Loans

Associated Bank Provides $14.5M Construction Loan for Three-Building Retail Project in Schaumburg, Illinois

by Kristin Harlow February 7, 2018

SCHAUMBURG, ILL. — Associated Bank has provided a $14.5 million refinancing and construction loan for a multi-tenant retail project in Schaumburg. Known as Woodfield Gatherings, the three-building project is located near Woodfield Mall. The 30,074-square-foot retail property was formerly home to a parking lot for a J.C. Penney store. Chuy’s, Naf Naf Grill, Mod Pizza and Honey Grow have all signed leases at the new development. Chuy’s is currently open for business, while the remaining tenants will open in April. Daniel Barrins of Associated Bank originated the loan on behalf of the borrower, Shorewood Development Group.

February 7, 2018

Kentucky Loans Multifamily North Carolina South Carolina Southeast

CBRE Secures $56.9M in Acquisition Financing for Apartment Portfolio in Carolinas, Kentucky

by Camren Skelton February 7, 2018

SAN DIEGO — CBRE has arranged $56.9 million in acquisition financing for three apartment communities located in South Carolina, North Carolina and Kentucky. Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the floating-rate loans through Freddie Mac on behalf of the buyer, San Diego-based Strata Equity Group. The properties included in the transaction are the 183-unit Veridian Spartanburg in Spartanburg, S.C.; the 180-unit Icon on the Greenway in Gastonia, N.C.; and The Racquet Club, a 474-unit community in Lexington, Ky. All three properties were renovated in the last two years and feature granite countertops, stainless steel appliances, fireplaces, plank or hardwood-style flooring, walk-in closets and vaulted ceilings. Community amenities include resort-style swimming pools, fitness centers, pet parks and playgrounds. The Racquet Club features a massage therapist on-site, restaurant, cyber café and a private lake and gazebo.

February 7, 2018

Affordable Housing Loans Louisiana Multifamily Southeast

Capital One Provides $34.9M Financing for New Affordable Housing Community in Baton Rouge

by Camren Skelton February 6, 2018

BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.

February 6, 2018

Georgia Loans Office Retail Southeast

HFF Arranges $16.2M Acquisition Loan for Adaptive Reuse Project in Atlanta

by Camren Skelton February 6, 2018

ATLANTA — HFF has arranged a $16.2 million acquisition loan for Ellsworth Lofts, a three-building adaptive reuse complex located at 1460 and 1510 Ellsworth Industrial Blvd. N.W. in Atlanta’s West Midtown district. Gregg Shapiro of HFF arranged the five-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, Origin Investments. Ellsworth Lofts comprises two office buildings totaling 80,977 square feet and one retail outparcel totaling 9,840 square feet. Bacchanalia and Star Provisions Market & Café occupy the property’s retail portion. In addition, the 6.7-acre site includes 1.2 acres of developable land. Ellsworth Lofts was 70 percent leased at the time of sale.

February 6, 2018

Florida Hospitality Loans Southeast

Ready Capital Provides $5.5M Refinancing for Hotel in Miami Beach

by Camren Skelton February 6, 2018

MIAMI BEACH, FLA. — Ready Capital Structured Finance has provided a $5.5 million loan for the refinancing of a 32,000-square-foot hotel and condominium property in Miami Beach. Ready Capital provided the two-year, non-recourse, floating-rate loan on behalf of the undisclosed borrower. The loan features one extension option and flexible prepayment. Of the 80 units, 13 are hotel properties and the remaining are condominiums. In addition, the property features 6,800 square feet of retail space and 19,000 square feet of garage space.

February 6, 2018

Loans Massachusetts Multifamily Northeast

KeyBank Secures $10.7M in Financing for Boston Apartment Complex

by Amy Works February 6, 2018

BOSTON — KeyBank Real Estate Capital has secured a $10.7 million Freddie Mac first mortgage loan for an apartment building located at 601 Albany St. in Boston. Built in 2009, the building features 40 apartment units, one ground-floor commercial unit and a ground-floor parking garage. Chris Black of Key’s National Multifamily Accounts Group arranged the non-recourse financing with a 10-year, interest-only term. The loan was used to refinance existing debt.

February 6, 2018

Loans Michigan Midwest Student Housing

KeyBank Provides $27.7M Acquisition Loan for Student Housing Property in Ann Arbor, Michigan

by Kristin Harlow February 6, 2018

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $27.7 million Fannie Mae loan for the acquisition of 411 Lofts in Ann Arbor. The student housing property is located less than a quarter-mile from the University of Michigan campus. Built in 2009, the 97-unit property features 4,264 square feet of ground-floor retail space. Caleb Marten and Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 6, 2018

Loans Midwest Minnesota Seniors Housing

Rosemount Senior Living Receives $13.7M Loan to Refinance 92-Unit Property in Rosemount, Minnesota

by Kristin Harlow February 6, 2018

ROSEMOUNT, MINN. — Dougherty Mortgage LLC has provided a $13.7 million Fannie Mae loan for the refinancing of The Rosemount Senior Living at Steeple Center in Rosemount, about 25 miles south of Minneapolis. The 92-unit seniors housing property offers a variety of living options, including independent and assisted living, and memory care. Residents have access to a range of amenities including a fitness room, beauty salon, lounge area, memory care garden, children’s play area, multipurpose event room and on-site library. Dougherty’s Minneapolis office originated the 12-year loan, which features a 30-year amortization schedule. Rosemount Senior Living Associates I LLC was the borrower.

February 6, 2018

Loans Multifamily Texas

LMI Capital Closes $37M Refinancing for 800-Unit Apartment Complex in Houston

by Taylor Williams February 5, 2018

HOUSTON — LMI Capital has closed a $37 million loan to refinance an 800-unit apartment complex in the Galleria area of Houston. The loan features a 10-year term, fixed interest rate and three years of interest-only payments. Brandon Brown of LMI Capital placed the loan through one of the firm’s agency relationships. The borrower and property name were not disclosed.

February 5, 2018

Loans Multifamily Texas

Dougherty Arranges $5.1M Acquisition Loan for 106-Unit Apartment Asset in Dallas

by Taylor Williams February 5, 2018

DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged a $5.1 million Fannie Mae loan for the acquisition of Wynnewood Gardens, a 106-unit multifamily asset in south Dallas. The pet-friendly property offers a pool, clubroom and picnic and grilling areas. Dougherty secured the 12-year loan through a partnership with Old Capital Lending on behalf of the borrowers, E.J. Wynnewood LLC and PLB Wynnewood LLC.

February 5, 2018

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