Loans

NXT Capital Provides $18M Acquisition Loan for Houston Apartment Community

by John Nelson September 5, 2019

HOUSTON — NXT Capital has provided an $18 million acquisition loan for an undisclosed apartment community in Houston. The Class B property spans 228 units and features a detached clubhouse with a business center, conference room, community kitchen, fitness center, detached garages, barbecue grills, dog park and a swimming pool with a sun deck. Mark Grace and Alex Koos of Walker & Dunlop’s Irvine, Calif., office arranged the three-year loan with NXT Capital on behalf of the borrower, Haven Realty Capital. The loan features two one-year extension options.

September 5, 2019

Loans Multifamily Washington Western

Knighthead Funding Provides $29.8M in Financing for Two Seattle Apartment Properties

by Amy Works September 5, 2019

SEATTLE — Knighthead Funding has originated two separate loans totaling $29.8 million in first mortgage debt structured by a micro-unit apartment asset and a student housing property in Seattle. In the first financing, Knighthead provided an affiliate of Barcelo Homes with a $25.2 million loan secured by a 178-unit micro studio apartment project in Seattle’s Roosevelt neighborhood. Community amenities include a courtyard, lounge, fitness center, rooftop deck, bike storage, common laundry area and controlled access entry. The financing takes out the existing construction loan. Additionally, Knighthead provided a $4.6 million loan to Vekst Development. The loan was secured by a new 28-unit studio apartment development located four blocks from the University of Washington. The financing will allow the sponsor to complete a rooftop deck and list items on the newly constructed four-story building.

September 5, 2019

Florida Loans Multifamily Southeast

SunTrust Provides Two Refinancing Loans Totaling $94.8M for Apartment Complexes in Florida

by Alex Tostado September 4, 2019

DESTIN AND NAPLES, FLA. — SunTrust Bank has provided two Fannie Mae Green refinancing loans for apartment complexes in Florida. The first loan was a $48.5 million refinancing for The Preserve at Henderson in Destin. The 10-year loan features nine years of interest-only payments followed by a 30-year amortization schedule. The 340-unit property is located at 4131 Commons Drive W., near Elgins Air Force Base and the beach. The Preserve was built in 2009 and offers one- through three-bedroom floor plans. The community was 97 percent occupied at the time of sale. The second loan was for ARIUM Gulfshore in Naples. SunTrust originated the $46.3 million, 10-year loan, which features three years of interest-only payments followed by a 30-year amortization schedule. ARIUM Gulfshore was built in 1986 and is under renovation. The property offers one- and two-bedroom floor plans. The borrower was an undisclosed REIT.

September 4, 2019

Loans Mixed-Use New York Northeast

ACRES Capital Provides $35M Construction Loan for Mixed-Use Property in Long Island

by Alex Patton September 4, 2019

LONG ISLAND CITY, N.Y. — ACRES Capital Corp., a New York-based lender, has provided a $35 million construction loan for 23-20 Jackson Avenue, an 82,000-square-foot mixed-use project located in Long Island City. Local real estate developer VOREA Group was the borrower. Designed by Oklahoma-based KSQ Architects, the property will feature retail across the ground floor and basement, two floors of office space and six floors of hospitality space. Marko J. Kazanjian of JLL arranged the loan, which carries a term of 24 months.

September 4, 2019

Illinois Loans Midwest Multifamily

Capital One Provides $7.5M Refinancing for Apartment Building in Chicago

by Kristin Harlow September 4, 2019

CHICAGO — Capital One has provided a $7.5 million Freddie Mac small balance loan for the refinancing of a 17-unit apartment building in Chicago’s Wicker Park neighborhood. The borrower, Saxony Capital, purchased the property in January 2018 and renovated it with new appliances, flooring and cabinets. The company also added nine new units and modernized the street-level retail space. Vincent Punzi of Capital One originated the 20-year loan, which features a fixed rate for the initial five years and a floating rate thereafter. The loan also features interest-only payments during the first five years followed by a 30-year amortization schedule.

September 4, 2019

Loans Multifamily New York Northeast

KeyBank Provides $15M Freddie Mac Acquisition Loan for Multifamily Asset in Potsdam, New York

by Alex Patton September 3, 2019

POTSDAM, N.Y. — KeyBank Real Estate Capital has provided a $15 million Freddie Mac acquisition loan for Lawrence Avenue Apartments, a 137-unit multifamily property in Potsdam, a city in Upstate New York. The property was built in 1980 and comprises five two-story buildings. The borrower, a partnership between N.Y. Community Preservation Partners and Rochester’s Cornerstone Group, plan to refurbish and renovate the property. Robbie Lynn of KeyBank arranged the financing.

September 3, 2019

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $3.8M Acquisition Loan for Multifamily Property Near Boston

by Alex Patton September 3, 2019

WALTHAM, MASS. — Cornerstone Realty Capital has arranged a $3.8 million loan for the acquisition and renovation of Lawton Place, a townhouse-style multifamily community in Waltham, a western suburb of Boston. The buyer, True North Capital Partners, plans to renovate the property and add granite countertops, stainless steel appliances, mounted lighting, in-unit washers and dryers and private patios off the main living space. The loan was structured with interest-only payments for three years and a 30-year amortization schedule. The lender was undisclosed.

September 3, 2019

Loans Multifamily Texas

Hunt Provides $5.4M Loan for Refinancing of Multifamily Asset in Kenedy, Texas

by Taylor Williams September 3, 2019

KENEDY, TEXAS — Hunt Real Estate Capital has provided a $5.4 million Fannie Mae loan for the refinancing of Kenedy Heights Apartments, a 72-unit multifamily asset located about 60 miles southeast of San Antonio. Built in 2015, the property consists of 24 one-bedroom units, 40 two-bedroom units and eight three-bedroom units that were 98 percent occupied at the time of the loan closing. Amenities include a clubhouse with offices, sport court, community barbecue grills, onsite laundry facilities, a fitness center, a business center with WiFi and a playground. David Aycock of D. Ansley Co. Inc. arranged the seven-year, floating-rate loan with Hunt on behalf of sponsor Kenedy Heights LLC.

September 3, 2019

Loans Multifamily Seniors Housing Washington Western

Sortis Provides Funding for $59.8M Opportunity Zone Project in Near Seattle

by Amy Works September 3, 2019

TUKWILA, WASH. — Sortis Holdings Inc. (SOHI), a Portland-based private equity firm, has provided equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, approximately 10 miles south of Seattle. Sortis invested capital from its $100 million Sortis Opportunity Zone Fund alongside project sponsor Bryan Park, a Puyallup, Wash.-based developer that has developed, owns and operates more than 5,000 senior living apartments in Washington. Nonprofit operator Sustainable Housing for Ageless Generations (SHAG) will operate the community. “By 2050, the population of individuals who are 65 and older in the U.S. is projected to double, yet rising rents and lack of supply have reduced the availability of affordable, high-quality housing in desirable locations for this population,” says Paul Brenneke, Sortis founder. “We believe delivering a high-quality project with attractive investment returns while simultaneously providing an affordable housing option to low-income seniors is a win-win.” The two-phase project is situated on approximately 5.8 acres. Phase II comprises 204 apartment units exclusively for seniors, six live/work units, approximately 8,300 square feet of commercial/retail space and structured parking. Once Phase II is complete in late 2020, the combined project will be the third-largest senior living development in Washington, according to …

September 3, 2019

Acquisitions Loans Maryland Multifamily Seniors Housing Southeast Virginia

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

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