Loans

Walker & Dunlop Secures $30.6M HUD-Insured Construction Loan for Apartment Property in Melbourne, Florida

by Camren Skelton August 20, 2018

MELBOURNE, FLA. — Walker & Dunlop has secured a $30.6 million construction loan for The Highline, a 171-unit, market-rate apartment community in Melbourne. Jeremy Pino, Livingston Hessam, Keith Melton and David Strange of Walker & Dunlop arranged the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Zimmerman Development. The Highline will feature a pool, sundeck, gated dog walk area, fire pit, catering kitchen, sports bar, game room and a fitness center with a yoga studio. A construction timeline for the project was not disclosed.

August 20, 2018

Loans Multifamily Washington Western

Hunt Real Estate Capital Funds $5.3M in Refinancing for Multifamily Property in Metro Seattle

by Amy Works August 20, 2018

LYNNWOOD, WASH. — Hunt Real Estate Capital has provided a $5.3 million Freddie Mac Small Balance Loan for the refinancing of Bailey Court Townhomes in Lynnwood, a suburb 16 miles north of Seattle. The borrower was Bailey Court LLC, backed by key principal Jeffrey Butler. Located at 17420-17415 52nd Ave. West, the multifamily property features 26 garden-style apartments spread across four three-story, townhome-style buildings. On-site amenities include a laundry room, bicycle storage area, security cameras, garages and open parking. At the time of financing, the property was 100 percent occupied. Jeffrey Ballaine of Hunt Real Estate Capital arranged the financing with a 30-year amortization and a yield-maintenance prepayment schedule.

August 20, 2018

Acquisitions District of Columbia Loans Office Southeast

HFF Secures Sale, Financing for 73,168 SF Office Building in D.C.

by Camren Skelton August 17, 2018

WASHINGTON, D.C. — HFF has arranged the sale and financing for the Jefferson Building, a 73,168-square-foot office building located in Washington D.C.’s central business district. Jim Meisel, Andrew Weir, Stephen Conley, Matt Nicholson and Dave Baker of HFF brokered the transaction on behalf of the seller, Invesco Real Estate, and procured the buyer, Marcus Partners. In addition, HFF’s Dan McIntrye and Jay Graham arranged acquisition financing through a balance sheet lender on behalf of the buyer. The purchase price and loan amount were not disclosed. The eight-story Jefferson Building, most recently renovated in 2016, is situated within walking distance to four Metrorail stations. The property was 87 percent leased at the time of sale to 12 tenants including SN/SI Networks LLC, International Center for Alcohol Policies, Relman, Dan & Colfax PLLC and London & Mead/Andrew J. Kline LLC. In addition, the Jefferson Building houses The Palm, one of D.C.’s landmark restaurants.

August 17, 2018

Industrial Loans New Jersey Northeast

MidCap Financial Provides $5.1M Acquisition Loan for Industrial Facility in Mount Laurel, N.J.

by Taylor Williams August 17, 2018

MOUNT LAUREL, N.J. — MidCap Financial has provided a $5.1 million acquisition loan for a 112,000-square-foot multi-tenant industrial property in Mount Laurel, just east of Philadelphia. MidCap provided Burton Real Estate with $5.1 million in floating-rate financing for the $6.3 million acquisition of the property. Other loan terms were not disclosed. Mike Klein of HFF’s New York office arranged the transaction.

August 17, 2018

District of Columbia Florida Hospitality Loans New York Northeast Southeast Top Stories

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

by Kristin Harlow August 17, 2018

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …

August 17, 2018

Development Loans Maryland Multifamily Southeast

Klein Enterprises Receives $64.5M Construction Loan to Build Apartment Community in Baltimore

by Camren Skelton August 16, 2018

BALTIMORE — Klein Enterprises has received a $64.5 million construction loan for the development of The Woodberry, a 284-unit apartment community located at 2001 W. Cold Spring Lane in Baltimore. The loan was underwritten and serviced by AGM Financial, in partnership with the U.S. Department of Housing and Urban Development (HUD)’s Baltimore Multifamily Housing Office. The Woodberry will include a mix of one-, two- and three-bedroom, market-rate apartment units. Community amenities will include a fitness center with yoga room, game room, clubroom, bike room, pet wash, rooftop deck, saltwater pool and an exterior patio and grilling area. The project will also include 7,500 square feet of ground-floor retail. JDavis Architects is the architect for the project, and Old Town Construction is the general contractor. The development team will break ground on The Woodberry this week, with completion scheduled for spring 2020.

August 16, 2018

Florida Loans Office Southeast

HFF Arranges $41M Acquisition Loan for Office Building in Fort Lauderdale

by Camren Skelton August 16, 2018

FORT LAUDERDALE, FLA. — HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale. Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management. The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley and Mass Mutual.

August 16, 2018

Illinois Loans Midwest Multifamily

SunTrust Provides $10.6M Acquisition Loan for Condo Deconversion in Chicago

by Kristin Harlow August 16, 2018

CHICAGO — SunTrust Banks Inc. has provided a $10.6 million bridge loan for the acquisition and deconversion of Cambridge Commons in Chicago. Built in 1970, the property was renovated in 2000. After the closing on July 23, all of the units became apartment rentals. Manny Brown and John Gordon of SunTrust originated the loan on behalf of the borrower, a private equity firm. Areas such as Chicago are seeing more condo deconversions because it is difficult to find land for new developments to meet the rising demand for multifamily properties, according to Gordon. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

August 16, 2018

Illinois Industrial Loans Midwest

Wool Finance Arranges $4.5M Loan for Industrial Property in Stickney, Illinois

by Kristin Harlow August 16, 2018

STICKNEY, ILL. — Wool Finance Partners has arranged a $4.5 million loan for the refinancing of Pershing Terminal in Stickney, about 10 miles southwest of Chicago. The fully leased property includes a 25,000-square-foot cross dock facility and a 13,000-square-foot maintenance facility on a 10-acre site. A West Coast-based life insurance company provided the loan. The undisclosed borrower obtained a lender environmental insurance policy, which insures the lender for any remediation costs in the event of a borrower default. The loan is fully amortized over 25 years and includes a fixed interest rate of 5.1 percent for the first seven years.

August 16, 2018

Loans Mixed-Use New York

NKF Capital Markets Secures $60M Recapitalization for Mixed-Use Project in Brooklyn

by David Cohen August 16, 2018

NEW YORK CITY — NKF Capital Markets has secured a $60 million loan for the recapitalization of an eight-story mixed-use project under development in the Clinton Hill neighborhood of Brooklyn. Located at 325 Lafayette Ave., the property will include 116 apartment units, 40 parking spaces and 16,943 square feet of street-level retail space. Key Food and Starbucks have pre-leased space at the property. Amenities will include a rooftop terrace, fitness center and a media and gaming lounge. NKF secured the loan on behalf of Slate Property Group. The lender was undisclosed. The project is scheduled for completion sometime this fall.

August 16, 2018

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