Loans

NorthMarq Arranges $54.9M in Financing for Commercial, Multifamily Properties in Metro Houston

by Taylor Williams August 28, 2018

HOUSTON — NorthMarq Capital has arranged $54.9 million in loans for the acquisition and refinancing of four commercial properties and one apartment community located throughout the Houston area. The properties include Deer Park Marketplace, a 35,000-square-foot retail asset in Deer Park; Havenwood Office Park, a 240,000-square-foot office property in The Woodlands; Hidden Lakes Phase III, a 9,000-square-foot retail property in League City; 2700 Research Forest, a 75,000-square-foot office building in The Woodlands; and Jacinto Palms Apartments in Jacinto City. Warren Hitchcock of NorthMarq Capital’s Houston office arranged the loans on behalf of the undisclosed borrowers.

August 28, 2018

Colorado Loans Multifamily Seniors Housing Western

HFF Arranges Construction Financing for Seniors Housing Community in Denver

by Amy Works August 28, 2018

DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.

August 28, 2018

Loans Mixed-Use New Jersey Northeast

Progress Capital Secures $11.8M Acquisition Loan for Industrial Facility in Jersey City

by David Cohen August 27, 2018

JERSEY CITY, N.J. — Progress Capital has secured an $11.8 million loan for the acquisition of a former manufacturing facility in Jersey City. The property is the former site of Elementis Specialties Inc. and is located at 400 Claremont Ave. The buyer, 400 Claremont Urban Renewal LLC, plans to redevelop the site into a mixed-use building with residential, parking and retail components. Progress Capital arranged the financing on behalf of the borrower through an undisclosed lender. The timeline for the project was not disclosed.

August 27, 2018

Loans Multifamily South Carolina Southeast

Hunt Real Estate Capital Provides $17M Acquisition Loan for Apartment Community in Greenville

by Camren Skelton August 27, 2018

GREENVILLE, S.C. — Hunt Real Estate Capital has provided a $17 million loan for the acquisition and rehabilitation of Azalea Hill, a 160-unit apartment community in Greenville. The borrower, Willow Creek Partners, plans to use proceeds of the loan to renovate the property and stabilize operations. Constructed in 1998, Azalea Hill includes a mix of studio, one- and two-bedroom units and features a fitness center, dog park, resident clubhouse, swimming pool, coffee bar and concierge dry cleaning and package service.

August 27, 2018

Loans New York Northeast Retail

JLL Arranges $221.8M Bridge Loan for Retail Portfolio in Brooklyn

by David Cohen August 24, 2018

NEW YORK CITY — JLL has arranged a $221.8 million bridge loan through JP Morgan to finance a retail portfolio in the Williamsburg neighborhood of Brooklyn. Jonathan Schwartz, Aaron Appel, Michael Diaz and Sean Baillie of JLL secured the three-year, interest-only loan on behalf of owners RedSky Capital and JZ Capital Partners. The portfolio consists of 15 retail properties located on North 6th Street and Bedford Avenue. Three of the properties on North 6th Street are fully leased to a tenant roster that includes Urban Outfitters, Vans, Everlane and Aland. The remaining properties are in the process of being improved and leased.

August 24, 2018

Loans Multifamily New Jersey Northeast

Berkadia Secures $51.9M Acquisition Loan for Multifamily Community in New Jersey

by David Cohen August 24, 2018

ATLANTIC HIGHLANDS, N.J. — Berkadia has secured a $51.9 million acquisition loan for Thousand Oaks Village, a garden-style multifamily community in Atlantic Highlands. Bob Falese and Jeff Heath of Berkadia secured the financing through Freddie Mac on behalf of the borrower, Delaware-based 165 Thousand Oaks Drive LLC. The borrower plans to renovate and upgrade all units at the property. Berkadia utilized the Freddie Mac Mod Rehab Loan Program, allowing the borrower to have a floating rate during the renovation period that will automatically convert to a fixed rate upon the completion of renovations. Located at 165 Thousand Oaks Drive, Thousand Oaks Village features one-, two- and three-bedroom floor plans. Amenities include air conditioning, large closets, hardwood floors and private patios.

August 24, 2018

Loans Multifamily Southeast Tennessee

Alliant Credit Union Provides $38.4M Acquisition Loan for Apartment Portfolio in Memphis

by Camren Skelton August 24, 2018

MEMPHIS, TENN. — Alliant Credit Union has provided acquisition financing for a six-property apartment portfolio in Memphis. The loan was structured with an initial funding of $31.7 million, with performance earn-out provisions up to $38.4 million. The borrower plans to renovate the communities, which include a total of 1,240 units. Community amenities across the portfolio include on-site parking, clubhouses, swimming pools, playgrounds and onsite laundry facilities. The name of the borrower and specific property names were not disclosed.

August 24, 2018

Hospitality Loans South Carolina Southeast

Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville

by Camren Skelton August 24, 2018

GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.

August 24, 2018

Loans Michigan Midwest Multifamily

Cohen Financial Arranges $10.6M HUD Loan for Refinancing of Multifamily Property in Michigan

by Kristin Harlow August 23, 2018

PORTAGE, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.6 million HUD 223(f) loan for the refinancing of Timberwood Crossing in Portage, just south of Kalamazoo. The multifamily property includes 254 units. The fixed-rate loan, which features a 35-year term, will refinance the original short-term loan Cohen secured for the acquisition of the property. Trillium Investments was the borrower.

August 23, 2018

Healthcare Loans Mixed-Use Office Retail Washington Western

Newmark Arranges $42M in Financing for 107,000 SF Mixed-Use Property in Sammamish, Washington

by Amy Works August 23, 2018

SAMMAMISH, WASH. — Newmark has secured $42 million in permanent financing for the Village at Sammamish Town Center, a 107,000-square-foot mixed-use property located in Sammamish. The property features 37,000 square feet of medical office space, a 35,000-square-foot Metropolitan Market and 35,000 square feet of retail space. The newly completed property is the only new commercial development on the Sammamish plateau in more than 20 years, according to Newmark. Michael Taylor, Skip Slavin and Patrick Taylor of Newmark’s Seattle office arranged the non-recourse financing on behalf of the property owner. The 14-year term, 30-year amortization loan was placed with one of Newmark’s correspondent lenders, and Newmark will service the loan.

August 23, 2018

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