Loans

KeyBank Secures $16M Refinancing for Multifamily Property in Connecticut

by David Cohen October 29, 2018

VERNON, CONN. — KeyBank has secured a $16 million first mortgage loan through Freddie Mac for Vernon Gardens Apartments in Vernon. Built in 1965, the property is comprised of 10, two-story buildings and has undergone a number renovations and upgrades since 2014. John Ward of KeyBank secured the non-recourse, floating-rate financing through Freddie Mac’s Green-Up Program on behalf of an undisclosed borrower. The loan is structured with five years of interest-only payments on a 30-year amortization schedule.

October 29, 2018

Affordable Housing Loans Multifamily New York Northeast

Greystone Provides $45M Bridge Loan for Affordable Housing Portfolio in Manhattan

by David Cohen October 29, 2018

NEW YORK CITY — Greystone has provided a $45 million bridge loan for three Section 8 affordable housing properties in Manhattan. The properties are located in Washington Heights, Morningside Heights, and West Harlem. The borrower was undisclosed. The financing will go toward preserving affordability for residents across the three properties through a new 30-year regulatory agreement with New York City Department of Housing Preservation and Development and the extension of the Section 8 contract with HUD.

October 29, 2018

California Loans Retail Western

HFF Secures $17.1M Refinancing for Grocery-Anchored Center in Southern California

by Amy Works October 29, 2018

GLENDORA, CALIF. — HFF has secured $17.1 million in post-acquisition financing for Grand and Alosta, a 70,881-square-foot, newly redeveloped shopping center located in the Southern California community of Glendora. Anchored by Sprouts Farmers Market and Marshalls, the fully leased property is also home to Orangetheory Fitness, Mattress Firm, Oke Poke, Sherwin-Williams, The Coffee Bean, US Nail and Spa, Burgerim and Creamistry. Paul Brindley, Marc Schillinger and Ryan Ash of HFF worked on behalf of an institutional borrower to secure the seven-year, fixed-rate, interest-only, non-recourse loan through a national life insurance company.

October 29, 2018

Kansas Loans Midwest Retail

Alliant Provides $23.8M Refinancing for Retail Property in Olathe, Kansas

by Kristin Harlow October 29, 2018

OLATHE, KAN. — Alliant Credit Union has provided a $23.8 million loan for the refinancing of Olathe Pointe Center, a 142,506-square-foot retail property in Olathe. Some of the tenants include Party City and Justice. The 10-year loan features a 25-year amortization schedule. Mark Reichter of Q10 Triad Capital Advisors Inc. arranged the loan transaction. The borrower was not disclosed.

October 29, 2018

Hospitality Loans Northeast Rhode Island

Fantini & Gorga Secures $7M in Financing for Boutique Hotel in Providence, Rhode Island

by David Cohen October 26, 2018

PROVIDENCE, R.I. — Fantini & Gorga has secured $7 million in permanent financing for The Dean, a 52-room, four-story boutique hotel in Providence. Derek Coulombe and Lindsay Feig of Fantini & Gorga secured the financing on behalf of the undisclosed borrower. The lender was a regional bank. The property is located in historic downtown Providence across from the Dunkin Donuts Center and Rhode Island Convention Center. The hotel was fully renovated in 2014. Terms of the financing were not disclosed.

October 26, 2018

Loans Mixed-Use Texas

HFF Arranges Refinancing for Mixed-Use Property in Arlington

by Taylor Williams October 26, 2018

ARLINGTON, TEXAS — HFF has arranged debt financing for 101 Center, a mixed-use property located adjacent to the University of Texas at Arlington. The property, which was completed earlier this year, features 244 conventional apartments and student housing units totaling 493 beds, as well as 18,400 square feet of retail space. Jeremy Sain of HFF arranged the non-recourse, floating-rate loan through Credit Suisse on behalf of the borrower and developer, Catalyst Urban Development.

October 26, 2018

Loans Multifamily Seniors Housing Washington Western

BMO Harris Provides $16.7M Acquisition Financing for Seniors Housing Community in Bellevue, Washington

by Amy Works October 26, 2018

BELLEVUE, WASH. — BMO Harris Bank’s Commercial Real Estate Healthcare group has closed $16.7 million in acquisition and renovation financing for Sagebrook, an independent living, assisted living and memory care community in Bellevue. Altum Senior Living operates the community, which is located across Lake Washington from Seattle. The property offers assisted living and memory care. A large strategic investor in the seniors housing industry teamed up with a regional partner to complete the acquisition. Further information on the buyer, seller and community was not disclosed.

October 26, 2018

Florida Loans Mixed-Use Southeast

Berkadia Arranges $46.5M in Refinancing for Mixed-Use Development in North Miami

by Amy Works October 26, 2018

NORTH MIAMI, FLA. — Berkadia has secured $46.5 million in refinancing for the recapitalization of Causeway Square, a 168,956-square-foot mixed-use development located in North Miami. The borrower is Taubco, a real estate developer and manager based in South Florida. 3650 REIT, a Miami-based real estate lending, investment and services firm, provided the 10-year loan. Charles Foschini, Chris Apone and Robert Iudice of Berkadia arranged the financing. Built in 2009 and 2010, Causeway Square features 86,877 square feet of Class A office space, a 5,000-square-foot TotalBank branch, 4,000-square-foot Vitamin Shoppe and a 43,679-square-foot LA Fitness, as well as a 416-spot parking garage. The property is currently 96 percent leased, according to Berkadia.

October 26, 2018

Loans Mixed-Use Southeast Tennessee

HFF Secures $85M in Financing for Crosstown Concourse in Memphis

by Amy Works October 25, 2018

MEMPHIS, TENN. — HFF has arranged $85 million in permanent financing for Crosstown Concourse, a mixed-use development in Memphis. The borrower is a joint venture between Crosstown LLC, Crosstown Arts and Kemmons Wilson Cos. The 1.2 million-square-foot Crosstown Concourse is a historic adaptive reuse of the former Sears, Roebuck & Co. catalog order plant and retail store that originally opened in 1927. Situated on 12 acres, the property has been preserved and redeveloped into 645,704 square feet of commercial space, 65,000 square feet of retail space and 265 residential units, averaging 1,044 square feet each. Brian Carlton and Jason Nettles of HFF secured the 20-year, fixed-rate loan through JP Morgan Asset Management on behalf of one or more of its investment advisory clients. At the time of financing, the property was 95 percent leased and has an average of 3,000 visitors per day. Current tenants include Methodist Le Bonheur Healthcare, ALSAC – St. Jude, Church Health, Crosstown Arts, Cristian Brothers University, Memphis Teacher Residency, Crosstown High School and Teach for America.

October 25, 2018

Loans Multifamily Texas

Natixis Originates $45M Acquisition Loan for Houston Apartment Complex

by Taylor Williams October 25, 2018

HOUSTON — French investment bank Natixis has originated a $45 million loan for the acquisition of Venue Museum District, a 224-unit multifamily complex in Houston. The Class A, mid-rise property, which is located at 5353 Fannin St., features one- and two-bedroom units and amenities such as a pool, resident lounge, fitness center and outdoor kitchen. The borrower was Hines Global Income Trust.

October 25, 2018

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