Loans

Hunt Mortage Secures $20.5M Refinancing for Two Multifamily Assets in Metro Austin

by Taylor Williams September 19, 2017

ROUND ROCK AND SAN MARCOS, TEXAS — Hunt Mortgage Group has secured $20.5 million in refinancing for two garden-style multifamily properties totaling 324 units in metro Austin. The company secured a $13.8 million loan for the 168-unit Red Hills Villas in Round Rock and a $6.7 million loan for the 156-unit Champion’s Crossing Apartments in San Marcos. Both Freddie Mac loans feature seven-year terms, 24 months of interest-only payments and 30-year amortization schedules. Hunt Mortgage secured the funds on behalf of an undisclosed management firm with a portfolio of roughly 30,000 multifamily units.

September 19, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

Stellar Management Refinances 13-Property Portfolio in New York City with $105M Loan Package

by Amy Works September 18, 2017

NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the properties for more than 20 years. Loan proceeds will be used to fund upgrades to the properties, including lobby and elevator cab renovations, amenity space upgrades and landscaping improvements.

September 18, 2017

Loans Midwest Minnesota Multifamily

PCCP Provides $130M Construction Loan for Condominium Project in Minneapolis

by Kristin Harlow September 18, 2017

MINNEAPOLIS — PCCP has provided a $130 million construction loan for The Legacy, a 374-unit condominium project in Minneapolis. Located at 1240 S. 2nd St. in the Mill District, the project will consist of two towers. Amenities will include a fitness center, game room, community room and two roof decks with a pool and grilling areas. Dougherty Funding arranged the loan for the borrower, a joint venture between Provident Real Estate Ventures and Shamrock Properties Inc. Riverdale Ventures Legacy LLC, an affiliate of Shamrock Development, is developing the property, which is slated for completion in summer 2018.

September 18, 2017

Loans Midwest Missouri Multifamily

Dwight Capital Provides $63.1M Refinancing for Apartment Property in St. Louis

by Kristin Harlow September 18, 2017

ST. LOUIS — Dwight Capital has provided a $63.1 million loan for the refinancing of Park Pacific Apartments in St. Louis. The property is an adaptive reuse of the historic Missouri Pacific Railroad building located downtown. Originally built in the 1920s, the property was rehabilitated into a mixed-use development in 2011. Park Pacific now features 230 luxury apartments, 48,000 square feet of Class A office space, 28,000 square feet of ground-floor retail space and a 585-space parking garage. Adam Sasouness and Josh Hoffman of Dwight Capital originated the 40-year loan. The borrower, The Lawrence Group, will use about $300,000 of the funds to improve the energy efficiency of the property.

September 18, 2017

Industrial Loans Massachusetts Northeast

Valencia Realty Capital Arranges $4.5M in Acquisition Financing for Warehouse Facility in Newburyport, Massachusetts

by Amy Works September 15, 2017

NEWBURYPORT, MASS. — Valencia Realty Capital has arranged $4.5 million in acquisition financing for a cold-storage warehouse facility in Newburyport. The financing covers nearly 100 percent of the acquisition cost. The undisclosed borrower acquired the vacant 89,000-square-foot facility, located at 2 Opportunity Way, from a national REIT. Built in 1994 and expanded in 2008, the property features 26-foot clearance heights and approximately 14 percent of the building is office space. Stephen Smeke of Valencia secured the financing from a commercial lender for the borrower.

September 15, 2017

Residences-Fairmont-Station-Hyde-Park-Boston

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $2.1M in Financing for Affordable Housing Community in Boston

