Loans

Hunt Mortgage Provides $12M Fannie Mae Loan for Affordable Housing Community in Dallas

by John Nelson June 18, 2018

DALLAS — Hunt Mortgage Group has provided a $12 million Fannie Mae loan for the refinancing of Cornerstone Apartments, a 240-unit affordable housing community in Dallas. Situated at 2606 Community Drive and 9709 and 9720 Starlight Road, Cornerstone was built in three phases between 1968 and 1976. Two of the phases were redeveloped in 1992 and 1995 through the Low-Income Housing Tax Credit program. The third phase comprises 38 market-rate apartment units without affordability restrictions. Community amenities include an on-site management/leasing office, four laundry rooms, a swimming pool and playground. Dallas-based Churchill Capital arranged the 12-year loan with a 30-year amortization schedule on behalf of the borrower, JAG CA Re-Development LLC, an entity backed by James E. Graham Jr. The company has invested $2 million in capital improvements to Cornerstone Apartments since taking over ownership, bringing the occupancy up from 70 percent to above 90 percent as of loan closing, according to Churchill Capital.

June 18, 2018

California Loans Retail Western

NorthMarq Capital Secures $8.5M Refinancing for Retail Center in Richmond, California

by Amy Works June 18, 2018

RICHMOND, CALIF. – NorthMarq Capital has arranged $8.5 million in refinancing for Richmond City Center, a shopping center located at 1100-1350 MacDonald Ave. in Richmond. Walgreens, FoodCo and Payless Shoe Source are tenants at the 73,892-square-foot property. Joe Giordani of NorthMarq Capital’s Los Angeles office secured the refinancing, which was structured with an 18-month term on a 30-year amortization schedule.

June 18, 2018

Loans Multifamily New Hampshire Northeast Seniors Housing

Ziegler Arranges $110.5M in Bonds for Senior Living Development in New Hampshire

by David Cohen June 15, 2018

DURHAM, N.H. — Ziegler has closed on $110.5 million in bond financing for the development of RiverWoods Durham, a 222-unit continuing care retirement community (CCRC). The property will be located in Durham, near the Atlantic coast in the southeast corner of the state midway between Boston and Portland, Maine. The community will feature 150 independent living units, 24 assisted living units, 24 memory care units and 24 skilled nursing beds. The financing includes $53 million in permanent bonds, $45.4 million in temporary bonds, and a $12.1 million subordinated note. The bonds are tax-exempt, non-bank qualified bonds issued through the New Hampshire Health and Educational Facilities Authority. RiverWoods Exeter, another property from the same owner-operator, will provide the taxable subordinated note. TD Bank and SunTrust Bank were selected as co-lead banks and People’s United Bank was selected as participant bank for the financing package.

June 15, 2018

Loans North Carolina Office Southeast

Alliant Credit Union Provides $26M Refinancing for New Office Building in Charlotte

by Camren Skelton June 15, 2018

CHARLOTTE, N.C. — Alliant Credit Union has provided a $26 million loan for the refinancing of a 120,000-square-foot office building in Charlotte’s Arysley submarket. According to the Charlotte Business Journal, the property, known as One Silver Crescent, opened in February and is fully leased to Jeld-Wen, a window and door manufacturer. The name of the borrower was not disclosed.

June 15, 2018

Madison-at-Melrose-Apartments-Richardson-Texas

Loans Multifamily Texas

KeyBank Provides $21.4M Fannie Mae Loan for 200-Unit Apartment Community in Metro Dallas

by Taylor Williams June 15, 2018

RICHARDSON, TEXAS — KeyBank Real Estate Capital has provided a $21.4 million Fannie Mae first mortgage loan for Madison at Melrose Apartment Homes, a 200-unit multifamily community located in the northern Dallas metro of Richardson. The property was built in 1995 and is situated on 11.2 acres. Caleb Marten of KeyBank structured the 10-year loan, which features five years of interest-only payments and a 30-year amortization schedule. The loan will be used to refinance existing debt.

June 15, 2018

Hospitality Loans New York Northeast

Meridian Capital Arranges $88M in Pre-Development Financing for Hotel Project in Hudson Yards

by David Cohen June 14, 2018

NEW YORK CITY — Meridian Capital Group has arranged $88 million in pre-development financing for a Marriott-branded hotel to be located at 450 Eleventh Ave. in the Hudson Yards neighborhood of Manhattan. Meridian secured financing on behalf of the borrower, Marx Development Group, through lender Mack Real Estate Credit Strategies. The two-year loan will serve to recapitalize the project and cover pre-development costs for the hotel. MDG is also raising $66 million in EB-5 funds through the Manhattan Regional Center for the hotel’s construction. Once completed, the 42-story hotel will span 235,000 square feet and contain 441 rooms. The property will also include a business center, lounge, restaurant and outdoor meeting space. The hotel is slated for completion in late 2019. Hudson Yards is a $20 billion large-scale redevelopment program on Manhattan’s far west side that will include a 28-acre mixed-use development.

June 14, 2018

Loans Multifamily Northeast Pennsylvania

G.S. Wilcox & Co. Secures $25.5M Financing for Multifamily Community in Suburban Philadelphia

by David Cohen June 14, 2018

WARMINSTER, PA. — G.S. Wilcox & Co. has secured $25.5 million in permanent financing for the Jacksonville Station Community, a recently constructed 151-unit, eight-building apartment community in Warminster. The financing was secured with a 10-year term and a 30-year amortization through lender Allianz. The undisclosed borrower was a repeat client of G.S. Wilcox. The community features 12 types of units with a clubhouse and in-ground pool and is located across the street from the Septa Rail Station, which provides direct connectivity to Philadelphia.

June 14, 2018

Loans Multifamily New Jersey Northeast Seniors Housing

Contemporary Healthcare Capital Closes $13.3M Refinancing for Skilled Nursing Facility in New Jersey

by David Cohen June 14, 2018

NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.

June 14, 2018

Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $40.4M Financing for Multifamily Conversion in Metro D.C.

by Camren Skelton June 14, 2018

ALEXANDRIA, VA. — Walker & Dunlop has arranged $40.4 million in financing for the recapitalization of The Mark Apartments, a 227-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Jamie Butler of Walker & Dunlop arranged fixed-rate senior debt through Freddie Mac and joint venture equity through RSE Capital Partners on behalf of the borrowers, Northpoint Realty Partners and Persimmon Capital Partners. The financing replaced the existing construction debt. Northpoint and Persimmon recently completed a redevelopment program, transforming the property from an outdated hotel to a multifamily community. The Mark Apartments includes a mix of studio to three-bedroom units and features a pool, outdoor grilling and dining terrace, fitness center, resident’s lounge, dedicated work spaces and laundry facilities.

June 14, 2018

The-Arbor-Assisted-Living-&-Memory-Care-Nacogdoches-Texas

Loans Multifamily Seniors Housing Texas

Capital One Provides $9.3M Loan for Refinancing of Seniors Housing Property in Nacogdoches, Texas

by Taylor Williams June 14, 2018

NACOGDOCHES, TEXAS — Capital One has provided a $9.3 million Fannie Mae loan for the refinancing of The Arbor Assisted Living & Memory Care, a 59-unit seniors housing property in Nacogdoches, a city roughly midway between Houston and Shreveport, La. The property was built in the late 1990s. The borrower was Prevarian Senior Living, an owner of seven assisted living and memory care communities across the country.

June 14, 2018

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