Loans

Cronheim Mortgage Secures $22.5M Loan for Retail Center in Shelton, Connecticut

by Amy Works February 1, 2018

SHELTON, CONN. — Cronheim Mortgage has arranged $22.5 million in permanent financing for The Center at Split Rock, a neighborhood retail property located in Shelton. The 10-year loan amortizes over a 30-year period and was structured with a fixed rate of 4.12 percent. Situated on 11.7 acres, the 91,197-square-foot property was constructed in 2007 and is 99 percent leased to more than 20 tenants. Current tenants include Walgreens, Outback Steakhouse, Orange Theory Fitness and Mattress Firm. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and placed the loan for the undisclosed borrower.

February 1, 2018

Hospitality Illinois Loans Midwest

Mesa West Capital Provides $48M Refinancing for Talbott Hotel in Chicago

by Kristin Harlow February 1, 2018

CHICAGO — Mesa West Capital has provided a $48 million loan for the refinancing of the newly renovated Talbott Hotel in Chicago. The borrower, Sterling Bay, acquired the 16-story hotel in the fall of 2015. Sterling Bay completed a renovation of the lobby, common areas and guest rooms and added a restaurant, fitness center and 29 new rooms to rebrand the property into a 178-room boutique hotel. The hotel reopened in May 2017. The non-recourse loan will allow Sterling Bay to stabilize the hotel over the course of the five-year loan term, according to Matthew Snyder, vice president of Mesa West. Snyder and Brian Hirsh originated the loan.

February 1, 2018

Indiana Loans Midwest Multifamily

CBRE Arranges $15.5M in Financing for Multifamily Portfolio in Anderson, Indiana

by Kristin Harlow February 1, 2018

ANDERSON, IND. — CBRE has arranged $15.5 million in financing for a three-property multifamily portfolio located in Anderson, about 40 miles northwest of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the 10-year loans through Starwood Mortgage Capital. James Management Group was the borrower. Brown and Gable arranged a $6.8 million loan for the refinancing of Villages on Madison. The 214-unit property is located at 4325 S. Madison Ave. The team also arranged a $7.2 million loan for the acquisition of the 212-unit Cross Lakes and a $1.4 million loan for the acquisition of the 72-unit Giant Oaks.

February 1, 2018

Loans Maryland Multifamily Seniors Housing Southeast

Brightview Receives $43.6M Loan from SunTrust to Finance New Seniors Housing Project in Metro D.C.

by Camren Skelton February 1, 2018

BETHESDA, MD. — Brightview Senior Living has received a $43.6 million construction loan from SunTrust Bank to finance the development of Brightview Bethesda Woodmont, a seniors housing community in Bethesda, roughly seven miles north of Washington, D.C. The community will include 112 private and semi-private apartment units — 91 for assisted living and 21 for Wellspring Village, Brightview’s specialized neighborhood for people with Alzheimer’s and other forms of dementia. The community will offer studio, one- and two-bedroom apartment homes and feature rooftop dining, a sloped floor theater, fitness area, salon/spa services and an activity room with full-scheduled programming. Bethesda Woodmont, which marks Brightview’s 40th community since 1999, is expected to create more than 100 jobs. The project is slated for completion by summer 2019.

February 1, 2018

Florida Loans Multifamily Southeast

Hunt Mortgage Provides $24.5M Refinancing for Two Apartment Communities in South Florida

by Camren Skelton February 1, 2018

LAKE WORTH AND HIALEAH, FLA. — Hunt Mortgage Group has provided two loans totaling $24.5 million for the refinancing of two multifamily properties in South Florida: Village at Lake Osborne Apartments in Lake Worth and Amelia Oaks Apartments in Hialeah. Hunt Mortgage provided a $13 million, 10-year Fannie Mae loan for Village at Lake Osborne on behalf of the borrower, AHS Development Group LLC. The loan features two years of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 118-unit property, located at 2430 Lake Worth Road, includes three, three-story apartment buildings and 168 parking spaces. In addition, the gated community features nearby public transportation, a fitness center and a pool. In Hialeah, Hunt Mortgage provided a $10.5 million Fannie Mae loan for the refinancing of Amelia Oaks on behalf of the borrower, Hialeah 2.71 Acres LLC. The 10-year loan features five years of interest-only payments and a 30-year amortization schedule. Located at 295 W. 79th Place, Amelia Oaks features 82 units housed in five, three-story buildings and 164 parking spaces.

February 1, 2018

Florida Hospitality Loans Southeast

Aztec Group Secures $15.2M Construction Loan for Comfort Inn Hotel Near Miami

by Camren Skelton February 1, 2018

MIAMI SPRINGS, FLA. — Aztec Group Inc. has arranged a $15.2 million construction loan for the development of a new Comfort Inn & Suites hotel located at 665 Mokena Drive in Miami Springs. Aztec Group arranged the loan through TotalBank on behalf of the developer, 665 Mokena Partners LLC, an entity led by Steven Marin and Michael Pfeffer. The eight-story hotel will include 120 guestrooms and will feature complimentary breakfast, a fitness center, outdoor swimming pool and deck, business center, sundries shop, guest laundry and meeting space. Travelers Hotel Group will manage the hotel, which is expected to open mid-2019.

February 1, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Capital Provides $2.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works January 31, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $2.3 million second mortgage loan to finalize the construction of a mixed-use property located at 144-146 West St. in Brooklyn’s Greenpoint neighborhood. Pembrook previously closed a $6.2 million first mortgage loan for the project in March 2017. The sponsor, comprised of multiple developers, began construction on the six-story, 21,341-square-foot apartment building, with commercial space, on an infill site. The additional $2.3 million loan will fund the construction of four additional apartments, which are targeting individuals or households up to 80 percent average median income (AMI), while agreeing to restrict three additional units to 130 percent AMI. Completion is slated for this year.

January 31, 2018

California Loans Multifamily Western

G.H. Palmer Associates Receives $97.2M Refinancing for Santa Clarita Multifamily Assets

by Nellie Day January 31, 2018

SANTA CLARITA, CALIF. — G.H. Palmer Associates has received $97.2 million in refinancing for two apartment communities in Santa Clarita. The communities include the 255-unit Sand Canyon Ranch ($39.4 million) and the 384-unit Village Apartments ($57.8 million). Sand Canyon Ranch is located at 28856 N. Silver Saddle Circle. The Village Apartments is located at 23700 Velle Del Oro. The deals were structured with 10-year, interest-only loan terms. NorthMarq’s Ory Schwartz arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program.

January 31, 2018

California Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County

by Nellie Day January 31, 2018

ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.

January 31, 2018

Loans Multifamily Texas

NXT Capital Secures $24.5M Acquisition Loan for Apartment Community in San Antonio

by Taylor Williams January 31, 2018

SAN ANTONIO — Chicago-based NXT Capital has secured a $24.5 million loan for the acquisition of a 224-unit multifamily community located in the Alamo Heights neighborhood of San Antonio. The Class B property offers convenient access to the San Antonio International Airport, as well as amenities including a pool, fitness center and business center. Luke Donahue of NorthMarq placed the loan with NXT Capital on behalf of Jevan Capital, a Phoenix-based multifamily investment firm.

January 31, 2018

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