Loans

Affinius Capital Provides $98M Loan for Refinancing of Multifamily Complex in Queens

by Taylor Williams September 5, 2024

NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit multifamily complex located in the Astoria neighborhood of Queens. Northern I is a nine-story structure with 64 units, and Northern II is a 10-story building with 129 units. Both properties offer a mix of studio, one- and two-bedroom apartments, and the complex also houses 4,300 square feet of retail space. Amenities include a rooftop deck, fitness center with a yoga studio, private theater, onsite laundry facilities and a coworking lounge. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management.

September 5, 2024

Loans Multifamily Northeast Pennsylvania

Cronheim Mortgage Arranges $44.5M Loan for Refinancing of Lehigh Valley Multifamily Portfolio

by Taylor Williams September 5, 2024

BETHLEHEM, PA. — New Jersey-based intermediary Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio of two multifamily properties in Pennsylvania’s Lehigh Valley region. The names of the garden-style properties were not disclosed, but both assets are located in Bethlehem. The borrower, Larken Associates, will use the proceeds to cash out and allocate equity toward other projects. The direct lender was not disclosed. Larken made capital improvements to both properties during its ownership period, including the construction of 16 new townhomes at one property.

September 5, 2024

Loans Multifamily North Carolina Southeast

CBRE Arranges $80.8M Refinancing for Colony Southpark Apartments in Charlotte

by John Nelson September 5, 2024

CHARLOTTE, N.C. — CBRE has arranged an $80.8 million loan for the refinancing of The Colony Southpark, a 340-unit midrise apartment community located at 4220 Colony Plaza Drive in Charlotte’s Southpark neighborhood. Nate Sittema, Kristen Reilley and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in Charlotte arranged the loan on behalf of the borrower, a joint venture between SYNCO Properties and Schlosser Development. The team secured the five-year, fixed-rate loan through an unnamed life insurance company. The Class A, five-story multifamily development was completed in 2021 and features amenities such as movie lounges, a golf simulator and a yoga studio. The Colony Southpark represents the first phase of a master-planned, mixed-use project that is also called The Colony. The development will eventually include additional luxury apartments, a grocery store, office space, a hotel, restaurants and shops.

September 5, 2024

Colorado Loans Multifamily Western

RedPeak Properties Receives $51.1M Loan for Elowyn Townhomes in Denver

by Amy Works September 5, 2024

DENVER — RedPeak Properties has obtained $51.1 million in financing for Elowyn Townhomes in southwest Denver. Tony Nargi and Eric Tupler of JLL Capital Market Debt Advisory originated the five-year, fixed-rate, Fannie Mae loan, which features full-term interest-only payments. JLL Real Estate Capital LLC will service the loan. Located at 4725 W. Quincy Ave., Elowyn Townhomes features 211 two-story one- and two-bedroom units with a semi-finished, full-floor plate basement, backyard patios, stainless steel appliances, fireplaces and high-end finishes. Originally built in 1975, the community was renovated in 2014. At the time of financing, the property was 97 percent leased. Situated on 14.7 acres, the community offers a pool, spa, sauna, clubhouse and grills.

September 5, 2024

Loans Multifamily New York Northeast

Greystone Provides $10.1M Fannie Mae Loan for Refinancing of Harlem Apartment Building

by Taylor Williams September 4, 2024

NEW YORK CITY — Greystone has provided a $10.1 million Fannie Mae loan for the refinancing of The Count, a 27-unit apartment building located at 168 W. 136th St. in Harlem. The midrise building features a virtual doorman, rooftop terrace and a penthouse-level lounge/coworking space. Avi Kozlowski of Greystone originated the loan, which was structured with a fixed interest rate, 30-year amortization schedule and interest-only payments for the first two years of the five-year term. The borrower was Haussmann Development.

