Loans

Trez Forman Capital Provides $42M Construction Loan for Apartment Community in Metro Charlotte

by Camren Skelton July 9, 2018

HUNTERSVILLE, N.C. — Trez Forman Capital Group has provided a $42 million construction loan for a new 297-unit apartment community located at 17355 Old Statesville Road in Huntersville, roughly 15 miles north of Charlotte. Brett Forman of Trez Forman originated the loan on behalf of the project developer, Caldwell Station NC LLC. The 20-building community will include a mix of garden-style apartment units and for-rent townhomes. Community amenities will include a saltwater pool, clubhouse, fitness center, lounge area and a dog park. A construction timeline for the project was not disclosed.

July 9, 2018

Hospitality Loans North Carolina Southeast

NorthMarq Secures $28M Construction Loan for EVEN Hotel in Charlotte’s CBD

by Camren Skelton July 9, 2018

CHARLOTTE, N.C. — NorthMarq Capital has secured a $28 million construction loan for a new EVEN Hotel in Charlotte’s Central Business District. Mark Ebersold of NorthMarq arranged the financing through a local bank and a New York-based mezzanine lender on behalf of the borrower. According to local media reports, Mayfair Street Partners acquired the hotel site in 2017 with plans to develop the 176-room property. The hotel is part of Stonewall Station, a mixed-use project under development by Crescent Communities. The development includes a Whole Foods, 458 multifamily units, a 1,350-space parking deck and a 180-room Home2Suites hotel. A construction timeline for the EVEN Hotel was not disclosed. EVEN Hotels is an InterContinental Hotels Group brand.

July 9, 2018

California Loans Multifamily Seniors Housing Western

Hunt Mortgage Provides $20M Refinancing for Affordable Seniors Housing Property in Montebello, California

by Amy Works July 9, 2018

MONTEBELLO, CALIF. — Hunt Mortgage Group has provided $20 million in refinancing for Beverly Towers, an affordable seniors housing property located at 1315 W. Beverly Blvd. in Montebello. The borrower is Montebello Senior Housing, a California limited partnership backed by key principal Stephen Doty. Built in 1975, the property features 189 units in a mix of one-bathroom efficiency units and one-bedroom/one-bathroom apartments. The community is restricted to residents age 62 or older and is a Section 8 Low-Income Housing Tax Credit property. The property currently operates subject to a HUD Section 236(e)(2) use agreement that became effective in 2003 when the pre-existing Section 236 financing was retired.

July 9, 2018

Loans Multifamily Texas

Meridian Arranges $23M Recapitalization for 344-Unit Apartment Complex in Austin

by Taylor Williams July 6, 2018

AUSTIN, TEXAS — New York-based Meridian Capital has arranged a $23 million loan for the recapitalization of a 344-unit apartment community in Austin. The community is located north of downtown on Cameron Road and features a pool, spa, on-site laundry and playground. Dov Jeremias and Brian Flax of Meridian arranged the loan, which featured an interest rate that was 200 basis points above the 30-day LIBOR rate, through KeyBank. The sponsor was not disclosed.

July 6, 2018

Loans Midwest Minnesota Multifamily Student Housing

TH Real Estate Provides $83.2M Refinancing for Student Housing Property in Minneapolis

by Kristin Harlow July 6, 2018

MINNEAPOLIS — TH Real Estate has provided an $83.2 million loan for the refinancing of The Marshall near the University of Minnesota in Minneapolis. The Class A student housing community features 994 beds within 316 units. The property was developed in 2004 and was 98.9 percent occupied as of March 31. A joint venture between Schenk Realty Group and EdR owns the property. The fixed-rate loan features a 10-year term.

July 6, 2018

California Loans Retail Western

KeyBank Provides $26.8M in CMBS Financing for Retail Center in California

by Amy Works July 6, 2018

SANTA MARIA, CALIF. — KeyBank Real Estate Capital has provided a $26.8 million CMBS first-mortgage loan for Enos Ranch Retail, a shopping center in Santa Maria. Built in 2017, 10 tenants occupy the 119,760-square-foot property. Dick’s Sporting Goods is the anchor tenant. John Loshbaugh of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and a 30-year amortization scheduled. The undisclosed borrower used the loan to refinance existing debt.

July 6, 2018

Loans Multifamily Washington Western

Newmark Arranges $62M in Financing for 204-Unit Apartment Building in Seattle

by Amy Works July 5, 2018

SEATTLE — Newmark has arranged $62 million in fixed-rate financing for 624 Yale Apartment Building in Seattle. Located in Seattle’s South Lake Union district, the two-building high-rise community features 204 studio, one-bedroom and two-bedroom units. Additionally, the property features ground-floor retail space and parking. Brian Bonipart and Abby Kemp of Newmark’s Seattle office arranged the financing on behalf of the undisclosed borrower. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders and was funded at receipt of Certificate of Occupancy.

July 5, 2018

Florida Loans Multifamily Southeast

M&T Realty Capital Provides $31.1M HUD Construction Loan for Multifamily Community in Tampa Bay Area

by Camren Skelton July 5, 2018

BRADENTON, FLA. — M&T Realty Capital Corp. has provided a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay community of Bradenton. Paula Quigley and Brian Benzel of M&T Realty originated the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Cedarwood Development Inc. Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios. Community amenities will include a clubhouse and entertainment deck, as well as cross-access to additional amenities at its sister community, Blue Heron Creek. A construction timeline for the development was not disclosed.

July 5, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $12.3M for Acquisition of Multifamily Portfolio Near Boston

by David Cohen July 3, 2018

CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.

July 3, 2018

Healthcare Loans New York Northeast

Greystone Provides $14.5M HUD Loan to Refinance Healthcare Facility in New York

by David Cohen July 3, 2018

TARRYTOWN, N.Y. — Greystone has provided $14.5 million HUD-insured loan for the refinancing of Tarrytown Hall Care Center, a skilled nursing facility in Tarrytown. The 120-bed facility is located 25 miles north of Manhattan. The transaction was originated by Fred Levine of Greystone. The borrower was undisclosed. The permanent loan carries a 35-year term and amortization period with a fixed rate.Tarrytown Hall offers a variety of specialized services, including short-term rehabilitation, physical therapy, cardiac therapy, stroke recovery and long-term care.

July 3, 2018

Newer Posts

Older Posts