PHILADELPHIA — Hunt Mortgage Group has provided a $5.5 million Freddie Mac Small Business Loan to finance the acquisition of Reach Lofts Apartments, an affordable multifamily property located at 1701-1707 Tulip St. in Philadelphia. The borrower is MM Equity Partners Philly LLC. The seven-year fixed-rate loan features an 84-month overall term with the first two years as interest-only payments followed by seven years of 30-year amortization and a yield management prepayment schedule. The five-story apartment building features 30 residential units in a mix of one- and two-bedroom layouts. Property amenities include in-unit washers and dryers, bike storage and a furnished roof deck.
SCHAUMBURG, ILL. — Ladder Capital has provided a $38.7 million loan for the acquisition and renovation of Chicago Marriott Schaumburg. The 398-room hotel is located at 50 N. Martingale Road in suburban Chicago. The 13-story property is situated within the Woodfield Corporate Center, an office complex spanning more than 3 million square feet. Completed in 1983 and renovated in 2007, the hotel features a fitness center, business center, indoor and outdoor pools, two restaurants and 18,536 square feet of meeting space. Jeff Bucaro, Nicole Aguiar, Tony Malk, Matt Enright and Bryan Rosenberg of HFF arranged the three-year loan on behalf of the borrower, Arbor Lodging Partners. The Chicago-based company is planning significant upgrades to the property, including a full renovation of the lobby, meeting space, common areas and guest rooms. Arbor Lodging Management manages the hotel.
ORLANDO, FLA. — HFF has arranged joint venture equity and construction financing for the development of Vineland Pointe, a 470,000-square-foot shopping center under construction in Orlando. Danny Finkle and Brian Gaswirth of HFF arranged the joint venture equity partnership with LaSalle Investment Management on behalf of the developer, O’Connor Capital Partners. The HFF team subsequently arranged a construction loan through Wells Fargo Bank on behalf of the LaSalle-O’Connor partnership. The three-phase Vineland Pointe will be home to tenants such as Lucky’s Market, Ross Dress for Less, Marshalls and Burlington. Site work at the property is underway, and the project is slated for completion by mid-2019.
MEBANE, N.C. — KeyBank Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Mebane Ridge Assisted Living, a 65-unit seniors housing property in Mebane, roughly 25 miles northwest of Durham. Charlie Shoop of KeyBank arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed, but the property website lists Ridge Care Inc. as the owner/operator. The one-story Mebane Ridge Assisted Living was constructed in 2014 and includes assisted living and memory care units.
SAN DIEGO — In 2017, PGIM Real Estate Finance originated $14.8 billion in financing, led by production in multifamily and industrial lending. The company also announced that it has as much as $15 billion available for financing in 2018 and will target growth in international markets and agency business in the Western United States. REBusinessOnline spoke with Paige Hood, CIO and senior portfolio manager with PGIM Real Estate Finance, at the Mortgage Bankers Association CREF Multifamily Housing Convention & Expo. The conference took place at the Marriott Marquis San Diego Marina on Feb. 11-14. Based in Atlanta, Hood oversees the investment process for the company’s core and core-plus mortgage investment, as well as the general account and funds management portfolios, which were valued at $57.8 billion in assets under management at the end of 2017. What follows is an edited version of the conversation. REBusinessOnline: What impact do you think the Tax Cuts and Jobs Act will have on commercial real estate lending, both from the borrower perspective and the lender perspective? Paige Hood: There are a lot of things to discuss as far as the tax bill, and a lot of them could be negative in relation to real estate. …
MINNEAPOLIS — University Partners has received a $49 million loan for the acquisition of Stadium View in Minneapolis near the University of Minnesota. The student housing property consists of 956 beds within 277 units. Located at 2508 Delaware St., the nine-story property features a mix of studio, one-, two-, three- and four-bedroom units that average 1,102 square feet. Amenities include a 24-hour concierge desk, private study rooms, tanning beds, game room, yoga studio and fitness center. Doug Opalka and Jules Sherwood of HFF originated the 10-year Freddie Mac loan.
FARGO, N.D. — Dougherty Funding LLC has provided a $25.2 million loan for the refinancing of a five-property retail portfolio in both North Dakota and South Dakota. The unnamed properties total 222,945 square feet and are located in Fargo and Grand Forks, N.D., as well as Sioux Falls, S.D. Dougherty’s Minneapolis office served as lead lender and servicer for the loan. The borrower was not disclosed.
MIAMI — Madison Realty Capital has provided a $26 million first mortgage loan for the development of Triton Center, a new mixed-use project in Miami. The loan is collateralized by two development sites located at 7880 and 8540 Biscayne Blvd. The 7880 Biscayne Blvd. site currently houses a vacant 11-story office building that was previously home to the U.S. Immigration and Naturalization Service (INS). The undisclosed borrower acquired the site in 2013 and has since demolished the interior of the building, with plans to convert it into a 139-room Hilton Garden Inn hotel. Triton Center will also include two apartment buildings totaling 324 units, 585 parking spaces and 25,000 square feet of retail space. Stantec will design the development. The 8540 Biscayne Blvd. site comprises six sub-parcels. The developer plans to construct an additional large-scale multifamily community at the site. A timeline for the projects was not disclosed.
ATLANTA — Atlanta-based SunTrust Banks Inc. has been selected to receive $70 million in tax credit allocation authority from the U.S. Treasury Department’s Community Development Financial Institutions Fund. The financing is part of the New Markets Tax Credit (NMTC) program, which permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The program is designed to attract private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth and create jobs. SunTrust’s subsidiary, SunTrust Community Development Enterprises, was one of 73 recipients to receive credit from the program. This is the ninth time SunTrust has been selected as a recipient, with awards totaling $578 million in allocation authority.
DELAND, FLA. — NorthMarq Capital has arranged a $4 million permanent loan for Whisperwood Manufactured Home Park, a 396-unit seniors housing/manufactured home park located at 3070 Whisper Blvd. in Deland, roughly 40 miles north of Orlando. Larry Curry of NorthMarq arranged the loan on behalf of the undisclosed borrower through its correspondent relationship with a life insurance company. The community features a 9-hole pitch and putt golf course, two swimming pools, billiard and poker tables, lighted tennis courts, shuffleboard courts, bocce ball courts, horseshoes, library and a fully equipped kitchen.