DENVER — Clearview Realty Finance has funded a $74 million structured bridge and construction loan for the expansion of a historic hotel and resort in the heart of Colorado’s Rocky Mountains. The exact location was not disclosed. The initial tranche of the proceeds was released to refinance the existing senior loan collateralized by the main hotel, lodge, residences and condominium inventory. A secondary portion of funding will be allocated to finance the construction of a new event space, concert venue, full-service luxury spa and wellness center. This loan features a LIBOR-plus-430-basis-points floating rate and a three-year, interest-only term with pre-negotiated options to extend. It is fully pre-payable without penalty after 24 months. Clearview Realty acted as exclusive advisor to a private individual investor to negotiate this transaction through a long-standing relationship with a domestic debt fund.
HOUSTON — LMI Capital has arranged $18.9 million in green financing for a 370-unit apartment community located in the Woodlake/Briar Meadow area of Houston. Jamie Mullin of LMI Capital arranged the loan, which features a 4.3 percent interest rate and four years of interest-only payments. The undisclosed borrower will use proceeds from the loan for cash-out purposes.
ARNOLD, MO. — NorthMarq Capital has arranged a $7.6 million Freddie Mac loan for the refinancing of Richardson Place Apartments in Arnold, about 18 miles south of St. Louis. The 162-unit apartment property is located at 105 Richardson Place Drive. David Garfinkel of NorthMarq arranged the 10-year loan. The borrower was not disclosed.
BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …
NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.
AUBURN HILLS, MICH. — Calmwater Capital has provided a $12.6 million loan for the acquisition and conversion of a 144-unit multifamily property to student housing near Oakland University in Auburn Hills. The property, located at 2770 Pine Knoll Drive, will soon be upgraded and converted into student housing and be known as The Edge. Some of the loan proceeds will be used for physical upgrades in addition to the implementation of student-focused marketing and resident programming. Formerly known as Knollwood Place and built in 1990, the property comprises six three-story buildings. A joint venture between Andover Real Estate Partners and M Group was the borrower. Campus Village will manage the property.
WASHINGTON, D.C. — Multifamily lending was up 8 percent year-over-year in 2016, with 2,822 different multifamily lenders providing a total of $269.2 billion in financing for apartment buildings with five or more units, according to a new report from the Mortgage Bankers Association (MBA). It was another record year for U.S. multifamily lending, according to Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research. Woodwell says that momentum is still strong in 2017, but this summer the MBA predicted that 2017 volume for commercial and multifamily originations will dip by 3 percent. By dollar volume, the greatest market share (39 percent) went to the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The top five multifamily lenders in 2016 by dollar volume were Wells Fargo, JP Morgan Chase and Co., CBRE Capital Markets Inc., Berkadia and Walker & Dunlop. The report is based on data from the MBA 2016 Commercial/Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA). The MBA survey targets dedicated originators and covered $491 billion in commercial and multifamily loans in 2016.
MOUNT LAUREL, N.J. — HFF has arranged $9.5 million in combined acquisition financing for three industrial facilities totaling 254,496 square feet in Mount Laurel, a suburb 20 miles east of Philadelphia. The borrower is Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures. Mike Pagniucci and Ryan Ade of HFF arranged the separate floating-rate loans for each property through Webster Bank. The properties are 600 and 601 Delran Parkway and 116 Gaither Drive. The Delran Parkway properties are 91,392 square feet and 57,104 square feet and feature 22- to 29-foot clear heights and a total of 26 loading docks. The 106,000-square-foot warehouse and distribution facility at 116 Gaither Drive features 24-foot clear heights and 13 loading docks. Food Sciences Corp. occupies the entire property at Gaither Drive.
EASTON, PENN. — CBRE has arranged the sale of Fork Town Center, a shopping center located at 301 Town Center Blvd. in Easton. Retail Properties of Americas sold the 100,250-square-foot property to a joint venture between Triple Crown Corp. and J.C. BAR Properties. Thomas Gorman of CBRE’s Debt & Structured Finance procured $18 million in acquisition financing for the buyer. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal. Built in 2002, Forks Town Center was 98 percent occupied at the time of sale. A 66,792-square-foot Giant Food Store anchors the center, which is also features two pad sites occupied by PNC Bank and Dunkin’ Donuts.
LUBBOCK, TEXAS — JLL has secured $21.3 million for the refinancing of Phase II of West End, a 94,841-square-foot retail and restaurant development in Lubbock. West End features a mix of big box retailers, flagship hotels and office space. Retail tenants include Cabela’s Outpost, Nike Factory and Marshalls. Dining options include P.F. Chang’s, Chipotle, Chick-fil-A and Panera Bread. Tom Fish and Jimmy Board of JLL secured the loan through New York-based Silverpeak Argentic on behalf of GRACO Real Estate Development Inc.