Loans

Associated Bank Secures $20M Construction Financing for Affordable Housing Renovation Project in Chicago

by Kristin Harlow February 18, 2019

CHICAGO — Associated Bank has secured a $7 million construction loan and $13 million in low-income housing tax credit equity for the acquisition and rehabilitation of the Johnson Butler-Lindon Apartments in Chicago’s Woodlawn neighborhood. The Illinois Housing Development Authority issued the tax credits for the project. Associated Bank partnered with Boston Capital to provide the equity portion. Preservation of Affordable Housing will complete the renovation in partnership with Powers and Sons Construction Co. and Johnson & Lee Architects Ltd. Built in the late 1920s, the buildings are located two-tenths of a mile from each other and total 106 units. Units and common areas will be modernized. Completion of the renovation project is slated for the second quarter of 2020. The units will be restricted to households earning 30, 50 or 60 percent of the area median income. Krista Casper of Associated Bank handled the loan arrangements and closing, while Teresa Rubio managed the equity investment.

February 18, 2019

Acquisitions Loans Multifamily New Jersey Northeast

Progress Capital Secures $60M Acquisition Loan for Multifamily Portfolio in New Jersey

by David Cohen February 15, 2019

HUDSON COUNTY, N.J. — Progress Capital has secured a $60 million acquisition loan for an 18-property multifamily portfolio in Hudson County. The undisclosed borrower acquired the portfolio for $75 million. Brad Domenico of Progress Capital arranged the seven-year loan, which featured a fixed 4.14 percent interest rate, 30-year amortization schedule and two years of interest-only payments. The lender was undisclosed.

February 15, 2019

Industrial Loans Midwest Ohio Self-Storage

KeyBank Provides $221.5M Refinancing for SmartStop Self-Storage Portfolio Across 12 States

by Kristin Harlow February 15, 2019

CLEVELAND — KeyBank Real Estate Capital has provided three loans for the refinancing of a SmartStop self-storage portfolio. Located in 12 states, the 39 facilities total 24,181 units. Randy Martin of Cleveland-based KeyBank originated a $90 million loan for 29 facilities in California, Colorado, Florida, Illinois, Indiana, Maryland, Nevada, North Carolina, Ohio and Texas. Concurrently, the sponsor received a $27.5 million mezzanine loan. Martin also originated a $104 million loan for 10 properties located in California, Florida, Massachusetts, Nevada and South Carolina.

February 15, 2019

Colorado Industrial Loans Western

HFF Arranges $124.3M in Acquisition Financing for 41-Building Industrial Portfolio in Colorado

by Amy Works February 15, 2019

DENVER, BOULDER AND COLORADO SPRINGS, COLO. — HFF has secured $124.3 million in financing for the acquisition of a 41-property industrial portfolio across Denver, Boulder and Colorado Springs. Kevin MacKenzie, Jeff Sause, Leon McBroom and Spencer Richley arranged the 10-year, fixed-rate acquisition loan through Nuveen Real Estate for the borrower, Berkeley Partners. Spread across 19 properties, the portfolio features a total of 1.95 million square feet of industrial space. Situated on a total of 126.3 acres, the portfolio comprises 14 industrial facilities in Denver, three in Colorado Springs and two in Boulder. The properties were built between 1973 and 1996 and are 93 percent leased to 178 tenants.

February 15, 2019

Acquisitions Colorado Loans Office Western

SteelWave, Rialto Capital Receive $54.6M Acquisition Loan for Vacant Office Building in Denver

by Amy Works February 15, 2019

DENVER — SteelWave LLC and Rialto Capital Management have received $54.6 million in bridge financing for the acquisition and repositioning of a vacant office/data center property in downtown Denver. Leon McBroom and Eric Tupler of HFF arranged the four-year, floating-rate loan through Square Mile Capital Management for the borrowers. Loan proceeds will be used to acquire and reposition the asset into a state-of-the-art office building. Located at 930 15th St., the 12-story building features 223,000 square feet of vacant office/data center space. The buyers plan to renovate the property with floor-to-ceiling glass curtain wall on two facades and the installation of executive parking stalls, a collaborative lounge area, café and wine bar, rooftop fitness center, bike lab, rooftop event area and lounge, and conference center. Renovated office suites will features 1,345-foot slab-to-slab ceilings, fiber connectivity and modernized mechanical systems.

