Loans

KeyBank Originates $39.5M Construction Financing for Affordable Housing Project in Minnetonka, Minnesota

by Kristin Harlow November 13, 2018

MINNETONKA, MINN. — KeyBank Real Estate Capital has originated $39.5 million in construction financing for Legends of Minnetonka, an affordable housing property in Minnetonka. The project will consist of six stories and 262 age-restricted units. All of the units will be restricted to those earning up to 60 percent of the area median income. KeyBank provided a $32.4 million Freddie Mac tax-exempt loan and a taxable tail of $7.1 million. Jeff Rodman of KeyBank originated the fixed-rate financing. Upon conversion, the permanent loan will have a 15-year term and a 35-year amortization schedule.

November 13, 2018

California Loans Mixed-Use Multifamily Retail Western

Newmark Arranges $29.9M in Financing for Five55 Apartment, Retail Development in Santa Cruz

by Amy Works November 13, 2018

SANTA CRUZ, CALIF. — Newmark has arranged $29.9 million in financing for Five55 Pacific, a newly developed mixed-use property located in Santa Cruz. Swenson Builders, the borrower, completed the development earlier this year. The beachside property features 94 apartments and four ground-floor commercial spaces, which are managed by Woodmont Real Estate Services. Jeff Wilcox, Robert Slatt and Charlie Kokernak of Newmark structured the financing as a first deed of trust with Benefit Street Partners.

November 13, 2018

Alaska Loans Mixed-Use Multifamily Retail Western

KeyBank Provides $12.7M Financing for Mixed-Use Property in Anchorage, Alaska

by Amy Works November 13, 2018

ANCHORAGE, ALASKA — KeyBank Community Development Lending & Investment (CDLI) has provided Cook Inlet Housing Authority (CIHA) with $12.7 million in financing. The package includes $6.9 million in combined construction-to-permanent loan financing for the development of Elizabeth Place Apartments in downtown Anchorage, along with $5.8 million in Low Income Housing Tax Credit (LITHC) equity. The mixed-use property will feature 2,680 square feet of ground-floor commercial space, 38 units of affordable housing for those earning 50 percent to 60 percent area median income, and 12 market-rate units. Among the affordable housing units, 15 will be fully equipped for residents with sensory and mobility impairments, 10 units will be set aside for residents who are otherwise differently abled and four will be for residents experiencing homelessness. CIHA partnered with a variety of local organizations on the development, including University of Alaska, YWCA, Red Cross, Providence Alaska, Ninestar, Credit Union 1, Alaska Injury Prevention Center, Junior Achievement and Catholic Social Services. Victoria Quinn and Beth Palmer Wirtz of KeyBank’s CDLI team arranged the financing.

November 13, 2018

Loans Multifamily Washington Western

Hunt Real Estate Capital Funds $6M Refinancing for Village Montrachet Apartments in Burien, Washington

by Amy Works November 13, 2018

BURIEN, WASH. — Hunt Real Estate Capital has provided a $6 million Freddie Mac Small Balance Loan for the refinancing of Village Montrachet Apartments in Burien. Village Montrachet LLC, an entity backed by an undisclosed sponsor who purchased the property in 2001, is the borrower. The new loan will refinance existing debt and provide the borrower with proceeds to invest in the acquisition of another commercial property. Built in 1988, the property consists of three three-story apartment buildings offering a total of 57 units in a mix of 30 one-, 20 two- and six three-bedroom layouts. Community amenities include 90 parking spaces consisting of 79 carport spaces and 11 open parking spaces. Sergey Klimov of Hunt Real Estate Capital originated the loan, which is a 5/1 Hybrid-ARM loan with a 30-year schedule and a yield maintenance prepayment schedule. Glenn Gioseffi of Kidder Mathews sourced the loan.

November 13, 2018

Loans Office Texas

NXT Capital Provides $33M Acquisition Loan for Dallas Office Building

by Taylor Williams November 13, 2018

DALLAS — Chicago-based NXT Capital has provided a $33 million acquisition loan for a 202,000-square-foot office building in Dallas. The Class A property is located along the Dallas North Tollway within one mile of 61 restaurants, 7,800 residential units and 19 hotels. C.J. Kelly of CBRE placed the loan with NXT Capital on behalf of an undisclosed borrower. The name of the property was also withheld.

