Loans

Vibrant Cities Receives $31.3M in Construction Financing for Mixed-Use Project in Seattle

by Amy Works June 27, 2019

SEATTLE — Vibrant Cities has received $31.3 million in construction financing for the development of Pivot, a mixed-use property in Seattle’s Capitol Hill neighborhood. Brandon Roth and Zack Goodwin of HFF secured the five-year, floating-rate loan through H.I.G. Realty Partners for the borrower. The project will replace an existing parking lot with a pedestrian-inspired development along the Pike/Pine corridor. Once complete, Pivot will features 71 apartments above a sub-grade parking garage, street-level retail space and 11,000 square feet of office space.

June 27, 2019

Development Loans Maryland Multifamily Southeast

HFF Arranges $65.4M in Construction Debt, JV Equity to Build Multifamily Community in Metro D.C.

by Alex Tostado June 27, 2019

NEW CARROLLTON, MD. — HFF has arranged a total of $65.4 million in capital for Urban Atlantic to develop The Stella, a 282-unit multifamily community in New Carrollton. HFF arranged a $46.6 million construction loan through TD Bank and also arranged $18.8 million in joint venture equity from Bridge Investment Group. The Stella will be located at 3950 Garden City Drive, which is situated within an Opportunity Zone about 11 miles northeast of downtown Washington, D.C. The property will offer studio, one-, two- and three-bedroom floor plans, as well as 3,500 square feet of ground-level retail space. Community amenities will include a swimming pool, common outdoor terraces, club room, game room, fitness center, coworking space, private entertaining room and terrace, coffee bar and a dog wash station. Urban Atlantic expects the project to be delivered in late 2020. Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker of HFF arranged both transactions.

June 27, 2019

Loans Multifamily Southeast Virginia

KeyBank Provides $50.2M Refinancing Loan for Multifamily Complex in Fredericksburg, Virginia

by Alex Tostado June 27, 2019

FREDERICKSBURG, VA. — KeyBank Real Estate Capital has provided a $50.2 million Fannie Mae refinancing loan for Silver Collection at Celebrate, a 278-unit apartment community in Fredericksburg. The borrower, Meridian Capital Group, is using the refinancing to take out the balance sheet loan that KeyBank provided a year ago, which took out a previous construction loan. The new capital KeyBank provided is to repay the sponsor. Silver Collection at Celebrate comprises 12 three-story buildings and offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, pet spa, dog park, car wash area, spa facilities and an entertainment lounge. John Ward of KeyBank arranged the loan on behalf of the borrower.

June 27, 2019

Loans Massachusetts Northeast Office

HFF Arranges $111.5M Loan for Refinancing of Boston Office Building

by Taylor Williams June 26, 2019

BOSTON — HFF has arranged a $111.5 million loan for the refinancing of 80 Guest Street, a 245,720-square-foot office building located in the Allston/Brighton neighborhood of Boston. Designed by Elkus Manfredi, the property was the second building to be completed in the Boston Landing mixed-use development, which houses 1.9 million square feet of retail, office, residential and hotel space, including the world headquarters of New Balance. The property, which also features lab space and a 55,000-square-foot ice rink complex, is fully leased to four office tenants, including the Boston Bruins, as well as three ground-floor restaurant tenants. John Fowler, Riaz Cassum, Sam Campbell and Henry Schaffer of HFF arranged the fixed-rate loan through MetLife on behalf of the borrower, NB Development Group.

June 26, 2019

Loans Multifamily New York Northeast Seniors Housing

Berkadia Provides $104.2M HUD Loan for Skilled Nursing Facility in The Bronx

by Taylor Williams June 26, 2019

NEW YORK CITY — Berkadia has provided a $104.2 million HUD loan for the refinancing of Workmen’s Circle Multicare Center, a skilled nursing facility in The Bronx. In addition to skilled nursing care, the property offers mental health services, palliative care and social services. Gemma Geldmacher and Richard Price of Berkadia negotiated the transaction through HUD’s 232/223(f) program, which specifically targets residential care facilities. The loan, which was provided for Woodbury, New York-based Cassena Care, was structured with a fixed interest rate and a 20-year, fully amortizing schedule.