February 15, 2019

Arizona Loans Multifamily Oregon Seniors Housing Walker & Dunlop Western

Walker & Dunlop Provides $39.3M in Financing for Seniors Housing Properties in Arizona, Oregon

by Amy Works February 15, 2019

MESA, ARIZ., AND SPRINGFIELD, ORE. — Walker & Dunlop has funded $39.3 million in financing for two seniors housing properties in Arizona and Oregon. Kevin Giusti, Michael Davis and Jeff Ringwald of Walker & Dunlop led the origination team for the transactions. The Walker & Dunlop team structured a $25.8 million Fannie Mae loan backed by The Summit at Sunland Springs, located at 2415 S. Signal Butte Road in Mesa. Owned Ahlstrom Investments and managed by Avista Senior Living, the facility offers assisted living and memory care units. Prior to the property’s full stabilization, Walker & Dunlop secured a 10-year, fixed-rate loan while recapitalizing the property owner’s equity. The team also arranged a $13.5 million refinance through Freddie Mac for The Rawlin at Riverbend Memory Care. The Freddie Mac loan enabled the sponsor, Onelife Investments, to recapitalize 100 percent of its equity while providing a 15-year, fixed-rate loan. The dedicated memory care facility is located at 3491 Game Farm Road in Springfield.

February 15, 2019

Loans Mixed-Use New York Northeast

AIG Provides $280M Refinancing for Mixed-Use Building in Brooklyn

by David Cohen February 14, 2019

NEW YORK CITY — AIG has provided a $280 million loan to refinance Empire Stores, a newly redeveloped retail and office building in the DUMBO neighborhood of Brooklyn. The six-story property, which is located at 55 Water St., is comprised of 377,929 square feet of office space and 65,082 square feet of ground-floor retail. Aaron Appel, David Sitt, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Jackson Sastri and Eliott Zeitoune of JLL Capital Markets secured the 15-year loan on behalf of the borrowers, Midtown Equities and HK Organization. Terms of the financing were undisclosed.

February 14, 2019

Loans New Jersey Northeast Office

HFF Secures $27M Refinancing for Office Building in Northern New Jersey

by David Cohen February 14, 2019

FAIRFIELD, N.J. — HFF has secured two loans totaling $27 million to refinance Greenbrook Executive Center, a 203,028-square-foot, office building in Fairfield. Located at 100 Passaic Ave., the three-story building is near the Willowbrook Mall as well as Interstate 80 and Route 46. Jim Cadranell and Matthew Pizzolato of HFF secured the two loans on behalf of the borrower, Accordia Realty Ventures. Silverpeak Argentic provided a $22.4 million, 10-year securitized loan and Morrison Street Capital provided a $4.5 million, 10-year mezzanine loan. The financing allowed Accordia to buy out its institutional equity partner, Guggenheim Real Estate. Accordia and Guggenheim who they have owned the asset with since 2006.

February 14, 2019

Acquisitions Loans Massachusetts Northeast

Cornerstone Realty Capital Arranges $5.7M Acquisition Loan for Apartment Building in Massachusetts

by David Cohen February 14, 2019

AMESBURY, MASS. — Cornerstone Realty Capital has arranged a $5.7 million acquisition loan for Briggs Mill, a 44-unit apartment complex in Amesbury. Located at 20 Cedar St., the former mill building was converted into apartments in 2014. All units feature stainless-steel appliances, ample closet space and hardwood floors in the kitchen and living room. Building amenities include a community room with a kitchenette and entertainment area, storage units and a fitness center. Cornerstone worked on behalf of the undisclosed borrower to deliver a fixed-rate financing structure with two years of interest-only payments followed by a 30-year amortization through an agency lender.

February 14, 2019

Florida Loans Multifamily Southeast

HFF Arranges $28.9M in Equity for Development of Apartment Community in Orlando

by Alex Tostado February 14, 2019

ORLANDO, FLA. — HFF has arranged $28.9 million in equity financing for the development of Radius Apartments in Orlando. The 13-story, 389-unit community will be situated two blocks north of Lake Eola and less than a mile north of downtown Orlando. HFF worked on behalf of an affiliate of Banner Real Estate Group to arrange $14.9 million in joint venture equity from Westminster Capital LLC and $14 million in preferred equity through a blue-chip life company. The building is slated for completion in 2020 and will feature 12 stories of residential space situated above street-facing retail space on the first floor, an adjacent six-story parking garage and a public courtyard. The roof of the parking garage will be utilized as an amenity deck that will include a pool, cabanas, outdoor kitchen, dining and grilling area, bar and sun shelf.

February 14, 2019

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