Loans

Grandbridge Provides $44M Permanent Loan for Crowne at Timberline Apartments in Fort Collins

by Nellie Day November 10, 2017

FORT COLLINS, COLO. — Grandbridge Real Estate Capital has provided $44 million in first-mortgage financing for the 310-unit Crowne at Timberline apartments in Fort Collins. The Class A community is located at 2001 Rosen Drive. Crowne at Timberline offers a view of the Rockies Mountains Front Range. Amenities include a media room, exercise room, business center, swimming pool, waterscape area, and outdoor lounge area with fire pit and TVs. The 10-year, permanent, fixed-rate loan features a 30-year amortization schedule with an initial period of interest-only payments. Proceeds from the loan will be used to pay off the construction loan. The property opened in late 2016. William Silsbee originated the transaction for an undisclosed repeat customer.

November 10, 2017

Loans Michigan Midwest Office

Bernard Financial Arranges $67.5M CMBS Loan for Refinancing of Office Building in Detroit

by Kristin Harlow November 10, 2017

DETROIT — Bernard Financial Group has arranged a $67.5 million CMBS loan for the refinancing of a 489,786-square-foot office building in Detroit. The multi-tenant, 25-story building is located at 150 W. Jefferson Ave. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan on behalf of the borrower, 150 West Jefferson Owner LLC.

November 10, 2017

Illinois Loans Midwest Retail

Maverick Commercial Arranges $4M Refinancing for Automotive Dealership in Orland Park, Illinois

by Kristin Harlow November 10, 2017

ORLAND PARK, ILL. — Maverick Commercial Mortgage Inc. has arranged a $4 million loan for the refinancing of an automotive dealership in Orland Park, about 25 miles southwest of Chicago. CJ Wilson Mazda of Orland Park occupies the 22,000-square-foot dealership. Benjamin Kadish of Maverick arranged the five-year loan, which features a 20-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage and paid for closing costs. A local lender provided the loan.

November 10, 2017

Florida Loans Multifamily Southeast

Phillips Realty Capital Secures $19.2M Acquisition Loan for Multifamily Asset in Eastern Florida

by Camren Skelton November 10, 2017

MELBOURNE, FLA. — Phillips Realty Capital has arranged a $19.2 million loan for the acquisition and renovation of Landmark at Waverly Place, a 208-unit apartment community in Melbourne, roughly 70 miles southeast of Orlando. Adam Bieber of Phillips Realty Capital arranged the loan through Ares Management on behalf of the borrower, BG Capital Management. Landmark at Waverly Place features a resort-style pool, clubhouse, fitness center, poolside kitchens and a dog park. Constructed in 1987, the property offers one- to three-bedroom floor plans. BG Capital Management will upgrade 88 of the units over the next two years.

November 10, 2017

Loans Multifamily Texas

Hunt Mortgage Provides $61.5M Refinancing for Three Multifamily Properties in Metro Houston

by John Nelson November 10, 2017

HOUSTON — Hunt Mortgage Group has provided three Fannie Mae loans totaling $61.5 million for the refinancing of three apartment communities in the metro Houston area. All three non-recourse bridge and permanent loans were for the same borrower, Charlie Yalamanchili and Ilan Investments LLC, a Houston-based commercial real estate and multifamily investor. The financing included a two-year, floating-rate loan for Ravello at Tuscan Lakes, a 244-unit community located at 1750 E. League City Parkway in League City; a 10-year loan with four years of interest-only payments and a 30-year amortization schedule for Breton Mill, a 392-unit property located at 13555 Breton Ridge St. in Houston’s Champions/Willowbrook submarket; and a 10-year loan with five years of interest-only payments and a 30-year amortization schedule for Champion Oaks, a 252-unit community also situated in the Champions/Willowbrook submarket. The Ravello loan included a $150,000 reserve for capital improvements, and the Breton Mill and Champion Oaks refinances were closed utilizing Fannie Mae’s Green Rewards program, which funded the borrower’s planned energy- and water utility-saving improvements. Colin Cross led Hunt Mortgage’s origination team in Dallas for the refinancings.

