Loans

Angelo Gordon Arranges $64M Construction Loan for Apartment Building in Hoboken

by David Cohen September 14, 2018

HOBOKEN, N.J. — Angelo Gordon has arranged a $64 million construction loan for the Wonder Lofts, an 89-unit apartment building in Hoboken. Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the project, dubbed the Wonder Lofts, will include five separate buildings and retain a significant amount of the property’s existing architectural detail. Angelo Gordon secured financing through Arkansas-based Bank OZK on behalf of Prism Capital Partners and Parkwood Development Corp. Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to begin in the fourth quarter of this year.

September 14, 2018

Loans New York Northeast

Progress Capital Secures $4.1M Construction Loan for Mixed-Use Property in the Bronx

by David Cohen September 14, 2018

NEW YORK CITY — Progress Capital has secured a $4.1 million construction-to-permanent loan for the development of three attached, four-story mixed-use buildings in the Mott Haven section of the Bronx. Located at 139-141 Alexander Ave., each building will consist of seven residential units and a ground-level retail space. Brad Domenico of Progress Capital represented the borrower, Maddd Equities, in securing the financing through an undisclosed lender. The loan includes an initial 18-month interest-only period followed by a seven-year permanent mortgage.

September 14, 2018

Loans Multifamily Texas

KeyBank Secures $59.4M Green Acquisition Loan for Houston Apartment Complex

by Taylor Williams September 14, 2018

HOUSTON — KeyBank Real Estate Capital has secured a $59.4 million acquisition loan for The Westmore at Bellaire, a 580-unit apartment complex in Houston. Built in 1990, the Class A property comprises 19 three-story buildings. Caleb Marten of KeyBank secured the non-recourse, fixed-rate loan through Fannie Mae’s Green Rewards program. The 10-year loan also includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

September 14, 2018

Loans Multifamily Texas

Hunt Provides $5.1M Freddie Mac Refinancing of Multifamily Asset in Orange, Texas

by Taylor Williams September 14, 2018

ORANGE, TEXAS — Hunt Real Estate Capital has provided a $5.1 million Freddie Mac loan for the refinancing of Terrace Vines Apartments, a 104-unit multifamily asset in Orange, a city in southeast Texas. The seven-year loan features a fixed interest rate and a 30-year amortization schedule. The borrower is QRH Prop One LLC, which purchased the asset in early 2016. The property, which includes amenities such as a pool, playground, business center and dog park, was 99 percent occupied at the time of loan closing.

September 14, 2018

Florida Loans Office Southeast

Berkadia Secures $25M Acquisition Loan for Office Complex in Jacksonville

by Camren Skelton September 14, 2018

JACKSONVILLE, FLA. — Berkadia has arranged a $25 million loan for the acquisition of Summit at Southpoint, a 260,664-square-foot office complex located at 6410 Southpoint Parkway in Jacksonville. Charles Foschini and Christopher Apone of Berkadia arranged the three-year loan through NXT Capital on behalf of the borrower, Rose & Berg Realty Group. Transwestern arranged the acquisition on behalf of the seller, Blue Rock Real Estate LLC, which sold the complex for $29.6 million. Summit at Southpoint includes four, three-story office buildings constructed between 1988 and 1998. The complex was 82 percent leased at the time of sale to tenants such as U.S. Bank/FSV Payment Systems, Chicago Title Insurance Co., BB&T, Windstream, Occenture and Keiser University.

September 14, 2018

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $30.9M in Financing to Build Two Affordable Housing Projects in Seattle

by Amy Works September 14, 2018

SEATTLE — KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in financing to Community House Mental Health Agency for the construction of two affordable housing properties located at the corner of 23rd and Jackson streets in Seattle. KeyBank funded a $13.6 million construction loan for the development of Judkins Junction, a 74-unit multifamily property. Additional funding was provided by the City of Seattle and King County. The tax credit investor is the National Development Council. KeyBank will also provide the borrower with a $5.6 million private placement permanent loan. Additionally, KeyBank provided a $11.7 million construction loan for the development of Patricia A. Apartments. The property will offer 52 units of permanent supportive housing for individuals with mental illnesses. The City of Seattle, King County and Washington State Housing Trust Fund provided additional funding. Victoria Quinn of KeyBank’s CDLI group arranged the financing for both properties.

September 14, 2018

Arizona Loans Multifamily Western

Ready Capital Arranges $21.5M Refinancing for Multifamily Property Near Phoenix

by Amy Works September 14, 2018

PEORIA, ARIZ. — Ready Capital Structured Finance has secured $21.5 million for the refinancing and recapitalization of a multifamily property located in the South Peoria submarket of metro Phoenix. The loan will be used to repay current construction debt, return equity to the undisclosed sponsor and pay for closing costs. Additionally, an earnout is available to the sponsor should certain metrics be achieved. The non-recourse, interest-only, fixed-rate loan features a 36-month term with flexible pre-payment options. At the time of financing, the 153-unit property was 97 percent leased.

September 14, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $17M HUD Loan for Development of Apartment Community in Lansing, Michigan

by Kristin Harlow September 14, 2018

LANSING, MICH. — Greystone has provided a $17 million HUD-insured loan for the development of Metro Place Apartments in Lansing. The developer, Y SITE LLC, expects to complete construction of the 145-unit apartment community by the end of 2019. Located at 301 W. Lenawee St., the property will include a mix of studios, one- and two-bedroom units as well as 6,925 square feet of street-level retail space. Lisa Fischman of Greystone originated the loan under the 221(d)(4) construction program. The fixed-rate loan, which is fully amortized over 40 years, provided 80 percent of the project cost and is interest-only during construction. The loan will convert to permanent FHA financing upon completion of the project. Construction is expected to begin this month with the demolition of an existing six-story YMCA building, which has sat vacant since 2003.

September 14, 2018

Industrial Loans New York Northeast

Cronheim Mortgage Arranges $27M Refinancing for Industrial Facility in Newburgh, New York

by David Cohen September 13, 2018

NEWBURGH, N.Y. — Cronheim Mortgage has arranged a $27 million refinancing for a 504,875-square-foot industrial facility in Newburgh. The property is currently fully leased to wholesale grocery supply company C&S Corp. Features at the facility include ceiling heights of 40 feet, one drive-in dock and 89 tailgate loading docks. The building was constructed in 1990. The loan was placed with American General Life Insurance Co. and The United States Life Insurance Co. The borrower is an affiliate of Purchase, N.Y.-based National Realty & Development Corp.

September 13, 2018

Connecticut Loans Multifamily Northeast

NorthMarq Capital Secures $6.7M Refinancing for Apartment Community in Milford, Connecticut

by David Cohen September 13, 2018

MILFORD, CONN. — NorthMarq Capital has secured a $6.7 million refinancing for Robert Treat Apartments, a 124-unit multifamily community in Milford. The property is located at 30-60 Robert Treat Drive, eight miles northeast of Bridgeport. Robert Ranieri of NorthMarq arranged a fixed-rate loan with a 10-year, interest-only term on behalf of the borrower, Robert Treat Associates LLC. The lender was Freddie Mac.

September 13, 2018

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