Loans

Progress Capital Secures $4.8M Refinancing for Multifamily Community in Newark

by David Cohen July 25, 2018

NEWARK, N.J. — Progress Capital has secured a $4.8 million refinancing for a six-story multifamily property in Newark. Located at 469 Elizabeth Ave., the building contains 58 residential units and was built in 2016. Brad Domenico of Progress Capital arranged the loan with an initial five-year, 4 percent fixed-rate. After the initial term, the loan becomes a variable rate with a 20-year term and a 30-year amortization. The lender was undisclosed. The proceeds of the loan will be used to retire the existing debt on the property and provide a cash-out to the undisclosed borrower, which will be used to fund additional property acquisitions.

July 25, 2018

Idaho Loans Multifamily Student Housing Western

Greystone Provides $28.2M Acquisition Loan for Student Housing Complex in Idaho

by Amy Works July 25, 2018

REXBURG, IDAHO — Greystone has provided a $28.2 million Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a student housing property in Rexburg. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the loan for the undisclosed borrower. The loan carries a 10-year term, fixed rate and five years of interest-only payments. Built in 2014, the 154-unit property serves the Brigham Young University-Idaho population with 1,024 student beds. On-site amenities include a private gym, theater, music rooms and community-sponsored activities, such as pizza parties and game nights.

July 25, 2018

Development Florida Loans Mixed-Use Southeast

Aztec Group Arranges $14.7M in Land Acquisition Loans for Mixed-Use Project in Palm Beach County

by Camren Skelton July 25, 2018

ROYAL PALM BEACH, FLA. — Aztec Group Inc. has arranged a series of five loans totaling $14.7 million for the acquisition of approximately 100 acres located in Royal Palm Beach. Howard Taft and Charles Penan of Aztec Group arranged the loans through Lion Financial on behalf of the borrower, Tuttle Land Development. The acquisition completes the land assemblage necessary for the development of Tuttle Royale, a 200-acre mixed-use community that will be located at the intersection of Southern Boulevard and State Road 441. Prior to the acquisition, Tuttle owned 150 acres of land, which it acquired over the past two years. The proposed community would feature 1,100 multifamily units, medical offices, a 1,500-student charter school, village park, 400,000-square-foot lifestyle and activity center with high-end restaurants, a 100-room hotel, preschool, fitness center and retail space. A construction timeline for the project was not disclosed.

July 25, 2018

California Loans Multifamily Western

Kennedy Funding Arranges $2.1M Acquisition Loan for Development Site in Northern California

by Amy Works July 25, 2018

LINDA, CALIF. — Kennedy Funding has arranged $2.1 million in financing for the acquisition of a 17.5-acre development site located on Riverbank Drive in Linda. The borrower, Tanglewood Racquet Village LLC, use the loan proceeds to purchase the land parcel for $1.5 million from an undisclosed seller. The buyer plans to develop Tanglewood Racquet Club, a 400-unit multifamily community, on the site. The property will feature one- and two-bedroom units spread across 10 two-story buildings and 10 three-story buildings. Additionally, the property will feature a community center and a storage building. Englewood Cliffs, N.J.-based Kennedy Funding secured the loan, which was more than 38 percent above the acquisition price.

July 25, 2018

Iowa Loans Midwest Multifamily Seniors Housing

Dougherty Provides $5.7M HUD-Insured Loan for Refinancing of Seniors Housing Property in Iowa

by Kristin Harlow July 25, 2018

CLINTON, IOWA — Dougherty Mortgage LLC has provided a $5.7 million HUD-insured loan for the refinancing of Village Cooperative of Clinton. The 44-unit seniors housing property was constructed in 2013. All units are restricted to persons age 62 and older. The HUD 213/223(a)(7) loan is fully amortized over 40 years. The refinancing lowered the interest rate and resulted in reduced annual debt-service payments for the borrower, according to Dougherty.

