Loans

Walker & Dunlop Provides $82M Green Loan for Seniors Housing Community Near San Diego

by Nellie Day February 12, 2018

NATIONAL CITY, CALIF. — Walker & Dunlop Inc. (NYSE: WD) has structured an $82 million loan for Paradise Village, located just outside of San Diego in National City. Built in 2009, Paradise Village consists of seven four-story buildings and 394 units of independent living, assisted living and memory care. The 10-year loan provided a two-year period of interest-only payments and a 30-year amortization schedule for Generations Senior Living. The financing replaced a previous construction loan and provided cash to enable the financing of an adjacent, newly developed memory care facility. The transaction for the Class A community represents Fannie Mae’s first Green Rewards loan backed by a seniors housing property, according to Walker & Dunlop. Jeff Ringwald and Bill Jackson led the Walker & Dunlop team.

February 12, 2018

Loans Midwest Minnesota Mixed-Use

Dougherty Arranges $54.1M Construction Loan for Redevelopment in Edina, Minnesota

by Kristin Harlow February 12, 2018

EDINA, MINN. — Dougherty Funding LLC has arranged a $54.1 million construction loan for the Market Street redevelopment in the 50th and France neighborhood of Edina. A joint venture between Buhl Investors and Saturday Properties plans to develop 100 luxury apartment units, approximately 33,000 square feet of street-level retail space, 271 stalls of underground parking and a community plaza. The lender was not disclosed. Construction is scheduled to take place in two phases beginning in August, according to the Minneapolis Star Tribune.

February 12, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $14.9M Acquisition Financing for Affordable Housing Properties

by Kristin Harlow February 12, 2018

CLEVELAND — KeyBank Real Estate Capital has provided $14.9 million in Fannie Mae financing for the acquisition of three affordable housing properties located in North Carolina, Texas and Wisconsin. One of the properties, Aspenwood Glen, is a 120-unit property in Milwaukee. The large majority of the one- and two-bedroom units at the property are reserved for tenants earning 30 to 60 percent of the area median income. John Gilmore IV and Jeff Rodman of Cleveland-based KeyBank originated the loans on behalf of the borrower, Harmony Housing, which is a nonprofit organization dedicated to providing safe and clean affordable housing throughout the United States.

February 12, 2018

Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Negotiates $8.8M Refinancing for 48-Bed Memory Care Community in Woodburn, Oregon

by Nellie Day February 12, 2018

WOODBURN, ORE. — Lancaster Pollard has arranged an $8.8 million HUD refinancing for Heartwood Memory Care Community in Woodburn. The 48-bed community offers exclusively memory care services. The owner sought long-term financing after a successful opening in 2014. The new FHA-insured structure allowed the borrower to refinance senior and mezzanine construction financing into a non-recourse, 35-year, fixed-rate loan. Matt Lindsay and Casey Moore led the transaction for Lancaster Pollard.

February 12, 2018

Loans Multifamily Oregon Seniors Housing Western

Contemporary Healthcare Closes $2.8M Loan for Acquisition of Two Assisted Living Communities in Oregon

by Nellie Day February 12, 2018

MEDFORD, ORE. — Contemporary Healthcare Capital has arranged a $2.8 million mezzanine loan to affiliates of Sapphire Health Services. The loan will help finance the acquisition of two assisted living facilities in Medford. Contemporary’s senior lending partner on the transaction was Sunwest Bank of Irvine. The combined loans of approximately $11.8 million were used for the acquisitions of West Wind Enhanced Care, a licensed assisted living facility serving residents afflicted with traumatic brain injuries, and Ridgeview Assisted Living Facility, a community serving a younger population of residents with developmental or neurological challenges.

February 12, 2018

Loans New York Northeast Office Top Stories

NKF Arranges $81M Loan for Acquisition, Redevelopment of Warehouse in Queens

by Taylor Williams February 12, 2018

NEW YORK CITY — NKF Capital Markets has arranged an $81 million loan for the acquisition and redevelopment of 25-11 49th Avenue, a 135,000-square-foot warehouse located in the Long Island City area of Queens. The borrower is a partnership between New Jersey-based development and management firm Normandy Real Estate Partners and two New York-based investment firms, Keystone Equities and Drake Street Partners. Dustin Stolly and Jordan Roeschlaub of NKF Capital Markets secured the loan through Deutsche Bank. The redevelopment calls for a full repositioning of the two-story, loft-style warehouse, which will be converted into an 11-story office building totaling 238,000 square feet. Nine stories will be built atop the existing structure, which is located within the area’s factory district. “This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood,” says Stolly. “This is an excellent opportunity for tenants that will allow them to recruit and retail quality talent.” The financing will also be used to implement a capital improvement plan, which will target the office entrances, lobby and common areas and outdoor roof deck. New elevators and HVAC systems, as well as new security and electronics system, are also included in …

