Loans

KeyBank Provides $25.3M in CMBS Financing for Retail Center in Alexandria

by Alex Tostado January 21, 2019

ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.

January 21, 2019

Loans Mixed-Use North Carolina Southeast

Trez Forman Closes $20.5M Construction Loan for Mixed-Use Project in Burlington, North Carolina

by Alex Tostado January 21, 2019

BURLINGTON, N.C. — Trez Forman has provided a $20.5 million construction loan to developer Diamondback Investment Group LLC for a mixed-use development in Burlington. Named St. Marks, the project will entail 183 apartment units and 2,500 square feet of retail space. Bret Forman of Trez Forman originated the loan on behalf of the borrower. St. Marks is situated on seven acres and apartment amenities will include a dog park, clubhouse, saltwater pool and a lounge area. Terms of the loan and a timeline for the project were not disclosed.

January 21, 2019

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $5M Refinancing for Retail Center in New Jersey

by David Cohen January 21, 2019

SPRINGFIELD, N.J. — Cronheim Mortgage has secured a $5 million loan to refinance an 80,000-square-foot retail center in Springfield. The seven-acre property was built in 1972 and renovated in 1995. Currently the center is fully occupied by Christmas Tree Shoppes. Cronheim secured the 15-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was American United Life Insurance Co.

January 21, 2019

Loans Multifamily Seniors Housing Washington Western

KeyBank Provides $70M Development Financing for 241 Affordable Seniors Housing Units in Lacey, Washington

by Amy Works January 21, 2019

LACEY, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $70 million in combined construction and permanent loan financing to AVS Communities. The funds are for development of The Reserve at Lacey, a 241-unit affordable housing property in Lacey, about 60 miles southwest of Seattle. Apartments will serve seniors age 55 or older who earn 60 percent or less of the area median income (AMI). KeyBank paired a $40 million construction loan with a $30 million private placement forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.

January 21, 2019

Iowa Loans Midwest Multifamily

Dougherty Provides $6.9M Refinancing for Apartment Property in Spencer, Iowa

by Kristin Harlow January 21, 2019

SPENCER, IOWA — Dougherty Mortgage has provided a $6.9 million Fannie Mae loan for the refinancing of Windcrest Village in Spencer in northwestern Iowa. The 87-unit apartment property includes laundry facilities, a fitness center and children’s playground. The 12-year loan features a 30-year amortization schedule. Windcrest Village LLC was the borrower.

January 21, 2019

District of Columbia Loans Retail Southeast

KeyBank Provides $30.3M Construction Loan for Target-Leased Retail Property in D.C.

by Alex Tostado January 18, 2019

WASHINGTON, D.C. — KeyBank Real Estate Capital has provided a $30.3 million construction loan for a planned 67,000-square-foot, two-story retail property that will be fully leased to Target upon completion. The property is situated at 1515 New York Ave. N.E. in Washington, D.C.’s Ivy City neighborhood. Scott Bois and Ashley Reiser of KeyBank arranged the fixed-rate, non-recourse loan with a 20-year amortization schedule. The loan included a credit tenant lease transaction to facilitate the funding. According to Washington Business Journal, the developer, Douglas Development Corp., is planning to open the Target in fall 2020.

January 18, 2019

Loans Mixed-Use New Jersey Northeast

Progress Capital Secures $10M Acquisition Loan for Mixed-Use Property in New Jersey

by David Cohen January 18, 2019

BRICK, N.J. — Progress Capital has secured $10 million in acquisition financing for a mixed-use building in Brick. Located at 101 Prosper Way, the four-story property consists of 20,000 square feet of ground-floor retail space and 44 residential units on the upper three floors. Kathy Anderson of Progress Capital represented the undisclosed borrower in the transaction. The lender was Lakeland Bank. Terms of the financing included a 4.6 percent fixed rate for seven years and a 30-year amortization schedule. The loan amount represents a 70 percent loan-to-value ratio.

January 18, 2019

Loans Multifamily Texas

LMI Capital Places Two Loans Totaling $17M for Refinancing of Houston Area Apartments

by Taylor Williams January 18, 2019

HOUSTON AND KATY, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has placed two loans totaling $17 million for the refinancing of two multifamily properties in the Houston area. In the first transaction, Jamie Safier of LMI Capital arranged a $9.6 million agency loan for a 145-unit community in the Spring Branch submarket. The loan featured a fixed interest rate and five years of interest-only payments. In the second deal, Kurt Dennis of LMI Capital placed a $7.4 million loan for a 115-unit property in the western suburb of Katy. The loan carried a 10-year term. The names of the properties and the borrowers were not disclosed.

January 18, 2019

Loans Multifamily Texas

BMC Capital Arranges $4.1M Acquisition Loan for Oklahoma City Apartments

by Taylor Williams January 18, 2019

OKLAHOMA CITY — BMC Capital, a commercial lender with seven offices around the country, has arranged a $4.1 million bridge loan for the acquisition of an undisclosed apartment property in Oklahoma City. The loan, proceeds of which will be used to fund capital improvements at the Class C property, featured a fixed interest rate of 6.67 percent and a loan-to-cost ratio of 80 percent. The borrower was not disclosed.

January 18, 2019

Loans New York Northeast Retail

Houlihan-Parnes Arranges $1.7M Refinancing for Retail Property in Scarsdale, New York

by David Cohen January 18, 2019

SCARSDALE, N.Y. —Houlihan-Parnes Realtors has arranged a $1.7 million loan to refinance an 8,500-square-foot retail property in Westchester. Located at 58-72 Garth Road, the asset is nearby the Scarsdale Metro-North train station. Richard Hendey and Mike O’Neill ofHoulihan-Parnes secured a seven-year, non-recourse loan on behalf of the undisclosed borrower. Terms of the financing included a 4.87 percent fixed rate on a 30-year amortization schedule. The lender was a local bank.

January 18, 2019

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