Loans

Dougherty Mortgage Provides $34.1M HUD Construction Loan for Affordable Housing Property in Minneapolis

by Kristin Harlow November 17, 2017

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $34.1 million HUD loan for the construction of 1500 Nicollet in Minneapolis. Construction of the 183-unit affordable housing property will involve the redevelopment of the southwest corner of 15th Street and Nicollet Avenue. All units will be restricted to families earning 60 percent or less of the area median income. Property amenities will include a community room, fitness center, yoga studio, rooftop decks, dog park and first-floor retail space. Dougherty originated the 40-year loan on behalf of the borrower, Minneapolis Leased Housing Associates IX LLLP. The project will also receive equity from the sale of low-income housing tax credits and funds from the Metropolitan Council and Hennepin County for environmental cleanup costs. Construction has begun and completion is slated for spring 2019.

November 17, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Secures $61.5M in Construction Financing for Mixed-Use Development in Queens

by Amy Works November 17, 2017

NEW YORK CITY — HFF has arranged $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story transit-oriented mixed-use development located at 71-17 Roosevelt Ave. in the Jackson Heights neighborhood of Queens. Steven Klein and Geoff Goldstein of HFF secured the floating-rate construction loan through Principal Global Investors for the borrower, an affiliate of Werber Real Estate. Being developed by Werber Real Estate and Socius Development Group, the property will feature 154 residential units, 16,577 square feet of retail space, 23,074 square feet of community facility space and a 186-space parking garage. Additionally, the property is within one block of the Jackson Heights – Roosevelt Avenue subway station. Designed by Marvel Architects, the development will feature 40,000 square feet of amenity space, including a rooftop deck, a movie screening room, a fitness center, a children’s playroom, a courtyard, lounge areas and a 24-hour concierge. Units will feature a mix of studio through four-bedroom floor plans with stainless steel appliances, granite countertops, wood flooring and in-unit washers and dryers.

November 17, 2017

Illinois Loans Midwest Multifamily

ASC Arranges $4.9M Acquisition Financing for Multifamily Portfolio in Chicago

by Kristin Harlow November 17, 2017

CHICAGO — American Street Capital (ASC) has arranged $4.9 million in acquisition financing for a three-building multifamily portfolio in Chicago. The properties, located in the Grand Boulevard neighborhood, total 88 units and feature a mix of one-, two- and three-bedroom floor plans. The portfolio was more than 95 percent occupied at the time of acquisition. Igor Zhizhin and Alexander F. Rek of ASC arranged the three loans, which feature 20-year terms and 30-year amortization schedules. A correspondent agency lender provided the loans.

November 17, 2017

California Loans Office Western

Preylock Real Estate Receives $195M in Acquisition Financing for Silicon Valley Office Portfolio

by Nellie Day November 16, 2017

SANTA CLARA, CALIF. — Preylock Real Estate Holdings has obtained $195 million in acquisition financing for a seven-property office portfolio in Silicon Valley. The 626,000-square-foot office and R&D campus is located at 2770-2800, 2880 and 2890 Scott Blvd.; 2220, 2300 and 2330 Central Parkway; and 2001 Walsh Ave. All seven buildings are triple-net leased to Nvidia and Huawei. Four of the buildings serve as the U.S. headquarters for Huawei, a multinational telecommunications equipment company that is currently the world’s third-largest smartphone producer. The remaining three buildings are leased to Nvidia, inventor of the graphic processing unit and PC gaming, computer graphics and artificial intelligence innovator. The seven-year, floating-rate loan features an initial five-year term followed by two one-year extension options and full-term, interest-only payments. Meridian Capital Group arranged the loan.

November 16, 2017

Industrial Loans New Jersey Northeast

Natixis Provides $40M Acquisition Loan for Industrial Campus in Montville, New Jersey

by Amy Works November 16, 2017

MONTVILLE, N.J. — Natixis has originated a $40 million floating-rate loan to a joint venture between Camber Real Estate Partners, Advance Realty and an institutional investor for the acquisition of 19 Chapin Road, an industrial campus located in Montville. The four-building campus features 529,110 square feet of light industrial space. Current tenants include Pitney Bowes, Doosan, Trane and Samsung. The loan includes an initial funding of $35 million plus an additional $5 million that is earmarked for future leasing and capital improvement work. Greg Nalbandian of HFF arranged the financing for the borrower.

November 16, 2017

Data Centers Industrial Loans Northeast Pennsylvania

HFF Secures $32.9M in Financing for 203,702 SF Data Center Near Philadelphia

by Amy Works November 16, 2017

COLLEGEVILLE, PA. — HFF has arranged $32.9 million in financing for Global Data Center, a purpose-built, Tier III+ data center facility located at 1000 Black Rock Road in Collegeville. The borrower, GI Partners, will use the financing to acquire the property. Kevin MacKenzie, Ryan Ade, Jamie Kline and Christian Tober of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank for the borrower. Completed in 2009, the 203,702-square-foot facility features an available power load of 4.6 MW and the capacity to be expanded to 7 MW with additional capital investment.

November 16, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $24.4M Refinancing for Apartment Building in Omaha, Nebraska

by Kristin Harlow November 16, 2017

OMAHA, NEB. — NorthMarq Capital has arranged a $24.4 million Freddie Mac loan for the refinancing of Broadmoor Hills Phase III in Omaha. The 192-unit apartment building is located at 18440 West Dodge Hills Plaza. Community amenities include a fitness center, pool, indoor basketball court and resident movie theater. Jason Kinnison of NorthMarq arranged the loan for the borrower through its seller/servicer relationship with Freddie Mac.

November 16, 2017

Hospitality Loans Office Texas

HSF Secures $22.8M Construction Loan for Hotel Conversion of Houston Office Building

by Taylor Williams November 16, 2017

HOUSTON — Hall Structured Finance (HSF), a Dallas-based private lender, has secured a $22.8 million construction loan to finance the adaptive reuse of the former Southwestern Bell Telephone Co. office building in downtown Houston into a 150-room Hyatt Place hotel. The new hotel will feature ground-floor dining, a rooftop bar, indoor pool, fitness center and approximately 800 square feet of meeting space. Guestrooms, which will be located on the third through 16th floors, will average about 400 square feet per room. A timetable for completion of the project has not yet been established.

November 16, 2017

Loans Multifamily Texas

Dougherty Closes $20.5M Acquisition Loan for Apartment Asset in Arlington

by Taylor Williams November 16, 2017

ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $20.5 million Fannie Mae loan for the acquisition of Brookside Apartment Homes, a 288-unit multifamily property located at 2505 Thomason Circle in Arlington. The property features a newly renovated clubhouse, storage space, a pool, dog park and an outdoor kitchen with picnic areas. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, DCP 2505 Thomason Circle LLC.

November 16, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Westminster Canterbury Receives $38.2M Loan for Seniors Housing Project in Central Virginia

by Camren Skelton November 16, 2017

LYNCHBURG, VA. — Westminster Canterbury-Lynchburg, a nonprofit provider of residential and healthcare services for older adults, has received a $38.2 million construction loan from SunTrust Bank to develop a new, six-story seniors housing project. The new building will be located on the retirement community’s existing 42-acre campus, and will feature 84 private, neighborhood-style rooms, and two floors dedicated to parking and administrative offices. Construction on the new center is slated for completion by late spring 2019. In addition to the new facility, Westminster Canterbury-Lynchburg will renovate its three main dining areas and redesign its wellness center. The upgrades are slated for completion next year.

November 16, 2017

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