Loans

Aztec Group Secures $15.2M Construction Loan for Comfort Inn Hotel Near Miami

by Camren Skelton February 1, 2018

MIAMI SPRINGS, FLA. — Aztec Group Inc. has arranged a $15.2 million construction loan for the development of a new Comfort Inn & Suites hotel located at 665 Mokena Drive in Miami Springs. Aztec Group arranged the loan through TotalBank on behalf of the developer, 665 Mokena Partners LLC, an entity led by Steven Marin and Michael Pfeffer. The eight-story hotel will include 120 guestrooms and will feature complimentary breakfast, a fitness center, outdoor swimming pool and deck, business center, sundries shop, guest laundry and meeting space. Travelers Hotel Group will manage the hotel, which is expected to open mid-2019.

February 1, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Capital Provides $2.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works January 31, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $2.3 million second mortgage loan to finalize the construction of a mixed-use property located at 144-146 West St. in Brooklyn’s Greenpoint neighborhood. Pembrook previously closed a $6.2 million first mortgage loan for the project in March 2017. The sponsor, comprised of multiple developers, began construction on the six-story, 21,341-square-foot apartment building, with commercial space, on an infill site. The additional $2.3 million loan will fund the construction of four additional apartments, which are targeting individuals or households up to 80 percent average median income (AMI), while agreeing to restrict three additional units to 130 percent AMI. Completion is slated for this year.

January 31, 2018

California Loans Multifamily Western

G.H. Palmer Associates Receives $97.2M Refinancing for Santa Clarita Multifamily Assets

by Nellie Day January 31, 2018

SANTA CLARITA, CALIF. — G.H. Palmer Associates has received $97.2 million in refinancing for two apartment communities in Santa Clarita. The communities include the 255-unit Sand Canyon Ranch ($39.4 million) and the 384-unit Village Apartments ($57.8 million). Sand Canyon Ranch is located at 28856 N. Silver Saddle Circle. The Village Apartments is located at 23700 Velle Del Oro. The deals were structured with 10-year, interest-only loan terms. NorthMarq’s Ory Schwartz arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program.

January 31, 2018

California Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County

by Nellie Day January 31, 2018

ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.

January 31, 2018

Loans Multifamily Texas

NXT Capital Secures $24.5M Acquisition Loan for Apartment Community in San Antonio

by Taylor Williams January 31, 2018

SAN ANTONIO — Chicago-based NXT Capital has secured a $24.5 million loan for the acquisition of a 224-unit multifamily community located in the Alamo Heights neighborhood of San Antonio. The Class B property offers convenient access to the San Antonio International Airport, as well as amenities including a pool, fitness center and business center. Luke Donahue of NorthMarq placed the loan with NXT Capital on behalf of Jevan Capital, a Phoenix-based multifamily investment firm.

January 31, 2018

Florida Loans Office Southeast

NorthMarq Arranges $25M Sale of, Acquisition Financing for Office Building in Melbourne, Florida

by Camren Skelton January 31, 2018

MELBOURNE, FLA. — NorthMarq Capital has arranged the $25 million sale of a 191,500-square-foot office building located at 1990 NASA Blvd. in Melbourne. The building is home to General Electric Co. Dallas-based Reserve Cap Partners acquired the asset from an undisclosed seller, and Will James of NorthMarq brokered the sale. In addition, NorthMarq arranged a 10-year, CMBS acquisition loan on behalf of Reserve Cap Partners.

January 31, 2018

Loans Midwest Ohio Seniors Housing

KeyBank Provides $161.5M Refinancing for Seniors Housing Portfolio Across Four States

by Kristin Harlow January 31, 2018

CLEVELAND — KeyBank Real Estate Capital has provided $161.5 million for the refinancing of a 13-property seniors housing portfolio with approximately 1,500 units in Missouri, Nebraska, New York and New Hampshire. KeyBank provided $113.25 million of debt through the Fannie Mae DUS program and $48.25 million through its balance sheet. Six of the properties were in the process of lease-up and were therefore financed through Fannie Mae’s near-stabilization program. Dirk Falardeau and David Pyc of KeyBank originated the loan on behalf of the borrower, Calamar Enterprises Inc.

January 31, 2018

Loans Northeast Pennsylvania Retail

Cole Schotz PC Advises Procida Funding for $56M Loan to Restore Philadelphia Met Opera House

by Amy Works January 30, 2018

PHILADELPHIA — Cole Schotz PC has advised Procida Funding on a $56 million loan for the restoration of the Philadelphia Metropolitan Opera House, which originally opened in 1908 at 858 N. Broad St. in Philadelphia. Procida Funding provided the financing in conjunction with Fulton Bank, PIDC and an equity investment from New Orleans-based Enhanced Capital. The financing will help reopen the 39,200-square-foot theater as a Philadelphia concert venue for Live Nation. Developer Eric Blumenfield anticipates an opening as early as December. The restoration will include renovating the entire building, including the roof, ceilings, floorings, lighting, proscenium and exterior masonry. Leo Leyva, Rab Nalavala, Alan Rubin and Danielle Pasquariello of Cole Schotz advised on the financing.

January 30, 2018

Loans Mixed-Use Multifamily North Carolina Southeast

Trez Forman Provides $35M Construction Loan for Mixed-Use Project in Coastal North Carolina

by Camren Skelton January 30, 2018

WILMINGTON, N.C. — Trez Forman Capital Group has provided a $35 million loan for the development of River Place, a mixed-use project located at 200 N. Water St. in downtown Wilmington. The Florida-based company is a joint venture between Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group. Trez Forman Capital arranged the loan on behalf of developer East West Partners. The Chapel Hill, N.C.-based firm is developing the 13-story project, which will include 92 condominium residences, 79 apartment units and 32,000 square feet of retail space. The building will be the central component of a more than $70 million redevelopment of a municipal parking deck with a new 400-space parking garage. River Place will feature a rooftop pool, fitness center and a clubhouse. Individual units will feature open floor plans and balconies with views of the Cape Fear River.

January 30, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Capital One Provides $23.1M Fannie Mae Loan for Affordable Housing Community in Atlanta

by Camren Skelton January 30, 2018

ATLANTA — Capital One has provided a $23.1 million Fannie Mae loan for the acquisition, renovation and expansion of Edgewood Court Apartments, a 204-unit affordable housing community in Atlanta’s Edgewood neighborhood. Evan Williams of Capital One arranged the 16-year, fixed-rate loan with a 35-year amortization schedule on behalf of the borrower, Jonathan Rose Cos. In addition to renovating the existing units, the firm plans to build 18 new units and a new community center. As part of the transaction, the HUD Section 8 contract on the original units was renewed for 20 years. The project received an allocation of 4 percent Low Income Housing Tax Credits issued by the Georgia Department of Community Affairs and tax-exempt bonds issued by Invest Georgia. Constructed in 1950, Edgewood Court was last renovated more than 35 years ago. Jonathan Rose Cos. will add a fitness center and computer lab in the new community center, refresh building facades, replace roofs and gutters, update unit electrical and HVAC systems, renovate kitchens and baths and create a community garden and playground.

January 30, 2018

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