July 25, 2018

Development Loans New York Northeast Office Top Stories

JLL Arranges $235M Construction Loan for 34-Story Office Tower in Brooklyn

by David Cohen July 25, 2018

NEW YORK CITY — JLL Capital Markets has arranged a $235 million loan for the construction of One Willoughby Square, a 34-story, Class A office tower in downtown Brooklyn. One Willoughby Square will rise 560 feet above the future Willoughby Park, a one-acre public green space on top of a 700-space underground parking garage in Brooklyn’s Tech Triangle. The building will feature column-free floor plates as well as 10-foot windows. The tower is the first ground-up office development in downtown Brooklyn in decades, according to JLL. Aaron Appel, Keith Kurland, Aaron Niedermayer, David Sitt and Eliott Zetioune of JLL arranged the four-year, floating-rate loan through Québec-based Otéra Capital Inc. for borrower JEMB Realty. The planned 462,656-square-foot tower is already 27 percent leased to two tenants: architectural firm NYC School Construction Authority and FXCollaborative, the executive architect of One Willoughby Square. JEMB will seek LEED Silver certification for the project, which is scheduled for completion in 2021. “The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” says Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.” — David Cohen

July 25, 2018

Aspire-at-Preston-Trails-Cedar-Hill-Texas

Development Loans Multifamily Texas

Mason Joseph Arranges $42.5M HUD Loan to Build New Apartment Community in Metro Dallas

by Taylor Williams July 24, 2018

CEDAR HILL, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged a $42.5 million construction and permanent financing loan for Aspire at Preston Trails, an apartment community that will be located in the Dallas metro of Cedar Hill. The property will feature 299 market-rate units across nine garden-style buildings. Mason Joseph placed the loan, which features a fixed interest rate for the 22-month construction period and subsequent 40-year term, through HUD’s 221(d)(4) program, on behalf of the developers, Covenant Development LLC and Stewart Residential LLC. Humphreys & Partners is serving as architect for the project and Jordan Foster Construction is serving as general contractor. The property broke ground in early July.

July 24, 2018

Loans Mixed-Use New York Northeast

JLL Secures $20.7M Acquisition Loan for Mixed-Use Portfolio in Chelsea

by David Cohen July 24, 2018

NEW YORK CITY — JLL has secured a $20.7 million acquisition loan for the High Line Portfolio, a four-building, mixed-use portfolio in the Chelsea neighborhood of Manhattan. Jonathan Schwartz, Aaron Appel, Brian Buglione and Patrick Cotter of JLL arranged the financing for Morgenstern Capital through an undisclosed lender. Terms of the loan were not disclosed. The portfolio includes three contiguous mixed-use buildings at 505 W. 22nd St., 203 and 205 10th Ave. as well as one retail building at 207 10th Ave. All totaled, the properties include 26 residential and four retail units.

July 24, 2018

Loans Multifamily Seniors Housing Washington Western

Live Oak Bank Provides $2.2M Acquisition Financing for Boutique Assisted Living Community Near Seattle

by Amy Works July 24, 2018

SEATTLE — Live Oak Bank has provided a $2.2 million loan for the acquisition of an assisted living community in a northern suburb of Seattle. The community features 12 beds across two adjacent buildings. The boutique community has monthly rents between $6,000 and $10,000. A husband-and-wife team, one of which is a longtime employee at the community, acquired the property from an undisclosed seller. The SBA loan features 90 percent loan-to-cost ratio.

July 24, 2018

Industrial Loans New Jersey Northeast

HFF Arranges $9.1M Financing for Industrial Facility near Philadelphia

by David Cohen July 24, 2018

SWEDESBORO, N.J. — HFF has arranged $9.1 million in financing for a 254,250-square-foot industrial facility in Swedesboro. The property is located at 405 Heron Drive, approximately 25 miles south of Philadelphia. HFF arranged a 10-year, fixed-rate loan for the borrower, Burton Real Estate through lender CUNA Mutual Group. The permanent fixed-rate loan will be added to an existing mortgage collateralized by a three-building industrial portfolio. Burton Real Estate purchased the property in November 2017. At the time, the property was 88 percent leased. Loan proceeds will be utilized to return equity to the sponsorship. Situated on more than 25 acres, 405 Heron Drive features 24- to 25-foot clear heights, nine dock-high doors and two drive-in doors.

July 24, 2018

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