Loans

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

Loans Massachusetts Northeast Retail

Fantini & Gorga Secure $3.4M in Financing for Retail Property in North Dartmouth, Massachusetts

by Amy Works January 16, 2018

NORTH DARTMOUTH, MASS. — Fantini & Gorga has arranged $3.3 million in refinancing for State Road Plaza, a retail property in North Dartmouth. The borrower was New York-based 331 State Road Associates LLC. Casimir Groblewski of Fantini & Gorga originated the assignment and placed the financing. Situated on 5.8 acres, State Road Plaza features 29,505 square feet of retail space. Current tenants include J.D. Byrider, Newbury Comics and Pearson Vue, as well as various local retailers and service providers.

January 16, 2018

Loans Multifamily Texas

Berkadia Secures $41M in Refinancing for 381-Unit Apartment Property in Fort Worth

by Taylor Williams January 15, 2018

FORT WORTH, TEXAS — Berkadia has secured a $41 million loan for the refinancing of Mansions at Timberland, a 381-unit multifamily property located at 11401 N. Riverside Drive in Fort Worth. The property features a mix of one- and two-bedroom units and amenities such as a saltwater pool, outdoor grilling areas, business center and a fitness center. Stewart Campbell of Berkadia secured the Fannie Mae loan, which features a 75 percent loan-to-value (LTV) ratio and a 30-year amortization schedule, on behalf of the borrower, Mansions at Timberland LP.

January 15, 2018

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $75M Bond Refinancing for 483-Unit CCRC in Seattle

by Nellie Day January 15, 2018

SEATTLE — Ziegler has closed $75 million in bond financing for Horizon House, a 482-unit continuing care retirement community (CCRC) in downtown Seattle. Horizon House is a nonprofit community affiliated with the Pacific Northwest Conference of the United Church of Christ. The property is home to more than 540 residents in 378 independent living apartments, 80 assisted living apartments and 25 memory care apartments. Horizon House will use the proceeds of the bonds to pay off $56.5 million in outstanding bonds from 2014 and fund renovations.

January 15, 2018

Florida Loans Multifamily Southeast

Aztec Group Arranges $56.8M Construction Loan for Multifamily Development in Broward County

by Camren Skelton January 15, 2018

PEMBROKE PINES, FLA. — Aztec Group Inc. has secured a $56.8 million construction loan for the development of a 387-unit apartment community at Pembroke Pines City Center, a 325,000-square-foot mixed-use project under development in Broward County. The site is located at the southwest corner of Palm Avenue and Pines Boulevard in Pembroke Pines. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan through Florida Community Bank on behalf of the borrower and project developer, Terra City Center MF LLC. The community will feature a resort-style pool, fitness center and clubhouse. Terra is currently underway on the retail portion of Pembroke Pines City Center, which is more than 70 percent preleased to tenants including Publix, Carl’s Patio, Cooper’s Hawk, BurgerFi, Smoothie King, PizzaRev, Bento Café and The Halal Guys. In addition, the project is located adjacent to the city’s recently completed civic center, which includes a 3,500-seat performing arts center and conference hall, outdoor plaza, 10,000-square-foot art gallery and a new city hall. Pembroke Pines City Center is expected to complete in 2019, according to the South Florida Business Journal.

January 15, 2018

Loans New York Northeast Office

ATCO Properties Receives $72.7M in Refinance Proceeds for Office Building in Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — ATCO Properties & Management has closed a $72.7 million refinancing for an office building located at 240-246 W. 35th St. in Manhattan’s Garment District. MetLife Investment Management provided the five-year, fixed-rate loan. Jordan Roeschlaub and Dustin Stolly of Newmark Knight Frank arranged the financing. ATCO acquired the 165,000-square-foot building in 2016 and has executed new leases and implemented capital improvement projects at the 18-story property. The company executed 47,000 square feet of new leases and renewals during 2017 and completed several improvement projects, including a new lobby renovation, common corridor upgrades and sidewalk improvements. Newsday, Fidelus Technologies, Jason Wu, Carrier Enterprises Northeast, Nexguard Labs and Café Metro are tenants at the building.

January 15, 2018

Loans Multifamily Texas

KeyBank Secures $32.3M in Construction Financing for 324-Unit Apartment Complex in Austin

by Taylor Williams January 12, 2018

AUSTIN, TEXAS — KeyBank’s community development lending and investment group has secured $32.3 million in financing for the construction of Harris Ridge Apartments, a 324-unit multifamily complex that will be located in Austin. All units will be rented to residents earning at or below 60 percent of the area median income (AMI). Kyle Kolesar and Jeff Rodman of KeyBank arranged the financing through Freddie Mac’s Tax Exempt Loan program on behalf of NRP Group and the Housing Authority of the City of Austin. The loan, which includes 4 percent low income housing tax credits (LIHTC), features a 15-year term, 35-year amortization schedule and a 24-month interest-only period. Completion is slated for 2019.

January 12, 2018

Loans Multifamily Texas

NorthMarq Closes $13.1M Green Loan for Multifamily Asset in Corpus Christi

by Taylor Williams January 12, 2018

CORPUS CHRISTI, TEXAS — NorthMarq Capital has closed $13.1 million in refinancing for an undisclosed, 218-unit multifamily property located in Corpus Christi. Randy Wolfe and Bert Roberds of NorthMarq secured the 12-year loan, which features a 12-year term, 35-year amortization schedule and three years of interest-only payments, through Fannie Mae’s Green Rewards program.

January 12, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $55.2M Loan for Affordable Housing Acquisition in Stamford, Connecticut

by Amy Works January 12, 2018

STAMFORD, CONN. — Greystone has provided $55.2 million in Freddie Mac financing for the acquisition of an affordable housing community in Stamford. Dan Sacks of Greystone originated the loan in conjunction with Greystone’s Affordable Lending team. The seven-year adjustable rate Freddie Mac Targeted Affordable Housing loan was provided to a New Jersey-based investment group for the acquisition of The Wescott Apartments, a 261-unit income-restricted property. Built in 1986, the asset was renovated over the last five years and restricts 20 percent of its units to households earning 80 percent or less of the average median income.

January 12, 2018

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