suburb of Des Plaines. The community features 162 assisted living units, 150 supportive living units and 71 skilled nursing beds. Supportive living is an Illinois program that allows assisted living services to be paid by Medicaid. The name of the community was not disclosed. The facility was originally constructed in 1967 as an independent living facility. In 2015, the borrower began upgrading the independent living portion of the building, qualifying it for an assisted living license. The borrower then constructed a skilled nursing wing, which was completed in 2018. Joshua Rosen originated the 35-year, fixed-rate loan. The refinancing was conducted under HUD’s revised 232/223(f) healthcare rules, which now allow a borrower to refinance and recapture equity without having to complete a two-year debt seasoning period. In this case, the maximum loan-to-value ratio was 70 percent.

October 5, 2018

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