Loans

Pinnacle Living Secures $50.6M Loan for Expansion of Seniors Housing Asset in Richmond

by Camren Skelton August 23, 2017

RICHMOND, VA. — Pinnacle Living, a Glen Allen, Va.-based provider of retirement and seniors housing communities, has secured a $50.6 million loan from SunTrust Bank for the renovation and expansion of Cedarfield, a 90-acre retirement community in Richmond. Formerly known as Virginia United Methodist Homes Inc., the company rebranded to Pinnacle Living in June. The company owns and operates seven seniors housing communities in Virginia. Cedarfield’s renovation will include upgrades to the dining spaces, including the addition of a new pub, marketplace and a fine dining concept. Other planned improvements include a new health and wellness center, additional parking and upgrades to additional facilities and outdoor gathering places.

August 23, 2017

Hospitality Loans Southeast West Virginia

KeyBank Secures $14.5M CMBS Loan for Hotel in Charleston, West Virginia

by Camren Skelton August 23, 2017

CHARLESTON, W.VA. — KeyBank Real Estate Capital has arranged a $14.5 million CMBS loan for Four Points by Sheraton, a 176-room hotel in Charleston. William Cassidy of KeyBank structured the 10-year, nonrecourse loan featuring a 30-year amortization schedule. The borrower used the loan to refinance existing debt. Constructed in 1966 and renovated in 2014, the 12-story Four Points by Sheraton comprises 158,576 square feet and includes 10,000 square feet of office space, eight residential condos and a 286-space parking garage. Hotel amenities include a business center, fitness center and an indoor heated swimming pool.

August 23, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $12.7M in LIHTC Funding to Preserve Affordable Housing in Albany, NY

by Jaime Lackey August 22, 2017

ALBANY, N.Y. — KeyBank Community Development Lending & Investment has partnered with Riverside Capital to provide a $12.7 million Low Income Housing Tax Credit (LIHTC) equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments, an affordable housing development in Albany, NY. The project will be financed with a combination of LIHTC equity and tax-exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a House NY Mitchell Lama subsidy loan and existing reserves. The property features 188 LIHTC-regulated units serving families that earn up to 60 percent of the area median income. Of these units, 131 will be covered by a 20-year Housing Assistance Payments contract allowing families who are eligible for the HAP subsidized units to pay no more than 30 percent of their income toward rent. Skyline Gardens Apartments was originally built in 1973. It was last renovated more than 20 years ago. Tori O’Brien of of KeyBank Community Development Lending arranged the financing.

August 22, 2017

Loans Midwest Ohio Retail

PGIM Provides $33M Bridge Loan for Shopping Center in Columbus, Ohio

by Kristin Harlow August 22, 2017

COLUMBUS, OHIO — PGIM has provided a $33 million, two-year bridge loan for the Graceland Retail Center in Columbus. The shopping center spans 320,000 square feet. Anchor tenants include Kroger, LA Fitness and Michaels. The center was originally constructed in 1954 and redeveloped in 2005. Christy Lockridge and Craig Foreman of PGIM led the loan transaction on behalf of PGIM. Unnamed institutional investors were the borrowers. “This loan on a grocery-anchored retail center will help the sponsor make improvements at the property to achieve its business plans,” says Marcia Diaz, global head of originations at PGIM Real Estate Finance. “This financing represents the first of many we would like to realize in the core-plus space. Our expansion will continue through identifying both stabilized and transitional properties that meet our financing criteria.”

August 22, 2017

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Arranges $6.9M FHA Loan for Affordable Housing Property in Ironton, Ohio

by Kristin Harlow August 22, 2017

IRONTON, OHIO — KeyBank Real Estate Capital has arranged a $6.9 million FHA loan for the renovation of Sherman Thompson Towers Apartments in Ironton, located in southernmost Ohio along the Ohio River. The affordable seniors housing property consists of 151 units, each of which are designated for residents earning 30 to 60 percent of the area median income. The Ohio Housing Finance Agency provided tax credits for the project. Jeff Rodman of KeyBank arranged the loan for the borrower, Millennia Housing Development Ltd.

August 22, 2017

Loans New York Northeast Office

Cushman & Wakefield Arranges $400 Million Financing for 1.1 MSF Office Building In NYC

by Jaime Lackey August 21, 2017

NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Trinity Wall Street in arranging $400 million of acquisition financing secured by 375 Hudson Street in Manhattan. The senior mortgage financing was provided by affiliates of Goldman Sachs Mortgage Company. The 19-story Class A office and retail property was constructed in 1987; it contains nearly 1.1 million square feet of rentable area including 17 floors of office space, prime ground-floor retail space, a gym and rooftop outdoor running track, 46,000 square feet of storage space as well as a two-level, 100-space parking garage. The property’s office space is fully leased, anchored by Saatchi & Saatchi, which occupies more than 62 percent of the space. Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented Trinity Wall Street.

August 21, 2017

Loans Northeast Office Pennsylvania

KeyBank Provides $49.3M Acquisition Loan for Pennsylvania Office Complex

by Jaime Lackey August 21, 2017

MALVERN, PA. — KeyBank has provided a $49.3 million CMBS first-mortgage loan for the acquisition of Great Valley Commerce Center, a Class A office property in Malvern. The two-building property totals 356,223 square feet. The buildings were constructed in 1968 and 1975 and were renovated in 2010 and 2011. Current tenants include DaVita, Unisys Corp. and HERE Holding. John Christen of KeyBank arranged the 10-year loan, which has an amortization schedule of 30 years. KeyBank will also originate a $5 million mezzanine loan with a 10-year interest-only period.

August 21, 2017

Loans Midwest Minnesota Multifamily Student Housing

Deering Commercial Mortgage Arranges $16.5M Refinancing Loan for Student Housing Property in Minneapolis

by Kristin Harlow August 18, 2017

MINNEAPOLIS — Deering Commercial Mortgage LLC has arranged a $16.5 million loan for the refinancing of a student housing property in Minneapolis. The 92-unit property, called 1301 University, is located near the University of Minnesota. The building features studio, one-, two-, three- and four-bedroom units. Amenities include a fitness center and underground parking. Len Deering of Deering Commercial Mortgage arranged the 10-year loan. Goldman Sachs provided the loan.

August 18, 2017

Loans Massachusetts Multifamily Northeast Seniors Housing

Claremont Cos. Receives $17.6M in Refinancing for Seniors Housing Community in Massachusetts

by Amy Works August 18, 2017

SOUTH DARTMOUTH, MASS. — Claremont Cos. has received $17.6 million in affordable housing financing from MassHousing for the refinancing of Solemar at South Dartmouth. The refinancing of the mixed-income seniors housing community preserves the affordability of the property’s 100 affordable units through 2034. Claremont Cos. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. Built in 1977, Solemar at South Dartmouth features 200 mixed-income rental units across 25 buildings. Fifty of the affordable units are rented to residents earning at or below 50 percent of the area median income (AMI), and 50 are rented to residents earning at or below 80 percent of AMI. The remaining 100 units are rented at market rate.

August 18, 2017

California Loans Maryland Multifamily Southeast Top Stories Western

Bellwether Enterprise Arranges $185M Refinancing for Multifamily Portfolio in California, Maryland

by Kristin Harlow August 18, 2017

LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, AvalonBay Communities (NYSE: AVB). New York Life was the lender. AvalonBay Communities is a real estate investment trust that owns and manages apartment properties concentrated in the Northeast and Western regions. Bellwether Enterprise is a subsidiary of Enterprise Community Investment. — Kristin Hiller

August 18, 2017

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