TROY, MICH. — Juniper Capital Group has arranged a $10.5 million bridge loan for the acquisition of Cross Creek, a 141,468-square-foot shopping center in Troy. Bob’s Discount Furniture recently signed a lease for the former Babies ‘R’ Us space. Kohl’s also occupies the property. Nate Lowy of Juniper Capital arranged the nonrecourse loan on behalf of the borrower, Weissman Corp. C3 Capital Partners provided the loan.
LOS ANGELES — Calmwater Capital has provided a $63 million loan to Relevant Group for the completion of Thompson Hotel in Los Angeles’ Hollywood neighborhood. The hotel is currently under construction, and Relevant Group expects to deliver the luxury boutique hotel in early 2020. Located at 1541 Wilcox Ave., the proposed 188,393-square-foot hotel will feature 190 rooms, a rooftop swimming pool, a rooftop restaurant and bar, and a fitness center, as well as a ground-floor restaurant concept in partnership with Rodrigo Oliveira, one of Brazil’s most celebrated chefs. Two Roads Hospitality will manage the hotel.
Every year brings a few question marks in terms of what’s ahead. Some years have more unknowns than others; many agree 2019 is one of those years. From politics to the stock market to trade tensions, this year has its share of variables on top of traditional uncertainties, such as natural disasters. Add lots of capital chasing fewer deals, an affordability imbalance, and a disconnect between buyers and sellers, and those question marks continue to multiply. Lenders have generally remained disciplined and diligent in the current market, estimating their level of risk and confidence as best they can. While they don’t have a crystal ball any more than the rest of us do, many finance professionals believe flexibility may be the key to thriving in 2019. “Most lenders, particularly Fannie Mae and Freddie Mac, have adapted to a more fluid financial climate,” states Marcus & Millichap’s 2019 Multifamily North American Investment Forecast. “Lenders remain cautious, adopting tighter underwriting standards but aggressively competing to place capital into apartment assets.” As with many temporary blips on the horizon, the report recommends seeing the forest as a whole, rather than getting distracted by a few worrisome-looking trees. “Strong demand drivers supporting long-term yield …
WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2018 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. Wells Fargo Bank led the way with $675.3 billion in master and primary servicing, followed by PNC Real Estate/Midland Loan Services ($612.4 billion), KeyBank National Association ($256.6 billion), Berkadia Commercial Mortgage LLC ($235.9 billion) and CBRE Loan Services ($189.4 billion). Wells Fargo, MetLife and PGIM Real Estate Finance were the top servicers for loans held in own portfolio, U.S. mortgaged, income-producing properties. PNC and Berkadia are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties. The Washington, D.C.-based association released the rankings at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes today.
FORT MYERS, FLA. — NXT Capital has provided a $36 million acquisition loan for Coral Pointe, a 252-unit apartment community in Fort Myers. Coral Pointe is situated about six miles from downtown Fort Myers and offers a heated pool, outdoor grills, gazebos, outdoor bar, fitness center and two dog parks. Allison Williams and Matt Baldwin of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.
BATON ROUGE, LA. — Hunt Real Estate Capital has provided a $30 million Fannie Mae refinancing loan for River House Apartments, a complex built in 2017 in Baton Rouge. The loan features a 10-year term amortized over 30 years with two years of interest-only payments. The 224-unit property is situated at 1480 Nicholson Drive, about a mile south of downtown Baton Rouge. It was 95 percent occupied as of October. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. arranged the financing on behalf of the undisclosed borrower.
NEW YORK CITY — Real estate developer Lightstone has secured a $187 million loan to refinance ARC, a 428-unit luxury rental property in the Dutch Kills section of Long Island City. Located at 30-02 39th Ave., the building offers more than 50,000 square feet of indoor and outdoor amenities and completed its initial leasing in August 2018. Amenities at the property include a fitness club, yoga studio, outdoor exercise space, basketball court and golf simulator as well as a half-acre private courtyard park, resident lounge, library, club room, game room and gourmet catering kitchen. Citibank provided the financing to Lightstone. Terms of the financing were undisclosed.
SAN ANTONIO — HFF has arranged an undisclosed amount of financing for the acquisition of Legacy Heights, a 306-unit multifamily community in San Antonio. Built on 13.6 acres in 2009, the property offers one-, two- and three-bedroom units ranging in size from 610 to 1,400 square feet. Amenities include a pool, fitness center, clubhouse with a game room and outdoor grilling areas. Robert Wooten of HFF arranged the funds through Annaly Commercial Real Estate Group on behalf of the borrower, Regional Investment & Management. The asset was 95 percent occupied at the time of sale.
WASHINGTON, D.C. — Led by surges in financing for healthcare, multifamily and industrial transactions, commercial real estate loan originations increased by 14 percent year-over-year in the fourth quarter of 2018, according to the Mortgage Bankers Association (MBA). The Washington, D.C.-based firm released the preliminary findings in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, which was showcased at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes tomorrow. The fourth quarter saw a 61 percent year-over-year increase in the dollar volume of loans for healthcare properties, 32 percent jump for multifamily properties, 28 percent hike for industrial properties and a slight increase (1 percent) for retail properties. Originations decreased for hotel property loans by 4 percent and office property loans by 3 percent. With the fourth-quarter estimates, the MBA predicts that origination volumes in 2018 were 3 percent higher than 2017. By property type, originations rose 22 percent for multifamily properties, 12 percent for industrial assets and 5 percent for hotels. Office property originations were down 7 percent, retail properties declined 13 percent and healthcare properties decreased by 16 percent. In late March, MBA will release its …
YORK, PA. — KeyBank has provided a total of $17.8 million to refinance two healthcare facilities in York. The properties are Autumn House East, a five-building, 141-bed healthcare facility; and Autumn House West, a three-building, 132-bed assisted living and memory care facility. The properties were built in 1958 with renovations each decade. Patrick Shearer of KeyBank’s Commercial Mortgage Group arranged the fixed-rate loans with 30-year amortization schedules on behalf of borrower Persimmon Ventures LLC and Big Bay Ventures LLC. The facilities operate as licensed personal care homes and are leased and operated by Cardinal Senior Management LLC.