Loans

Extell Receives $530M in Financing for 68-Story Residential Condo Development in Brooklyn

by Taylor Williams August 6, 2018

NEW YORK CITY — New York-based Extell Development Co. has received $530 million in financing for the development of Brooklyn Point, a 68-story residential condo tower under construction in Brooklyn. The property is located within City Point, a development featuring 600,000 square feet of dining and retail. The financing consists of a $425 million senior construction loan, led by M&T Bank, and a $105 million mezzanine loan from New York-based RXR Realty. Designed by Kohn Pedersen Fox, the building will offer studio, one-, two- and three-bedroom units for sale. The property will feature 40,000 square feet of amenities, including rooftop and indoor pools, a fitness center, cocktail lounge, chef’s demonstration kitchen, game room, rock climbing wall, children’s playroom and screening/performance room. The ninth floor will offer a landscaped terrace with a putting green, fire pit and bar. “We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery,” says Ari Alowan Goldstein, senior vice president at Extell Development Co. “Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood.” Pricing for studio to three-bedroom residences will start at $850,000. Purchasers will benefit from …

August 6, 2018

Industrial Loans Office Texas

Harborview Arranges $8.7M CMBS Loan for Office/Industrial Asset in Metro Dallas

by Taylor Williams August 3, 2018

MCKINNEY, TEXAS — New York-based Harborview Capital Partners has arranged an $8.7 million CMBS loan for an office/industrial asset located in the northern Dallas metro of McKinney. The non-recourse loan, which was provided by a New York-based lender, features a 10-year fixed-rate term and a 30-year amortization schedule. Jeffrey Fuchs of Harborview arranged the loan on behalf of an undisclosed, California-based borrower. The property was 100 percent occupied at the time of the loan closing.

August 3, 2018

Industrial Loans New York Northeast

MLK Real Estate Capital Secures $15M Bridge Loan for Industrial Property in Syracuse

by David Cohen August 3, 2018

SYRACUSE, N.Y. — MLK Real Estate Capital has secured a $15 million bridge loan for the recapitalization of a 1 million-square-foot, 90-acre industrial property in Syracuse. Ryan Goldstein of MLK represented the borrower, a family office and local operator in securing funding through an undisclosed lender. The borrower intends to use the loan proceeds to recapitalize equity in the deal and fund additional capital improvements and tenant improvements. The improvements will enable the borrowers to restructure in-place leases, attract new tenants to the property and build new structures on undeveloped areas of the property.

August 3, 2018

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $28.6M Refinancing for Apartment Property in Omaha

by Kristin Harlow August 3, 2018

OMAHA — NorthMarq Capital has arranged a $28.6 million Freddie Mac loan for the refinancing of Broadmoor Hills Phase I in Omaha. The 299-unit apartment property is located at 18510 Capitol Court. Community amenities include a fitness center, indoor basketball court, resident movie theater, onsite restaurant, business center and community clubhouse. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

August 3, 2018

Kansas Loans Midwest Multifamily

Dougherty Provides $3.4M Fannie Mae Loan for Refinancing of Multifamily Property in Lawrence, Kansas

by Kristin Harlow August 3, 2018

LAWRENCE, KAN. — Dougherty Mortgage has provided a $3.4 million Fannie Mae loan for the refinancing of Rohan Ridge Apartments in Lawrence. The 72-unit multifamily property features one-, two- and three-bedroom units as well as a swimming pool and playground. The 10-year loan features a 30-year amortization schedule. Wenson-Bear Creek Westgate LLC was the borrower.

August 3, 2018

Development Loans Multifamily Washington Western

NBS Financial Secures $22M in Construction Financing for 80-Unit Apartment Complex in Seattle

by Amy Works August 3, 2018

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $22 million in financing for the development of Stream Dexios Apartments, located in the Westlake neighborhood of Seattle. The borrower is Stream Real Estate. Mike Wood and Colin Ceithaml of NBS Financial secured the construction/permanent loan financing, which was structured with a 13-year term and a 30-year amortization. State Farm Life Insurance Co., a life company correspondent of NBS Financial, provided the funding. When completed in 2019, the five-story, 80,800-square-foot property will feature 80 apartment units, 3,900 square feet of ground-floor retail space and 54 parking stalls. On-site amenities will include a rooftop deck with views of Lake Union, Capitol Hill and the Cascade Mountains.

August 3, 2018

Colorado Loans Multifamily Western

HFF Arranges $7.7M in Financing for Two Apartment Properties in Colorado Springs

by Amy Works August 3, 2018

COLORADO SPRINGS, COLO. — HFF has arranged $7.7 million in financing for two apartment properties — Alvarado Place and Solar Vista, both located in Colorado Springs. The borrower is Radford Investment Properties. Brock Yaffe of HFF arranged two separate fixed-rate loans through the Freddie Mac Small Balance Loan program for the borrower. Proceeds from the loan for Alvarado Place refinanced a floating-rate loan the HFF team sourced for the borrower in 2016, while proceeds from the loan for Solar Vista were used to acquire the property. Located at 1465 Alvarado Drive, Alvarado Place features 99 units in a mix of studio, one- and two-bedroom apartments averaging 519 square feet. Solar Vista, located at 1535 S. Eighth St., features 28 apartments in a mix of one- and two-bedroom layouts averaging 563 square feet.

August 3, 2018

Loans Multifamily New York Northeast

Avison Young Arranges $31.5M Refinancing for Apartment Community in White Plains

by David Cohen August 2, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $31.5 million refinancing for The Metro, a 124-unit apartment community in White Plains. The 12-story property is located in downtown White Plains at 34 S. Lexington Ave. David Krasnoff and Ryan Flannery of Avison Young arranged the financing package on behalf of the owner, Ginsburg Development Cos., a private real estate developer. The lender was undisclosed. Ginsburg recently acquired two buildings on the same block as The Metro and is currently redeveloping the area into a new project called City Square, which will include retail, office and residential space.

August 2, 2018

Loans New Jersey Northeast Office

G.S. Wilcox & Co. Secures $7.2M Refinancing for Office Building in New Jersey

by David Cohen August 2, 2018

BLOOMFIELD, N.J. — G.S. Wilcox & Co. has secured $7.2 million in refinancing for a 76,192-square-foot office building in Bloomfield. The seven-story property is located in the central business district of Bloomfield. Gretchen Wilcox, David Fryer and Wesley Wilcox of G.S. Wilcox & Co. arranged a 10-year term and 25-year amortization through Securian Financial for an undisclosed borrower.

August 2, 2018

Loans Office Texas

Pioneer Arranges $3.2M Refinancing of Austin Office Building

by Taylor Williams August 2, 2018

AUSTIN, TEXAS — Texas-based mortgage intermediary Pioneer Realty Capital LLC has arranged a $3.2 million loan for the refinancing of Summit Point, an office building in Austin. The property, which is located a few miles south of the downtown area, was 100 percent leased at the time of the loan closing. An international investment banking firm provided the loan on behalf of undisclosed sponsors.

August 2, 2018

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