Loans

Berkadia Provides $36.2M Fannie Mae Loan for New Apartment Community in Jacksonville

by Camren Skelton August 13, 2018

JACKSONVILLE, FLA. — Berkadia has provided a $36.2 million Fannie Mae loan for the acquisition of Portiva, a 260-unit apartment community located at 6898 Skinner Parkway in Jacksonville. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia arranged the 12-year, fixed-rate loan on behalf of the borrower, Myers Apartment Group, which acquired the property for $50.7 million. Portiva was constructed in 2018 and includes a mix of one- to three-bedroom apartment units. Community amenities include a saltwater pool, pet park and spa, bocce ball court, yoga/cross-training center, outdoor fire pits, bike storage and repair station and a car wash station.

August 13, 2018

Illinois Loans Midwest Office

JLL Arranges $63M Loan for Acquisition of Office Campus in Downers Grove, Illinois

by Kristin Harlow August 13, 2018

DOWNERS GROVE, ILL. — JLL has arranged a $63 million loan for the acquisition of Executive Towers West, a three-building office campus totaling 682,502 square feet in Downers Grove. Developed between 1983 and 1987, the buildings are located at 1431, 1411 and 1400 Opus Place, approximately 23 miles west of Chicago. Adam Schwartz, Brett Rosenberg and Patrick Heitmann of JLL arranged the loan on behalf of the borrower, Group RMC. Morgan Stanley provided the loan.

August 13, 2018

Arizona Loans Multifamily Nevada Seniors Housing Western

CBRE Arranges Refinancing for Two-Property CPF Living Portfolio in Arizona, Nevada

by Amy Works August 13, 2018

TUCSON, ARIZ., AND PAHRUMP, NEV. — CBRE has arranged the refinancing of The Echelon of Tucson in Tucson and Inspirations Senior Living in Pahrump. The portfolio totals 140 independent living units, 60 assisted living units and 12 memory care units. The borrower was CPF Living Communities. Aron Will of CBRE National Senior Housing arranged the three-year, floating-rate loan with 36 months of interest-only payments. Grace Management, CPF Living’s management subsidiary, will continue to operate the properties. The amount of the loan was not disclosed. CPF Living acquired the communities in 2016, and projects that both properties will reach stabilization in 2019.

August 13, 2018

Loans Multifamily New Jersey

NYLREI Provides $131M Loan for Multifamily Tower in Jersey City

by David Cohen August 10, 2018

JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.

August 10, 2018

Loans Multifamily New York Seniors Housing

BMO Harris, Wells Fargo Arrange $200M Loan for Seniors Housing Redevelopment in Brooklyn

by David Cohen August 10, 2018

NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.

August 10, 2018

Colorado Loans Multifamily Western

FMF Littleton Receives $63M Refinancing for 385-Unit Apartment Community in Metro Denver

by Amy Works August 10, 2018

LITTLETON, COLO. — FMF Littleton has received $63 million in financing for HiLine at Littleton Commons, a multifamily property located within the Highlands Ranch/Lone Tree submarket of Littleton, south of Denver. Josh Simon of HFF secured a five-year, 4.15 percent fixed-rate loan through a life company lender for the borrower. Loan proceeds were used to recapitalize the property and refinance existing construction financing. The loan features a full-term interest-only period, with flexible prepayment and the ability to advance future loan proceeds at a future date. Completed in 2016, the property features 385 units in a mix of one-, two- and three-bedroom units and 620 parking spaces, including attached and detached garages. Community amenities include an outdoor pool, hot tub, tanning deck with cabanas, outdoor kitchen and grilling area, 24-hour fitness center, clubhouse, billiards table, business center and dog park with dog wash station.

August 10, 2018

Loans Multifamily Washington Western

KeyBank Secures $43.2M in Financing for Workforce Housing Development Near Spokane

by Amy Works August 10, 2018

AIRWAY HEIGHTS, WASH. — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment has provided $43.2 million in financing for the development of Salish Flats Apartments, a workforce housing community located in Airway Heights. The borrower is TWG Development. Key’s Community Development Lending and Investment Group provided a $21.2 million KeyBank construction loan, and Key’s Commercial Mortgage Group originated a $22 million forward commitment through Freddie Mac’s Targeted Affordable Group. The 216-unit Salish Flats Apartments is part of the master development plan of the Northern Quest Resort & Casino, owned and operated by the Kalispel Tribe of Indians. Upon completion, the market-rate property will operate with a self-imposed income restriction, requiring 20 percent of the units be set aside for households earning less than 80 percent of the area median income.

August 10, 2018

Colorado Loans Office Western

FM Capital Originates $5.4M Loan for 280,000 SF Office Complex in Colorado Springs

by Amy Works August 10, 2018

COLORADO SPRINGS, COLO. — FM Capital has secured a $5.4 million bridge loan for an office complex located in Colorado Springs. The undisclosed borrower purchased the asset through the Ten-X platform. FM Capital originated the loan within seven days of acquisition. At the time of sale, the 280,000-square-foot asset was home to two Fortune 500 company call centers.

August 10, 2018

Loans Michigan Midwest Multifamily

Citi Real Estate Funding Arranges $80M Refinancing for Multifamily Portfolio in Metro Detroit

by Kristin Harlow August 10, 2018

DETROIT — Citi Real Estate Funding has arranged an $80 million CMBS loan for the refinancing of a five-property multifamily portfolio in metro Detroit. National real estate investor and developer Lightstone was the borrower. The properties total 1,179 units and are located in cities such as Royal Oak, Canton and Livonia. The garden-style communities include a mix of one-, two- and three-bedroom units. Amenities include clubhouses, fitness centers, yoga studios, outdoor pools, business centers and game rooms. Property names were not disclosed.

August 10, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $53.6M Bridge Loan for Acquisition of Multifamily Portfolio in Jacksonville

by Camren Skelton August 10, 2018

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged a $53.6 million bridge loan for the acquisition of a five-property multifamily portfolio in Jacksonville. Alex Inman of Walker & Dunlop arranged the cross-collateralized financing on behalf of the borrower, S2 Capital LLC. The Walker & Dunlop team also negotiated special release provisions that allow the borrower to sell individual properties if desired. The 1,104-unit portfolio includes Eagle Pointe I & II, Arlington Eagle, Eagle Court, Jacksonville Village and Eagle Ridge. The properties were originally constructed in the 1960s. S2 Capital plans to complete a value-add program for each property, including improvements to common amenities, interior upgrades and rebranding. Community amenities across the portfolio include pools, outdoor space, laundry facilities, fitness centers and leasing offices.

August 10, 2018

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