Loans

KeyBank Provides $37.4M in Agency Financing for Two Apartment Properties in Alabama, North Carolina

by Camren Skelton May 4, 2018

HOOVER, ALA. AND WILMINGTON, N.C. — KeyBank Real Estate Capital has provided $37.4 million in financing for two multifamily properties in Hoover and Wilmington. In Hoover, KeyBank provided a $16.3 million Fannie Mae loan for the acquisition of Hawthorne at Wisteria, a 200-unit community. The property was built in 1978 and renovated in 2015. In Wilmington, KeyBank provided a $21.1 million Freddie Mac loan for the refinancing of Hawthorne at New Centre, a 301-unit apartment community that was constructed in 1998 and renovated in 2014. Tim DeWispelaere of KeyBank originated both 10-year loans with 30-year amortization schedules on behalf of the undisclosed borrowers.

May 4, 2018

Industrial Loans New Jersey Northeast

HFF Arranges $36.7M in Permanent Financing for Industrial Facility in Secaucus

by David Cohen May 3, 2018

SECAUCUS, N.J. — HFF has arranged $36.7 million in permanent financing for a newly constructed, two-building industrial facility at One County Road in Secaucus. Completed earlier this year, the 240,317-square-foot facility features a 32-foot clear height, 180-foot truck courts and 50-by-35 foot column spacing. One County Road is situated on 20 acres in the Meadowlands industrial market. The HFF team worked on behalf of the borrower, Bhasin Properties, to place the 15-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds will be used to take out an existing construction loan, which was also arranged by HFF.

May 3, 2018

California Loans Multifamily Student Housing Western

Keybank Originates $247.8M in Financing for Student Housing Property in Los Angeles

by Amy Works May 3, 2018

LOS ANGELES — Keybank Real Estate Capital has originated a $247.8 million Freddie Mac first mortgage loan for The Lorenzo in Los Angeles. The 913-unit, Class A, mid-rise student housing property was developed in 2015. The property is 95 percent leased to students attending University of Southern California, Fashion Institute of Design and Merchandising, and Loyola Law School. The remaining units are reserved for tenants earning 50 percent or less of the area median income. The Lorenzo features a three-story fitness center with rock climbing walls, basketball courts and an indoor jogging track. Additionally, the property offers an on-site restaurant with room service, media rooms, study rooms and libraries catering to the different colleges, as well as multiple swimming pools, saunas and sand volleyball courts. Robert Prouty of Key’s Commercial Mortgage Group arranged the fixed-rate loan with a seven-year interest-only term. The undisclosed sponsor used the loan to refinance existing debt.

May 3, 2018

Industrial Loans Michigan Midwest

Alliant Provides $3.5M Refinancing for Industrial Property in Plymouth, Michigan

by Kristin Harlow May 3, 2018

PLYMOUTH, MICH. — Alliant Credit Union has provided a $3.5 million loan for the refinancing of a 41,400-square-foot industrial property in Plymouth, about 25 miles west of Detroit. The research and development property is located within Metro West Technology Park. The 10-year loan features a 25-year amortization schedule. Chris Charboneau of Walker & Dunlop arranged the loan. The borrower was not disclosed.

May 3, 2018

Affordable Housing Loans Multifamily New Jersey Northeast

KeyBank Provides $22.9M Loan for Affordable Housing in Newark

by David Cohen May 2, 2018

NEWARK, N.J. — KeyBank has provided $22.9 million in financing to Radiant Property Management for the acquisition of 209 units of affordable housing in Newark. The seller was Realty Management Associates. The three properties acquired are Pueblo City, Center City 3 and Johnson Apartments and include 13 buildings. Radiant Property Management is a real estate services company that focuses on the rehabilitation and management of multifamily properties. KeyBank provided a $22.9 million loan to acquire and rehabilitate the portfolio. The financing included $10.8 million that will be used for capital improvements such as new windows, roofs, building systems, lighting and boilers. The funds will also go toward ground-up construction of a new 20-unit building. The improvements and construction are expected to take 18 months to complete.

