Loans

HFF Arranges $30.5M Refinancing for Chicago’s Kinzie Hotel

by Kristin Harlow August 15, 2018

CHICAGO — HFF has arranged a $30.5 million loan for the refinancing of Kinzie Hotel, a 215-room boutique hotel in Chicago’s River North. Constructed in 2003 as an Amalfi Hotel, the property was renovated and transformed into the Kinzie Hotel in 2014. The hotel, which occupies the first six floors of a 385,000-square-foot Class A office building, has its own lobby entrance and elevators on the first floor. Other hotel features include a lounge, fitness center and 2,300 square feet of meeting space. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the loan on behalf of the borrower, a joint venture between Bixby Bridge Capital LLC and Urbana Holdings LLC. Annaly Commercial Real Estate Group Inc. provided the three-year, floating-rate loan. Proceeds from the loan were used to refinance the existing mortgage in conjunction with installing Urbana Varro as the new hotel management company.

August 15, 2018

California Development Loans Multifamily Western

George Smith Partners Arranges $22.3M in Financing for Multifamily Development in Los Angeles

by Amy Works August 15, 2018

LOS ANGELES — George Smith Partners has secured $22.3 million in financing for the ground-up development of a workforce multifamily property located in Los Angeles’ Koreatown district. The borrower and property developer is a joint venture between Index Real Estate Investments and Ketter Construction. Located at 3057 W. Pico Blvd., the project will feature 51 workforce apartment units and 3,350 square feet of ground-floor retail space. Construction is underway on the development, with a slated completion in early 2020. Jonathan Lee and Shahin Yazdi of George Smith Partners arranged the transaction. The financing includes a $17.3 million senior loan priced at LIBOR plus 375.5 basis points for the 36-month term, while the $5 million tranche was priced at a 12.25 percent annual interest rate.

August 15, 2018

Loans Michigan Midwest Multifamily

SunTrust Provides $8.8M Bridge Loan for Acquisition of Multifamily Property in Suburban Detroit

by Kristin Harlow August 14, 2018

WESTLAND, MICH. — SunTrust Banks Inc. has provided an $8.8 million bridge loan for the acquisition and renovation of Birch Hill Apartments in Westland, a suburb of Detroit. Built in 1974, the 172-unit multifamily property features a mix of one-, two- and three-bedroom units. Amenities include a swimming pool and clubhouse. A Michigan-based commercial real estate owner and operator was the borrower.

August 14, 2018

Loans Office Pennsylvania

Maverick Commercial Arranges $47M Refinancing for Office Portfolio in Pittsburgh

by David Cohen August 14, 2018

PITTSBURGH — Maverick Commercial Mortgage has secured $47 million in refinancing for a six-building office portfolio in Pittsburgh. Located within the Parkway West Corridor submarket, the property features 585,000 rentable square feet. Maverick Commercial secured a 10-year, fixed-rate loan with a 30-year amortization schedule through a national lender for the borrower, a joint venture between JDI Realty and Market Street Real Estate Partners. The borrowers acquired the property in 2014. Since acquisition the borrowers have added a new food hall and tenant fitness center, and have performed extensive renovations to corridors, bathrooms and building lobbies. The property is currently 87 percent occupied.

August 14, 2018

Affordable Housing Loans Multifamily Texas

KeyBank Secures $38.4M for Construction of Affordable Housing Asset in Austin

by Taylor Williams August 14, 2018

AUSTIN, TEXAS — KeyBank has secured $38.4 million for the construction of Del Valle Apartments, an affordable housing community in Austin. The project will be developed in a public-private partnership between NRP Group and Strategic Housing Finance Corp. of Austin County. Key’s Commercial Mortgage Group secured a $29.4 million Freddie Mac Tax Exempt Loan (TEL) that follows a three-year forward commitment with one, six-month extension. Upon conversion to a permanent loan, the TEL will carry a fixed interest rate and a 35-year amortization schedule. KeyBank Community Development Lending and Investment also provided a $9 million equity bridge loan for the development, which will consist of 302 units, 286 of which will be reserved for residents earning 60 percent or less of the area median income. The developers are also reserving seven units for households earning 40 percent of the AMI and nine units for households earning 30 percent. Kyle Kolesar and Jeff Rodman of KeyBank arranged the project’s financing. Navistone Partners and U.S. Bank also provided additional sources of financing for the development.

