Loans

Metropolitan Capital Advisors Arranges $4M Construction Loan for Self-Storage Facility in Mobile

by Alex Tostado January 13, 2020

MOBILE, ALA. — Metropolitan Capital Advisors (MCA) has arranged a $4 million senior construction loan for Anytime Storage, a self-storage owner and operator based in Phoenix. The company will use the loan to construct a three-story self-storage facility in Mobile comprising 466 climate-controlled units, representing the first Anytime Storage facility in Alabama. The financing features a fixed 5.05 percent interest rate and 36 months of interest-only payments followed by a 20-year amortization schedule. MCA’s Duke Dennis originated the loan with ServisFirst. Once complete, Anytime Storage’s portfolio will total over 3,700 units across Alabama and Arizona.

January 13, 2020

Development Hospitality Loans Utah Western

Portman Holdings, DDRM Begin Construction of 26-Story Hyatt Regency Salt Lake City

by Amy Works January 13, 2020

SALT LAKE CITY — Atlanta-based Portman Holdings, Irvins, Utah-based DDRM and city officials broke ground for Hyatt Regency Salt Lake City on Friday, Jan. 10. The developers received $377 million in financing for the project, located at the northwest corner of 200 S and West Temple in Salt Lake City. Situated adjacent to the Salt Palace Convention Center, the 26-story Hyatt Regency Salt Lake City will feature 700 guest rooms, approximately 60,000 square feet of meeting space, two restaurants, a lounge, outdoor pool, business center, fitness center and 7,500-square-foot outdoor event terrace. Completion for the 686,784-square-foot hotel is slated for October 2022. Minneapolis-based Piper Sandler Cos. (PSC) served as sole capital arranger for the financing. The private financing sources include non-recourse construction debt and limited partner equity. Additionally, the Piper Sandler Hospitality Group served as the placement agent for the $54.7 million Commercial Property Assessed Clean Energy (C-PACE) loan to finance a portion of the project, which represented the single largest amount ever financed by C-PACE nationally. PSC also served as the sole underwriter for a $45 million taxable bond issue to finance the remaining portion of the project, which will be repaid by taxes generated at the hotel.

January 13, 2020

Kansas Loans Midwest Multifamily Student Housing

Prescient Capital Provides $6.8M Refinancing for Student Housing Property in Kansas

by Kristin Harlow January 13, 2020

EMPORIA, KAN. — Prescient Capital has provided a $6.8 million loan for the refinancing of The Villas at Emporia, a 192-bed student housing property in eastern central Kansas. The four-story complex is located at 1839 Merchant St. The loan term is 12 months with two six-month extension options. Loan proceeds will be utilized to pay off maturing debt. The borrower was undisclosed. Emporia is home to Emporia State University.

January 13, 2020

Georgia Loans Multifamily Southeast

Arbor Provides $43.7M Fannie Mae Green Acquisition Loan for Multifamily Community in Roswell, Georgia

by Alex Tostado January 10, 2020

ROSWELL, GA. — Arbor Realty Trust Inc. has provided a $43.7 million Fannie Mae Green Rewards acquisition loan for Avia Riverside Apartments in Roswell, a northern suburb of Atlanta. The 12-year, fixed rate loan features four years of interest-only payments and a 30-year amortization schedule. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. Built in 1972, Avia Riverside underwent renovations from 2013 to 2015. The 396-unit property features two swimming pools, a playground and a dog park. Other amenities include fitness and business centers. The complex is located at 100 Chattahoochee Circle and overlooks the Chattahoochee River.

