Loans

OpenPath Investments Obtains $52M Loan for the Eleven Hundred Apartments in Sacramento

by Nellie Day August 1, 2017

SACRAMENTO, CALIF. — OpenPath Investments has obtained a $52 million loan for the 565-unit Eleven Hundred Apartments in Sacramento. The financing is part of Freddie Mac’s Green Up program, which supports environmental improvements to properties. The Class B community is located at 1100 Howe Ave. and was first constructed in 1961. Since 2015, the property has undergone renovations including more than $6.5 million in improvements and repairs to common areas and the interiors of 535 units. The borrower plans to invest an additional $400,000 into the property, half of which will be allocated to green upgrades. The 10-year Freddie Mac loan was structured with five years of interest-only payments and a 75 percent loan to value. Walker & Dunlop structured the financing.

August 1, 2017

California Loans Multifamily Western

Capital One Provides $47.2M Refinancing for Chesapeake Commons Apartments in Rancho Cordova

by Nellie Day August 1, 2017

RANCHO CORDOVA, CALIF. — Capital One has provided a $47.2 million refinancing for the 600-unit Chesapeake Commons apartment complex in the Sacramento submarket of Rancho Cordova. The Wasatch Group has owned the property since February 1997. It has invested in upgrading exteriors, community amenities and individual units. The seven-year, Fannie Mae fixed-rate loan features full-term, interest-only payments.

August 1, 2017

Industrial Loans New York Northeast

Knighthead Funding Closes $15M Acquisition Loan for Industrial Buildings in Brooklyn

by Amy Works July 31, 2017

NEW YORK CITY — Knighthead Funding has closed a $15 million first mortgage acquisition loan for three industrial buildings in the East Williamsburg section of Brooklyn. The borrower was not disclosed. The property has an existing as of right to build a residential development containing approximately 103,500 square feet. The property was acquired for $28 million.

July 31, 2017

Loans Maryland Retail Southeast

Revere Capital Provides $17M Bridge Loan for Mall in Metro Baltimore

by Camren Skelton July 31, 2017

GLEN BURNIE, MD. — Revere Capital has provided a $17 million bridge loan for Marley Station Mall, an 800,000-square foot, Class B mall located at 7900 Ritchie Highway in Glen Burnie, roughly 11 miles south of Baltimore. Matt Turner of Revere Capital structured the loan. Constructed in 1987, Marley Station Mall is anchored by JC Penney, Sears and Macy’s, and is home to 120 stores including Gold’s Gym, Bath & Body Works, Men’s Wearhouse, Victoria’s Secret, Kay Jewelers, Justice and Marley Station Movies.

July 31, 2017

California Loans Multifamily Seniors Housing Western

Capital One Provides $77.7M Refinancing for Nine-Property Pacifica Seniors Housing Portfolio

by Nellie Day July 31, 2017

SAN DIEGO — Capital One has provided a $77.7 million loan to refinance a portfolio of nine seniors housing facilities in Arizona, California, Florida, Oregon and Utah. The mortgage consists of $67.7 million in initial funding and an earn-out as specific conditions are met. The borrower is Pacifica Cos., a San Diego-based real estate developer, owner, investor and investment management with properties in office, industrial, retail, net-leased single-tenant, multifamily, residential, seniors housing and hospitality, as well as land for development. Its seniors housing division is named Pacifica Senior Living. The specific names of the properties were not disclosed. Specializing in assisted living and memory care, Pacifica Senior Living manages dozens of communities in Arizona, California, Florida, Georgia, Idaho, Nevada, New Mexico, North Carolina, Oregon, Rhode Island, Texas, Utah and Virginia.

July 31, 2017

California Loans Multifamily Western

Bellwether Enterprise Closes $75M Refinancing for Vistara Apartments in Ontario

by Nellie Day July 31, 2017

ONTARIO, CALIF. — Bellwether Enterprise has closed two loans totaling $75 million that will be used to refinance the 298-unit Vistara Apartments in Ontario. The community is located at 3410 E. 4th St. Vistara was delivered this past September. Amenities include a clubhouse and leasing office, a 24-hour fitness and yoga center, a resort pool area with spa, three outdoor entertainment areas with televisions and barbeques, 575 parking spots, and a dog wash and grooming area. Bellwether Enterprise arranged a $59 million permanent loan for a 20-year term with interest-only payments for two years, followed by a 38-year amortization schedule and a fixed interest rate. The $16 million mezzanine loan was arranged for a five-year term with interest-only payments and a fixed interest rate.

July 31, 2017

Loans Multifamily Texas

KeyBank Provides $29M Acquisition Loan for 313-Unit Multifamily Asset in Metro Houston

by Taylor Williams July 31, 2017

NASSAU BAY, TEXAS — KeyBank Real Estate Capital has provided a $29 million Fannie Mae loan for the acquisition of Voyager at the Space Center, a 313-unit multifamily property located at 18101 Point Lookout Drive in the Houston metro of Nassau Bay. The Class A property was built in 2010. Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule and five years of interest-only payments.

July 31, 2017

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $218.2M in Construction Financing for JW Marriott Hotel in Orlando

by Taylor Williams July 31, 2017

ORLANDO, FLA. — Walker & Dunlop Inc. (NYSE: WD) has arranged $218.2 million in construction financing for JW Marriott Bonnet Creek, a 516-room luxury hotel and resort project in Orlando. The non-recourse financing represents 77.3 percent of the total project cost of $282 million, and comprises both senior and mezzanine debt. A partnership between Walker & Dunlop’s Miami capital markets team and SRF Ventures Inc., a New York-based real estate investment and advisory firm, provided the funds. The hotel will be situated on 10 acres near the Epcot section of the Walt Disney World Resort complex, with close proximity to local attractions such as Magic Kingdom and Universal Studios, as well as the Orlando International Airport. Designed by Dallas-based architecture and engineering firm Huitt-Zollars Inc., the project will also deliver a 1,000-space parking garage. Hotel amenities will include 50,000 square feet of meeting and banquet space, a business center, luxury spa and fitness area and a lazy river with guest pools. “This was a very marketable deal with a great sponsor,” says Kevin O’Grady, managing director of Walker & Dunlop’s Miami capital markets team. “Structuring transactions like this is right in the bull’s-eye of our expertise, and we’re very pleased …

July 31, 2017

Loans Multifamily Texas

LMI Capital Arranges $28.7M in Loans for Multifamily Properties in Houston

by Taylor Williams July 28, 2017

HOUSTON, TEXAS — LMI Capital has arranged $28.7 million in acquisition and refinancing loans for two multifamily properties in Houston. Jamie Mullin of LMI arranged a 10-year, $12 million acquisition loan at 4.11 percent interest for a 330-unit asset. Brandon Brown of LMI arranged a 10-year, $16.7 million refinancing loan at 4.44 percent interest for a 270-unit property.

July 28, 2017

Loans Retail Texas

HFF Secures $17.7M Loan for 174,484 SF Retail Power Center in Plano

by Taylor Williams July 28, 2017

PLANO, TEXAS — HFF has secured $17.7 million in post-acquisition financing for Creekwalk Village, a 174,484-square-foot retail power center situated on 14.7 acres at 801 W. 15th St. in Plano. The center currently houses tenants such as Michaels, Bed Bath & Beyond, Barnes & Noble and Designer Shoe Warehouse. Chris Drew, Nat Scarmazzi and De’On Collins of HFF secured the financing on behalf of an affiliate of Sterling Organization, a Florida-based private equity firm. Southside Bank originated the loan.

July 28, 2017

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