Loans

Walker & Dunlop Arranges $61.1M HUD Loan for New Apartment Project in Metro Baltimore

by Camren Skelton November 7, 2017

GAMBRILLS, MD. — Walker & Dunlop has arranged a $61.1 million loan for the development of Monarch at Waugh Chapel, a 246-unit apartment community under construction in Gambrills, roughly halfway between Baltimore, Md., and Washington, D.C. Dee McClure of Walker & Dunlop arranged the financing through the United States Department of Housing and Urban Development (HUD)’s 221(d)(4) new construction program on behalf of the borrower and developer, a joint venture between Bozzuto Development Co. and Reliable Contracting. The financing includes a two-year construction loan followed by a permanent, 40-year, fixed-rate loan. Monarch is part of the Waugh Chapel master-planned community, which will include residential, commercial, office and residential amenities upon full build-out. The apartment community will feature a fitness center, yoga studio, business center, billiards room, resort-style pool and cooking stations.

November 7, 2017

Florida Loans Multifamily Southeast

EIG Secures $52M in Construction Financing for Apartment Community in Miami

by Camren Skelton November 7, 2017

MIAMI — Estate Investments Group (EIG) has secured $52 million in construction financing for the development of Soleste Blue Lagoon, a new 33-unit apartment community that will be located at 5375 N.W. 7th St. in Miami. EIG secured the financing through Florida Community Bank. Soleste Blue Lagoon will feature studio, one-, two- and three-bedroom units ranging in size from 400 to 1,100 square feet, with rents starting at $1,300 per month. Community amenities will include a resort-style pool, sun deck with private cabanas, private beach with sand volleyball court, health and fitness club and a rooftop garden. Construction is slated for completion by summer 2019.

November 7, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $48M Refinancing for Multifamily Property in St. Petersburg

by Camren Skelton November 7, 2017

PETERSBURG, FLA. — CBRE has arranged a $48 million Fannie Mae loan for the refinancing of Peridot Palms, a 381-unit apartment community in St. Petersburg. Benjamin Roelke of CBRE arranged the long-term financing on behalf of the borrower, Parkland Development Corp. Delivered in March, the property features wood-style flooring, European-style cabinets and granite or quartz countertops. Community amenities include a clubhouse, fitness center and a resort-style swimming pool. In addition, the property has an energy-efficient certification from the Green Building Initiative.

November 7, 2017

California Loans Office Western

City Office REIT Receives $47M Loan to Acquire 290,000 SF Office Portfolio in San Diego

by Nellie Day November 6, 2017

SAN DIEGO — City Office REIT has received a $47 million loan to acquire Mission City Corporate Center, a 290,000-square-foot office portfolio in the San Diego submarket of Mission Valley. The four-building portfolio is located at 2355, 2365, 2375 and 2385 Northside Drive. The portfolio is 87 percent leased to tenants like Eplica Corporate Solutions, Mission Home Health, Midland Credit Management, State of California Water Resources and Innova Systems International. HFF’s Zack Holderman and Tim Wright arranged the 10-year, fixed-rate acquisition loan through one of the firm’s life insurance company lenders.

November 6, 2017

Loans Multifamily Southeast Virginia

KeyBank Arranges $73.3M Acquisition Loan for Multifamily Property in Metro D.C.

by Camren Skelton November 6, 2017

ALEXANDRIA, VA. — KeyBank Real Estate Capital has arranged a $73.3 million acquisition loan for The Parker at Huntington Metro, a 360-unit multifamily community in Alexandria, roughly eight miles south of Washington, D.C. Chris Black and Caleb Marten of KeyBank arranged the 10-year Fannie Mae loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Constructed in 2016, The Parker features a 24-hour fitness center, bike racks, outdoor TVs, pool, virtual golf simulation room, game room, dog park and a pet spa. Of the 360 units, 54 are reserved for affordable housing.

