Loans

Arbor Provides $9.4M Acquisition Loan for Multifamily Portfolio in Jonesboro, Arkansas

by Alex Tostado March 19, 2019

JONESBORO, ARK. — Arbor Realty Trust Inc. has provided a $9.4 million Fannie Mae loan for a multifamily portfolio in Jonesboro. Fox Run Apartments, a 76-unit property, was purchased for $5.2 million while Hidden Pointe Apartments, a 60-unit property, was bought for $4.2 million. The 12-year loan was underwritten with a fixed interest rate, an unspecified period of interest-only payments and a 30-year amortization schedule. Fox Run Apartments is a gated community that was built in 2011 and offers covered parking and in-unit washers and dryers. Hidden Pointe Apartments is also a gated community that was built in 2012. Jonathan Chaim of Arbor originated the loan. The borrower was not disclosed.

March 19, 2019

Arizona Loans Multifamily Western

Dougherty Mortgage Closes $23.1M Acquisition Loan for Bear Canyon Apartments in Tucson

by Amy Works March 19, 2019

TUCSON, ARIZ. — Dougherty Mortgage has closed a $23.1 million Fannie Mae loan for Bear Canyon, a market-rate apartment complex in Tucson. The borrower, Tucson M3-13 LLC, will use proceeds of the 10-year loan to purchase the 238-unit property. Additional details of the financing were not released.

March 19, 2019

Healthcare Loans Texas

HFF Arranges Refinancing of 130,959 SF Hospital in Tulsa

by Taylor Williams March 19, 2019

TULSA, OKLA. — HFF has arranged the refinancing of a 130,959-square-foot healthcare property in Oklahoma that is fully leased to Tulsa Spine & Specialty Hospital. The property was built in 2002 on 11.5 acres. Zack Holderman, Jason Bond and Elliott Throne of HFF arranged the fixed-rate financing through a national bank on behalf of an undisclosed borrower. The loan was executed in conjunction with the refinancing of a 60,800-square-foot medical office building in Wauwatosa, Wis.

March 19, 2019

Loans Office Texas

EverWest Arranges $63M Loan for Refinancing of Metro Dallas Office Complex

by Taylor Williams March 18, 2019

ADDISON, TEXAS — Denver-based EverWest Real Estate Investors has arranged a $63 million loan for the refinancing of The Colonnade, a 1 million-square-foot office complex in the northern Dallas metro of Addison. The Class A property, which is owned by New York-based Fortis Property Group, was built in phases between 1983 and 1998, with $32.5 million in renovations completed between 2015 and 2017. The Colonnade’s tenants roster includes Hilton, United Surgical Partners and Zurich American Insurance. Property amenities include a fitness center with locker rooms, a retail store, conference center and an eight-story parking garage. Tom McCahill, Joe Chickey and Zi Chong of EverWest placed the five-year loan through UBS.

March 18, 2019

Arizona Loans Multifamily Seniors Housing Western

Love Funding Arranges $10.5M Construction Loan for Skilled Nursing Facility in Arizona

by Amy Works March 18, 2019

YUMA, ARIZ. — Love Funding has secured a $10.5 million bridge-to-HUD construction loan for a transitional rehabilitation facility in Yuma. The 32,000-square-foot facility will offer 41 Medicare and managed care beds upon completion. Love Funding’s Leonard Lucas secured the bridge loan through Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding for the developer-operator’s portfolio.

March 18, 2019

Alabama Loans Multifamily Southeast Student Housing

Hunt Real Estate Provides $17.9M Refinance Loan for Student Housing Portfolio Near University of Alabama

by Alex Tostado March 18, 2019

TUSCALOOSA, ALA. — Hunt Real Estate Capital has provided a $17.9 million loan to refinance a 12-building student housing portfolio in Tuscaloosa, home of the University of Alabama. The properties include the seven-building Preston Place (240 beds) and the one-building Alexandria (22 beds), Georgian (20 beds), St. Charles (48 beds), St. George (24 beds) and 317 Reed (eight beds). The Freddie Mac loan has a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The borrower is Roar IV LLC, which acquired the properties between 1994 and 1999. The assets were built between 1988 and 1992 and have undergone various renovations under multiple owners.

March 18, 2019

Georgia Loans Multifamily Southeast

Greystone Bassuk Arranges $36.5M Loan for Apartment Development in Atlanta’s Grant Park

by Alex Tostado March 15, 2019

ATLANTA — Greystone Bassuk has arranged a $36.5 million construction-to-permanent loan on behalf of an affiliate of Grubb Properties Inc. for Link Apartments Grant Park in Atlanta. Aegon Real Assets US, through its correspondent Bellwether Enterprise, provided the 20-year, fixed-rate loan. Located at 750 Kalb St. S.E. in Atlanta’s Grant Park neighborhood, the five-story, 246-unit community will offer amenities such as a clubhouse, game room, fitness center, yoga center, outdoor terrace, 265-space parking deck and a pedestrian esplanade. Matthew Hirsch and Paul Fried led the Greystone Bassuk team in arranging the loan transaction. Greystone Bassuk is a joint venture formed in 2012 between Greystone and The Bassuk Organization, an investment banking service in in New York Tri-State area.

March 15, 2019

Development Loans New York Northeast Office

HFF Arranges $39.6M Construction Loan for Office Building in Manhattan

by David Cohen March 15, 2019

NEW YORK CITY — HFF has arranged a $39.6 million construction loan for a 10-story, 34,364-square-foot boutique office building in Manhattan’s meatpacking district. Located at 76 8th Ave., the property will feature ground-floor retail, nine floors of office space and a common roof deck area for tenants. HFF secured financing on behalf of the borrower, Noviprop LLC and co-developer Plus Development. The lender was G4 Capital Partners. The project is scheduled for completion in summer 2020.

March 15, 2019

Connecticut Loans Multifamily Northeast

KeyBank Provides $23M Construction Loan for Multifamily Property in Connecticut

by David Cohen March 15, 2019

STONINGTON, CONN. — KeyBank Real Estate Capital has provided a $23 million construction loan for the development of Harbor Heights Apartments, a multifamily property in Stonington. Once completed, the property will include 121 units in a four-story building. Jeff Rodman of KeyBank secured the fixed-rate financing with a 40-year amortization schedule on behalf of the undisclosed borrower.

March 15, 2019

Connecticut Loans Multifamily Northeast

Cornerstone Realty Capital Secures $4.8M Refinancing for Apartment Community in Connecticut

by David Cohen March 15, 2019

MANCHESTER, CONN. — Cornerstone Realty Capital has arranged a $4.8 million loan to refinance Manchester Green, a 72-unit apartment complex in Manchester. Located approximately nine miles east of Hartford, the property consists of four buildings with a mix of one- and two-bedroom units. All units feature hardwood floors, modern kitchen and bathroom finishes as well as basement storage. Paul Natalizio of Cornerstone secured financing on behalf of the undisclosed borrower. A local bank provided the loan.

March 15, 2019

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