Loans

Mason Joseph Closes $40.4M HUD Construction Loan for Austin Apartments

by Taylor Williams June 4, 2018

AUSTIN, TEXAS — San Antonio-based multifamily lender Mason Joseph Co. Inc. has closed a $40.4 million HUD loan for the construction and permanent financing of McKinney Falls, a 312-unit affordable apartment community in south Austin. The non-recourse loan was secured through HUD’s 221(d)(4) program and features a fixed interest rate for the 22-month construction period and subsequent 40-year term. McKinney Falls will offer amenities such as a fitness center, business center, conference room and children’s activity center. The project is a collaboration between the borrowers, the Travis County Housing Finance Corp. and California-based affordable housing developer AMTEX Multi-Housing LLC.

June 4, 2018

Acquisitions Industrial Loans Southeast Tennessee

HFF Arranges $50M Sale, Acquisition Financing for 4.2 MSF Industrial Portfolio Near Memphis Airport

by Camren Skelton June 4, 2018

MEMPHIS, TENN. — HFF has brokered the $50 million sale of Memphis Depot, a 43-building industrial portfolio located one mile from Memphis International Airport. Adam Herrin, Stephen Bailey and Jason Nettles of HFF arranged the transaction on behalf of the seller, Mayfield Properties LP. Brian Carlton, David Wheless and Nielsen Keopfgen of HFF arranged a seven-year, $32.5 million acquisition loan through Allegiant Real Estate Capital on behalf of the buyer, a partnership between Diamond Properties and funds managed by Ares Management LP. The industrial property was originally constructed in 1942 as a military supply base for use in World War II. The military used the buildings until 1997, when it was redeveloped into an industrial park by the City of Memphis and Shelby County. The portfolio is 91 percent leased and totals 4.2 million square feet of distribution and warehouse facilities. The buildings are divided into three groups: North Park, which includes 25 buildings with clear heights ranging from 14 to 16 feet; South Park, which comprises 14 buildings with an average clear height of 20 feet; and Interior Park, which includes four buildings with an average clear height of 25 feet.

June 4, 2018

California Loans Retail Western

Newmark Secures $28M Loan for NorthPointe Shopping Center in Modesto, California

by Amy Works June 4, 2018

MODESTO, CALIF. — Newmark has placed $28 million in long-term, fixed-rate non-recourse financing for NorthPointe Shopping Center located on Pelandale Avenue in Modesto. The name of the borrower was not disclosed. Save Mart Supermarket anchors the 180,300-square-foot shopping center. Additional tenants include Cost Plus World Market, Starbucks Coffee, Jamba Juice, Verizon Wireless and H&R Block. Mitchell Zeemont of Newmark arranged the 15-year, fixed-rate term loan with a 30-year amortization schedule. One of the firm’s correspondent life insurance company lenders, Genworth Life Insurance Co., provided the capital.

June 4, 2018

Loans Mixed-Use New York Northeast

JLL Arranges $104M Refinancing for Mixed-Use Property in Brooklyn

by David Cohen June 1, 2018

NEW YORK CITY — JLL has arranged a $104 million loan to refinance Redbridge, an 85,000-square-foot mixed-use residential and retail property in the Williamsburg neighborhood of Brooklyn. The property is located at 237–241 Bedford Ave., 160–164 North 4th St. and 159–173 North 3rd St. Retail tenants at Redbridge include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. JLL worked on behalf of RedSky Capital, JZ Capital Partners and Waterbridge Capital to place the loan with JP Morgan Chase & Co. RedSky Capital acquired the portfolio in 2012. The portfolio also includes 20,000 square feet of retail space at 247 Bedford Ave., which is currently occupied by Apple Inc. and The Corcoran Group.

June 1, 2018

Delaware Hospitality Loans Northeast

Buccini/Pollin Receives $36.5M Loan to Refinance Westin Wilmington

by David Cohen June 1, 2018

WILMINGTON, DEL. — The Buccini/Pollin Group has received a $36.5 million loan to refinance the Westin Wilmington, a 180-room, full-service hotel located at 818 Shipyard Drive in Wilmington. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loan on behalf of Buccini/Pollin through Goldman Sachs and Quadrant Real Estate Advisors. The hotel is connected to the Chase Center, which is the largest special event facility in the Brandywine Valley with more than 87,000 square feet of meeting space. The property was built in 2014 and features 5,780 square feet of meeting space as well as a restaurant, lounge, indoor pool and fitness center.

