Loans

HFF Secures $19.8M Sale, $13.7M Financing for Retail Center in Orlando

by Camren Skelton July 3, 2018

ORLANDO, FLA. — HFF has secured the $19.8 million sale of Alafaya Commons, a 130,811-square-foot retail center located at 11792-11970 E. Colonial Drive in Orlando. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the seller, Regency Centers. Rebecca Van Reken and Gregg Shapiro of HFF secured a $13.7 million acquisition loan through First Florida Integrity Bank on behalf of the buyer, LBX Investments. The five-year loan features a fixed interest rate. Alafaya Commons was constructed in 1987 and renovated in 2015. The center was 89.7 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Youfit Health Clubs, H&R Block, GNC, Goodfellas Pizza, Orange County Health & Family, Sunset Christian Preparatory and Junior Colombian Burger. The center also includes outparcels that house Taco Bell, Amscot and Chuan Lu Garden.

July 3, 2018

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $15.5M in Financing for Affordable Housing Community in Rochester

by David Cohen July 2, 2018

ROCHESTER, N.Y. — KeyBank has provided $15.5 million in financing to Home Leasing LLC for the construction of Charlotte Square, a 50-unit affordable housing community in Rochester. KeyBank provided a $6.6 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. When completed, the project will have eight units set aside for individuals earning 30 percent of area median income (AMI); 26 units for individuals earning 60 percent of AMI; and 16 units for individuals earning 80 percent of AMI. Construction began in June. The New York State Division of Housing and Community Renewal and the City of Rochester provided additional funding.

July 2, 2018

Acquisitions Loans Multifamily New Jersey Northeast

Progress Capital Funds $2.3M Acquisition of Vacant Jersey City Gas Station

by David Cohen July 2, 2018

JERSEY CITY, N.J. — Progress Capital has provided a $2.3 million bridge loan for the acquisition of a vacant gas station located at 348 Baldwin Ave. in Jersey City. Kathy Anderson of Progress Capital arranged the financing for borrower, 350 Pavonia Group LLC. The term of the interest-only loan is 12 months accompanied by a fixed-rate of 12 percent. The gas station is slated to be demolished and the site has been approved for rezoning as residential. The borrower plans to construct a 45-unit multifamily building on the site. The below-ground tanks at the site were properly sealed at the time the gas station closed, according to the lender. Prior to purchase and approval of the multifamily development, testing at the site showed no risk of environmental hazard.

July 2, 2018

District of Columbia Loans Office Southeast

Natixis Provides $52.8M Refinancing for Office Building in D.C.’s East End

by Camren Skelton July 2, 2018

WASHINGTON, D.C. — Natixis has provided a $52.8 million loan for the refinancing and lease-up of 1000 F Street N.W., a 93,465-square-foot office building in Washington, D.C.’s East End submarket. The loan was provided on behalf of the building developer and owner, Douglas Development Corp., which completed construction on the property in 2016. The D.C.-based developer will use the loan to refinance an existing construction loan and fund tenant improvements to continue leasing the property. The LEED Gold-certified building, which was approximately 30 percent leased at the close of financing, features 7,282 square feet of ground-floor retail space and two levels of below-grade parking.

July 2, 2018

Loans Multifamily Texas

TRC Arranges Construction Loan for 238-Unit Apartment Project in Metro Austin

by Taylor Williams July 2, 2018

LEANDER, TEXAS — Austin-based mortgage banking firm Texas Realty Capital (TRC) has arranged a construction loan for Hermosa Village, a 238-unit apartment project that recently broke ground in the northern Austin suburb of Leander. The loan featured a 75 percent loan-to-cost (LTC) structure, including both bank financing (64 percent) and preferred equity (11 percent). TRC arranged the loan on behalf of the sponsor, IMPACT Developers, an Austin-based multifamily development group. The loan amount was not disclosed.

