Loans

NKF Capital Market Arranges $125M Refinancing of Office Tower in Manhattan

by David Cohen September 6, 2018

NEW YORK CITY — NKF Capital Markets has arranged the $125 million refinancing of Tower 56, a 33-story office tower in Midtown, Manhattan. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF represented the borrower, Pearlmark, in securing the financing through Blackstone. The financing will be used to retire existing debt and will include a funding component to support future leasing costs during the loan term. The 186,811-square-foot building was designed by Fox & Fowle Architects and is located on 56th Street between Park and Lexington avenues. Currently, the property is 92 percent leased by tenants in the finance, legal, technology and entertainment sectors.

September 6, 2018

Loans Massachusetts Multifamily Northeast

TD Bank Provides $10.2M Construction Loan for Multifamily Development in Boston

by David Cohen September 6, 2018

BOSTON — TD Bank has provided a $10.2 million construction loan for The Clarion, a 39-unit unit, mixed-income residential development in the Roxbury neighborhood of Boston. The project will include 27 affordable housing units for low- or moderate-income working families earning between 30 percent and 60 percent of Boston’s area median income. The remaining 12 units will be workforce housing units reserved for middle-income families earning between 100 percent and 120 percent of the median income. The borrower, Community Builders Inc., is a non-profit real estate developer based in the Northeast. Construction on the project is slated for completion by the start of 2019.

September 6, 2018

Illinois Loans Midwest Multifamily

Philipsborn Arranges $1.2M Refinancing for Apartment Building in University Park, Illinois

by Kristin Harlow September 6, 2018

UNIVERSITY PARK, ILL. — The Philipsborn Company has arranged a $1.2 million loan for the refinancing of Burnham Oaks in University Park, about 30 miles south of Chicago. The 59-unit apartment building is situated on 2.2 acres at 745 Red Oak Lane. Constructed in 1975, the property is fully leased and managed by Lincoln Way Management. Andrew Philipsborn arranged the loan on behalf of the borrower, an Illinois limited partnership that has owned the property since 1981. Innovative Capital Advisors provided the loan.

September 6, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $33.6M Acquisition Financing for Affordable Housing in Stamford

by David Cohen September 5, 2018

STAMFORD, CONN. — Greystone has provided a $33.6 million acquisition loan for Park Square West, a 143-unit, affordable housing community in Stamford. Dan Sacks of Greystone provided the financing to a New Jersey-based borrower who purchased the property for $42 million. The Fannie Mae acquisition financing features a 12-year fixed rate and five years of interest-only payments. Built in 2001, 20 percent of the units at the property are reserved for renters earning 50 percent of the area median income. Amenities at the community include a rooftop sundeck, fitness center and gated parking.

September 5, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

USDA Approves $34M Funding for 240-Bed Skilled Nursing Facility in Pennsylvania

by David Cohen September 5, 2018

COLLEGE TOWNSHIP, PA. — The U.S. Department of Agriculture has approved a $34 million direct loan for development of Centre Care Health Center in College Township. Located in Central Pennsylvania near Penn State University, the 240-bed, 135,645-square-foot skilled nursing facility will replace the existing Centre Crest property. The USDA’s funding is contingent upon the developer — Centre Care — providing an additional $6 million for the project through a fundraising campaign. Miles Kingston of Lancaster Pollard structured the financing and helped Centre Crest secure the USDA commitment. The loan represents an 85 percent loan-to-cost ratio, and features a fixed interest rate of 3.9 percent for the entire 36-year term. The loan also has a year of interest-only payments and no pre-payment penalties. In March, the College Township Council unanimously approved plans for the facility. In June, Centre Care closed on a 30-acre parcel of land where construction would occur. The development is scheduled to open in 2020.

September 5, 2018

Affordable Housing Loans Midwest Multifamily Nebraska

Dougherty Provides $2.1M Fannie Mae Loan for Refinancing of Affordable Housing Property in Nebraska

by Kristin Harlow September 5, 2018

NORTH PLATTE, NEB. — Dougherty Mortgage has provided a $2.1 million Fannie Mae loan for the refinancing of Pacific Place Apartments in North Platte. The 64-unit affordable housing property is situated on 3.8 acres in central Nebraska. Built in 1997, the property includes two buildings with a children’s playground and two laundry facilities. The 10-year loan, under Fannie Mae’s Multifamily Affordable Housing program, features a 30-year amortization schedule. North Platte Housing Partners LLC was the borrower.

September 5, 2018

Development Loans Mixed-Use New York Northeast

TD Bank Arranges $18.4M Construction Loan for Mixed-Use Building in the Bronx

by David Cohen September 4, 2018

NEW YORK CITY — TD Bank has arranged an $18 million construction loan for Phoenix Estates, an eight-story, mixed-use building in the Hunts Point neighborhood of the Bronx. The 111,000-square-foot property is located at 700 Manida St. and will consist of 180 residential units for low-income seniors and moderate-income families. The first floor of the building will be a dedicated community facility used to host classes for residents of the building. TD Bank provided financing for borrowers MHANY Management Inc. and We Stay/Nos Quedamos Inc. The housing development will also benefit from a $14 million investment from the City of New York. The project is scheduled for completion by 2020.

September 4, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $6.4M Refinancing for Apartment Building Near Boston

by David Cohen September 4, 2018

LYNN, MASS. — Cornerstone Realty Capital has secured the $6.4 million refinancing of a 55-unit apartment building in Lynn. Located at 16 Newhall St., the fully occupied building is approximately 11 miles north of Boston. Cornerstone secured a loan through a correspondent lender with an initial fixed-rate period followed by a floating rate. The first 12 months will feature interest-only payments, followed by 30-year amortization. The borrower was undisclosed.

September 4, 2018

Loans Mixed-Use Texas

Hunt Capital Provides $22.8M for Adaptive Reuse Project in El Paso

by Taylor Williams September 4, 2018

EL PASO, TEXAS — Hunt Capital Partners has provided $22.8 million in equity financing for the adaptive reuse of Blue Flame Apartments, a historic multifamily building in El Paso. Built in the 1954, the 18-story building has been vacant for the past 12 years and will now be converted into a mixed-use property with 120 affordable housing units and 39,672 square feet of commercial space. The project, which carries a total price tag of $55.3 million, is scheduled for completion by January 2020.

September 4, 2018

California Industrial Loans Western

KeyBank Funds $17M in Financing for Los Angeles Warehouse Facility

by Amy Works September 4, 2018

LOS ANGELES — KeyBank Real Estate Capital has funded a $17 million CMBS first-mortgage loan for De Soto Industrial, a warehouse facility located in the Chatsworth neighborhood of Los Angeles. Built in 1983, the multi-tenant property features 129,550 square feet of warehouse space and 21,280 square feet of office space. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, five-year interest-only payment period and a 30-year amortization schedule. The undisclosed borrower used the loan to refinance existing debt.

September 4, 2018

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