May 2, 2018

Loans Retail Southeast Tennessee

CBL, JV Partners Receive $155M CMBS Loan to Refinance CoolSprings Galleria Mall in Metro Nashville

by Camren Skelton May 2, 2018

FRANKLIN, TENN. — CBL Properties, along with its 50/50 joint venture partners TIAA and APG, has received a $155 million, non-recourse loan for CoolSprings Galleria, a 1.1 million-square-foot mall in Franklin, roughly 20 miles south of Nashville. Wells Fargo Bank NA provided the 10-year, CMBS loan with a fixed 4.8 percent interest rate. Proceeds of the loan were used to retire an existing $97.7 million loan, which was scheduled to mature in June. CBL’s share of $29 million in excess proceeds will be used to reduce outstanding balances on its unsecured lines of credit. The Chattanooga-based company owns and manages a portfolio of 117 retail properties totaling 73.4 million square feet, located across 26 states.

May 2, 2018

Illinois Industrial Loans Midwest

Cohen Financial Secures $5.8M Refinancing for Industrial Property in Chicago

by Kristin Harlow May 2, 2018

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $5.8 million loan for the refinancing of Workshop 4200 located at 4200 W. Diversey Ave. in Chicago. The 153,000-square-foot industrial property has been renovated into a workshop for creative and artisan tenants such as photographers, visual and sculptural artists, candle makers, coffee roasters and furniture makers. Workshop 4200 features a gallery space in the common area that hosts events, meetings, happy hours and showcases tenant artwork. Many of the artist tenants have relocated to the building from other properties in the city. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the loan with Morgan Stanley.

May 2, 2018

Loans New York Northeast Retail

Meridian Capital Arranges $28M in Refinancing for Commercial Portfolio in Brooklyn

by David Cohen May 1, 2018

NEW YORK CITY — Meridian Capital Group has arranged $28 million in cash-out refinancing for seven commercial properties in Brooklyn. The seven-year loan, which was provided by New York Community Bank, features a rate of 3.85 percent and a 30-year amortization schedule. Bryan Geffen of Meridian represented the undisclosed borrower in the transaction. The properties are located at 1010-1032 Nostrand Ave., 330 Empire Blvd., 1500-1506 Fulton St., and 1917-1921, 2819 and 2828 Church Ave. The tenant roster includes Rite Aid, Subway, and H&R Block. All seven buildings are located throughout Brooklyn’s Crown Heights, Flatbush and East Flatbush neighborhoods.

May 1, 2018

Loans Multifamily Texas

NXT Capital Closes $19M Loan for Refinancing of Apartment Community in Dallas

by Taylor Williams May 1, 2018

DALLAS — NXT Capital, a Chicago-based lender, has provided a $19 million first mortgage loan for the refinancing of a 94-unit apartment community located in the Uptown area of Dallas. The Class A property includes amenities such as a pool, resident lounge, fitness center, pet washing stations and concierge services. The non-recourse loan featured a floating interest rate. The borrower and name of the property were not disclosed.

May 1, 2018

Loans Multifamily Student Housing Texas

Hunt Mortgage Provides $9.1M Acquisition Loan for Student Housing Property in Waco

by Taylor Williams May 1, 2018

WACO, TEXAS — Hunt Mortgage Group has provided a $9.1 million first mortgage bridge loan for West Campus Lofts, a 180-bed student housing property serving Baylor University in Waco. The loan features a 24-month term and a floating interest rate. West Campus Lofts totals 72 one-, two-, three- and four-bed units and offers amenities such as a pool and spa, 24-hour fitness center, game rooms and a study lounge. The property is located roughly half a mile from campus and was 85 percent occupied at the time of loan closing. The borrower, California Private Capital Group LLC, which manages more than 1,500 multifamily units in California and Texas, used the financing to purchase and complete the lease-up of West Campus Lofts.

May 1, 2018

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