Loans

Arbor Funds $8.4M Fannie Mae Loan for Apartment Complex in Metro Salt Lake City

by Amy Works October 10, 2018

MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s Streamline Rate Lock product. The Tier II loan is structured with a 12-year, fixed-rate term and a five-year interest-only payment period, followed by a 30-year amortization schedule.

October 10, 2018

Development Loans Multifamily New Jersey Northeast Top Stories

Madison Realty Capital Provides $258M Construction Loan for 1,161-Unit Multifamily Portfolio in New Jersey

by David Cohen October 10, 2018

BAYONNE AND RARITAN, N.J. —Madison Realty Capital has provided $258 million in construction financing for a 1,161-unit multifamily development portfolio in Bayonne and Raritan. The portfolio consists of three large-scale, shovel-ready development sites. The financing will be used to complete site acquisitions and for the construction of all three projects. Jack Klugmann’s Accurate Builders and Developers of New Jersey owns the portfolio. Shaya Ackerman of Meridian Capital arranged the financing. Terms of the financing were not disclosed. “We’re financing three major transit-oriented development sites located in different towns, so clearly there are many moving parts,” says Josh Zegen, managing principal of Madison Realty Capital. “These are prime sites in communities with strong apartment demand based on demographics and transportation connections, and we believe they have great prospects for success.” Harbor Station South in Bayonne will consist of 651 units spread over two buildings. The project is located near the 34th Street Station of the Hudson-Bergen Light Rail system, which provides connections to New York City. A ferry station is also being planned in the vicinity with service to Manhattan and Staten Island. Amenities will include a rooftop pool overlooking the Hudson River, concierge service, a pet center, and a bike …

October 10, 2018

Loans Multifamily New York Northeast

Naftali Credit Partners Secures $50M Construction Loan for Condominium Project in Harlem

by David Cohen October 9, 2018

NEW YORK CITY — Naftali Credit Partners has secured a $50 million construction loan for 145 Central Park North in Manhattan’s Harlem neighborhood. The 13-story condominium project will feature 37 units. Amenities will include a 24-hour doorman, 10 parking spaces, multiple roof terraces, storage and bicycle rooms and a fitness center. Naftali secured financing for an undisclosed borrower through lender Israel Discount Bank. Architectural firm Gluck+ is designing the building.

October 9, 2018

Affordable Housing Loans Multifamily Texas

Hunt Capital Closes $11.9M in Construction Financing for Affordable Housing Project in Fort Worth

by Taylor Williams October 9, 2018

FORT WORTH, TEXAS — Hunt Capital Partners has closed an $11.9 million in LIHTC equity financing for the construction of The Vineyard on Lancaster, a 104-unit apartment project in Fort Worth. The property, which is expected to be complete by late 2019, will include commercial space for a medical clinic. The sponsor was Union Gospel Mission of Tarrant County, a Christian nonprofit organization.

October 9, 2018

Loans Multifamily North Carolina Southeast Student Housing

Trez Forman Provides $4.8M Financing for Planned 390-Unit Multifamily Community in Charlotte

by Amy Works October 9, 2018

CHARLOTTE, N.C. — Trez Forman Capital Group has provided $4.8 million in financing for a 390-unit, mixed-use community planned for development near the University of North Carolina at Charlotte campus. The borrower and developer of the planned multifamily property, Sanctuary Holdings NC, will use the loan proceeds to pay off existing debt on the property and to help fund the purchase of an additional 1.5 acres from Charlotte’s transportation department. The site — located at 7600 University City Blvd. — has already been approved for 390 multifamily or student housing units.

October 9, 2018

Loans Massachusetts Multifamily Northeast

NYLREI Provides $96M Refinancing for Multifamily Complex Near Boston

by David Cohen October 8, 2018

WALTHAM, MASS. — New York Life Real Estate Investors has provided a $96 million refinancing for The Merc at Moody & Main, a 269-unit multifamily complex with street-level retail in Waltham. Located at 45 Moody St., a Roche Brothers’ Brothers Marketplace anchors the property. NYLREI provided a 12-year, fixed-rate loan to the borrower, Northland Investment Corp.

October 8, 2018

Loans Massachusetts Multifamily Northeast

KeyBank Secures $63M Loan for Apartment Community in Revere, Massachusetts

by David Cohen October 8, 2018

REVERE, MASS. — KeyBank has provided a $63 million refinancing for Beach House, a 234-unit apartment community in Revere. The Fannie Mae loan was used to refinance an existing KeyBank construction loan. The borrower, Baystone Development, built the seven-story property in 2018. The financing includes a 10-year term with a five-year interest-only period on a 30-year amortization schedule.

October 8, 2018

Hospitality Loans New York Northeast

NKF Capital Markets Arranges $57M Construction Financing for Walker Hotel Tribeca

by David Cohen October 8, 2018

NEW YORK CITY — NKF Capital Markets has arranged a $57 million construction loan for the Walker Hotel Tribeca, a 171-room hotel in the Tribeca neighborhood of Manhattan. The borrower, Bridgeton Holdings, is converting the 10-story former office building into a hotel. The lender was BoI Federal. The property will be Bridgeton’s second Walker Hotel in New York City, with the first in Greenwich Village. The hotel will include a Blue Bottle Coffee on the ground floor as well as a speakeasy bar in the cellar.

October 8, 2018

Loans Multifamily Texas

Hunt Provides $35M Bridge Loan for Apartment Community in Dallas

by Taylor Williams October 8, 2018

DALLAS — Hunt Real Estate Capital has provided a $35 million bridge loan for the acquisition of Park Ninety Six 90, a 506-unit multifamily community in Dallas. The property offers studio, one-, two- and three-bedroom units and amenities such as three pools, a resident lounge, fitness center, playgrounds, dog parks and outdoor grilling areas. A portion of the proceeds will be used to renovate select unit interiors and to make exterior upgrades. The borrower was a joint venture between California-based Concord Real Estate and New York-based Sun Equity Partners.

October 8, 2018

Industrial Loans Washington Western

iBorrow Provides $10.2M Loan for Industrial Building in Metro Seattle

by Amy Works October 8, 2018

ARLINGTON, WASH. — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $10.2 million loan for an industrial building in Arlington, approximately 45 miles north of Seattle. The borrower group plans to use the proceeds to fund the value-add component of the property. The 244,590-square-foot property, which features 16,108 square feet of office space, was 84 percent leased at the time of financing.

October 8, 2018

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