Loans

KeyBank Secures $20.6M Loan for Student Housing Community Near University of West Georgia

by Camren Skelton September 1, 2017

CARROLLOTON, GA. — KeyBank Real Estate Capital has arranged a $20.6 million loan for Haven West, a 568-bed student housing property situated roughly one mile from the University of West Georgia. Trevor Ritter of KeyBank secured the seven-year Freddie Mac loan with two years of interest-only payments and a 30-year amortization schedule. Constructed in 2014, Haven West comprises eight, four-story buildings and totals 160 units. Community amenities include a fitness center, volleyball court, tanning salon, grilling areas and walking and biking trails.

September 1, 2017

Loans North Carolina Office Retail Southeast

Cronheim Mortgage Arranges $5.2M Loan for Retail, Office Property in Winston-Salem

by Camren Skelton September 1, 2017

WINSTON SALEM, N.C. — Cronheim Mortgage has secured a $5.2 million loan for St. George Square, a 41,000-square-foot retail and office property in Winston-Salem. Allison Villamagna, Andrew Steward and Dev Morris of Cronheim structured the 10-year loan with a 20-year amortization schedule through Standard Insurance Co. on behalf of the borrower, an entity managed by The Bedrin Organization. At the time the loan was placed, St. George Square was fully leased to a mix of retail and office tenants including Salons by JC, Berkshire Hathaway Home Services, Regus Office Centers, State Farm Insurance, Tropical Smoothie Café, Nothing Bundt Cakes and Painting with a Twist. The property is situated across from Hanes Mall Boulevard and roughly seven miles south of Wake Forest University.

September 1, 2017

Indiana Loans Midwest Retail

Associated Bank Provides $3.1M Acquisition Loan for Land Site in Hammond, Indiana

by Kristin Harlow September 1, 2017

HAMMOND, IND. — Associated Bank has provided a $3.1 million loan for the acquisition of a 1.4-acre land site located at 7905-17 Indianapolis Blvd. in Hammond, about 25 miles southeast of Chicago. The borrower, GW Properties, plans to build a multi-tenant retail building at the site. The 9,250-square-foot building will be divided into four retail spaces. Completion is slated for the second quarter of 2018. Brian Rogan of Associated Bank originated the loan.

September 1, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Closes on $37.2M in Financing for Workforce Housing in Quincy, Massachusetts

by Jaime Lackey August 31, 2017

QUINCY, MASS. — Construction is underway at The Watson, a 140-unit multifamily project on a 1.7-acre site at 116 East Howard Street in Quincy, adjacent to the former Fore River Shipyard. The project involves the demolition of a long-vacant former office building. DellBrook Construction is building the project, with completion slated for July 2018. Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates. MassHousing is providing developers, the WinnCompanies and NeighborWorks, a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). The 86 workforce housing units at the Watson represent the largest number of workforce units for a single project financed through MassHousing’s …

August 31, 2017

Loans Multifamily Texas

Eko Construction Receives $1.9M in Financing for Rental Community in Dallas

by Taylor Williams August 31, 2017

DALLAS — Eko Construction has received $1.9 million in construction financing for Bishop Arts Townhomes, a residential rental community in Dallas. The two-phase project will deliver 24 units averaging approximately 1,500 square feet per unit. Charley Babb and Justin Laub of Metropolitan Capital Advisors placed the loan through an undisclosed lender.

August 31, 2017

California Loans Multifamily Western

Capital One Provides $49.8M Refinancing for Riverview Springs Apartments in Oceanside

by Nellie Day August 31, 2017

OCEANSIDE, CALIF. — Capital One has provided a $49.8 million loan to refinance the 358-unit Riverview Springs apartments in Oceanside. The community is located at 4398 Rainier Way. Riverview Springs was built by Spruce Grove in 1990. The 10-year, fixed-rate, interest-only, Freddie Mac loan has standard defeasance prepayment. Chuck Christensen originated the financing.

August 31, 2017

Loans Multifamily Northeast Pennsylvania

Meridian Arranges $5.5M Refinancing of Philadelphia Multifamily Property

by Jaime Lackey August 30, 2017

PHILADELPHIA — Meridian Capital Group has arranged $5.5 million in financing for the refinance of a 31-unit multifamily building in Philadelphia’s Olde Kensington neighborhood on behalf of Rock Construction and Development. The seven-year loan, provided by a local savings bank, features a fixed rate of 3.75 percent and a five-year extension option. Sam Grunberger and Barry Lefkowitz of Meridian negotiated the transaction. The property, located at 1216 North Fifth Street, is a newly constructed four-story building that was leased up within 12 weeks. Each unit features hardwood floors, spacious rooms, a modern kitchen and stainless steel appliances, an in-unit washer and dryer, and a private balcony. Community amenities include a shared rooftop with panoramic views of the city, a fitness room, and a 20-car parking garage.

August 30, 2017

Loans Retail Texas

HFF Arranges $225M Refinancing for 250,000 SF Upscale Shopping Center in Dallas

by Taylor Williams August 30, 2017

DALLAS — HFF has arranged the refinancing of Highland Park Village, a roughly 250,000-square-foot shopping center in Dallas. The property is currently leased to 75 tenants, including Chanel, Jimmy Choo, Christian Dior, Honor Bar and Cafe Pacific. John Brownlee and Cullen Aderhold of HFF arranged the financing, which comes to $225 million, according to The Dallas Morning News, on behalf of the borrower, HP Village Partners LP.

August 30, 2017

Loans Multifamily Seniors Housing Texas

Revere Capital Provides $9M Financing for 169-Bed Skilled Nursing Facility in Dallas

by Taylor Williams August 30, 2017

DALLAS — Revere Capital has provided $9 million in short-term financing for a 169-bed skilled nursing facility located in the Rowlett suburb of Dallas. The property, which was damaged in a 2015 tornado, was recently remodeled and rebuilt. Revere Capital provided a 24-month financing package, which will be replaced by HUD funds upon stabilization of the property.

August 30, 2017

Florida Loans Multifamily Southeast

JV Receives $110.3M in Construction Financing for Apartment Tower in Miami

by Camren Skelton August 30, 2017

MIAMI — A joint venture between institutional advisors advised by J.P. Morgan Asset Management and Magellan Development Group have received a $110.3 million construction loan for the development of Midtown 6, a 31-story apartment tower that will be located at 3101 N.E. 1st Ave. in Miami’s Midtown district. Danny Kaufman, Elliott Throne, Scott Wadler and Mike Tepedino of HFF secured the loan through PNC Bank and BMO Harris Bank on behalf of the borrowers. HFF also arranged construction financing on the borrower’s behalf for the development of the adjacent Midtown 5 tower in 2014. Designed by bKL Architecture, Midtown 6 will include 397,000 square feet of residential space and 40,000 square feet of ground-level retail space. Residential units will offer a mix of studio to three-bedroom floor plans averaging 890 square feet. Community amenities will include a fitness center, sport court, spa with sauna and steam room, swimming pool with cabanas and grilling areas, pool bar and a sky lounge. The project is intended to be LEED Silver-certified and is slated for completion in spring 2020.

August 30, 2017

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