Loans

PCCP Provides $33.1M Senior Loan for Refinancing of Apartment Community in Lombard, Illinois

by Kristin Harlow July 1, 2019

LOMBARD, ILL. — PCCP has provided a $33.1 million senior loan for the refinancing of Apex 41, a five-story, 181-unit apartment community in Lombard. The loan will pay off the existing construction loan and provide additional time for lease-up and stabilization of the property. Apex 41 is situated on a three-acre site at 2760 S. Highland Ave. Completed in March 2017, the property is atop a two-story parking garage. Amenities include a pool, clubhouse, golf simulator and dog run. GSP Development was the borrower.

July 1, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $11.5M Refinancing for Apartment Property in Gretna, Nebraska

by Kristin Harlow July 1, 2019

GRETNA, NEB. — NorthMarq has arranged an $11.5 million loan for the refinancing of Avenue 204 at Royal View, a 120-unit apartment property in Gretna, about 20 miles southwest of Omaha. The property, located at 10816 S. 204th St., features one- and two-bedroom floor plans with in-unit washers and dryers. Amenities include a pool, fitness center, grilling area and clubhouse. Josh Larsen of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan.

July 1, 2019

Loans Multifamily Texas

CrossHarbor Capital Provides $95M Loan for Refinancing of Dallas Apartment Property

by Taylor Williams July 1, 2019

DALLAS — Boston-based CrossHarbor Capital Partners has provided a $95 million loan for The McKenzie, a 183-unit apartment property in Dallas. The McKenzie was 50 percent occupied at the time of the loan closing and features one-, two- and three-bedroom units averaging 1,600 square feet. Amenities include a pool, fitness center and 24-hour concierge and valet services. The loan, which will be used to refinance construction debt, was provided to a partnership between StreetLights Residential and A.G. Hill Partners, which developed the property in 2018.

July 1, 2019

Loans Multifamily Texas

HFF Arranges Acquisition Financing for 246-Unit Apartment Community in Metro Houston

by Taylor Williams July 1, 2019

RICHMOND, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for Waterside at Mason, a 246-unit apartment community located in the western Houston suburb of Richmond. Built in 2017, the property features one- and two-bedroom units averaging 867 square feet. Amenities include a pool, fitness center, clubhouse with a conference center and a game room. Cortney Cole and Jett Lucia of HFF arranged the financing through a life company on behalf of Houston-based Hilltop Residential. The loan was structured with a five-year term, a fixed interest rate and interest-only payments.

July 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

Washington Trust Provides $30M Refinancing for Seniors Housing Community Near Boston

by Taylor Williams July 1, 2019

WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.

July 1, 2019

Loans New York Northeast Office Retail

Mission Capital Arranges $15.2M Loan for Brooklyn Redevelopment Project

by Taylor Williams July 1, 2019

NEW YORK CITY — Mission Capital Advisors has arranged a $15.2 million loan for The Box Factory, a former industrial building in Brooklyn that is being redeveloped into a 65,837-square-foot office and entertainment complex. Proceeds will be used to refinance construction debt and further redevelop the property. Jonathan More, Ari Hirt and Lexington Henn of Mission Capital arranged the financing on behalf of the project development team, which is led by Brickman Real Estate and Hornig Capital Partners. Construction began in 2018. Pine River provided the loan.

July 1, 2019

Loans Mixed-Use New York Northeast

Chess Builders Receives $140M Construction Loan for Mixed-Use Project in The Bronx

by Taylor Williams June 28, 2019

NEW YORK CITY — Chess Builders, a locally based developer, has received a $140 million construction loan for a mixed-use project located at 210 E. 135th St. in The Bronx. The project will consist of two 25-story towers housing 430 apartments, 129 of which will be rented at below-market rates, as well as 24 hotel rooms, 5,000 square feet of commercial space and 210 parking spaces. S3 Capital Partners, a New York-based private lender, provided the funds.

June 28, 2019

Loans Multifamily New York Northeast

Arbor Provides $4M Freddie Mac Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams June 28, 2019

NEW YORK CITY — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small balance loan for the refinancing of a 13-unit apartment building located at 2402 Gerritsen Ave. in Brooklyn. Built in 1964 and recently rehabilitated, the property includes ground-floor retail space. Vincent Chiodo of Arbor’s New York office provided the loan, which carries a 10-year term and a 30-year amortization schedule. The borrower was not disclosed.

June 28, 2019

Kentucky Loans Multifamily Southeast

Greystone Provides $125.2M Fannie Mae Loan for Multifamily Portfolio in Kentucky, Pennsylvania

by Alex Tostado June 28, 2019

NEW YORK CITY — New York City-based Greystone has provided a $125.2 million refinancing loan for a four-property multifamily portfolio in Kentucky and Pennsylvania. The Fannie Mae financing features a 12-year term, 30-year amortization and six years of interest-only payments. The loan also includes a new ownership structure, with Nick Kozul of Bayshore Properties taking a 50 percent stake in the portfolio from current owner, Angie Djurin of North Street Properties. The four properties are the 470-unit Ventana Hills Apartments in Corapolis, Pa.; the 252-unit Berkeley Manor Apartments in Cranberry Township, Pa.; the 409-unit WoodSpring Apartments in Florence, Ky.; and the 252-unit Colts Run Apartments in Lexington, Ky.

June 28, 2019

Loans Multifamily Washington Western

NBS Financial Secures $5.5M in Financing for Soundview Apartments in Seattle

by Amy Works June 28, 2019

SEATTLE — Norris, Beggs & Simpson Financial Services has arranged $5.5 million in financing for Soundview Apartments in Seattle. The borrower, RSA Soundview LLC, plans to use the funds to refinance existing debt. Michael Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate financing through State Farm Life Insurance Co., a life company correspondent of NBS Financial. The 108,066-square-foot property features 85 apartments, a parking garage, rooftop deck, courtyard and 3,872 square feet of ground-floor retail space.

June 28, 2019

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