Loans

Ziegler Closes $41.1M Bond Financing for Seniors Housing Property in Metro Portland

by Amy Works June 5, 2018

LAKE OSWEGO, ORE. — Ziegler has closed $41.1 million in fixed-rate bond financing for Mary’s Woods at Marylhurst Inc. Mary’s Woods is an Oregon nonprofit corporation operating a seniors housing community located in Lake Oswego, approximately eight miles south of Portland. The community consists of 233 independent living apartments, 50 independent living villas, 55 assisted living apartments, 23 memory support suites, 26 residential care suites and five licensed skilled nursing suites. The community is situated on a 36-acre site, which Mary’s Woods leases from the Sisters of the Holy Names of Jesus and Mary, an Oregon nonprofit corporation. The borrower plans to use the proceeds to finance a portion of an expansion project; pay a portion of the interest on the bonds; fund a debt service reserve fund; and pay certain costs of issuance of the bonds. The bonds will be issued with a combination of temporary and permanent series, consisting of $16.7 million in tax-exempt serial and term bonds, amortizing over a 34-year period ending May 15, 2052.

June 5, 2018

Loans Michigan Midwest Multifamily

Bernard Arranges $14.5M Refinancing for Multifamily Property in Oak Park, Michigan

by Kristin Harlow June 5, 2018

OAK PARK, MICH. — Bernard Financial Group has arranged a $14.5 million loan for the refinancing of Village Green Townhomes in Oak Park, a northern suburb of Detroit. The property features 374 units. Dennis Bernard arranged the loan on behalf of the borrower, Village Green/Huntington LLC. Securian Life Insurance Co. provided the loan.

June 5, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

Grandbridge Secures $35.8M Refinancing Through Freddie Mac for Student Housing Property in Philadelphia

by David Cohen June 4, 2018

PHILADELPHIA — Grandbridge Real Estate Capital has secured a $35.8 million refinancing for The Edge, a 602-unit, purpose-built student housing property near Temple University in Philadelphia. Gill Dolan and Blake Willeford of Grandbridge arranged the floating-rate, first mortgage loan for the undisclosed borrower through Freddie Mac. The financing was structured with an initial period of interest-only payments, followed by a 10-year term and 30-year amortization. The borrower requested a floating-rate loan to facilitate the refinancing of the existing CMBS mortgage, according to Grandbridge Vice President Gill Dolan. Built in 2006, the property is situated on a 1.7-acre site just south of Temple University’s main campus. The 12-story student housing community contains 1,067 beds across 602 units. Amenities include a two-story fitness center, study rooms, grilling stations and on-site laundry facilities.

June 4, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $4.5M Refinancing for Multifamily Property in Queens

by David Cohen June 4, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $4.5 million refinancing for a 40-unit multifamily property in the Jackson Heights neighborhood of Queens. The 10-year loan, which was provided by a balance sheet lender, features a 4 percent interest rate with two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed. Michael Homapour of Meridian arranged the financing. The four-story property is located on 88th Street in northwestern Queens.

June 4, 2018

Loans Multifamily Texas

Mason Joseph Closes $40.4M HUD Construction Loan for Austin Apartments

by Taylor Williams June 4, 2018

AUSTIN, TEXAS — San Antonio-based multifamily lender Mason Joseph Co. Inc. has closed a $40.4 million HUD loan for the construction and permanent financing of McKinney Falls, a 312-unit affordable apartment community in south Austin. The non-recourse loan was secured through HUD’s 221(d)(4) program and features a fixed interest rate for the 22-month construction period and subsequent 40-year term. McKinney Falls will offer amenities such as a fitness center, business center, conference room and children’s activity center. The project is a collaboration between the borrowers, the Travis County Housing Finance Corp. and California-based affordable housing developer AMTEX Multi-Housing LLC.