February 12, 2018

Florida Loans Multifamily Southeast

KeyBank Provides $13.3M Freddie Mac Loan to Refinance Orlando Apartment Community

by Camren Skelton February 12, 2018

ORLANDO, FLA. — KeyBank Real Estate Capital has provided a $13.3 million Freddie Mac loan for the refinancing of Aventura Apartments, a 144-unit multifamily community in Orlando. Jeff Rodman and Kelly Frank of KeyBank originated the seven-year, floating-rate loan with a 30-year amortization schedule. The name of the borrower was not disclosed. The loan features a 15-month earnout provision, which is collateralized by a KeyBank-provided letter of credit. Aventura Apartments was constructed in 1984 and has undergone extensive renovations over the past two years. The property will reserve 20 percent of the units for those earning 80 percent of the area median income (AMI). The community features a fitness center, swimming pool, playground and a grilling and picnic area.

February 12, 2018

District of Columbia Features Loans Southeast Top Stories

‘A Record Year’: Commercial/Multifamily Loan Originations Increased 15 Percent in 2017, Says MBA

by John Nelson February 12, 2018

WASHINGTON, D.C. — Commercial and multifamily mortgage originations for all of 2017 increased 15 percent on a year-over-year basis, bolstered by the strength of the multifamily, industrial and office sectors, according to the Mortgage Bankers Association (MBA). The preliminary estimate was released Sunday during MBA’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2018 in San Diego. The estimate is based on the MBA’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The MBA reported that originations totaled $491 billion in 2016. Breaking down the numbers Originations for hotel properties increased 26 percent in 2017 over the prior year, the MBA reports, followed by industrial (+22 percent), multifamily (+17 percent), office (+12 percent) and healthcare (+9 percent). On the flip side, originations for the retail sector declined 21 percent in 2017 due in part to the dramatic growth of e-commerce. Even so, it was banner year overall for the mortgage banking community. “Based on these preliminary numbers, 2017 was a record year for borrowing and lending backed by commercial real estate properties,” said Jamie Woodwell, vice president of commercial real estate research for MBA, which is headquartered in Washington, D.C. “The increase was driven by multifamily lending, particularly for Fannie Mae …

February 12, 2018

Loans Multifamily New Jersey Northeast

Greystone Provides $19.2M in Acquisition Financing for Multifamily Property in New Jersey

by Amy Works February 9, 2018

BAYONNE, N.J. — Greystone has provided a $19.2 million Fannie Mae loan as part of a $32.2 million property acquisition by AMS Acquisitions. The seven-year loan includes six years of interest-only payments and a 30-year amortization. The borrower acquired an 85-unit multifamily property located in Bayonne. Renovated in 2013, the property features studio, one- and two-bedroom units. The acquired property includes three undeveloped parking lot parcels, which AMS Acquisitions intends to develop into additional multifamily housing. Avrom Forman of Greystone originated the loan for the borrower.

February 9, 2018

Florida Loans Multifamily Seniors Housing Southeast

Trez Forman Provides $44.8M Construction Loan for Active Adult Rental Community on Florida’s Gulf Coast

by Camren Skelton February 9, 2018

VENICE, FLA. — Florida-based Trez Forman Capital Group has provided a $44.8 million loan for the construction The Floridian Club of Sarasota, a 309-unit active adult rental community in Venice. The gated community is located at 2445 E. Venice Ave., about four miles east of Venice Beach. Ben Jacobson of Trez Forman originated the loan on behalf of the developer, Sarasota Floridian LLC, an entity led by Larry Lieberman and Fred Starling. The community will include 261 single-story attached villas and 48 three-story units served by elevator. The units will feature one- and two-bedroom floor plans ranging in size from 991 to 1,339 square feet. All of the units will be available for long-term leases between two and 10 years. Although the community is designed for active baby boomers, it will not be age-restricted. Community amenities at The Floridian Club will include an infinity-style pool, separate lap pool, fitness center, café, club room, pickleball courts, guest suites, business center, outdoor barbeque area, pet spa and walking/running trails. Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group.

February 9, 2018

Newer Posts

Older Posts