Loans

Hunt Real Estate Capital Provides $21M Acquisition, Renovation Loan for Apartment Complex in Greensboro

by Alex Tostado February 20, 2019

GREENSBORO, N.C. — Hunt Real Estate Capital has provided a total of $21 million in acquisition and renovation financing for Village 1373, a 332-unit apartment complex in Greensboro. The asset consists of 17 two-story buildings that were built in 1987 and 1996. RJ Guttroff of Hunt Real Estate Capital said the undisclosed borrow plans to rebrand the property and implement more than $4 million worth of upgrades. Interior upgrades will include granite countertops, new cabinets, stainless steel appliances, wood-vinyl plank flooring, painting and new fixtures. Exterior improvements will include new signage, security gate, landscaping, replacing and painting exterior siding, replacing sliding glass doors and windows, asphalt repairs, roof access repairs and amenity upgrades to the fitness center, clubhouse and pool area, including the addition of a dining area with grills. The property was 90 percent occupied at the time of sale.

February 20, 2019

Loans Massachusetts Mixed-Use Northeast

EagleBridge Capital Secures $17.8M Construction Loan for Mixed-Use Development in Massachusetts

by David Cohen February 20, 2019

DEDHAM, MASS. — EagleBridge Capital has secured a $17.8 million construction loan for Dior, a four-story, mixed-use development in Dedham. Located at 910-928 Providence Highway, the 46,525-square-foot property consists of 48 one- and two-bedroom residential units as well as 9,700 square feet of street-level retail space. The apartments will feature Energy Star rated stainless steel appliances, drawer microwaves, custom cabinetry and quartz counters. Brian Sheehan and Ted Sidel of EagleBridge secured the financing on behalf of the undisclosed borrower through an undisclosed Massachusetts financial institution. Terms of the financing were not disclosed.

February 20, 2019

100-Park-at-Century-Square-College-Station

Loans Multifamily Texas

HFF Arranges $27.5M Loan for Refinancing of College Station Apartments

by Taylor Williams February 20, 2019

COLLEGE STATION, TEXAS — HFF has arranged a $27.5 million loan for the refinancing of 100 Park at Century Square, a 249-unit multifamily community in College Station. The property is located near Texas A&M University within the 60-acre Century Square mixed-use development. Floor plans consist of studio, one- and two-bedroom units and amenities include a pool, fitness center and an outdoor lounge. Colby Mueck, Timothy Joyce, Stephen Skok and Stuart Hepler of HFF arranged the loan on behalf of the borrower, a joint venture between Houston-based Midway Cos. and Chicago-based Harrison Street, through an affiliate of Granite Point Mortgage Trust Inc.

February 20, 2019

Hospitality Illinois Loans Midwest

Cohen Financial Arranges $16.8M Acquisition Loan for Boutique Hotel in Chicago’s Streeterville Neighborhood

by Kristin Harlow February 20, 2019

CHICAGO — Cohen Financial, a division of SunTrust Bank, has arranged a $16.8 million loan for the acquisition of the Ivy Hotel in Chicago’s Streeterville neighborhood. The 16-story boutique hotel is located at 233 E. Ontario St., adjacent to the Magnificent Mile. The hotel offers 63 rooms and a rooftop bar. Cohen Financial arranged a two-year, floating-rate loan with Prime Finance. The borrower, a joint venture between Avantgarde Capital and Anderson Hospitality Holdings, plans to make capital improvements to the property.

February 20, 2019

Finance Insight Loans Midwest Multifamily Northeast Seniors Housing Southeast Texas Video Western

M&T Realty: Seniors Housing will be a Bright Spot for Lending for Years to Come

by Jaime Lackey February 19, 2019

Seniors housing seemed to rule the roost among attendees at MBA’s CREF 2019. Mark Gould, national production manager at M&T Realty Capital Corporation, thinks he knows why. The obvious answer would be the aging Boomer population, which will continue to require additional services for some time. However, Gould believes it’s more than demographics. He asserts that a tangible evolution has taken place among seniors housing operators that has made these dwellings more attractive to the elderly and their children. As demand shifts, opportunity abounds. Gould believes construction and permanent financing will remain active as these operators continue to perfect their communities. Watch the video for more insights on seniors housing finance from Gould.

February 19, 2019

Civic Data Centers Finance Insight Healthcare Hospitality Industrial Loans Mixed-Use Multifamily Office Restaurant Retail Self-Storage Seniors Housing Student Housing

Alliant: Communication is a Commodity in Today’s Lending Environment

by Jaime Lackey February 19, 2019

Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.

February 19, 2019

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $14.5M Refinancing for Mixed-Use Property in Brooklyn

by David Cohen February 18, 2019

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $14.5 million loan to refinance a mixed-use property in Brooklyn. Located at 1357 Flatbush Ave., the seven-story, 37,133-square-foot, mixed-use building includes 36 apartment units as well as 7,000 square feet of retail space. Madison Realty Capital provided the financing to Hello Living, a developer and repeat MRC borrower. Terms of the financing were not disclosed.

February 18, 2019

Connecticut Loans Northeast

American Street Capital Secures $12M Loan for Retail Asset in Connecticut

by David Cohen February 18, 2019

MANCHESTER, CONN. — American Street Capital has secured a $12 million loan to refinance a triple-net leased, single-tenant retail property in Manchester. Built in 1992 and renovated in 2018, grocer Stop & Shop currently occupies the property. The seven-acre site also includes 400 parking spaces and seven loading docks. American Street Capital secured a 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the undisclosed borrower. A correspondent CMBS lender provided the loan.

February 18, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 128-Unit Multifamily Asset in Temple, Texas

by Taylor Williams February 18, 2019

TEMPLE, TEXAS — Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Midtown Apartments, a 128-unit multifamily asset located in the central Texas city of Temple. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball court, outdoor grilling area and a resident clubhouse. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

February 18, 2019

Arizona Hospitality Loans Walker & Dunlop Western

Walker & Dunlop Structures $40M in Financing for 136-Key AC Marriott in Tucson, Arizona

by Jeff Shaw February 18, 2019

TUCSON, ARIZ. — Walker & Dunlop has structured $40 million in financing for the AC Hotel by Marriott Tucson Downtown, located at 151 E. Broadway Blvd. in Tucson. The borrower is Tucson Urban. Completed in fall 2017, the eight-story hotel features 136 guest rooms and was the first hotel built in downtown Tucson since the early 1970s, according to Walker & Dunlop. Hotel amenities include a fitness center, rooftop pool and 1,847 square feet of meeting space. Jim Pierson and Keaton Merrell of Walker & Dunlop’s Phoenix office, in collaboration with Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa, Fla., office, arranged the 10-year cash-out loan, which features three years of interest-only payments, through a CMBS provider.

February 18, 2019

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