Loans

NXT Capital Provides $28.5M Loan for Refinancing of San Antonio Apartments

by Taylor Williams August 21, 2019

SAN ANTONIO — Chicago-based NXT Capital has provided a $28.5 million loan for the refinancing of a 278-unit apartment community in San Antonio. The property is located within a master-planned community featuring over 10 million square feet of retail space and 5 million square feet of office space within a five-mile radius. Communal amenities of the multifamily property include a resort-style pool with a tanning ledge, cabanas with grilling stations, an outdoor fire pit, dog park, clubroom, cybercafé, 24-hour fitness center and an indoor/outdoor lounge. Jason Bond and Dan Kearns of JLL placed the loan with NXT Capital on behalf of the undisclosed borrower.

August 21, 2019

Loans Midwest Ohio Retail

NorthMarq Arranges $7M Acquisition Loan for Southland 75 Shopping Center in Dayton, Ohio

by Kristin Harlow August 21, 2019

DAYTON, OHIO — NorthMarq has arranged a $7 million loan for the acquisition of Southland 75 Shopping Center in Dayton. The 117,410-square-foot retail center is located at 8265-8361 Springboro Pike. Major tenants include Dollar Tree, Hobby Lobby and Get Air Trampoline Park. Noah Juran of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A regional bank provided the loan for the undisclosed borrower.

August 21, 2019

Loans Office Texas

JLL Arranges $128.3M Construction Loan for Dallas Office Tower

by Taylor Williams August 20, 2019

DALLAS — JLL has arranged a $128.3 million construction loan for The Link at Uptown, a 25-story office tower that will be located in the Uptown area of Dallas. Located at 2601 Olive St., the property will total 300,000 square feet. De’On Collins of JLL arranged the five-year, floating-rate loan through Broad Street Real Estate Credit Partners III, an investment fund managed by the Merchant Banking Division of Goldman Sachs. The borrower was Kaizen Development Partners. The target completion date is fall 2021.

August 20, 2019

Industrial Loans Midwest Nebraska

NorthMarq Arranges $1.4M Acquisition Loan for Industrial Property in Ralston, Nebraska

by Kristin Harlow August 20, 2019

RALSTON, NEB. — NorthMarq has arranged a $1.4 million loan for the acquisition of Ralston Business Park in Ralston near Omaha. The 59,488-square-foot industrial property is located along 77th Street. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.

August 20, 2019

Development Loans Multifamily Southeast Student Housing Virginia

NorthMarq Arranges $16M Construction Loan for Student Housing Complex Near Virginia Tech

by Alex Tostado August 20, 2019

BLACKSBURG, VA. — NorthMarq has arranged $16 million in construction financing for Park 37 Apartments, a 215-bed student housing community located near the Virginia Tech campus in Blacksburg. Mike Lowry of NorthMarq secured the loan through a regional bank on behalf of an undisclosed, Virginia-based developer. The financing features a three-year term and interest-only payments. The developer broke ground on Park 37 Apartments in April, with completion scheduled for July 2020. Shared amenities at the property will include a clubhouse, lounge, fitness center, swimming pool, fire pit, covered bike storage and onsite access to one of Blacksburg’s walking/biking trails.

August 20, 2019

California Development Loans Multifamily Western

Dekel Capital Arranges More Than $80M in Financing for Development of Multifamily Complex in California

by Amy Works August 20, 2019

SOUTH GATE, CALIF. — Dekel Capital has secured more than $80 million in preferred equity and construction financing for the development of Jefferson on Imperial, a multifamily community located in South Gate. The borrower is JPI. Situated on 4.1 acres at 10920 Garfield Ave., the four-story Jefferson on Imperial will feature 244 apartments in a mix of one-, two- and three-bedroom layouts, as well as a multi-level parking garage with a total of 458 stalls. JPI broke ground on the development in March and expects initial delivery by October 2020. Southern California-based WHA designed the project, which is the first new multifamily development in the last 30 years in the Downey/South Gate area. Alliance Residential Co. will manage, market and lease up the property.

August 20, 2019

Hilton-San-Francisco-Financial-District-San-Fran-CA

California Hospitality Loans Western

PCCP Funds $20M Mezzanine Loan to Refinance Hilton Hotel in San Francisco’s Financial District

by Amy Works August 20, 2019

SAN FRANCISCO — PCCP has provided a $20 million, fixed-rate mezzanine loan for the refinancing of Hilton San Francisco Financial District. Justice Investors, an entity controlled by The InterGroup Corp., owns and operates the hotel. Located at 750 Kearny St. in downtown San Francisco, the 26-story hotel feature 544 guest rooms, with no hotel rooms below the fifth floor. Additionally, the property offers a restaurant and lobby bar, 21,936 square feet of meeting space, a fitness center, a business center and an executive lounge. The ownership has planned a full renovation of the corridors and guest rooms.

August 20, 2019

Loans Multifamily Nevada Western

Greystone Provides $7.9M in Green Financing for Las Vegas Multifamily Property

by Amy Works August 20, 2019

LAS VEGAS, NEV. — Greystone has provided a $7.9 million Freddie Mac Green Advantage loan for the refinancing of Nottingham Gardens, a multifamily property located at 2165 E. Rochelle Ave. in Las Vegas. The fixed-rate loan carries a 10-year term with three years of interest-only payments and a 30-year amortization. Ana Ramos of Greystone’s Los Angeles office originated the loan, with Andy Bratt of Newmark Realty Capital acting as correspondent. Built in 1974, the property features 92 garden- and townhome-style apartments. The borrower has invested in numerous interior and exterior capital improvements at the property since acquiring it in 2015.

August 20, 2019

Hospitality Loans New York Northeast

Madison Realty Capital Provides $83M Loan for Manhattan Hotel

by Alex Patton August 19, 2019

NEW YORK CITY — Madison Realty Capital, a New York-based lender, has provided an $83 million loan to recapitalize and rebrand a 230-room hotel in Manhattan. The loan proceeds allowed the borrower, Long Island-based McSam Hotel Group, to retire the existing debt on the property and transition the hotel to another brand. The hotel is located across from the Rockefeller Center.

August 19, 2019

Acquisitions Loans Multifamily North Carolina Southeast

CBRE Funds $39.7M Acquisition Loan for Apartment Community in Southwest Charlotte

by Alex Tostado August 19, 2019

CHARLOTTE, N.C. — CBRE has provided a $39.7 million Freddie Mac acquisition loan for Arbor Steele Creek, a 384-unit apartment community in southwest Charlotte. The borrower, a joint venture between Charleston, S.C.-based Blaze Partners and Acre Valley Real Estate Capital, plans to continue interior and exterior renovations. The previous owner, a joint venture between Blaze Partners and True North Management Group, acquired the property in 2017 and began renovations. The complex comprises 16 three-story buildings. Communal amenities include a swimming pool, fitness center, business center, picnic areas with grilling stations, pet park, playground and a clubhouse.

August 19, 2019

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