Loans

Melo Group Receives $85M Construction Loan for Two-Tower Apartment Project in Downtown Miami

by Camren Skelton June 7, 2018

MIAMI — Melo Group has received an $85 million loan for the construction of Art Plaza Apartments, a 667-unit apartment community located at 58 N.E. 14th St. in downtown Miami. Construction is underway on the transit-oriented development, which is located one block from the Miami-Dade Metromover School Board Station. The community will include two 34-story towers with a mix of one- and two-bedroom apartments units, as well as 11,764 square feet of ground level retail and restaurant space. Community amenities will include a resort-style pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room for residents. Florentino Gonzales of Shutts & Bowen represented Melo Group in the loan transaction, and Elena Otero of Holland & Knight LLP represented Ocean Bank. Melo Group expects to wrap up construction on Art Plaza Apartments in mid-2019.

June 7, 2018

Florida Hospitality Loans Southeast

Aztec Group Secures $42M Construction Loan for Marriott Autograph Hotel in Downtown West Palm Beach

by Camren Skelton June 7, 2018

WEST PALM BEACH, FLA. — Aztec Group has arranged a $42 million construction loan for a 208-room Marriott Autograph Collection Hotel located in downtown West Palm Beach. Boaz Ashbel of Aztec Group originated the financing through Florida Community Bank N.A. on behalf of the hotel owner and operator, Concord Hospitality Enterprises Co. The hotel will be located at 201 N. Flagler Drive, within a 435,000-square-foot mixed-use project under development by Navarro Lowery Properties. In addition to the new hotel, the site will feature 250 residential units, more than 30,000 square feet of retail and restaurant space, outdoor recreational space and a multi-level parking structure. The hotel is scheduled to open in fall 2019 and will feature a full-service restaurant, fitness center, 4,000 square feet of meeting space and a rooftop swimming pool and lounge.

June 7, 2018

Alabama Loans Multifamily Southeast

Capital One Provides $37M in Agency Financing for Two Apartment Properties in Alabama

by Camren Skelton June 7, 2018

PHENIX CITY AND MOBILE, ALA. — Capital One Multifamily Finance has provided a combined $37 million in agency loans for the acquisition of two multifamily communities in Alabama. In Phenix City, Capital One provided a $26.5 million Fannie Mae loan on behalf of EBSCO Income Properties for the acquisition of The Grand Reserve at Phenix City. The 12-year, fixed-rate loan features eight years of interest-only payments and a 30-year amortization schedule. Developed in 2010, The Grand Reserve at Phenix City features a pool, clubhouse and a fitness center. A 22-acre, grocery-anchored shopping center is scheduled to open adjacent to the property in 2019. In Mobile, Capital One provided a $10.5 million Freddie Mac loan for the acquisition of Southern Oaks Apartments. The 10-year, fixed-rate loan features five years of interest-only payments and a 30-year amortization schedule. StoneRiver Co. acquired the 224-unit asset from the PEM Real Estate Group. Built in 1975, Southern Oaks Apartments feature a clubhouse, fitness center, barbecue station and a swimming pool. StoneRiver plans to update the community with new appliances, flooring, countertops and painting. Chad Thomas Hagwood of Capital One originated both transactions.

June 7, 2018

California Industrial Loans Office Western

iBorrow Provides $17M Loan for Flex R&D and Office Assets in Gardena, California

by Amy Works June 7, 2018

GARDENA, CALIF. — iBorrow has provided a $17 million loan for two properties in Gardena. The name of the borrower was not released. The assets are a two-story, 125,849-square-foot flex/R&D building and an adjacent two-story, 20,916-square-foot office building. Will McCabe of iBorrow originated the loan.

June 7, 2018

Conference Coverage Features Loans North Carolina South Carolina Southeast Southeast Feature Archive

Competition Intense Among Real Estate Lenders, Says InterFace Carolinas Panel

by John Nelson June 7, 2018

CHARLOTTE, N.C. — Capital One Multifamily Finance’s Chad Thomas Hagwood kicked off with a fastball. When prompted with the often used “what inning are we in?” question, Hagwood’s response was indicative of how competitive commercial real estate lending is today. “I don’t know what inning we are in of the cycle, but I know I want to play ball,” says Hagwood, senior vice president of Capital One Multifamily Finance. “People are after it, and we intend to fight it out tooth and nail.” Hagwood’s commentary came during the closing capital markets panel of the ninth annual InterFace Carolinas, a half-day event that drew 212 attendees from North and South Carolina’s commercial real estate community. Bryson Thomason, senior director of Greenville, S.C.-based PMC Real Estate Capital, moderated the panel. The most intense competition for financing is in the multifamily space because of the proliferation of Fannie Mae and Freddie Mac and their designated lenders. The two government-sponsored enterprises (GSEs) have been competing against each other as well as other lenders. Hagwood describes the competition between the two agencies as a “bloodbath.” “It’s all out brutal warfare competition the two,” says Hagwood. “I do expect Fannie and Freddie to be very competitive …