September 4, 2024

Development Industrial Loans North Carolina South Carolina Southeast

CBRE Arranges Two Loans Totaling $66M for Refinancing of Metro Charlotte Industrial Properties

by John Nelson September 4, 2024

CHARLOTTE, N.C. — CBRE has arranged two loans total $66 million for the refinancing of two separate industrial portfolios in the Charlotte metropolitan area. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta represented the borrower, CIP Real Estate, in both deals. The loans include a $35 million loan through HIMCO for the refinancing of International Corporate Center, a six-building industrial project located in Concord, N.C., as well as the construction of two industrial buildings at the site totaling 147,467 square feet. The other deal was a $31 million loan secured through an unnamed national bank for the acquisition of a seven-building, 334,989-square-foot industrial portfolio that was 99 percent leased at the time of funding. The assets in the portfolio include 77 Overlook, a three-building, 216,977-square-foot development in Charlotte; Lakefield Corporate Center, a three-building, 74,920-square-foot development in Mooresville, N.C.; and Southcross Corporate Center, a 43,092-square-foot warehouse in Rock Hill, S.C.

September 4, 2024

Loans Multifamily Washington Western

MainStreet Property Group Receives $32.3M Refinancing for Porch + Park Apartment Community in Redmond, Washington

by Amy Works September 4, 2024

REDMOND, WASH. — MainStreet Property Group has obtained a $32.6 million refinancing loan for Porch + Park, a multifamily property at 16050 Cleveland St. in downtown Redmond, a suburb east of Seattle. Seth Heikkila and Steve Petrie of JLL Capital Markets arranged the floating-rate loan through First Citizens Bank. Completed in 2022, Porch + Park features 106 studio, one-, two- and three-bedroom apartments and 9,178 square feet of ground-floor retail space. Apartments offer floor-to-ceiling windows, eco-friendly shower heads, work-from-home nooks, stainless steel appliances and luxury finishes. Community amenities include a rooftop deck and a 20-hour gym with Tempo Mirror, row machines, yoga spaces and a boxing area.

September 4, 2024

California Development Loans Multifamily Western

Max Benjamin Partners Arranges $16.5M Construction Loan for Multifamily Project in San Diego

by Amy Works September 4, 2024

SAN DIEGO — Max Benjamin Partners has secured a $16.5 million loan for the construction of 10th & Robinson, a multifamily community in San Diego’s Hillcrest neighborhood. Jason Moyal and Max B. Mellman of Max Benjamin Partners arranged the loan for the undisclosed investor. The development will offer 70 apartments and, along with its sister building, will feature a pool, co-working space, gym and high-end finishes.

September 4, 2024

Affordable Housing Development Loans Multifamily Texas

Generation Housing Partners to Develop 96-Unit Affordable Housing Project in Fort Worth

by Taylor Williams September 3, 2024

FORT WORTH, TEXAS — Generation Housing Partners will develop Heights at Crowley, a 96-unit affordable housing project in Fort Worth. The garden-style complex will house one-, two- and three-bedroom units and amenities such as a pool, playground, dog park, daycare facility and a nature trail. Ten units will be designated for renters earning 30 percent or less of the area median income (AMI); 18 will be set aside for residents at 50 percent or less of AMI; and 52 will be earmarked for residents earning 60 percent or less of AMI. The remaining 16 units will be rented at market rates. Financing for the project includes a $9.3 million Freddie Mac 9 Percent Forward Commitment, which was secured by BWE, and Low-Income Housing Tax Credits issued by the Texas Department of Housing & Community Affairs.

September 3, 2024

Loans Multifamily New Jersey Northeast

JLL Arranges $44M Loan for Refinancing of Northern New Jersey Apartment Complex

by Taylor Williams September 3, 2024

ROCHELLE PARK, N.J. — JLL has arranged a $44 million loan for the refinancing of The Delford, a 160-unit apartment complex in the Northern New Jersey community of Rochelle Park. The Delford is a newly constructed property that offers one-, two- and three-bedroom units, 24 of which are subject to income restrictions. Amenities include an outdoor pool, grilling and dining areas, coworking lounge and a fitness center. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Tulfra Real Estate.

September 3, 2024

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