Loans

Hines Joint Venture Receives $144M in Financing for Four-Building Office Campus in Orange County

by Amy Works May 7, 2018

IRVINE, CALIF. — A joint venture between a global investment management firm and Hines has received $144 million in financing for Intersect, a four-building office campus in Irvine. Kevin MacKenzie, John Chun, Jamie Kline, Peter Thompson, Michael Leggett and Dereck Barker of HFF arranged the three-year, floating-rate loan through New York Life Insurance. The borrower will use the loan to retire existing debt and fund the remaining lease-up of the property. Intersect comprises Buildings A, B, C and D located at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave., respectively, in the core airport-area submarket of Orange County. The 425,203-square-foot campus features a restaurant; micro-retail shipping containers that serve grab-n-go coffee, juice and food; indoor and outdoor workspace; a 6,000-square-foot indoor/outdoor gym; private tenant terraces; a 100-seat, stadium-style conference center; a 20-person board room; and an outdoor game pavilion. Additionally, the property features surface parking, a 1,583-space structured parking garage at 17892 Gillette Ave. and a 177-stall subterranean parking facility.

May 7, 2018

California Loans Multifamily Western

KeyBank Originates $125M in Financing for Two-Property Multifamily Portfolio in Metro Los Angeles

by Amy Works May 7, 2018

LOS ANGELES AND MONTCLAIR, CALIF. — KeyBank Real Estate Capital has originated a total of $125 million in Freddie Mac first mortgage financing for two multifamily properties in the Los Angeles area. The firm arranged a $72.4 million fixed-rate loan for The Paseos Apartment Homes, a 385-unit multifamily property located in Montclair. Built in 2014, the property comprises 15 three-story apartment buildings. The undisclosed borrower used the loan to refinance existing debt. The loan features a 10-year term, five-year interest-only payment period and 30-year amortization schedule. Additionally, KeyBank arranged a $52.6 million fixed-rate loan for The Piero, a 225-unit garden-style apartment complex located in Los Angeles. The property is comprised of a seven-story apartment building, with three unit layouts ranging from 468 square feet to 1,218 square feet. The undisclosed borrower used the loan to refinance existing debt. The financing features a 10-year, interest-only term. Robert Prouty of Key’s Commercial Mortgage Group arranged the financing for both properties.

May 7, 2018

Loans New York Northeast Office

JLL Arranges $120M in Refinancing for Bryant Park Office Tower

by David Cohen May 4, 2018

NEW YORK CITY — JLL Capital Markets has arranged a $120 million floating-rate loan to refinance 130 West 42nd street, a Class A office tower with ground-floor retail in the Bryant Park neighborhood of Manhattan. The borrower was Tribeca Associates. Aaron Appel, Jonathan Schwartz, Brett Rosenberg and Adam Schwartz led the JLL team in handling the debt assignment. The 29-story office building, which was built in 1918, totals 250,000 square feet and is located within one block of 15 subway lines. Tribeca Associates spent $27 million to upgrade and renovate the property in 2015.

May 4, 2018

Loans New Jersey Northeast

Thrivent Provides $27.2M in Financing for Industrial Portfolio in New Jersey

by David Cohen May 4, 2018

MORRISTOWN, N.J. — Thrivent Financial for Lutherans has provided $27.2 million in financing for a three-building industrial portfolio in Central New Jersey. The borrower was undisclosed. The 410,000-square-foot portfolio consisted of two recently constructed warehouse distribution properties and one existing facility. The location of the properties was not disclosed. The 20-year, fixed-rate loan includes a 30-year amortization schedule. Gretchen S. Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox arranged the financing.

May 4, 2018

Illinois Loans Midwest Multifamily Seniors Housing

ASC Secures $5.8M Refinancing for Skilled Nursing Facility in Sterling, Illinois

by Kristin Harlow May 4, 2018

STERLING, ILL. — American Street Capital (ASC) has secured a $5.8 million loan for the refinancing of Sterling Healthcare, a 121-bed skilled nursing facility in northwest Illinois. Services at the property include short-term rehabilitation, memory, post-surgical and long-term care. Igor Zhizhin of ASC arranged the five-year loan, which features a 25-year amortization schedule. The lender was not disclosed.

