Loans

Newmark Arranges $62M in Financing for 204-Unit Apartment Building in Seattle

by Amy Works July 5, 2018

SEATTLE — Newmark has arranged $62 million in fixed-rate financing for 624 Yale Apartment Building in Seattle. Located in Seattle’s South Lake Union district, the two-building high-rise community features 204 studio, one-bedroom and two-bedroom units. Additionally, the property features ground-floor retail space and parking. Brian Bonipart and Abby Kemp of Newmark’s Seattle office arranged the financing on behalf of the undisclosed borrower. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders and was funded at receipt of Certificate of Occupancy.

July 5, 2018

Florida Loans Multifamily Southeast

M&T Realty Capital Provides $31.1M HUD Construction Loan for Multifamily Community in Tampa Bay Area

by Camren Skelton July 5, 2018

BRADENTON, FLA. — M&T Realty Capital Corp. has provided a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay community of Bradenton. Paula Quigley and Brian Benzel of M&T Realty originated 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, Cedarwood Development Inc. Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios. Community amenities will include a clubhouse and entertainment deck, as well as cross-access to additional amenities at its sister community, Blue Heron Creek. A construction timeline for the development was not disclosed.

July 5, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $12.3M for Acquisition of Multifamily Portfolio Near Boston

by David Cohen July 3, 2018

CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.

July 3, 2018

Healthcare Loans New York Northeast

Greystone Provides $14.5M HUD Loan to Refinance Healthcare Facility in New York

by David Cohen July 3, 2018

TARRYTOWN, N.Y. — Greystone has provided $14.5 million HUD-insured loan for the refinancing of Tarrytown Hall Care Center, a skilled nursing facility in Tarrytown. The 120-bed facility is located 25 miles north of Manhattan. The transaction was originated by Fred Levine of Greystone. The borrower was undisclosed. The permanent loan carries a 35-year term and amortization period with a fixed rate.Tarrytown Hall offers a variety of specialized services, including short-term rehabilitation, physical therapy, cardiac therapy, stroke recovery and long-term care.

July 3, 2018

Loans Michigan Midwest Multifamily

Bernard Arranges $17M Refinancing for Apartment Property in Detroit

by Kristin Harlow July 3, 2018

DETROIT — Bernard Financial Group has arranged a $17 million CMBS loan for the refinancing of River Place Apartments in Detroit. The 301-unit apartment complex, originally built from 1891 to 1908, features lofts and townhomes. River Place GP LLC was the borrower. Dennis Bernard of Bernard Financial originated the loan.

July 3, 2018

Acquisitions Florida Loans Retail Southeast

HFF Secures $19.8M Sale, $13.7M Financing for Retail Center in Orlando

by Camren Skelton July 3, 2018

ORLANDO, FLA. — HFF has secured the $19.8 million sale of Alafaya Commons, a 130,811-square-foot retail center located at 11792-11970 E. Colonial Drive in Orlando. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the seller, Regency Centers. Rebecca Van Reken and Gregg Shapiro of HFF secured a $13.7 million acquisition loan through First Florida Integrity Bank on behalf of the buyer, LBX Investments. The five-year loan features a fixed interest rate. Alafaya Commons was constructed in 1987 and renovated in 2015. The center was 89.7 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Youfit Health Clubs, H&R Block, GNC, Goodfellas Pizza, Orange County Health & Family, Sunset Christian Preparatory and Junior Colombian Burger. The center also includes outparcels that house Taco Bell, Amscot and Chuan Lu Garden.

July 3, 2018

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $15.5M in Financing for Affordable Housing Community in Rochester

by David Cohen July 2, 2018

ROCHESTER, N.Y. — KeyBank has provided $15.5 million in financing to Home Leasing LLC for the construction of Charlotte Square, a 50-unit affordable housing community in Rochester. KeyBank provided a $6.6 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. When completed, the project will have eight units set aside for individuals earning 30 percent of area median income (AMI); 26 units for individuals earning 60 percent of AMI; and 16 units for individuals earning 80 percent of AMI. Construction began in June. The New York State Division of Housing and Community Renewal and the City of Rochester provided additional funding.

July 2, 2018

Acquisitions Loans Multifamily New Jersey Northeast

Progress Capital Funds $2.3M Acquisition of Vacant Jersey City Gas Station

by David Cohen July 2, 2018

JERSEY CITY, N.J. — Progress Capital has provided a $2.3 million bridge loan for the acquisition of a vacant gas station located at 348 Baldwin Ave. in Jersey City. Kathy Anderson of Progress Capital arranged the financing for borrower, 350 Pavonia Group LLC. The term of the interest-only loan is 12 months accompanied by a fixed-rate of 12 percent. The gas station is slated to be demolished and the site has been approved for rezoning as residential. The borrower plans to construct a 45-unit multifamily building on the site. The below-ground tanks at the site were properly sealed at the time the gas station closed, according to the lender. Prior to purchase and approval of the multifamily development, testing at the site showed no risk of environmental hazard.

July 2, 2018

District of Columbia Loans Office Southeast

Natixis Provides $52.8M Refinancing for Office Building in D.C.’s East End

by Camren Skelton July 2, 2018

WASHINGTON, D.C. — Natixis has provided a $52.8 million loan for the refinancing and lease-up of 1000 F Street N.W., a 93,465-square-foot office building in Washington, D.C.’s East End submarket. The loan was provided on behalf of the building developer and owner, Douglas Development Corp., which completed construction on the property in 2016. The D.C.-based developer will use the loan to refinance an existing construction loan and fund tenant improvements to continue leasing the property. The LEED Gold-certified building, which was approximately 30 percent leased at the close of financing, features 7,282 square feet of ground-floor retail space and two levels of below-grade parking.

July 2, 2018

Loans Multifamily Texas

TRC Arranges Construction Loan for 238-Unit Apartment Project in Metro Austin

by Taylor Williams July 2, 2018

LEANDER, TEXAS — Austin-based mortgage banking firm Texas Realty Capital (TRC) has arranged a construction loan for Hermosa Village, a 238-unit apartment project that recently broke ground in the northern Austin suburb of Leander. The loan featured a 75 percent loan-to-cost (LTC) structure, including both bank financing (64 percent) and preferred equity (11 percent). TRC arranged the loan on behalf of the sponsor, IMPACT Developers, an Austin-based multifamily development group. The loan amount was not disclosed.

July 2, 2018

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