June 1, 2018

Florida Industrial Loans North Carolina Southeast Tennessee

HFF Arranges $67M Financing for Four-Building Industrial Portfolio in Southeast

by Camren Skelton June 1, 2018

DALLAS — Dallas-based HFF has arranged $67 million in post-acquisition financing for a four-building industrial portfolio located in metro Charlotte and Orlando, as well as Memphis. Kristian Lichtenfels, Eric Tupler and Rebecca VanReken of HFF arranged the nine-year, fixed-rate loan through an insurance company on behalf of the borrower, Dream Industrial US Holdings Inc., a subsidiary of Dream Industrial Real Estate Investment Trust, a Canadian REIT. The company acquired the assets n December 2017 and January 2018. The portfolio includes the 885,000-square-foot Delta Point at 5605 Holmescrest Land and the 500,000-square-foot Shelby V at 4770 Southpoint Drive, both in Memphis; a 471,744-square-foot facility located at 860 Marine Drive in Rock Hill, a South Carolina suburb of Charlotte; and a 193,133-square-foot building located at 7730 American Way in Groveland, Fla., roughly 30 miles west of Orlando. The portfolio is fully leased to a total of six tenants and features clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors and 18 drive-in doors.

June 1, 2018

Hospitality Loans Maryland Southeast

Cronheim Secures $29.2M Acquisition Financing for Westin Hotel Near Baltimore/Washington Airport

by Camren Skelton June 1, 2018

LINTHICUM HEIGHTS, MD. — Cronheim Hotel Capital (CHC) has secured a $29.2 million loan for the acquisition and repositioning of the Westin Baltimore Washington Airport — BWI. The 260-room hotel is located two miles from Baltimore/Washington International Thurgood Marshall Airport. CHC arranged the three-year, non-recourse bridge loan on behalf of the borrower, Washington, D.C.-based Frontier Development. Crestline Hotels & Resorts — Frontier’s third party management company — is managing the property. The hotel was constructed in 2007 and features a complimentary airport shuttle, fitness center, 10,850 square feet of meeting space and an indoor swimming pool.

June 1, 2018

California Loans Multifamily Western

CIT Group Arranges $107.5M in Financing for 333-Unit Multifamily Project in Oakland

by Amy Works June 1, 2018

OAKLAND, CALIF. — CIT Group’s Real Estate Finance division was the sole lead arranger for a $107.5 million construction loan for Station on 12th, a 333-unit multifamily project in downtown Oakland. The borrower is a joint venture between a Brookfield-sponsored private real estate fund and The Martin Group, the developer and operating partner for the project.

June 1, 2018

Colorado Loans Office Western

HFF Secures Refinancing for 366,184 SF Office Building in Denver

by Amy Works June 1, 2018

DENVER — HFF has arranged refinancing for Stanford Place II, an 18-story Class A office building located in the north end of Denver Technological Center. The borrower is Lowe Enterprises Investors. Eric Tupler of HFF arranged the two-year, floating-rate loan with extension options through a national bridge lender. The loan amount was not disclosed. Completed in 1982, 22 tenants occupy the 366,184-square-foot building, with Western Union as anchor tenant.

June 1, 2018

Loans Multifamily Seniors Housing Utah Western

Carnegie Capital Arranges $11.5M Construction Loan for 95-Bed Assisted Living Community in Utah

by Amy Works June 1, 2018

SALT LAKE CITY — Carnegie Capital, a Texas-based commercial real estate finance correspondent and advisory firm, has sourced and structured an $11.5 million construction loan for a 95-bed assisted living and memory care facility. The borrower is a Salt Lake City-based owner-operator. The Class A community totals 64,000 square feet. Of the 95 beds, 30 are for memory care. The developers, a growing seniors housing company along the Wasatch Front area of Utah, contributed the land for the project. This is the third regional project for the company. Carnegie syndicated a group of local and regional banks to complete the financing package at 75 percent loan-to-cost ratio. The financing is structured to be refinanced into a permanent loan upon stabilization of the completed property. JD Stettin of Carnegie Capital arranged the transaction.

June 1, 2018

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