May 4, 2018

Colorado Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $88M Construction Financing for Seniors Housing Community Near Denver

by Amy Works May 4, 2018

DENVER — Lancaster Pollard has arranged $88 million in financing for the construction of The Ridge Pinehurst, a luxury senior living community in the Denver suburb of Lakewood. Construction is already underway for the community, which will offer 318 units of independent living, assisted living and memory care. Los Angeles-based Ridge Senior Living is the owner and developer. Ridge currently owns four communities in California and Utah. Jason Dopoulos, Ross Holland and Joe Munhall led the transaction for Lancaster Pollard. A national bank is providing the capital, with several other banks syndicating portions of the loan.

May 4, 2018

Garden-Valley-Apartments-Waxahachie-Texas

Loans Multifamily Texas

Love Funding Provides $26.3M HUD Construction Loan for Apartment Project in Metro Dallas

by Taylor Williams May 4, 2018

WAXAHACHIE, TEXAS — Love Funding has provided $26.3 million in construction and permanent financing for Garden Valley Apartments, a 213-unit market-rate apartment project being developed in the southern Dallas suburb of Waxahachie. The property will feature one- and two-bedroom units and amenities such as a pool and attached garages. Love Funding secured the loan through HUD’s 221(d)(4) program. Cross Architects will design the property and Brownstone Construction Ltd. will serve as general contractor.

May 4, 2018

Alabama Loans Multifamily North Carolina Southeast

KeyBank Provides $37.4M in Agency Financing for Two Apartment Properties in Alabama, North Carolina

by Camren Skelton May 4, 2018

HOOVER, ALA. AND WILMINGTON, N.C. — KeyBank Real Estate Capital has provided $37.4 million in financing for two multifamily properties in Hoover and Wilmington. In Hoover, KeyBank provided a $16.3 million Fannie Mae loan for the acquisition of Hawthorne at Wisteria, a 200-unit community. The property was built in 1978 and renovated in 2015. In Wilmington, KeyBank provided a $21.1 million Freddie Mac loan for the refinancing of Hawthorne at New Centre, a 301-unit apartment community that was constructed in 1998 and renovated in 2014. Tim DeWispelaere of KeyBank originated both 10-year loans with 30-year amortization schedules on behalf of the undisclosed borrowers.

May 4, 2018

Industrial Loans New Jersey Northeast

HFF Arranges $36.7M in Permanent Financing for Industrial Facility in Secaucus

by David Cohen May 3, 2018

SECAUCUS, N.J. — HFF has arranged $36.7 million in permanent financing for a newly constructed, two-building industrial facility at One County Road in Secaucus. Completed earlier this year, the 240,317-square-foot facility features a 32-foot clear height, 180-foot truck courts and 50-by-35 foot column spacing. One County Road is situated on 20 acres in the Meadowlands industrial market. The HFF team worked on behalf of the borrower, Bhasin Properties, to place the 15-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds will be used to take out an existing construction loan, which was also arranged by HFF.

May 3, 2018

California Loans Multifamily Student Housing Western

Keybank Originates $247.8M in Financing for Student Housing Property in Los Angeles

by Amy Works May 3, 2018

LOS ANGELES — Keybank Real Estate Capital has originated a $247.8 million Freddie Mac first mortgage loan for The Lorenzo in Los Angeles. The 913-unit, Class A, mid-rise student housing property was developed in 2015. The property is 95 percent leased to students attending University of Southern California, Fashion Institute of Design and Merchandising, and Loyola Law School. The remaining units are reserved for tenants earning 50 percent or less of the area median income. The Lorenzo features a three-story fitness center with rock climbing walls, basketball courts and an indoor jogging track. Additionally, the property offers an on-site restaurant with room service, media rooms, study rooms and libraries catering to the different colleges, as well as multiple swimming pools, saunas and sand volleyball courts. Robert Prouty of Key’s Commercial Mortgage Group arranged the fixed-rate loan with a seven-year interest-only term. The undisclosed sponsor used the loan to refinance existing debt.

May 3, 2018

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