Loans

Ready Capital Closes $9.5M Loan for Apartment Complex in Metro Salt Lake City

by Amy Works September 13, 2018

MIDVALE, UTAH — Ready Capital Structured Finance has secured a $9.5 million loan for the acquisition, renovation and stabilization of an apartment complex located in the Union Park District of Midvale. The undisclosed borrower plans to renovate the 96-unit property. The plan includes interior upgrades to most units, the addition of a swimming pool to the courtyard, the construction of a new leasing office and fitness center, and various other capital improvements. The non-recourse, part floating-rate/part fixed-rate loan features a 60-month term, flexible pre-payment terms and is inclusive of a facility to provide future funding for capital expenditures and working capital reserves.

September 13, 2018

Loans Multifamily Texas

LMI Capital Arranges Four Multifamily Acquisition Loans Totaling $21M in Southeast Texas

by Taylor Williams September 13, 2018

HOUSTON — Houston-based LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged four acquisition loans totaling $21 million for a quartet of multifamily assets located across three coastal counties in southeast Texas. The properties include two assets totaling 320 units in Brazoria County, a 100-unit property in Jefferson County and a 20-unit asset in Galveston County. Brandon Brown, Kurt Dennis and Jamie Safier of LMI Capital arranged the loans on behalf of undisclosed borrowers.

September 13, 2018

Connecticut Loans Northeast

NKF Capital Markets Secures $19.5M Acquisition Loan for Multifamily Complex in Connecticut

by David Cohen September 12, 2018

WEST HARTFORD, CONN. — NKF Capital Markets has secured a $19.5 million acquisition loan for Cove West Hartford, a 200-unit apartment community in West Hartford. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF secured financing on behalf of CS Acquisitions Group through an equity investor. The six-building complex is located approximately two miles from downtown Hartford. The seller was not disclosed.

September 12, 2018

Loans Multifamily New York Northeast

Axiom Capital Arranges $21M Refinancing of Multifamily Community Near Albany

by David Cohen September 12, 2018

GLENVILLE, N.Y. — Axiom Capital Corp. has arranged a $21 million refinancing for a 360-unit multifamily community in Glenville. The property is approximately 31 miles northwest of Albany. Axiom Capital represented the borrower, a private investor, in securing financing through a bank. The community is located in close proximity to Union College and Schenectady Community College.

September 12, 2018

Loans Multifamily New York Northeast

Bellwether Structures $11.7M Construction Loan for Mixed-Income Apartments in the Bronx

by David Cohen September 12, 2018

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has arranged an $11.7 million construction loan for Bronxview at Serviam. The building will include 114 units with a mix of one-, two- and three-bedroom units. Equity for the approximately $61.3 million project was provided through the purchase of 9 percent low-income housing tax credits awarded by the New York City Department of Housing Preservation and Development (HPD). The property will feature 12 units for residents earning up to 30 percent of the area median income (AMI), 12 units at 50 percent AMI, 33 units at 60 percent AMI, 34 units at 80 percent the AMI and 22 units at 90 percent AMI. Jim Gillespie of Bellwether arranged the Freddie Mac loan for the Fordham Bedford Housing Corp. The financing features a 36-month forward period followed by a 30-year permanent mortgage and a fixed rate locked at the time of the construction loan closing.

September 12, 2018

Illinois Loans Midwest Multifamily

Hunt Real Estate Capital Provides $6.2M Bridge Loan for Refinancing of Multifamily Property in Chicago

by Kristin Harlow September 12, 2018

CHICAGO — Hunt Real Estate Capital has provided a $6.2 million bridge loan for the refinancing of 5009 Ashland Avenue in Chicago. Built in 1918, the multifamily property consists of 31 units. The Greenwald Company was the borrower. Approximately $1 million of the loan will be allocated for future funding of capital improvements. Planned interior upgrades include refinishing and staining hardwood floors, replacing carpet in common areas and replacing appliances. Terms of the loan were not disclosed.

September 12, 2018

Loans Office Texas

TriGate Capital, M-M Properties Refinance 1.5 MSF Office Tower in Downtown Dallas

by Taylor Williams September 12, 2018

DALLAS — A partnership between Dallas-based TriGate Capital LLC and developer/operator M-M Properties has refinanced Comerica Bank Tower, a 60-story, 1.5 million-square-foot office building in downtown Dallas. The Dallas Morning News reports that the amount of the loan is $163 million. Completed in 1987, the property includes ground-floor restaurant space and amenities such as a conference center, tenant lounge and a patio bar. The loan proceeds will be used to repay an existing CMBS loan and provide additional funds for leasing, as well to finance other capital expenditures. John Brownlee and Jim Curtin of HFF placed the loan with Annaly Commercial Real Estate Group Inc. on behalf of the borrower.

September 12, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $51.7M in Construction Financing Apartment Project Near Jacksonville

by Camren Skelton September 12, 2018

ST. JOHN, FLA. — Walker & Dunlop has arranged $51.7 million in construction financing for Beachwalk Apartments, a planned multifamily community in St. John, located roughly 25 miles south of Jacksonville. The 348-unit community is located within the Beachwalk master-planned development. BB&T provided $34.8 million in senior financing for Beachwalk Apartments, and Equity Resources LLC provided $16.9 million in joint venture equity financing. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Walker & Dunlop arranged the transaction on behalf of the developer, Falcone Associates LLC. Once complete, Beachwalk Apartments will feature a clubroom, fitness center, pool, athletic courts and a playground. At full build-out, the Beachwalk master-planned community will feature a 14-acre Crystal Lagoon with 1,000 feet of beachfront, a private beach club and a 175,000-square-foot retail village along the shore; 750 for-sale residential units; 825,000 square feet of retail and commercial space; 360,000 square feet of office space; 1.5 million square feet of industrial space; and a high school. Art Falcone’s Encore Capital Management is the master developer of Beachwalk.

September 12, 2018

Connecticut Loans Northeast Office

Axiom Capital Secures $17M Loan for Office Building in Connecticut

by David Cohen September 11, 2018

MIDDLETOWN, CONN. — Axiom Capital has secured a $17 million permanent loan for an office building in Middletown. The undisclosed borrower plans to completely renovate the 85,000-square-foot building. The lender was a life insurance company. When completed, the property will expand to 90,000 square feet and include 316 parking spaces. Amenities will include classrooms, an auditorium, a café with indoor and outdoor seating and a fitness center.

September 11, 2018

Industrial Loans Northeast Pennsylvania

HFF Arranges $1.4M Refinancing for Industrial Facility in Reading, Pennsylvania

by David Cohen September 11, 2018

READING, PA. — HFF has arranged a $1.4 million refinancing for a 70,000-square-foot, single-tenant industrial facility in Reading. Michael Pagniucci and Ryan Ade of HFF represented the borrower, J&R Investments, to secure a seven-year, fixed-rate loan through a local money center bank. The 5.8-acre property is occupied by transportation logistics company S&H Express and is located at 2600 Beltline Ave.

September 11, 2018

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