Loans

NXT Capital Provides $31M Refinancing for Apartment Community in Chicago

by Kristin Harlow March 13, 2019

CHICAGO — NXT Capital has provided a $31 million loan for the refinancing of X Chicago, a 99-unit apartment community in Chicago. The project, completed in September 2018, is part of developer PMG’s national portfolio of X Social Communities. X Chicago is located within the University Village neighborhood and is near the Illinois Medical District and the University of Illinois at Chicago. Amenities include a bike room, coworking lab, fitness studio, communal kitchen and rooftop green space. Jimmy Conley of HFF arranged the loan, terms of which were undisclosed.

March 13, 2019

Alabama Loans Multifamily Southeast

Berkadia Arranges $16.8M Acquisition Loan for Apartment Complex in Hoover, Alabama

by Alex Tostado March 12, 2019

HOOVER, ALA. — Berkadia has arranged a $16.8 million acquisition loan on half of MAG Renaissance LLC for Renaissance Galleria, a 224-unit apartment complex in Hoover. Fannie Mae provided the 12-year, fixed-rate loan. Built in 1994, Renaissance Galleria offers one-, two- and three-bedroom floor plans across 16 buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. The property was 94 percent occupied at the time of the sale.

March 12, 2019

California Loans Office Western

CBRE Arranges $106M Acquisition Financing for 118,000 SF Office Building in San Francisco

by Amy Works March 12, 2019

SAN FRANCISCO — CBRE Capital Markets has secured $106 million in acquisition financing for 600 Battery Street, a Class A office building located in San Francisco’s Jackson Square submarket. The owners are a joint venture between Invesco and TMG Partners. IPG, a media and advertising company, fully occupies the 118,000-square-foot building. Mike Walker and Brad Zampa of CBRE Capital Markets team arranged the five-year, non-recourse financing with full-term interest-only payments for the owners. Square Mile Capital provided the financing, which Eric Cohen originated. Mike Taquino and Kyle Kovac of CBRE’s Institutional Capital Markets team led the 600 Battery sale, which closed earlier this year.

March 12, 2019

Georgia Loans Office Southeast Walker & Dunlop

Walker & Dunlop Arranges $44.3M Refinancing Loan for Office Park in Metro Atlanta

by Alex Tostado March 11, 2019

MARIETTA, GA. — Walker & Dunlop Inc. has arranged a $44.3 million refinancing loan for Marietta Technology Center, a 347,500-square-foot office park in Marietta. Mark Strauss and Rob Quarton of Walker & Dunlop represented the borrowers, Praelium Commercial Real Estate and South Street Partners, in arranging the seven-year, fixed-rate loan with interest-only payments. The refinancing covers the asset’s four, single-story buildings, which were built between 1983 and 1985. The office park is situated at 2161 New Market Park Way, about 16 miles northwest of downtown Atlanta.

March 11, 2019

Florida Loans Multifamily Southeast

Coastline Buys Apartment Community in Tampa for $33M

by Alex Tostado March 11, 2019

TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.

March 11, 2019

Loans Massachusetts Multifamily Northeast

CBRE Arranges $62M Refinancing for Apartment Portfolio in Massachusetts

by David Cohen March 11, 2019

BOSTON AND LYNN, MASS. — CBRE has arranged a $62 million loan to refinance a 19-building apartment portfolio in Boston and Lynn. The assets consist of workforce housing with a combination of both market-rate and affordable apartments. John Kelly of CBRE secured financing on behalf of the owner, Helge Capital. The lender was undisclosed.

March 11, 2019

Development Loans Northeast Pennsylvania Uncategorized

Procida Funding Provides $7M Construction Loan for Townhome Development in Pennsylvania

by David Cohen March 11, 2019

UPPER MACUNGIE TOWNSHIP, PA. — Procida Funding has provided a $7 million construction loan for a townhome community in Upper Macungie Township. Located at Wrenfield 1230 Route 100 North, the $26 million project will consist of 98 market-rate, two- and three-story townhouse units with an average size of 2,264 square feet. Ashley Development Corp. will construct the community. The borrower was Lou Pektor.

March 11, 2019

Development Loans Multifamily Northeast Pennsylvania

Marcus & Millichap Negotiates $1.8M Sale of Multifamily Building in Pennsylvania

by David Cohen March 11, 2019

SECANE, PA. — Marcus & Millichap has negotiated the $1.8 million sale of Ashland Terrace, a 27-unit multifamily building in Secane. Located at 711 Ashland Ave., the property consists of six, one-bedroom and 21, two-bedroom units. Clarke Talone, Andrew Townsend, Daniel Bernard and Ridge MacLaren of Marcus & Millichap’s Philadelphia office represented the seller, a private partnership, in the transaction. The buyer was a regional limited liability company.

March 11, 2019

California Loans Multifamily Western

Arbor Realty Trust Funds $2.8M Loan for Multifamily Building in Southern California

by Amy Works March 11, 2019

CARSON, CALIF. — Arbor Realty Trust has funded a $2.8 million Freddie Mac Small Balance Loan (SBL) for Sky South Bay, a multifamily property located in Carson. Built in 2018, Sky South Bay features 13 apartments in a mix of studio-plus, one- and two-bedroom layouts with private patios or rooftop decks. Interior amenities include designer kitchens with quartz countertops and stainless steel appliances, central heating and air conditioning, in-unit washers/dryers and secure on-site parking. Eugene Yanovskiy of Arbor’s New York City office originated the loan.

March 11, 2019

Development Loans Multifamily New York Northeast Uncategorized

Naftali Credit Partners Secures $65M Construction Loan for Condominium Project in Queens

by David Cohen March 8, 2019

NEW YORK CITY — Naftali Credit Partners has arranged a $65 million construction loan for a 74-unit luxury condominium project in Queens. Located at 107-02 Queens Blvd., the 10-story property will also include more than 25,000 square feet of retail space. Amenities will feature a fitness center, playroom and rooftop terrace. Naftali Credit Partners secured the financing on behalf of the borrower, a partnership between RJ Capital Holdings and RB Realty Capital through lender CIT Bank. Terms of the financing were undisclosed.

March 8, 2019

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