Loans

Cushman & Wakefield Arranges $75M Refinancing for Mixed-Use Building in Brooklyn

by David Cohen April 1, 2019

NEW YORK CITY — Cushman & Wakefield has arranged a $75 million refinancing for The Lane at Boerum Place, a 133,387-square-foot residential and retail building in Brooklyn. Located at 415 Red Hook Lane, Rumble Boxing anchors the 108-unit project’s retail component. The residential component of the newly constructed, 21-story property is fully leased. Amenities include central air, a bike room and co-working lounge, as well as washers and dryers in all units. Gideon Gil, Alexander Hernandez, Noble Carpenter III and Zachary Kraft secured financing on behalf of the borrower, Quinlan Development Group & Lonicera Partners. TD Bank provided the financing.

April 1, 2019

Loans Michigan Midwest Multifamily

Greystone Provides $11.2M Refinancing for Multifamily Property in Ypsilanti, Michigan

by Kristin Harlow April 1, 2019

YPSILANTI, MICH. — Greystone has provided an $11.2 million Fannie Mae loan for the refinancing of Ranches of Rosebrook in Ypsilanti. The 302-unit multifamily property features 650-square-foot two-bedroom units. Cary Belovicz of Greystone sourced the loan, while John Marr of Greystone originated the loan. Terms of financing were not disclosed.

April 1, 2019

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $34M Acquisition Loan for Affordable Housing Property in South Florida

by Alex Tostado March 29, 2019

NAPLES, FLA. — KeyBank Real Estate Capital has provided a $34 million Freddie Mac acquisition loan for Waverley Place Apartments, a 300-unit affordable housing property in Naples. The asset consists of 40 two-story apartment buildings situated on 11 acres. A portion of the units will be reserved for individuals and families earning 80 percent of area median income. Fred Dockweiler of KeyBank’s Commercial Mortgage Group originated the non-recourse, fixed-rate loan with a seven-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

March 29, 2019

Loans Multifamily South Carolina Southeast Student Housing

Financial Federal Bank Provides $24.3M Acquisition Loan for Student Housing Complex Near University of South Carolina

by Alex Tostado March 29, 2019

COLUMBIA, S.C. — Financial Federal Bank has provided a $24.3 million Fannie Mae acquisition loan for Stadium Suites Apartments in Columbia. The 264-unit, 924-bed complex was built in 2004 and is situated three miles from the University of South Carolina campus. Amenities include a resort-style pool, clubhouse with fitness center, game room, study room, business center, basketball and volleyball courts and a dog park. Rick Wood and Jon Van Hoozer of Financial Federal Bank originated the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, a single-asset LLC that is a privately owned real estate investment company.

March 29, 2019

Acquisitions Loans Multifamily Northeast Pennsylvania Seniors Housing

BHI, Contemporary Healthcare Capital Arrange $9.5M Acquisition Loan for Skilled Nursing Facility in Pennsylvania

by David Cohen March 29, 2019

CANONSBURG, PA. — BHI and Contemporary Healthcare Capital have arranged $9.5 million in acquisition financing for a 118-bed skilled nursing facility. The property is located in Canonsburg, approximately 18 miles southwest of downtown Pittsburgh. The borrower is Townview Realty LLC. BHI provided a $7.9 million senior loan that includes a $600,000 line of credit. The lender also has guaranteed a $2.1 million earnout feature based on pre-determined performance metrics. Contemporary Healthcare provided the $1.6 million mezzanine portion of the financing. Proceeds of the loans were used for the acquisition and operation of the facility, as well as to pay customary closing costs. This was the first joint loan transaction between BHI and CHC.

March 29, 2019

Loans Multifamily Texas

Arbor Realty Trust Provides $29.5M Acquisition Loan for Dallas Apartment Community

by Taylor Williams March 29, 2019

DALLAS — Arbor Realty Trust Inc. (NYSE: ABR) has provided $29.5 million in Fannie Mae acquisition financing for Alexan Riveredge, a 309-unit apartment community in Dallas. Built in 2016, the property offers amenities including a resort-style pool, rooftop lounge, fitness center, jogging trails, business center and a game room. Units feature granite countertops, walk-in closets, washer and dryer connections and private balconies in select residences. Greg Gillam of Arbor Realty Trust originated the loan, which carries a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower.

March 29, 2019

California Hospitality Loans Western

Berkadia Closes $170M in Financing for Great Wolf Lodge in Garden Grove, California

by Amy Works March 29, 2019

GARDEN GROVE, CALIF. — Berkadia has closed $170 million in financing for the Great Wolf Lodge in Garden Grove. Andrew Coleman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality Group facilitated the deal on behalf of Colorado-based McWhinney. Provided by Wells Fargo, the 10-year, fixed-rate, full-term loan features interest-only payments. The use of the funds was not disclosed. Situated on 12 acres, the nine-story, 105,000-square-foot water park resort features 603 rooms, a 30,000-square-foot conference venue and 18,000 square feet of retail and dining, including seven restaurants, a bowling alley, miniature golf course, kid’s spa and arcade

March 29, 2019

Loans Multifamily Washington Western

Newmark Realty Capital Secures $21.7M in Financing for Union Bay Apartments in Seattle

by Amy Works March 29, 2019

SEATTLE — Newmark Realty Capital has arranged $21.7 million in financing for Union Bay Apartments in Seattle. Situated in Seattle’s South Lake Union, the seven-story building features 74 apartments in a mix of studio, one- and two-bedroom layouts, as well as ground-floor retail space. Andy Bratt and Spencer Seibring of Newmark’s Newport Beach, Calif., office structured the 10-year term loan for the sponsor, a privately owned, Los Angeles-based development company. The lender and use of the funds were not disclosed.

March 29, 2019

Loans Midwest Minnesota Office

JLL Arranges $52.5M Acquisition Loan for Business Park in Eagan, Minnesota

by Kristin Harlow March 29, 2019

EAGAN, MINN. — JLL Capital Markets has arranged a $52.5 million loan for the acquisition of Grand Oak Business Park in Eagan. The 10-building business park is located on 83.5 acres of land. The Class A property comprises eight office buildings and two retail buildings for a total of 550,224 square feet. The buildings were constructed between 1999 and 2007. The property is 92 percent occupied. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Patrick Heitmann of JLL arranged the loan on behalf of the borrower, Group RMC. Morgan Stanley provided the loan.

March 29, 2019

Loans Multifamily New York Northeast

Berkadia Secures $20M Refinancing for Multifamily Property in Brooklyn

by David Cohen March 28, 2019

NEW YORK CITY — Berkadia has secured a $20 million loan to refinance a multifamily property in Brooklyn. Located at 240 Meeker Ave., the 46-unit property includes one- and two-bedroom floor plans with balconies in every unit. Stewart Cambell of Berkadia’s Manhattan office secured the financing on behalf of the borrower, New York-based 240 Meeker Avenue Corp. The 10-year, permanent Fannie Mae loan features a 4.37 percent fixed rate and six years of interest-only payments.

March 28, 2019

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