by Amy Works September 15, 2017

BOSTON — Massachusetts Housing Finance Agency (MassHousing) has provided $2.1 million in financing to Traggorth Cos. and Southwest Boston Community Development for the construction of Residences at Fairmont Station in Boston’s Hyde Park. Located at 11 Nott St., the community will feature 27 apartments for low- and moderate-income households. MassHousing is providing a $1.8 million permanent loan and $300,000 through the agency’s $100 million Workforce Housing Initiative. The community will feature one studio unit, three one-bedroom units, 18 two-bedroom units and five three-bedroom units, as well as a community room, green space and an outdoor play area. Of the 27 units, six will be for low-income households earning at or below 30 percent of the area median income (AMI) supported by a federal Section 8 Housing Assistance Payment Contract, five will be for households with incomes at or below 50 percent of AMI, 13 will be for households with incomes at or below 60 percent AMI, and three will be workforce housing units for households earning at or below 80 percent AMI. The project is also receiving financing from the city of Boston, and the Massachusetts Department of Housing and Community Development as well as an allocation of Low-Income Housing Tax …

September 15, 2017

Loans Mixed-Use Southeast Virginia

Berkadia Arranges $157M Construction Loan for Target-Anchored Mixed-Use Project in Metro D.C.

by Camren Skelton September 15, 2017

ARLINGTON, VA. — Berkadia has secured a $157 million construction loan for 750 North Glebe, a mixed-use project under construction in Arlington, roughly five miles west of Washington, D.C. Upon completion, 750 North Glebe will feature 491 residential units and 61,000 square feet of retail space, which will be anchored by a 41,000-square-foot Target store. J. Tyler Blue, Paul Wallace and Jimmy Meadows of Berkadia secured the 18-year loan through Northwestern Mutual Life Insurance Co. on behalf of the developer, Bethesda, Md.-based Saul Centers.

September 15, 2017

Loans Maryland Mixed-Use Southeast Top Stories

Goldman Sachs Provides $233M Private Equity Investment for Mixed-Use Redevelopment in Baltimore

by Kristin Harlow September 15, 2017

BALTIMORE — Goldman Sachs has committed $233 million to the Port Covington redevelopment project in Baltimore. This is the largest single private equity investment made by the firm’s Urban Investment Group (UIG) to date, according to a Port Covington news release. Port Covington is a 235-acre mixed-use redevelopment located on Baltimore’s waterfront adjacent to I-95. At completion, the 25-year project will include up to 18 million square feet of retail, entertainment, office, hotel and residential space. In addition, the project will encompass 2.5 miles of restored waterfront and 40 acres of parks and green space. Sagamore Development Co. and the UIG have entered into an agreement to jointly own the project and develop the infrastructure in Port Covington. Marc Weller of Sagamore Development will lead the infrastructure development team. The joint venture will own and develop the land in Port Covington that is adjacent to the campus of the future global headquarters of Under Armour. The footwear and sports apparel company owns 50 acres of Port Covington land, and is not involved in this transaction. Other businesses with land parcels in Port Covington that are not part of the joint undertaking include City Garage, Nick’s Fish House, Sagamore Spirit Distillery …

September 15, 2017

California Industrial Loans Western

Allianz Real Estate of America Provides $55M Refinancing for Riverside Cold Storage Facility

by Nellie Day September 14, 2017

RIVERSIDE, CALIF. — Allianz Real Estate of America has provided $55 million to refinance a 507,000-square-foot cold storage facility in Riverside. The property is located at 1001 Columbia Ave. The asset was developed in 2011 on a 25.3-acre site within Hunter Park. It is fully leased to an investment-grade credit tenant. The 10-year, fixed-rate loan will refinance the property’s existing loan. HFF’s Kevin MacKenzie and AJ Manas represented the borrower in this transaction.

September 14, 2017

Loans New York Northeast Office

Savanna Receives $100M in Construction Financing for Office Development in Manhattan

by Amy Works September 14, 2017

NEW YORK CITY — Savanna has received $100 million in construction financing for an office building development at 106 W. 56th St. in Manhattan. When completed, the 26-story property will feature 90,000 square feet of high-end office space. Designed by Perkins Eastman, the tower is slated for completion in the third quarter of 2018. Kellogg Gaines, Aaron Niedermayer and Douglas Baillie of JLL arranged the financing, which includes a senior construction loan from United Overseas Bank and mezzanine financing from Canyon Partners Real Estate.

September 14, 2017

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