Loans

Grandbridge Secures $42.9M Loan for Acquisition of Retail Center in Chesterfield, Michigan

by Kristin Harlow November 29, 2018

CHESTERFIELD, MICH. — Grandbridge Real Estate Capital has secured a $42.9 million first mortgage loan for the acquisition of Waterside Marketplace in Chesterfield, about 25 miles north of Detroit. Tenants at the 291,231-square-foot retail center include Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, Ulta, JoAnn Fabrics, Old Navy, DSW, Five Below, Party City, JC Penney and Lowe’s. Gerry Robbins of Grandbridge arranged the three-year loan, which features a 25-year amortization schedule and an interest rate in the low-four percent range. A Grandbridge correspondent lender provided the loan. Mid-America Real Estate Corp. brokered the sale on behalf of the buyer, PMAT Real Estate Investments.

November 29, 2018

Georgia Hospitality Loans Southeast

F10 Hotels Arranges $48.5M Loan to Refinance TWELVE Midtown, Downtown Hotels in Atlanta

by Alex Tostado November 28, 2018

ATLANTA — F10 Hotels has arranged $48.5 million of interim first mortgage financing to refinance the TWELVE Midtown and TWELVE Downtown Marriott Autograph hotels in Atlanta. The TWELVE hotels were purchased in 2015 by Global Management & Investment, and after undergoing a $10 million renovation, joined the Marriot Autograph collection earlier this year. Collateral for the loan included the hotels, ground-floor retail and parking. The floating-rate loan was priced at LIBOR plus 250 basis points. The proceeds were used to refinance Global’s existing acquisition loan.

November 28, 2018

Loans Multifamily New York Northeast

Carlton Group Arranges $47.5M Construction Loan for Multifamily Tower in Coney Island

by David Cohen November 28, 2018

NEW YORK CITY — The Carlton Group has arranged a $47.5 million construction loan for Sea Breeze Tower, a 20-story multifamily tower in the Coney Island neighborhood of Brooklyn. Located at 271 Sea Breeze Ave., the property will feature a limestone and glass façade and will offer a mix of studio, one-, two- and three-bedroom apartments. Ruth Barone of the Carlton Group secured financing on behalf of the borrower, Rybak Development, through a private lender. The terms of the financing were not disclosed.

November 28, 2018

Loans Multifamily Southeast Tennessee

Dougherty Mortgage Closes $3.4M Loan for Riverview Park Apartments in Knoxville

by Alex Tostado November 27, 2018

KNOXVILLE, TENN. — Dougherty Mortgage LLC has closed a $3.4 million Fannie Mae loan for Tennessee Northstar 3 LLC to purchase Riverview Park Apartments in Knoxville. The complex is a 96-unit, affordable housing property. The loan features a 12-year term and 30-year amortization.

November 27, 2018

Alabama Loans Retail Southeast

Mag Mile Capital Arranges $2M Loan for Alabama Retail Property

by Alex Tostado November 27, 2018

HUNSTVILLE, ALA. — Mag Mile Capital has arranged financing for a single-tenant retail property in Huntsville. Rob Bernstein originated the $2 million, 10-year loan. The specific location of the property, its tenant and the lender were not disclosed. The borrower is an entity controlled by Ari Benmosche and Randall Briskin that owns a portfolio of assets in the Midwest and Northeast.

November 27, 2018

Loans Multifamily Texas

KeyBank Closes $21.1M Fannie Mae Acquisition Loan for Multifamily Asset in Metro Houston

by Taylor Williams November 27, 2018

CYPRESS, TEXAS — KeyBank Real Estate Capital has closed a $21.1 million Fannie Mae first mortgage loan for the acquisition of Cypress Village, a 273-unit multifamily asset in Cypress, a northwestern suburb of Houston. The property was built in 2008 and comprises 10 three-story buildings. Amenities include a pool, fitness center, media room, putting green, jogging track and volleyball court. Tom Peloquin of KeyBank closed the non-recourse, 12-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

November 27, 2018

Colorado Loans Office Western

Patrinely Group, USAA Real Estate Receive Construction Financing for 595,039 SF Office Tower in Denver

by Amy Works November 27, 2018

DENVER — A joint venture between Patrinely Group and USAA Real Estate has received construction financing for Block 162, a speculative Class AA office tower located at 675 15th St. in Denver’s Midtown West submarket. Leon McBroom and Eric Tupler of HFF arranged the four-year loan through PCCP LLC for the borrower. Upon completion, the 30-story office tower will offer 9,900 square feet of ground-level retail and parking in three below-grade and nine above-grade decks. The core and shell of the 595,039-square-foot building is being constructed to meet LEED Gold certification. The building will feature rectangular floor plates, floor-to-ceiling glass for maximum natural light, 10-plus foot ceiling heights, on-site security and panoramic views of the Front Range and downtown. Additional on-site amenities will include an 11th-floor sky terrace with social lounge, an activated outdoor fitness area in conjunction with a full-service indoor fitness center, bike storage, and 2,800 square feet of conference and meeting space.

November 27, 2018

Colorado Loans Multifamily Seniors Housing Western

HFF Arranges $31M Financing for 160-Unit Independent Living Community in Colorado

by Amy Works November 27, 2018

COLORADO SPRINGS, COLO. — HFF has arranged $31 million in financing for Province Springs, a 160-unit independent living community in Colorado Springs. The borrower is Paxion Real Estate Holdings, an affiliate of The Wolff Company. The floating-rate bridge financing retires existing construction debt. Province Springs is located just east of multiple retail and entertainment amenities and just north of Peterson Air Force Base and Colorado Springs Airport. Completed earlier this year, the property features a mix of studio, one- and two-bedroom units averaging 810 square feet. The HFF team representing the borrower included Nicole Brickhouse and Leon McBroom.

November 27, 2018

California Loans Multifamily Western

Hunt Real Estate Capital Provides $5M Refinancing for Gabilan Hills Townhomes in Salinas, California

by Amy Works November 27, 2018

SALINAS, CALIF. — Hunt Real Estate Capital provided a $5 million loan for the refinancing of Gabilan Hills Townhomes, an affordable multifamily property in Salinas. The sponsor is Community Housing Improvement Systems and Planning Association, which developed the property with Low Income Housing Tax Credits. Built in 1996, the property features 100 units in a mix of 66 two-bedroom units and 34 three-bedroom units spread across 17 townhouse buildings. The gated community features four play structures and a basketball court, as well as open space for children in the community to play. Gabilan Hills has an in-place Low Income Housing Regulatory Agreement that mandates that 40 of the 100 units be rented to individuals and families whose income does not exceed 50 percent of the area median income (AMI). The remaining units are rented by families whose income does not exceed 60 percent AMI. The loan is a 10-year, fixed-rate facility that will amortize over 30 years. The property opened in 1996 and the initial tax credit period of 15 years has since expired. However, the asset is still within the 55-year extended use period, which does not expire until 2051.

November 27, 2018

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $18.1M Refinancing for Affordable Housing Property in Southfield, Michigan

by Kristin Harlow November 27, 2018

SOUTHFIELD, MICH. — KeyBank Real Estate Capital has provided an $18.1 million Freddie Mac loan for the refinancing of Pebble Creek Apartment Homes in Southfield. The 256-unit affordable housing property is comprised of 17 two-story buildings on 15 acres. The property was developed in 1996 under the Low-Income Housing Tax Credit (LIHTC) program. All of the units are restricted to those earning up to 60 percent of the area median income. Tim Weldon of KeyBank originated the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.

November 27, 2018

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