November 10, 2017

Loans Multifamily New York Northeast

Greystone Bassuk Arranges $217.5M Refinancing for 586-Unit Multifamily Tower in Brooklyn

by Amy Works November 9, 2017

NEW YORK CITY — Greystone Bassuk has secured a $217.5 million loan for an affiliate of The Gotham Organization for the refinancing of The Ashland, a 53-story multifamily tower located at 250 Ashland Place in Brooklyn. The 30-year, fixed-rate loan was originated by Wells Fargo Multifamily Capital and securitized through Fannie Mae’s multifamily Mortgage-Backed Securities program. Greystone Bassuk served as exclusive advisor on the transaction. Designed by SPAN Architects, the 547,000-square-foot property features 586 mixed-income apartment units, 11,500 square feet of cultural office space and 17,000 square feet of retail space, which is occupied by Gotham Market. On-site amenities include a fitness studio, outdoor fitness area, outdoor screening area, multiple indoor lounges, playroom and stroller/bicycle room.

November 9, 2017

Hospitality Indiana Loans Michigan Midwest

KeyBank Provides $69.9M CMBS Loan for Refinancing of Hotel Portfolio in Indiana and Michigan

by Kristin Harlow November 9, 2017

INDIANA AND MICHIGAN — KeyBank Real Estate Capital has provided a $69.9 million CMBS loan for the refinancing of an eight-property hotel portfolio in Indiana and Michigan. The 694-room portfolio consists of four extended-stay Homewood Suites by Hilton hotels and four limited-service Hilton Hampton Inn hotels located in various cities across Indiana and Michigan. Jake Proctor of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. HRC Hotels was the borrower.

November 9, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $32M Refinancing for Apartment Property in Omaha

by Kristin Harlow November 9, 2017

OMAHA, NEB. — NorthMarq Capital has arranged a $32 million Freddie Mac loan for the refinancing of Broadmoor at Aksarben Village in Omaha. The 258-unit apartment property is located at 2225 South 64th Plaza. Amenities include a fitness center, movie theater, business center, clubhouse and resort-style pools. Jason Kinnison of NorthMarq arranged the loan.

November 9, 2017

District of Columbia Loans Multifamily Retail Southeast

ING Capital Leads $110M Refinancing of 310-Unit Multifamily, Retail Asset in D.C.

by Camren Skelton November 9, 2017

WASHINGTON, D.C. — ING Capital LLC has led the $110 million refinancing of Atlantic Plumbing, a 310-unit multifamily and retail property located at the intersection of 8th and V streets in Washington, D.C. BMO Harris Bank joined ING as a co-lender in the financing on behalf of the borrower, JBG Smith, a publicly traded REIT based in Chevy Chase, Md. Architect Morris Adjmi designed the 10-story, Class A building. The retail portion of the property is leased to tenants including Landmark Theaters, Tasty Burger, Declaration Pizza, Bazaar Spices and Hazel.

November 9, 2017

Florida Loans Mixed-Use Multifamily Southeast Student Housing

HFF Arranges $103.3M in Construction Financing for Mixed-Use, Student Housing Project in Downtown Orlando

by Camren Skelton November 9, 2017

ORLANDO, FLA. — HFF has arranged $103.3 million in financing for the development of a mixed-use, student housing development in downtown Orlando. The project is part of the University of Central Florida (UCF)/Valencia Downtown Campus at Creative Village. The Creative Village project is a redevelopment of the former Amway Arena site into a 68-acres mixed-use, transit-oriented community. Michael Weinberg, Brian Kelly and Mike Higgins of HFF arranged the financing on behalf of the project’s co-developers, DEVEN – Development Ventures Group Inc. and Ustler Development Inc. The financing included a $68.1 million construction loan from PCCP LLC, $29.9 million in joint venture equity from Halstatt Real Estate Partners and $5.3 million in sponsor equity contributed by the co-developers. The 15-story building will include 600 student housing beds, 11,000 square feet of ground floor retail space, 600 parking spaces and 102,500 square feet of space that is long-term leased to UCF and Valencia College for education and education support services. The project is slated for completion in August 2019 and will coincide with the opening of the UCF/Valencia Downtown Campus at Creative Village.

November 9, 2017

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