November 6, 2017

Loans Multifamily New Jersey Northeast

DMG Investments Receives $71.6M Construction Loan for 204-Unit Condo Project in Cliffside Park, New Jersey

by Amy Works November 6, 2017

CLIFFSIDE PARK, N.J. — DMG Investments has closed a $71.6 million construction loan for One Park, a 204-unit condominium building located in Cliffside. The financing was secured by DMG with the assistance of Cooper-Horowitz Inc. through AIG. Designed by Architectura with interiors by VLDG, One Park will feature 204 one-, two, three- and four-bedroom for-sale residences priced from $495,000. On-site amenities will include a 24-hour attended front desk; an aquatic center with an indoor heated pool with adjoining outdoor sun deck, sauna and steam rooms; and a private furnished roof deck, including dining terrace with grilling stations, fire pits, intimate seating areas and an outdoor movie theater. Additional amenities include a fitness center, a children’s playroom, a pet spa, guest suites and a secure parking garage. The 14-story building topped out in August and is slated for completion in fall 2018.

November 6, 2017

Loans Multifamily New York Northeast

Houlihan-Parnes Secures $50M in Financing for Four Multifamily Properties in New York

by Amy Works November 6, 2017

POUGHKEEPSIE, HOPEWELL JUNCTION AND MIDDLETOWN, N.Y. — Houlihan-Parnes Realtors has secured the placement of $50 million in first mortgages for four garden-style apartment properties located in New York. Totaling 657 residences, the properties are located at 510 Maloney Road in Poughkeepsie, 228 Route 376 in Hopewell Junction and 644 Silverlake-Scotchtown Road and 100-700 Stratford Lane in Middletown. The loans feature a 4.04 percent fixed rate with interest-only payments for a 10-year term. Robert Tiburzi Jr. and James Coleman of Houlihan-Parnes arranged the financing. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower in financing.

November 6, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $24.9M HUD Loan for Skilled Nursing Facility in Yonkers, New York

by Amy Works November 3, 2017

YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured permanent loan to refinance Adira at Riverside Rehabilitation & Nursing, a skilled nursing facility in Yonkers. Fred Levine and Shia Fishman of Greystone arranged the financing for the borrower, L&A RE Acquisitions. The loan features a 30-year term and a fixed rate. Adira at Riverside offers a certified respiratory and vent unit; short-term rehab; occupational, physical and speech therapy; wound care; neuro-rehabilitation; certified cardiopulmonary rehabilitation; long-term skilled nursing care; dedicated Alzheimer’s and dementia care units; and stroke and TBI rehab. On-site amenities include a modern fitness facility, concierge and a variety of recreational activities for residents.

November 3, 2017

Loans Multifamily New York Northeast

Stellar Management, Argent Venture Receive $25M to Refinance Residential Building in Manhattan

by Amy Works November 3, 2017

NEW YORK CITY — Stellar Management, along with its partner Argent Ventures, has received a $25 million loan package to refinance The Willard, located at 252 W. 76th St. in Manhattan. New York Community Bank provided the loan, which was arranged by Meridian Capital Group. Purchased in 2013, The Willard features 53 apartment units and amenities, including a renovated lobby, gym, fitness center, children’s playroom and private storage facility. Paula Katz of Gluck & Katz represented Stellar Management, while Farber, Rosen & Kaufman P.C. represented New York Community Bank in the financing.

November 3, 2017

California Loans Office Western

Menlo Equities Receives $39M in Financing for Towne Centre Office Campus in Foothill Ranch, California

by Nellie Day November 3, 2017

FOOTHILL RANCH, CALIF. — An affiliate of Menlo Equities LLC has received $39 million in financing for Towne Centre, a 292,271-square-foot office campus in the South Orange County submarket of Foothill Ranch. The Class A campus is located at 27042, 27051 and 27121 Towne Centre Drive. The property was renovated in 2016 and 2016. It is 77 percent leased to Ossur America, Rockwell Automation, Edward Jones, AVST, First National Capital, Fujitsu, Eagle Community Credit Union and Cox Communications. HFF’s Kevin MacKenzie, Greg Brown, Jamie Kline and Nick Lench arranged the five-year, floating-rate loan. Wells Fargo Bank provided the capital.

November 3, 2017

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