Loans

Landmark-at-Lake-Village-North-Garland-Texas

KeyBank Arranges $56.4M Acquisition Loan for Apartment Community in Metro Dallas

by Taylor Williams April 10, 2018

GARLAND, TEXAS — KeyBank Real Estate Capital has arranged a $56.4 million loan for the acquisition of Landmark at Lake Village North, an 848-unit multifamily community located in the Dallas metro of Garland. The property was built in 1983 and comprises 69 two- and three-story apartment buildings. Amenities include a fitness center and on-site laundry facilities. Amber Rao of KeyBank secured the non-recourse, floating-rate loan through an undisclosed life insurance company on behalf of Madera Residential. The loan also includes three years of interest-only payments and $5.4 million in funding for future capital improvements.

April 10, 2018

Villas-on-Bear-Creek-North-Richland-Hills-Texas

Affordable Housing Loans Multifamily Texas

Love Funding Secures $14.4M HUD Refinancing for Affordable Housing Asset in Metro Fort Worth

by Taylor Williams April 10, 2018

NORTH RICHLAND HILLS, TEXAS — Love Funding has secured a $14.4 million loan for the refinancing of Villas on Bear Creek, a 240-unit affordable housing community located in North Richland Hills, a northern suburb of Fort Worth. Built in 2000, the age-restricted property offers one- and two-bedroom units. Amenities include a pool, shuffleboard courts, putting green, business center, billiard room, a library and walking trails. Jonathan Camps of Love Funding secured the loan through HUD’s 223(f) program on behalf of The Wentwood Cos., an Austin-based investment firm

April 10, 2018

Loans Massachusetts Northeast Office

Colliers Secures $38M Refinancing for Two Office Buildings in Boston

by David Cohen April 9, 2018

BOSTON — Colliers | Boston has secured a $38 million refinancing for two office buildings at 155 Federal and 10 High streets in Boston’s financial district. Farley White Interests owns and manages the two adjacent buildings, which total 294,000 square feet. The two properties are currently 98 percent leased and feature ground-floor retail and more than 60 tenants. Nationwide Life Insurance Co. provided the long-term, fixed-rate financing on an interest-only basis. Colliers | Boston will service the loan until maturity.

April 9, 2018

Loans Multifamily New York Northeast

KeyBank Provides $30M in Financing for Apartment Complex in Queens

by David Cohen April 9, 2018

NEW YORK CITY — KeyBank Real Estate Capital has provided $30 million in first-mortgage financing through Freddie Mac for The Lanes, a seven-story apartment complex in Long Island City. The 57-unit, Class A complex was built in 2017 and totals 83,000 square feet with 11,000 square feet of ground-floor retail space. Tom Peloquin of KeyBank arranged the fixed-rate financing. The loan includes a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The loan was used to refinance existing debt.

April 9, 2018

Loans Mixed-Use Texas Top Stories

Berkadia Arranges $198.3M Refinancing for Office Component of Mixed-Use Asset in Brooklyn

by Taylor Williams April 9, 2018

NEW YORK CITY — Berkadia has arranged a $198.3 million loan for the office component of Brooklyn Renaissance Plaza, a 1.4 million-square-foot, mixed-use property in Brooklyn. The deal restructures existing debt on the property’s 465,000-square-foot office condominium space. This section of Brooklyn Renaissance Plaza is fully leased to the Kings County District Attorney (KCDA). That lease has 10.5 years left on it. The borrower is a joint venture between New York-based Muss Development Corp. and San Diego-based HomeFed Corp. The loan features a 21.5-year term and a 4.47 percent interest rate. Mark Vogel and Dan Geuther of Berkadia secured the funds through CGA Capital Corp., a Maryland-based private lending and investment firm. “In seeking to obtain a loan duration of over 20 years, we were presented with two significant challenges,” says Vogel. “The ground-lease payment will reset to unknown market rates in 2021 and 2031, and the KCDA lease expires in 2028.” “Working with CGA, we were able to craft a custom credit solution that enabled us to underwrite through these significant risk events and accomplish the client’s objective of long-term fixed-rate financing,” he added. Brooklyn Renaissance Plaza is located at 345 Adams St. In addition to the office condo, the …

April 9, 2018

Loans New Jersey Northeast Office

Thorofare Capital Provides $27M Loan for Acquisition of Office Park in Northern New Jersey

by David Cohen April 6, 2018

MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.

April 6, 2018

Affordable Housing Loans Multifamily New York Northeast

Keybank Provides $38.5M in Financing for Affordable Housing Community in Albany

by David Cohen April 6, 2018

ALBANY, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided $38.5 million in financing for the construction of an affordable housing community in Albany. The 76-unit development, which will be called Ida Yarbrough Homes, will set aside 12 apartments for households at risk of homelessness. The borrower is Ida Yarbrough Phase II LLC, an entity owned by the Albany Housing Authority. Keybank provided $18.1 million in equity through the Low Income Housing Tax Credit program. In addition, Keybank also provided a $17.2 million construction loan and a $3.2 million Freddie Mac first mortgage loan. John Berry, Jen Seamons, Victoria O’Brien and Joe Eicheldinger of Keybank’s CDLI group, and Jeff Rodman of the Commercial Mortgage Group arranged the financing.

April 6, 2018

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $3.5M Land Development Loan in Plymouth

by David Cohen April 6, 2018

PLYMOUTH, MASS. — Fantini & Gorga has arranged $3.5 million in land development financing for a 40-acre parcel in Plymouth. The lender was a major Massachusetts-based banking institution. Harald LLC, the borrower, plans to add roads and utilities, and then subdivide the commercially zoned land into five or six parcels, to be sold for additional development.The site, about 40 miles south of Boston, is located near the Grove at Plymouth shopping center. Tenants at the retail center include a 130,000-square foot Home Depot store, West Marine, Ethan Allen Furniture and Mattress Firm.

April 6, 2018

Georgia Loans Multifamily Southeast Student Housing

Capital One Provides $19.3M Fannie Mae Loan for Student Housing Acquisition in Savannah

by Camren Skelton April 6, 2018

SAVANNAH, GA. — Capital One Multifamily Finance has provided a $19.3 million Fannie Mae loan for the acquisition of The Blake, a 270-bed student housing community located less than a half-mile from the Savannah College of Art and Design in Savannah. Tim Smits of Capital One originated the 10-year loan with four years of interest-only payments and a 30-year amortization schedule on behalf of the buyer, Maryland-based Hopkins Holding. The seller, which developed the property in 2016, was a joint venture between Campus Works, Kaplan Residential and McKinney Fund & Co. The Blake features a clubhouse, covered outdoor patio, a 5,000-square-foot pool terrace and a lounge with cabanas.

April 6, 2018

California Loans Multifamily Western

NorthMarq Capital Arranges $134M in Financing for Two Silicon Valley Apartment Communities

by Nellie Day April 5, 2018

SANTA CLARA, CALIF. — NorthMarq Capital has arranged $134 million in financing for two apartment communities in Santa Clara. The communities consist of the 340-unit Orchard Glen located at 101 Saratoga Ave. and the 173-unit Park Central located at 1050 Benton St. The transactions were structured on 10-year interest-only terms. NorthMarq arranged the financing on behalf of Prometheus Real Estate Group through its correspondent relationship with a life insurance company.

April 5, 2018

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