August 14, 2018

Loans Maryland Multifamily Southeast

Hunt Provides $33.8M Acquisition Loan for Apartment Property Near Baltimore

by Camren Skelton August 14, 2018

PIKESVILLE, MD. — Hunt Real Estate Capital has provided a $33.8 bridge loan for the acquisition and renovation of a 208-unit multifamily community in Pikesville, located roughly 15 miles northwest of downtown Baltimore. The community includes a mix of one- and two-bedroom apartment units and features a pool, resident clubhouse, fitness center and storage space. The undisclosed borrower plans to use proceeds of the loan to renovate the property. Interior upgrades include new quartz/granite countertops, stainless steel appliances, cabinet replacement and new doors and flooring throughout. Exterior upgrades will include parking lot repaving, exterior paint, exterior lighting and clubhouse improvements. The community was 95 percent occupied at the time of sale.

August 14, 2018

Florida Loans Multifamily Southeast

Aztec Group Secures $28M Construction Loan for Multifamily Community in Broward County

by Camren Skelton August 14, 2018

TAMARAC, FLA. — Aztec Group Inc. has secured a $28 million construction loan for the first phase of Tamarac Village, a multifamily project located at the northeast corner of West Commercial Boulevard and Northwest 94th Avenue in Tamarac. City National Bank of Florida provided the three-year loan on behalf of the project developer, JKM Developers. The first phase of Tamarac Village will include 211 rental units. The second phase will include an additional 190 units and 35,000 square feet of lifestyle and retail amenities. Community amenities will include a two-story clubhouse with gaming and entertainment rooms, fitness center, public park, swimming pool with private cabanas and an outdoor kitchen and bar. A construction timeline for Tamarac Village was not disclosed.

August 14, 2018

California Loans Office Washington Western

iBorrow Provides Two Loans Totaling $11.7M for Properties in San Francisco, Spokane

by Amy Works August 14, 2018

SAN FRANCISCO AND SPOKANE, WASH. — iBorrow, a private direct lender for commercial real estate, has provided two loans totaling $11.7 million for properties in San Francisco and Spokane. The lender funded a $5.6 million loan to refinance a four-story, 9,580-square-foot building, located at 131 Franklin St. in San Francisco. The asset is situated on a 2,395-square-foot lot in the Hayes Valley neighborhood. The name of the borrower was not disclosed. Additionally, iBorrow provided a $6.1 million to an undisclosed borrower for an office building located at 901 N. Monroe St. in Spokane. The three-story property features 76,814 square feet of office space. Brian Good, CEO of iBorrow, handled both transactions.

August 14, 2018

Indiana Loans Midwest Mixed-Use Top Stories

Flaherty & Collins Receives $104M Loan for New Mixed-Use Tower in Indianapolis

by John Nelson August 14, 2018

INDIANAPOLIS — Flaherty & Collins Properties has refinanced 360 Market Square, the company’s 27-story mixed-use tower in downtown Indianapolis. The real estate developer and property management firm used a $104 million loan from Chicago-based Heitman LLC to retire existing construction financing on the recently completed project. David Keller and Adam Mallory of HFF arranged the floating-rate financing through Heitman on behalf of Indianapolis-based Flaherty & Collins. Additional details of the loan structure were not disclosed. Delivered earlier this year, the residential and retail development features 42,000 square feet of ground-level retail space anchored by Whole Foods Market. The 40,000-square-foot grocery store opened in late March. The project also includes a 550-space parking garage, with 350 spaces reserved for residents. Sitting atop Whole Foods are 292 apartment units with 10,000 square feet of amenity space, including a fitness center, private yoga/spin studio, cyber café, screening lounge, business center and gaming lounge. Outdoor amenities include a landscaped courtyard, resort-style swimming pool and a 28th-floor sky deck that offers panoramic skyline views. According to Apartments.com, rental rates at 360 Market Square range from about $1,400 for a studio to more than $8,000 for a three-bedroom, two-bathroom unit. 360 Market Square sits on the …

August 14, 2018

Florida Industrial Loans Multifamily Office Retail Southeast

Walker & Dunlop Secures $120M Refinancing for Mixed-Property Portfolio in Metro Miami

by Camren Skelton August 13, 2018

MIAMI LAKES, FLA. — Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year, non-recourse loan on behalf of the borrower, the Graham Cos., which developed the properties within the portfolio. An unnamed life insurance company provided the loan. All of the properties included in the Graham Portfolio are located within a mile of downtown Miami Lakes and many are anchored by tenants such as CVS/pharmacy, Burger King and Publix.

August 13, 2018

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