Loans

NorthMarq Arranges $15M Loan for Office, Retail Property in Tampa Bay Area

by Camren Skelton February 15, 2018

ST. PETERSBURG, FLA. — NorthMarq Capital has arranged a $15 million loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property located at 111 2nd Ave. N.E. and 201 1st St. N.E. in St. Petersburg. Bob Hernandez of NorthMarq arranged the seven-year loan with a 25-year amortization schedule on behalf of the undisclosed borrower. A local community bank provided the funding. The property is home to tenants such as Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute.

February 15, 2018

Connecticut Loans Multifamily Northeast

KeyBank Provides $12.6M in Financing for Redevelopment of Multifamily Property in Connecticut

by Amy Works February 14, 2018

HARTFORD, CONN. — KeyBank Real Estate Capital has provided $12.6 million in construction-to-permanent financing to support the redevelopment of an office building located at 101 Pearl St. in downtown Hartford. The long-vacant building will be converted into a 12-story multifamily property featuring 157 market-rate apartment units and 6,113 square feet of ground-floor retail space. Peter Hausherr, Melissa Maher and Kirsten Carlson of Key’s Commercial Mortgage Group arranged the first mortgage financing, which is structured as a three-year construction loan with a five-year balance sheet perm loan, for the undisclosed borrower.

February 14, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $72.5M Refinancing for Three Multifamily Properties in Michigan

by Kristin Harlow February 14, 2018

CANTON TOWNSHIP, COMMERCE TOWNSHIP AND NOVI, MICH. — Greystone has provided $72.5 million in Fannie Mae loans for the refinancing of three multifamily properties in Michigan. Fred Levine of Greystone originated the loans on behalf of the borrower, Singh Development Co. Each of the 10-year loans features a 30-year amortization schedule. The properties include Turnbury Park in Canton Township, Brownstones in Novi and Briarcliff Village in Commerce Township. The Class A properties include a range of one-, two- and three-bedroom units.

February 14, 2018

Indiana Loans Midwest Office

CBRE Arranges $50M Construction Loan for KAR Auction Services Headquarters in Carmel, Indiana

by Kristin Harlow February 14, 2018

CARMEL, IND. — CBRE has arranged a $50 million loan for the construction of KAR Auction Services Inc.’s new global headquarters in Carmel. Plans call for a 250,000-square-foot office building on a 13-acre site. The property is slated to open in August 2019. Nearly 1,600 of KAR’s 17,400 employees are based in Indiana. The new location will provide space for an additional 400 jobs. Michael Sherman, Irene Lu, Jason Brown and Dan Gable of CBRE arranged the loan. BBVA/Compass Bank provided the loan. The development team includes U.S. Realty Advisors, Ginovus LLC, Ice Miller, PURE Development and RATIO Architects.

February 14, 2018

Hospitality Iowa Loans Midwest

Dougherty Provides $5.3M Construction Loan for Hotel in Davenport, Iowa

by Kristin Harlow February 14, 2018

DAVENPORT, IOWA — Dougherty Funding LLC has provided a $5.3 million loan for the construction of a Candlewood Suites in Davenport, part of the Quad Cities. The extended-stay hotel will include 71 rooms. Amenities will include a fitness room, business center, market pantry, guest laundry room, outdoor patio and barbecue area. Completion is slated for late summer 2018. CW Davenport LLC was the borrower. Loan terms were not disclosed.

February 14, 2018

Affordable Housing Florida Loans Multifamily Southeast

Hunt Capital Provides $13.4M in LIHTC for New Affordable Housing Community North of Orlando

by Camren Skelton February 14, 2018

DELAND, FLA. — Hunt Capital Partners has provided $13.4 million in low-income housing tax credits (LIHTC) for the development of The Pines, a 100-unit affordable housing community in DeLand, roughly 50 miles north of Orlando. Hunt Capital Partners structured the funding through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27, on behalf of the project developer, Roundstone Development LLC. The Pines will offer a mix of one- to four-bedroom units, all set aside for households earning up to 40 and 60 percent of the area median income (AMI). Five units will have a preference for “Special Needs Households,” or households consisting of families considered to be homeless, survivors of domestic violence, persons with disabilities or youth aging out of foster care. Community amenities will include onsite management, a clubhouse with a community kitchen, business center, library, fitness center, laundry room, swimming pool and a playground. The development cost for the project is $18.6 million. Bradley Construction Co. Inc. is the general contractor for the project, Brian Rumsey is the architect and Sunchase American Ltd. is the property manager. Construction on The Pines began in December and is slated for completion in January 2019.