November 13, 2018

Development Loans Multifamily Nevada Western

CapitalSouth Provides $41.1M Construction Loan for Multifamily Property in Las Vegas

by Amy Works November 12, 2018

LAS VEGAS — CapitalSouth, a division of Pacific Western Bank, has provided a $41.1 million construction loan for the development of Tuscan Highlands, a multifamily property located in Las Vegas’ Southern Highlands submarket. The property will be situated on 15.2 acres at the southwest corner of St. Rose Parkway and Interstate 15. The 26-building community will feature 304 market-rate apartments units in a mix of one- and two-bedroom studio flats, medium flats, large flats, carriages, lofts and townhomes. Residents of Tuscan Highlands will have access to an exclusive two-story resort hall and restaurant, which will hold up to 150 people. The resort hall and restaurant will feature a private events room, booths, lounge seating, high and low tables, salon, poker room, banquet room, dry cleaning, office space and a full bar. Jonathan Lee of George Smith Partners arranged the financing for the borrower, Watt Cos. and Schulman Properties.

November 12, 2018

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $17.6M Refinancing for Industrial Facility in New Jersey

by David Cohen November 12, 2018

SOUTH BRUNSWICK, N.J. — G.S. Wilcox & Co. has secured a $17.6 million loan to refinance an industrial facility in South Brunswick. Located at 1100 Cranbury South River Road, the 28-acre site contains a one-story industrial building with 340,900 rentable square feet of space. The building features 40 exterior loading docks and four drive-in doors. Gretchen Wilcox and Albert Raymond of G.S. Wilcox represented the undisclosed borrower in securing the financing through lender Thrivent Financial. The 15-year loan includes a 20-year amortization schedule.

November 12, 2018

Industrial Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $3.4M Refinancing for Apartment, Industrial Portfolio in Massachusetts

by David Cohen November 12, 2018

MALDEN, MASS. — Cornerstone Realty Capital has arranged the $3.4 million refinancing for a two-property portfolio in Malden. The two properties include a nine-unit apartment building and a two-story industrial building on Maplewood Street. The industrial facility was renovated in 2004 and includes seven commercial units. Andrew Saccone of Cornerstone secured the fixed-rate financing on behalf of an undisclosed borrower. Terms of the financing included an interest-only payment period followed by a 25-year amortization schedule. The lender was undisclosed.

November 12, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $46.5M Refinancing for Two Multifamily Properties in Suburban Detroit

by Kristin Harlow November 12, 2018

NOVI AND WEST BLOOMFIELD TOWNSHIP, MICH. — Greystone has provided a total of $46.5 million for the refinancing of two multifamily properties in suburban Detroit. Fred Levine of Greystone originated both Fannie Mae loans on behalf of the borrower, Singh Development Co. A $27 million, 10-year loan will be used to refinance Main Street Village Phase II in Novi. Built in 2003, the community features 148 garden-style units as well as a pool, spa, fitness center, playground, clubhouse and business center. A $19.5 million loan will be used to refinance Brandywine Apartments in West Bloomfield Township. Built in 2002, the 121-unit community features the same amenities as Main Street Village. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.

November 12, 2018

Loans Midwest Retail Wisconsin

Mag Mile Capital Arranges $1.6M Loan for Refinancing of Retail Property in Green Bay

by Kristin Harlow November 12, 2018

GREEN BAY, WIS. — Mag Mile Capital has arranged a $1.6 million loan for the refinancing of a 12,900-square-foot retail property at 2066 Central Drive in Green Bay. Aveda Salon is one of the tenants. Mac Dobson of Mag Mile Capital arranged the five-year loan on behalf of the private borrower, Michael Nass. The loan features a 5.45 percent rate and a 25-year amortization schedule. The borrower plans to use the funds to refinance a maturing loan and buy out a partner in the property. The lender was not disclosed.

November 12, 2018

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