June 7, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

HJ Sims Provides $52.1M Financing for Seniors Housing Redevelopment in Massachusetts

by David Cohen June 6, 2018

LEXINGTON, MASS. — HJ Sims has closed $52.1 million in financing for new construction and a health center repositioning at Brookhaven at Lexington in Lexington, Massachusetts. The 32-acre life plan community was opened in 1989 and was expanded and renovated in 2006. A recent master planning process identified a need for significant renovations and reconfigurations, as well as additional independent living apartments. Total financing included a $36 million short-term, taxable construction loan with a floating interest rate and a 12-year, $16.1 million taxable term loan maturing in 2030 with a fixed interest rate of 3.89 percent.

June 6, 2018

Alaska Loans Multifamily Western

Hunt Mortgage Provides $5.4M Refinancing for Two Multifamily Properties in Anchorage

by Amy Works June 6, 2018

ANCHORAGE, ALASKA — Hunt Mortgage Group has provided two Fannie Mae Small Balance Loans totaling $5.4 million for two multifamily properties in Anchorage. The borrower is a limited liability company backed by key principal Elaine Baker, owner of Elaine S. Baker & Associates, a design and furnishing company. The transactions included: A $2.8 million loan for the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L St. Constructed in 1971, the five-story building features 17 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. At the time of acquisition, the property was 96 percent occupied. The 10-year loan features a fixed rate with 12 months of interest-only payments followed by a 30-year amortization schedule. A $2.6 million loan for the purchase of East 56th Avenue Apartments, located at 200, 240 and 270 E. 56th Ave. The community features five three-story, walk-up multifamily buildings constructed in 2009. At the time of sale, the property was 95 percent occupied. The property features 10 two-bedroom/one-bath units and 12 two-bedroom/two-bath units. The 10-year, fixed-rate loan features a 30-year amortization schedule.

June 6, 2018

Cypress-Creek-Apartment-Homes-at-Parker-Boulevard-Royse-City-Texas

Affordable Housing Loans Multifamily Texas

Bellwether Provides $19.6M Loan for Affordable Housing Asset in Royse City, Texas

by Taylor Williams June 6, 2018

ROYSE CITY, TEXAS — Bellwether Enterprise Real Estate Capital LLC has provided a $19.6 million loan to complete the acquisition and construction of Cypress Creek Apartment Homes at Parker Boulevard, a 220-unit affordable housing community in Royse City, about 35 miles northeast of Dallas. The property features one-, two-, three- and four-bedroom units and amenities such as a pool, outdoor grilling area, fitness center, computer center and a resident clubhouse. Kevin Bowen and Bob Morton of Bellwether secured the 40-year, non-recourse loan through the U.S. Department. of Agriculture (USDA).

June 6, 2018

Advenir-at-Woodbridge-Reserve-Sugar-Land-Texas

Loans Multifamily Texas

Advenir Refinances Two Apartment Properties Totaling 546 Units in Houston Area

by Taylor Williams June 5, 2018

HUMBLE AND SUGAR LAND, TEXAS — Florida-based investment firm Advenir Inc. has refinanced two apartment properties totaling 546 units in the Houston area. The properties include the 258-unit Advenir at Eagle Creek in the northern metro of Humble and the 288-unit Advenir at Woodbridge Reserve in the southwestern metro of Sugar Land. Eric Tupler, Josh Simon and Cortney Cole of HFF secured seven-year, fixed-rate loans with an average interest rate of 4.27 percent for the properties through Freddie Mac.

June 5, 2018

Development Georgia Loans Multifamily Southeast

Cushman & Wakefield Secures $37.8M Construction Financing for Multifamily Project on Atlanta’s Upper Westside

by Camren Skelton June 5, 2018

ATLANTA — Cushman & Wakefield has secured $37.8 million in construction financing for the development of Vue at the Quarter, a 271-unit multifamily community that will be located at 2048 Bolton Drive N.W. in Atlanta’s Upper Westside submarket. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged a $32.8 million senior loan through Ameris Bank and $5 million in preferred equity through RSE Capital Partners on behalf of the project developer, GJ Enterprises Acquisitions. The 359,000-square-foot community will include five four- and five-story buildings. GJ Enterprises expects to wrap up construction on the project in May 2020.

June 5, 2018

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