February 14, 2018

Industrial Loans Nevada Top Stories Western

BKM Capital Partners Buys 13-Building Industrial Complex in Las Vegas for $92M

by Nellie Day February 14, 2018

LAS VEGAS — BKM Capital Partners has purchased Hughes Airport Center, a 13-building, multi-tenant industrial complex in Las Vegas, for $92 million. The properties are situated in the industrial pocket between McCarran International Airport and interstates 15 and 215. Hughes Airport Center contains 3.3 million square feet of Class A industrial space and Class B office space. The 420-acre, master-planned business park has access to nearby retail and entertainment amenities like Town Square shopping center, Las Vegas Premium Outlets South, Tahiti Village, Callaway Golf Center, Bali Hai Golf Club and Sunset Park. The business park has recently undergone a slew of improvements, including new paint to building exteriors, asphalt and parking lot repairs, roof repair, and upgraded landscaping, monument signage and tenant signage. Rents at Hughes Airport Center typically range between $0.90 per square foot and $1.30 per square foot. Notable tenants at the center include Geotab, CanvasPop, Medical Transportation Management, Climatec, Credit One Bank, North American Video, LabCorp of America and Harman International. Hughes Airport Center marks BKM’s fifth industrial park acquisition in the Las Vegas Valley. “This is a best-in-class asset, the largest of its scale in the Las Vegas airport submarket and our firm’s biggest transaction to …

February 14, 2018

Loans Multifamily Texas

NXT Capital Provides $32.5M Acquisition Loan for Apartment Community in Plano

by Taylor Williams February 13, 2018

PLANO, TEXAS — NXT Capital has provided a $32.5 million loan for the acquisition of a 278-unit, Class B apartment community in Plano. The undisclosed property features multiple pools, on-site laundry services, a tennis court, picnic area and a mail center. Suzanne Jones of NorthMarq Capital placed the loan with NXT Capital. Loan terms and the borrower were not disclosed.

February 13, 2018

District of Columbia Loans Southeast

MBA Projects Commercial, Multifamily Mortgage Maturities Held by Non-Bank Lenders to Decline 42 Percent in 2018

by Camren Skelton February 13, 2018

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) forecasts the volume of commercial and multifamily mortgages maturing in 2018 will decrease by 42 percent. According to MBA’s 2017 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes, 6 percent, or $102.2 billion, of the $1.76 trillion in mortgages held by non-bank lenders and investors will mature in 2018, down from the $175.9 billion that matured in 2017. “Because many commercial and multifamily mortgages are 10-year loans, and few loans were made in 2008 during the onset of the credit crunch, mortgage maturities will be 42 percent lower in 2018,” says Jamie Woodwell, vice president of commercial real estate research at MBA, a national real estate finance association based in Washington, D.C. “2017 marked the official end of the so called ‘wall of maturities.’” The loan maturities vary by investor group: 2 percent of mortgages held by Fannie Mae, Freddie Mac, the FHA and Ginnie Mae will mature in 2018; 4 percent of life insurance companies’ outstanding mortgages will mature in 2018; 7 percent of loans held in CMBS will come due this year; and among mortgages held by credit companies and other investors, 22 percent will mature in 2018. Woodwell points out …

February 13, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $30.6M Loan for Refinancing of Apartment Property in Minnetonka, Minnesota

by Kristin Harlow February 13, 2018

MINNETONKA, MINN. — Dougherty Mortgage LLC has provided a $30.6 million Fannie Mae loan for the refinancing of Residences at 1700 in Minnetonka. The 115-unit apartment property offers convenient access to retail space such as restaurants, coffee and banking. Dougherty’s Minneapolis office originated the loan on behalf of the borrower, 1700 Plymouth LLC. The 12-year loan features a 30-year amortization schedule.

February 13, 2018

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