Loans

Associated Bank Arranges $50M Syndicated Loan for Multifamily Project in Chicago’s South Loop

by Kristin Harlow September 28, 2018

CHICAGO — Associated Bank has arranged a $50 million syndicated loan for the construction of a 261-unit multifamily project in Chicago’s South Loop. The project, under development by CMK Cos., will consist of two connected buildings located at 51 E. 14th St. and 1419 S. Wabash Ave. The complex will also include 10,410 square feet of retail space and 95 parking spaces. Construction is slated for completion in August 2019. As lead arranger, Associated Bank is holding $20 million of the loan, with the remainder syndicated to Great Southern Bank, United Community Bank and First Community Bank. Elizabeth Hozian of Associated Bank managed the loan.

September 28, 2018

Florida Healthcare Loans Office Retail Southeast

Mission Capital Arranges $16.8M Refinancing of Mixed-Property Portfolio in Central Florida

by Camren Skelton September 28, 2018

NEW YORK — New York-based Mission Capital Advisors has arranged a $16.8 million loan for the refinancing of 10 office, medical and retail properties located across Central Florida. Matt Polci, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Deutsche Bank on behalf of the borrower, DMCC Holdings. The assets are located in the greater Orlando, Tampa and Altamonte Springs markets. The portfolio was 97.7 percent leased at the time of sale. DMCC acquired the properties over the past four years, and has made significant property improvements.

September 28, 2018

Loans Mixed-Use New Jersey Northeast

New York Life Real Estate Investors Provides $135M Refinancing for Mixed-Use Property in New Jersey

by David Cohen September 27, 2018

FORT LEE, N.J. — New York Life Real Estate Investors has provided a $135 million loan for the refinancing of Hudson Lights, a residential and retail mixed-use development in Fort Lee. The floating-rate loan has an initial term of three years. The borrower was an institutional investor. Built in 2016, the development includes 276 market-rate apartments, 136,000 square feet of retail space and a parking garage.

September 27, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $9M Acquisition Financing for Apartment Community Near Boston

by David Cohen September 27, 2018

SOMERVILLE, MASS. — Cornerstone Realty Capital has secured a $9 million acquisition loan for a 34-unit apartment community in Somerville. The property is located at 625 McGrath Highway, three miles north of Boston. Each unit features granite countertops, stainless steel appliances, a breakfast bar, vinyl plank flooring and a NEST thermostat. Cornerstone Realty Capital represented the borrower, the Micozzi Cos., in securing a fixed-rate financing structure with 12 months of interest-only payments followed by a 30-year amortization schedule. The lender was undisclosed.

September 27, 2018

Development Loans Multifamily Texas

Mason Joseph Provides $28.5M HUD Construction-to-Permanent Loan for Metro San Antonio Apartments

by John Nelson September 27, 2018

LIVE OAK, TEXAS — Mason Joseph Co. Inc. has provided a $28.5 million loan for the construction and permanent financing of Aspire at Live Oak, a 240-unit, market-rate apartment community in Live Oak, about 16 miles northeast of San Antonio. Mason Joseph closed the loan on behalf of the privately held developers, Covenant Development and San Antonio Commercial Property Investments. The HUD financing will feature a fixed interest rate for the 20-month construction period and the subsequent 40-year term. The project team includes general contractor Galaxy Building and property manager Capstone Real Estate Services. The developers anticipate Aspire’s rental rates to range from $1,000 to $1,600 per month.

September 27, 2018

Development Loans Multifamily South Carolina Southeast

SunTrust Provides $36M Construction Financing for New Apartment Community Near Charleston

by Camren Skelton September 27, 2018

SUMMERVILLE, S.C. — SunTrust Commercial Real Estate (CRE) has provided $39 million in construction financing for the development of South City Summerville, a 360-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Mark Hancock of SunTrust CRE originated the financing on behalf of the project developer, a joint venture between Watkins Real Estate Group and Retail Planning Corp. South City Summerville will be situated on 39 acres and will include a mix of one-, two- and three-bedroom floor plans. The joint venture expects to wrap up construction on the project in June 2020.

September 27, 2018

Loans Mississippi Multifamily Southeast

KeyBank Closes $30.6M Fannie Mae Acquisition Loan for New Multifamily Property in Jackson, Mississippi

by Camren Skelton September 27, 2018

JACKSON, MISS. — KeyBank Real Estate Capital has provided a $30.6 million Fannie Mae loan for the acquisition of The District Lofts, a 261-unit apartment community in Jackson. Chris Black and Caleb Marten of KeyBank originated the 10-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed. Constructed in 2017, The District Lofts features a saltwater pool with sundeck, outdoor kitchens, outdoor fireplace, bocce ball court, fitness center, coffee bar, indoor pet spa and a covered parking deck.

September 27, 2018

Hospitality Loans Louisiana Southeast

Sonnenblick-Eichner Arranges $29.2M Loan for Refinancing of Historic Hotel in New Orleans

by Camren Skelton September 27, 2018

NEW ORLEANS, LA. — Sonnenblick-Eichner Co. has arranged a $29.2 million loan for the refinancing of the Old No. 77 Hotel & Chandlery, a historic, 167-room hotel in New Orleans’ Warehouse Arts District. The five-year, floating-rate loan was priced at a spread in the mid-300s over LIBOR. The name of the borrower was not disclosed. The hotel underwent a $14 million renovation in 2015 that included the renovation of guest rooms, bathrooms, public spaces and a build-out of the ground floor retail space. The hotel is home to Compère Lapin, an upscale restaurant and bar helmed by James Beard Award-winning chef Nina Compton. The Old No. 77 Hotel was originally constructed in 1854 as a warehouse building. The facility was used as a chandlery, and traded in goods used for sailing voyages.

September 27, 2018

Loans Northeast Pennsylvania Retail

Leviathan Capital Secures $2M Refinancing of Rite Aid Pharmacy in Philadelphia

by David Cohen September 26, 2018

PHILADELPHIA — Leviathan Capital has secured a $2 million refinancing for a net-leased Rite Aid pharmacy in Philadelphia. Andrew Schnissel and Joe Hach arranged the transaction on behalf of the undisclosed borrower. The five-year loan features a fixed rate of 4.92 percent and a 30-year amortization schedule. The lender was a money center bank.

September 26, 2018

Loans Multifamily Texas

HFF Secures Loan for Refinancing of 137-Unit Apartment Community in Houston

by Camren Skelton September 26, 2018

HOUSTON — HFF has secured a five-year loan for the refinancing of 4 Eighty West Parker, a 137-unit apartment community in Houston. Cortney Cole and Sterling Curry of HFF arranged the fixed-rate loan with two years of interest-only payments through Green Bank on behalf of the borrower, TriArc Properties. The loan amount was not disclosed. The property includes 12 two-story buildings with units averaging 906 square feet. Community amenities include a pool, picnic area, playground, clubhouse and a business center. The community was renovated this year and was 93.7 percent occupied at the time of sale.

September 26, 2018

Newer Posts

Older Posts