Loans

Cushman & Wakefield Arranges $20.5M Construction Financing for Seniors Housing Community in Pennsylvania

by Amy Works January 17, 2018

CHADDS FORD, PA. — Cushman & Wakefield Senior Housing Capital Markets has raised equity and arranged $20.5 million in financing for the construction of The Residence at Chadds Ford, an 84-unit independent living, assisted living and memory care community in the Philadelphia suburb of Chadds Ford. The borrower is LCB Senior Living, which is building the community. It will be the company’s 15th seniors housing property, and its first in the Philadelphia metro. The community is located along the Delaware border, 11 miles north of Wilmington. The community will consist of a three-story building on a 2.3-acre site. It will offer 64 independent living and assisted living apartments, as well as 20 memory care beds. The project is slated for completion in the second quarter of 2019. Webster Bank is providing $20.5 million of non-recourse construction financing at 65 percent loan-to-cost for the joint venture between LCB and its institutional partner. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue.

January 17, 2018

Affordable Housing Loans Multifamily Northeast Pennsylvania

KeyBank Provides $16.6M in Financing for New Affordable Housing Property in Pittsburgh

by Amy Works January 17, 2018

PITTSBURGH — KeyBank Commercial Development Lending & Investment has provided $16.6 million in total financing for Allegheny Dwellings Phase I, a new affordable housing project in Pittsburgh’s Fineview neighborhood. The first of three phases, Allegheny Dwellings Phase I involves replacing existing public housing with 65 new mixed-income units. TREK Development Group, in partnership with the Housing Authority of City of Pittsburgh, is developing the project. The first phase will feature 47 affordable and 18 market-rate townhome, walk-up and apartment-style units. Kyle Kolesar of KeyBank arranged the financing. City Real Estate Advisors, Allies and Ross Management, Housing Authority City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh contributed 4 percent Low-Income Housing Tax Credits, tax-exempt bonds and other gap financing.

January 17, 2018

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Trez Forman Capital Arranges $6.7M Loan for Mixed-Use Project in Philadelphia

by Amy Works January 17, 2018

PHILADELPHIA — Boynton Beach, Fla.-based Trez Forman Capital Group has arranged a $6.7 million loan for the development of a mixed-use project located in Philadelphia. The borrower, Gagandeep Lakhama of 1413 Germantown LLC, plans to develop a six-story, 50-unit apartment building with 5,500 square feet of ground-floor commercial space on a 14,625-square-foot site at 1413 Germantown Ave. Ryan Howard of Trez Forman originated the loan. This is the first time Trez Forman has done business in the state of Pennsylvania.

January 17, 2018

Kentucky Loans Multifamily Southeast

KeyBank Secures $40.5M Freddie Mac Loan for Multifamily Community in Louisville

by Camren Skelton January 17, 2018

LOUISVILLE, KY. — KeyBank Real Estate Capital has closed a $40.5 million Freddie Mac loan for the acquisition of LC Idlewild Phase II, a 286-unit apartment community in Louisville. Tim Migchelbrink of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. LC Idlewild was constructed in 2017 and includes 15, three-story apartment buildings. Community amenities include a fitness center, resort-style pool, sand volleyball courts, attached garages and an on-site restaurant.

January 17, 2018

Loans Midwest Office Ohio

Bellwether Arranges $57M Refinancing of Office Building in Cleveland, Ohio

by Kristin Harlow January 17, 2018

CLEVELAND, OHIO — Bellwether Enterprise Real Estate Capital LLC has arranged a $57 million loan for the refinancing of One Cleveland Center in Cleveland. Renovated in 2011, the property includes 543,945 square feet of Class A office space, along with a 1,100-square-foot attached parking garage. The 31-story building features an on-site café, dry cleaning service, security and an underground pedestrian connection. Jim Doyle and Ross Halloran of Bellwether arranged the 10-year CMBS loan on behalf of the borrower, Optima 1375 II LLC. Rialto provided the loan, which was used to refinance both the building and parking garage as well as fund tenant improvements.

January 17, 2018

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $1.8M Acquisition Financing for Apartment Property in Omaha

by Kristin Harlow January 17, 2018

OMAHA — NorthMarq Capital has arranged a $1.8 million loan for the acquisition of Colonial Park Apartments in Omaha. The 42-unit apartment property is located at 3084 S. 40th St. Josh Larsen of NorthMarq arranged the loan with Readycap Commercial LLC via the Freddie Mac small balance loan program. The 10-year loan features a 30-year amortization schedule.

January 17, 2018

Loans Multifamily Washington Western

Harborview Capital Partners Closes $12.7M in Loans for Three Seattle Multifamily Apartments

by Nellie Day January 16, 2018

SEATTLE — Harborview Capital Partners has closed three Freddie Mac loans for a total of $12.7 million. The loans were used to refinance three multifamily assets in Seattle. Harborview has now closed eight loans for this undisclosed Seattle client. The commercial real estate finance, equity and advisory firm closed two additional loans for multifamily assets in Tulsa, Okla., and West Haven, Conn. Jeffrey Fuchs originated all the transactions.

January 16, 2018

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $23M Refinancing of Apartment Community Near Raleigh

by Camren Skelton January 16, 2018

KNIGHTDALE, N.C. — NorthMarq Capital has arranged the $23 million refinancing of Palisades at Legacy Oakes, a 240-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Bill Matone of NorthMarq arranged the 20-year loan with one year of interest-only payments and a 19-year amortization schedule through a correspondent life company on behalf of the borrower. Other terms of the deal were not disclosed. The newly constructed community features a fitness center, pool, playground, walking and biking trails and a picnic area.

January 16, 2018

Florida Hospitality Loans Southeast

Hall Structured Finance Provides $19.2M Loan for Hotel Redevelopment in Fort Lauderdale

by Camren Skelton January 16, 2018

FORT LAUDERDALE, FLA. — Hall Structured Finance (HSF) has provided a $19.2 million construction loan for the redevelopment of the Gale Hotel, a 96-room boutique hotel in Fort Lauderdale. Howard Taft and Charles Penan of Aztec Group arranged the loan on behalf of the borrower and developer, a joint venture between Newgard Development Group and Merrimac Ventures. The Gale Hotel site was first constructed in 1948 as the Escape Hotel, and operated as a hotel until the 1980s. The property was then transitioned into Tiffany House, an assisted living facility, until it was closed in 2005. The redeveloped Gale Hotel is expected to open in the first quarter of 2019. Menin Hospitality will manage the new hotel. The site, located one block west of A1A and Fort Lauderdale Beach, sits adjacent to Gale Residences, a 129-unit condominium tower that Newgard and Merrimac Ventures are also co-developing. HSF provided a $35.6 million construction loan for the tower in 2016.

January 16, 2018

Illinois Industrial Loans Midwest

Heartland Bank & Trust Provides $26.5M Refinancing for Industrial, Flex Portfolio in Metro Chicago

by Kristin Harlow January 16, 2018

CHICAGO — Heartland Bank & Trust Co. has provided a $26.5 million refinancing of 10 industrial and flex properties across metro Chicago. The portfolio of properties comprises the majority of the remaining assets within Midwest Industrial Funds’ MIF Value Fund LP. The portfolio totals over 800,000 square feet. The properties are occupied by more than 40 tenants with an overall occupancy rate in excess of 90 percent.

January 16, 2018

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