Loans

Fantini & Gorga Secures $10.2M Financing for Two Retail Properties Near Boston

by David Cohen August 1, 2018

LEXINGTON AND WALTHAM, MASS. — Fantini & Gorga has secured $10.2 million in permanent financing for two retail properties in Lexington and Waltham. The Lexington property was built in 2010 and is located at 46 Bedford St. It features 6,698 square feet of retail space, which is fully leased to a tenant roster including Qdoba and People’s United Bank. The property in Waltham was built in 2013 and is located at 1019 Trapelo Road. It features 9,442 square feet of retail space with a tenant roster that includes Starbucks and PhysiciansOne Urgent Care. Fantini & Gorga arranged the long-term, fixed-rate loan for a local real estate investor and developer through a regional financial institution.

August 1, 2018

Illinois Loans Midwest Office

Ready Capital Provides $7.9M Refinancing for Office Property in Chicago

by Kristin Harlow August 1, 2018

CHICAGO — Ready Capital Structured Finance has provided a $7.9 million loan for the refinancing of a 38,000-square-foot office property in Chicago. The building, located on West Carroll Avenue in the Fulton Market neighborhood, was repositioned from an industrial warehouse into an office property. The non-recourse, floating-rate loan features a 36-month term. The borrower was not disclosed.

August 1, 2018

Hospitality Loans Texas

CBRE Arranges $61M Construction Loan for Marriott Hotel in Dallas

by Taylor Williams July 31, 2018

DALLAS — CBRE has arranged a $61 million construction loan for the Marriott Uptown, a 255-room hotel being developed at the intersection of Carlisle and Fairmount streets in Dallas. The hotel is slated to open in May 2020 and will feature a pool, fitness center and 12,980 square feet of meeting space. Jay Wagley, John Fenoglio, Matthew Miller, Marc Sallette and Olga Lepow of CBRE arranged the financing through IBC Bank on behalf of the developer, Dallas-based Alamo Manhattan.

July 31, 2018

Illinois Loans Midwest Multifamily

Citizens Bank Provides $20.9M Construction Loan for Apartment Property in Chicago’s Lincoln Park

by Kristin Harlow July 31, 2018

CHICAGO — Citizens Bank has provided a $20.9 million loan for the construction of 42 luxury apartments at Norweta Row in Chicago’s Lincoln Park neighborhood. The development also includes 31 for-sale condominium units that will share amenities with the apartments, but were not part of the collateral for this loan. The apartment phase of the project is due for completion in spring 2019 and will encompass 79,000 square feet. Community amenities will include a pool, fire pit, outdoor grilling area, sport court and dog wash station. Christopher Knight and Greg LaBine of HFF arranged the loan on behalf of the borrower, Broder.

July 31, 2018

Loans Midwest Multifamily Ohio

SunTrust Arranges $20.3M Fannie Mae Refinancing of Multifamily Property in Dayton, Ohio

by Kristin Harlow July 31, 2018

DAYTON, OHIO — SunTrust Banks Inc. has arranged a $20.3 million Fannie Mae loan for the refinancing of a 300-unit multifamily property in Dayton. Built in 1988, the Class B property is located 11 miles southwest of Dayton’s central business district. Joe Markech of SunTrust originated the 12-year loan, which features a 30-year amortization schedule. Markech sourced the transaction through Michael Dury of PR Mortgage & Investments.

July 31, 2018

Loans Multifamily North Carolina Southeast

Canyon Provides $16.9M Equity Investment for New Multifamily Construction in Raleigh

by Camren Skelton July 31, 2018

RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $16.9 million preferred equity investment to Kane Realty Corp. for the development of Vine North Hills, a 326-unit apartment community in Raleigh’s North Hills submarket. Located on four acres along St. Albans Drive, Vine North Hills is the first phase of the 33-acre, multi-phased North Hills East Expansion. The community will feature a mix of studio to three-bedroom apartment units with quartz countertops, stainless steel appliances, glass walk-in showers and private balconies. Community amenities will include a clubhouse with hospitality kitchen, lounge and game rooms, fitness center, saltwater pool, grills, fire pits, dog washing facility, a bike center and storage units. A construction timeline was not disclosed.

