Loans

Mission Capital Arranges $80M Bridge Loan for Sister City Hotel in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — Mission Capital Advisors has arranged an $80 million bridge loan for the recently completed Sister City hotel, a 200-room hotel on the Lower East Side of Manhattan. Located at 225 Bowery, the 14-story property features a 234-seat café, ground-floor garden and a 150-seat rooftop bar with views of Manhattan. Jonathan More, Steve Buchwald, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing on behalf of a partnership between Omnia and Northwind Group. The lender was Bank Hapoalim. After purchasing the property, Omnia and Northwind commenced a major construction campaign, adding three floors and transforming the century-old building into a food-and-beverage-centric hotel. The property is the first Sister City-branded hotel and will be managed by hotel operator Ace Hotels.

April 4, 2019

Development Loans New York Northeast Office

JLL Secures $66.7M Construction Loan for Office Building in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — JLL has arranged a $66.7 million construction loan for a nine-story boutique office building in Manhattan. Located at 141 E. Houston St., the 63,000-square-foot property will include seven individual office floors ranging from 5,000 to 7,000 square feet, a 3,300-square-foot retail store at grade level, and two additional below-grade retail levels. Aaron Appel, Jonathan Schwartz, Michael Diaz, and Patrick Cotter of JLL secured the financing on behalf of the borrowers, East End Capital and K Property Group. The lender was CapitalSource, a division of Pacific Western Bank and Canyon Partners Real Estate LLC. Terms of the financing were not disclosed.

April 4, 2019

Illinois Loans Midwest Multifamily

ASC Arranges $5.3M Bridge Loan for Multifamily Complex in Oak Forest, Illinois

by Kristin Harlow April 4, 2019

OAK FOREST, ILL. — American Street Capital (ASC) has arranged a $5.3 million bridge loan for a 72-unit multifamily complex in Oak Forest, about 24 miles south of Chicago. The garden-style property is comprised of two buildings and 98 parking spaces situated on 2.1 acres. Floor plans average 850 square feet. Igor Zhizhin of ASC arranged the 12-month, nonrecourse loan with an agency lender.

April 4, 2019

California Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $26.4M Refinancing for Assisted Living Community in California

by Amy Works April 4, 2019

FAIRFIELD, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, an assisted living community in the Bay Area city of Fairfield. The borrower was a joint venture between Blue Mountain Enterprises Inc. and Calson Management. PNC is the lender. The two-story Rockville Terrace offers 112 units of assisted living and 36 units of memory care. Blue Mountain, a local developer, and Calson, a regional operator, built the community as the second ground-up development for the partnership. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner and Sam Dylag.

April 4, 2019

Georgia Loans Office Southeast

Barings, Bank OZK Provide $100M Construction Loan for Star Metals in Atlanta’s West Midtown

by Alex Tostado April 3, 2019

ATLANTA — Barings Real Estate and Bank OZK has provided a $100 million construction loan to The Allen Morris Co. for Star Metals Offices, the office component of Star Metals, a $330 million mixed-use development in West Midtown Atlanta. Situated along Howell Mill Road, Star Metals Offices will span 267,000 square feet and is expected to deliver in fall 2020. Amenities will include 35,000 square feet of ground-level retail space, a 5,000-square-foot rooftop restaurant, five levels of parking, fitness center and locker rooms. Star Metals Offices is 25 percent preleased to Spaces, a coworking company backed by Regus. Oppenheim Architecture and Warner Summers Architecture designed the asset. MBR LLC, an affiliate of The Allen Morris Co. and ICM Asset Management Inc. provided equity in the project.

April 3, 2019

Loans New York Northeast

New York Life Provides $55M Refinancing for Apartment Community in Manhattan

by David Cohen April 3, 2019

NEW YORK CITY — New York Life Real Estate Investors, on behalf of New York Life Insurance Company, has provided a $55 million loan to refinance West End Towers, a 1,000-unit apartment community on the Upper Westside of Manhattan. Located at 75 West End Ave., the property is nearby Lincoln Square and includes panoramic river and city views. Mark Young of New York Life Real Estate Investors’ New York regional office secured the financing on behalf of the owner, an affiliate of The Brodsky Organization. Terms of the financing were not disclosed.

April 3, 2019

Loans Multifamily Texas

LMI Capital Arranges Loans for Two Houston-Area Apartments Totaling 560 Units

by Taylor Williams April 3, 2019

HOUSTON — Houston-based LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two loans for a pair of apartment properties totaling 560 units in the Houston area. In the first transaction, Kurt Dennis of LMI Capital placed a $9.5 million acquisition loan for a 120-unit complex in the Humble submarket. In the second deal, Brandon Brown of LMI Capital arranged a supplemental agency loan for a 440-unit asset in the Alief submarket. Supplemental agency loans offer subordinate financing options for multifamily properties with existing agency mortgage loans. The borrowers and property names were not disclosed.

April 3, 2019

Loans Multifamily New Jersey Northeast Top Stories

New York Life Provides $115M Refinancing for Multifamily Community in New Jersey

by David Cohen April 3, 2019

SECAUCUS, N.J.— New York Life Real Estate Investors, on behalf of New York Life Insurance Company, has provided a $115 million loan to refinance The Harper at Harmon Meadow, a 469-unit multifamily community in Secaucus, across the Hudson River from Midtown Manhattan. Located at 100 Park Plaza Drive, the newly constructed community is part of the master-planned Harmon Meadow mixed-use development, which includes apartments, dining, hotels, shopping and entertainment. Amenities at The Harper at Harmon Meadow include club lounges, fitness facilities in each building, saltwater swimming pool, outdoor athletic course and yoga studio. The community features studio, one- and two-bedroom apartments. Rents at the community start at $1,975 for studio units, $2,255 for one-bedroom units and $2,910 for two-bedroom units. New York Life Real Estate Investors provided the financing to property owner Hartz Mountain Industries Inc. Terms of the financing were not disclosed. “The property’s location in the mixed-use Harmon Meadow development and the nearby transportation links create an outstanding live-work-play environment with excellent access,” says Keith Duane, director in New York Life Real Estate Investors’ Northeast office. — David Cohen

April 3, 2019

Loans Office Oklahoma Texas

JLL Arranges $48.6M Acquisition Loan for Tulsa Office Portfolio

by Taylor Williams April 2, 2019

TULSA, OKLA. — JLL has arranged a $48.6 million acquisition loan for a portfolio of nine office buildings totaling more than 1 million square feet in Tulsa’s southern submarkets. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Sean Bastian of JLL placed the loan through Citigroup Inc. on behalf of the borrower, Group RMC, a New York-based office investment firm.

April 2, 2019

Colorado Hospitality Loans Mixed-Use Office Retail Western

HFF Secures $165M in Financing for Mixed-Use Dairy Block Portfolio in Downtown Denver

by Amy Works April 2, 2019

DENVER — HFF has arranged $165 million in permanent financing for Dairy Block, a mixed-use asset in downtown Denver. The borrower is a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality. Eric Tupler and Brock Yaffe of HFF secured the long-term debt with MetLife Investment Management. The borrowers will use the loan proceeds to refinance the construction loan on the property. Diary Block consists of three components: Dairy Block, a newly built, six-story, 218,660-square-foot office space with 380-space subterranean parking garage. Firehouse Block, a historic 92,803-square-foot office and retail space along Blake Street. Maven Hotel, a 172-key boutique hotel. Operated by Sage Hospitality, the eight-story property features a 175-seat Kachina Cantina along with Poka Lola Social Club.

April 2, 2019

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