July 2, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Acquisition of Apartment Property in Suburban Minneapolis

by Kristin Harlow July 2, 2018

COON RAPIDS, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 223(f) loan for the acquisition and rehabilitation of Drake Apartments in Coon Rapids, a northern suburb of Minneapolis. The 48-unit affordable housing property was originally constructed in 1978 and underwent a partial renovation in 2001. As part of this acquisition, the property will undergo a rehabilitation of approximately $34,000 per unit. The loan is fully amortized over 35 years. Drake MDG LP was the borrower.

July 2, 2018

Acquisitions Arizona Loans Multifamily Western

CBRE Secures $18.3M Acquisition Loan for Apartment Complex in Chandler, Arizona

by Amy Works July 2, 2018

CHANDLER, ARIZ. — CBRE Capital Markets’ Debt & Structured Finance team has arranged an $18.3 million loan for the acquisition of Avilla at Chandler Heights, an apartment complex located at 255 E. Chandler Heights Road in Chandler. Brian Cruz, Scott Peterson and Bill Chiles of CBRE’s San Diego office secured the interest-only, fixed-rate loan through Fannie Mae for the borrower, San Diego-based The Certé Group. Constructed in 2017, the property consists of 116 single-story units, featuring private backyards, in 101 individual buildings. All two- and three-bedroom units are standalone buildings and the one-bedroom units are in duplex configurations. Situated on 9.5 acres, the community features a swimming pool, spa, central greenbelt, gated access and covered parking.

July 2, 2018

District of Columbia Loans Office Southeast Top Stories

Cushman & Wakefield Arranges $95M Construction Loan for Office Building in D.C.

by Taylor Williams July 2, 2018

WASHINGTON, D.C. — Cushman & Wakefield has arranged a $95 million construction loan for 1050 17th Street, a 154,000-square-foot office building that will be located in Washington, D.C.’s central business district. Currently occupying the site is a 145,000-square-foot office building that was developed in the mid-1970s and will be demolished. The new property will be developed on a speculative basis, with construction slated to begin later this year. A timeline for completion was not released. The new property will also feature ground-floor retail space and below-grade parking, as well as proximity to nearby public transportation lines. The location also puts the building within walking distance of The White House and the U.S. Treasury Building. Maryland-based EagleBank provided the loan, specific terms of which were not disclosed. Philip Mudd and Brad Geiger of Cushman & Wakefield placed the debt on behalf of The Lenkin Company, a full-service construction and management firm that developed the existing building. “There were several lenders interested in financing this project,” says Mudd. “This was due to the quality, design, ownership and extraordinary location.” — Taylor Williams

July 2, 2018

Loans Lument Multifamily RED Capital Group Texas

RED Capital Provides $52.5M in Financing for 805-Unit Multifamily Community in Houston

by Taylor Williams June 29, 2018

HOUSTON — RED Mortgage Capital LLC, the debt banking arm of Columbus, Ohio-based RED Capital Group LLC, has provided $52.5 million in financing for Vista on Gessner, an 805-unit affordable housing community in Houston. The financing, which was arranged on behalf of Dallas-based Dalcor Holdings LLC, included a first lien $50 million Fannie Mae loan and a second lien $2.5 million co-terminus taxable loan. Vista on Gessner was built in 1977 and offers amenities such as a resident clubhouse, three pools, on-site laundry facilities and a library. Dalcor will implement a renovation project to upgrade the property’s unit interiors, parking, landscaping and utility systems, as well add fitness and business centers. Following the renovation, all units will be available to renters earning up to 60 percent of the area median income.

June 29, 2018

Loans New York Northeast Office

HKS Capital Arranges $19M Refinancing for Three-Building Portfolio in Chinatown

by David Cohen June 29, 2018

NEW YORK CITY — HKS Capital Partners has arranged a $19 million loan to refinance a three-building commercial portfolio in the Chinatown neighborhood of Manhattan. The loan included a seven-year term with a 4 percent fixed rate. The lender and borrower were not disclosed. The properties include an eight-story building with nine commercial condos; a three-story building with seven retail units and 14 office units and a four-story property with two retail units and five office units. The addresses of the properties were not disclosed. Refinancing proceeds will be used to replace the existing mortgage and term.

June 29, 2018

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