July 31, 2018

Acquisitions Loans Multifamily Washington Western

Security Properties Buys 248-Unit Multifamily Community in Lacey, Washington

by Amy Works July 31, 2018

LACEY, WASH. — HFF has secured an undisclosed amount of financing for The MARQ on Martin, a multifamily community located at 8545 Litt Drive SE in Lacey. Security Properties, the borrower, used the loan to acquire the property, which was completed earlier this year. Charles Halladay, Scott Gilson and Robert Bova of HFF arranged a 10-year, fixed-rate loan with five years of interest-only payments through Freddie Mac for the borrower. HFF will service the securitized loan. The MARQ on Martin features 248 units in a mix of studio, one- and two-bedroom layouts offering stainless steel appliances, in-unit washers/dryers, and walk-in closets. Community amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong table, an outdoor grilling and dining area, a 24-hour fitness center, and a clubhouse with fireplace, billiards and entertainment kitchen.

July 31, 2018

Development Georgia Loans Maryland Mixed-Use Southeast Top Stories

Armada Hoffler Announces Two Mixed-Use Developments in Baltimore, Atlanta

by John Nelson July 31, 2018

BALTIMORE AND ATLANTA — Armada Hoffler Properties Inc. (NYSE: AHH), a commercial real estate developer and investor based in Virginia Beach, is participating in two new mixed-use projects in Baltimore and Atlanta. The REIT’s wholly owned subsidiary, Armada Hoffler Construction Co., will serve as general contractor for both developments. In Baltimore’s Inner Harbor East district, Armada Hoffler is developing Wills Wharf, a 12-story mixed-use building that will anchor the 27-acre Harbor Point development. Armada Hoffler co-developed the other components of Harbor Point with Beatty Development Group, including the 500,000-square-foot Exelon mixed-use tower, the 260,000-square-foot Thames Street Wharf office building and Point Street Apartments. Situated on the waterfront of the Inner Harbor, the $117 million Wills Wharf project will span 325,000 square feet of office and retail space and will feature a 156-room Canopy by Hilton hotel on the top four floors. Armada Hoffler expects to deliver the building in the first quarter of 2020. “Wills Wharf represents the latest evolution of a relationship with the principals of Beatty Development Group that has spanned over two decades,” says Louis Haddad, president and CEO of Armada Hoffler Properties. “We are excited to continue our relationship with Beatty Development Group in leading Baltimore’s …

July 31, 2018

Hospitality Loans New York Northeast

Madison Realty Provides $38M Construction Loan for Hotel Development in Manhattan

by David Cohen July 30, 2018

NEW YORK CITY — Madison Realty Capital has provided a $38 million construction loan for the development of a new hotel in Midtown, Manhattan. The borrower, McSam Hotel Group led by New York developer Sam Chang, is currently constructing a 106,827-square-foot, 28-story building that will feature a 320-key Radisson hotel upon completion. Loan proceeds will be used to finalize construction of the building. The ground-up development is slated for completion in the next 12 months. Terms of the loan were not disclosed.

July 30, 2018

Loans Multifamily Texas

Dougherty Provides $1.5M Acquisition Loan for Apartment Community in Kingsville, Texas

by John Nelson July 30, 2018

KINGSVILLE, TEXAS — Dougherty Mortgage has provided a $1.5 million Fannie Mae loan for the acquisition of South Park Estates Apartments in Kingsville. The borrower, AK Apartments LLC, has rebranded the 40-unit, market-rate multifamily community as Aviator Kingsville. Dougherty Mortgage and partner Old Capital provided the 12-year loan with a 30-year amortization schedule. AK Apartments has retained 3CM Multifamily to manage the property.

July 30, 2018

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