June 26, 2019

Loans Retail Texas

Levcor Receives Loan for Refinancing of Entertainment-Anchored Center in Houston

by Taylor Williams June 26, 2019

HOUSTON — Locally based retail developer Levcor Inc. has received a loan for the refinancing of the Marq*E Entertainment Center, a Houston venue that houses an array of restaurants bars and entertainment concepts, including Dave & Buster’s and Edwards Cinema. Levcor purchased the center, which was originally developed in 2003 and 94 percent occupied at the time of sale, in 2014. Jimmy Board, Tom Melody, Tom Fish and Wes Wallace of JLL handled the debt placement on behalf of Levcor. LoanCore provided the nonrecourse, floating-rate loan, a portion of which will be used to fund property improvements.

June 26, 2019

Acquisitions Colorado Loans Multifamily Western

Griffis Residential Receives $45.6M Acquisition Loan for Talavera Apartments in Denver

by Amy Works June 26, 2019

DENVER — Griffis Residential has received $45.6 million in financing for the acquisition of Talavera Apartments, a mid-rise multifamily community at 350 S. Jackson St. in Denver. Eric Tupler and Josh Simon of HFF secured the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corp. The loan, which was used to fund the acquisition of the property, carries a 3.53 percent fixed interest rate with full-term interest-only payments. Built in 2008, Talavera Apartments features 240 units in a mix of studio, one- and two-bedroom layouts, averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers/dryers, stainless steel appliances and Amazon lockers. At the time of closing, the property was more than 97 percent leased.

June 26, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $15M Fannie Mae Loan for Seniors Housing Community in Southern California

by Amy Works June 26, 2019

TUSTIN, CALIF. — CBRE has arranged $15 million in Fannie Mae financing for The Groves of Tustin. The 83-unit assisted living and memory care community is located in Tustin, between Los Angeles and San Diego. The borrower is Capitol Seniors Housing, which leases the community to Integral Senior Living under a third-party management contract. Capitol originally purchased the property in 2014, and has invested elective capital to modernize the building, bringing it up to the competitive standards of the area. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the 10-year, floating-rate loan with 84 months of interest-only payments. The transaction refinances existing debt on the property

June 26, 2019

Loans Midwest Missouri Multifamily

Berkadia Arranges $32.9M Financing for Apartment Conversion Project in Kansas City

by Kristin Harlow June 24, 2019

KANSAS CITY, MO. — Berkadia has arranged a $32.9 million loan for the conversion of the former Commerce Bank executive office building in Kansas City into apartments. Known as Flashcube Apartments, the property will include 184 units. Construction began in January and is expected to take 12 to 18 months to complete. Community amenities will include a game room, basketball court, fitness center, pickleball court, lounge, dog run and bike storage. John Schorgl of Berkadia arranged the 2.5-year loan provided by Boston-based UC Funds. Missouri-based WI Flashcube LLC was the borrower. The developer plans to reserve 40 units for affordable housing. These units will rent for an average of $1,187 per month, according to CityScene KC. The building is nicknamed “flashcube” because of its reflective glass exterior. It has been vacant for more than a decade.

June 24, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $24.5M Freddie Mac Refinancing for Seniors Housing Community in Northern California

by Amy Works June 24, 2019

CHICO, CALIF. — CBRE has arranged $24.5 million in financing for Westmont Living. The funds will refinance existing debt on The Inn at the Terraces of Chico, an 80-unit assisted living property located 90 miles north of Sacramento in Chico. The average housing value within a one-mile radius of the property is $514,032, while average household income sits at $103,847. Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the Freddie Mac financing. The 10-year, fixed-rate, cash-out loan features 72 months of interest-only payments. CBRE also financed the first phase of the development via agency debt in 2016.

June 24, 2019

Newer Posts

Older Posts