January 10, 2020

Affordable Housing Connecticut Development Loans Multifamily Northeast

KeyBank Provides $26.7M in Financing for Affordable Housing Project in Hartford

by Alex Patton January 10, 2020

HARTFORD, CONN. — KeyBank Community Development Lending and Investment has provided a $14 million construction loan for the Phase II redevelopment of Westbrook Village, an affordable housing community in Hartford, Connecticut. Additionally, Key Community Development Corp. has provided $12.7 million in low-income housing tax credit equity for the project. The borrowers, Pennrose and The Cloud Co., are leading a five-phase redevelopment project of Westbrook Village, a 40-acre plot near the University of Hartford. The plot currently contains mostly vacant apartment and commercial buildings which were completed in the early 1950s. Those buildings are being leveled and replaced by new multifamily and retail constructions. Phase I of the project, which includes 75 housing units, is slated for completion this summer. Phase II of the construction will comprise six buildings with individual units leased at varying rates based on area median income (AMI). Of the 60 units, 45 will be affordable and 15 will be market rate. Of the 45 affordable units, 12 will be for supportive housing designated for individuals and families with incomes at or below 25 percent of AMI; 24 will be designated for individuals and families with incomes between 25 percent and 50 percent of AMI; and nine …

January 10, 2020

Loans New Jersey Northeast Retail

Procida Provides $10M Construction Loan for Amusement Pier in Seaside Heights, New Jersey

by Alex Patton January 9, 2020

SEASIDE HEIGHTS, N.J. — Procida Funding has provided a $10 million construction loan to The Mabie Group to finance the reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights. The coastal city is located about 65 miles east of Philadelphia. Dating back to the early 1920s, the pier was previously home to a number of small eateries, arcades, amusement games and rides but was ravaged by Superstorm Sandy in 2012 and finally destroyed by a fire in 2013. Proposed plans call for the transformation of the currently vacant boardwalk into an entertainment destination featuring a 17,500-square-foot multi-tier bar and restaurant, a concert venue and several small retail buildings. The construction schedule has not been disclosed.

January 9, 2020

Development Hawaii Loans Retail Western

Pearlmark Closes $16.2M Investment for Niumali Marketplace Development in Hawaii

by Amy Works January 9, 2020

KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona. Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property. The sponsors, CREDE and two institutional equity capital partners, started construction on the site in October 2018 and are expected to complete the project in October. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. Centennial Bank provided a senior construction loan. George Smith Partners represented the borrower in securing the financing, while Bill Swackhamer arranged in the transaction in-house for Pearlmark.

January 9, 2020

Illinois Indiana Industrial Loans Midwest Ohio

JLL Arranges $130M in Post-Acquisition Financing for Midwest Logistics Portfolio

by Kristin Harlow January 9, 2020

CHICAGO, COLUMBUS, INDIANAPOLIS AND CINCINNATI — JLL Capital Markets has arranged $130 million in post-acquisition financing for a 22-building logistics portfolio totaling 3.8 million square feet. Built between 1966 and 2016, the properties are located in the Chicago, Columbus, Indianapolis, Louisville and Cincinnati markets. The portfolio is approximately 90 percent leased to 52 tenants. Kristian Lichtenfels, Eric Tupler, Matt Schoenfeldt and Ken Martin of JLL arranged the loan on behalf of the borrower, a U.S. subsidiary of a publicly traded Canadian real estate company. A national balance sheet lender provided the 10-year loan, which features a fixed rate of 3.1 percent. Loan proceeds will be used to place debt on the portfolio as it was purchased in an all-cash transaction.

January 9, 2020

Loans Mixed-Use New York Northeast

Progress Capital Arranges $85M Refinancing Loan for Bronx Mixed-Use Development

by Alex Patton January 8, 2020

NEW YORK CITY — Progress Capital has arranged an $85 million loan to refinance Union Crossing, a 275,000-square-foot mixed-use development in the Port Morris neighborhood of the Bronx. LibreMax Capital provided the floating-rate loan, which will be used to replace the original construction loan and fund potential tenant improvements and leasing commissions during lease-up. Located at 825 East 141st St., the building was originally constructed in 1916 as a major baking facility for the Great Atlantic & Pacific Tea Company. A partnership of the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management purchased and redeveloped the property in 2016 to include retail, office and industrial space. Nonprofit affordable housing developer Westhab is the property’s first office tenant, taking 8,233 square feet of space. Brad Dominico of Progress Capital arranged the loan.

January 8, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

M&T Realty Capital Provides $79.5M Financing for Seniors Housing Facility in Blackwood, New Jersey

by Alex Patton January 8, 2020

BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a southeastern suburb of Philadelphia. The 30-year loan is fully amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.

January 8, 2020

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