June 4, 2018

Acquisitions Industrial Loans Southeast Tennessee

HFF Arranges $50M Sale, Acquisition Financing for 4.2 MSF Industrial Portfolio Near Memphis Airport

by Camren Skelton June 4, 2018

MEMPHIS, TENN. — HFF has brokered the $50 million sale of Memphis Depot, a 43-building industrial portfolio located one mile from Memphis International Airport. Adam Herrin, Stephen Bailey and Jason Nettles of HFF arranged the transaction on behalf of the seller, Mayfield Properties LP. Brian Carlton, David Wheless and Nielsen Keopfgen of HFF arranged a seven-year, $32.5 million acquisition loan through Allegiant Real Estate Capital on behalf of the buyer, a partnership between Diamond Properties and funds managed by Ares Management LP. The industrial property was originally constructed in 1942 as a military supply base for use in World War II. The military used the buildings until 1997, when it was redeveloped into an industrial park by the City of Memphis and Shelby County. The portfolio is 91 percent leased and totals 4.2 million square feet of distribution and warehouse facilities. The buildings are divided into three groups: North Park, which includes 25 buildings with clear heights ranging from 14 to 16 feet; South Park, which comprises 14 buildings with an average clear height of 20 feet; and Interior Park, which includes four buildings with an average clear height of 25 feet.

June 4, 2018

California Loans Retail Western

Newmark Secures $28M Loan for NorthPointe Shopping Center in Modesto, California

by Amy Works June 4, 2018

MODESTO, CALIF. — Newmark has placed $28 million in long-term, fixed-rate non-recourse financing for NorthPointe Shopping Center located on Pelandale Avenue in Modesto. The name of the borrower was not disclosed. Save Mart Supermarket anchors the 180,300-square-foot shopping center. Additional tenants include Cost Plus World Market, Starbucks Coffee, Jamba Juice, Verizon Wireless and H&R Block. Mitchell Zeemont of Newmark arranged the 15-year, fixed-rate term loan with a 30-year amortization schedule. One of the firm’s correspondent life insurance company lenders, Genworth Life Insurance Co., provided the capital.

June 4, 2018

Loans Mixed-Use New York Northeast

JLL Arranges $104M Refinancing for Mixed-Use Property in Brooklyn

by David Cohen June 1, 2018

NEW YORK CITY — JLL has arranged a $104 million loan to refinance Redbridge, an 85,000-square-foot mixed-use residential and retail property in the Williamsburg neighborhood of Brooklyn. The property is located at 237–241 Bedford Ave., 160–164 North 4th St. and 159–173 North 3rd St. Retail tenants at Redbridge include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. JLL worked on behalf of RedSky Capital, JZ Capital Partners and Waterbridge Capital to place the loan with JP Morgan Chase & Co. RedSky Capital acquired the portfolio in 2012. The portfolio also includes 20,000 square feet of retail space at 247 Bedford Ave., which is currently occupied by Apple Inc. and The Corcoran Group.

June 1, 2018

Delaware Hospitality Loans Northeast

Buccini/Pollin Receives $36.5M Loan to Refinance Westin Wilmington

by David Cohen June 1, 2018

WILMINGTON, DEL. — The Buccini/Pollin Group has received a $36.5 million loan to refinance the Westin Wilmington, a 180-room, full-service hotel located at 818 Shipyard Drive in Wilmington. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loan on behalf of Buccini/Pollin through Goldman Sachs and Quadrant Real Estate Advisors. The hotel is connected to the Chase Center, which is the largest special event facility in the Brandywine Valley with more than 87,000 square feet of meeting space. The property was built in 2014 and features 5,780 square feet of meeting space as well as a restaurant, lounge, indoor pool and fitness center.

June 1, 2018

Florida Industrial Loans North Carolina Southeast Tennessee

HFF Arranges $67M Financing for Four-Building Industrial Portfolio in Southeast

by Camren Skelton June 1, 2018

DALLAS — Dallas-based HFF has arranged $67 million in post-acquisition financing for a four-building industrial portfolio located in metro Charlotte and Orlando, as well as Memphis. Kristian Lichtenfels, Eric Tupler and Rebecca VanReken of HFF arranged the nine-year, fixed-rate loan through an insurance company on behalf of the borrower, Dream Industrial US Holdings Inc., a subsidiary of Dream Industrial Real Estate Investment Trust, a Canadian REIT. The company acquired the assets n December 2017 and January 2018. The portfolio includes the 885,000-square-foot Delta Point at 5605 Holmescrest Land and the 500,000-square-foot Shelby V at 4770 Southpoint Drive, both in Memphis; a 471,744-square-foot facility located at 860 Marine Drive in Rock Hill, a South Carolina suburb of Charlotte; and a 193,133-square-foot building located at 7730 American Way in Groveland, Fla., roughly 30 miles west of Orlando. The portfolio is fully leased to a total of six tenants and features clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors and 18 drive-in doors.

June 1, 2018

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