Loans

HFF Arranges $66M Construction Loan for Mixed-Use Project in Houston

by Taylor Williams July 20, 2017

HOUSTON — HFF has arranged a $66 million construction loan for Phase I of Buffalo Heights, a mixed-use development that will be located at 3663 Washington St. in Houston. Phase I will be anchored by a 90,000-square-foot H-E-B. The project will ultimately deliver 2,200 square feet of inline retail, 36,800 square feet of office space and a 232-unit luxury apartment building. Completion is slated for 2019. Colby Mueck and Matthew Putterman of HFF arranged the loan on behalf of the owner, BKR Memorial II LP, and developer, Midway. New York-based U.S. Trust, Bank of America Private Wealth Management provided the funds.

July 20, 2017

Loans Multifamily Texas

Azure Partners Receives $32M Acquisition Loan for 267-Unit Apartment Complex in Fairview

by Taylor Williams July 20, 2017

FAIRVIEW, TEXAS — Azure Partners LLC has received a $32 million acquisition loan for Sorrel Fairview, a 267-unit, Class A multifamily property located at 351 Sugarloaf Trail in the North Texas city of Fairview. The property features a pool, game room, fitness center and an on-site car wash. Abe Hirsch, Moshe Majeski and Zev Karpel of Meridian Capital arranged the five-year loan, which features a fixed 4 percent interest rate and three years of interest-only payments.

July 20, 2017

Features Loans Multifamily Top Stories

Fannie Mae Off to Hot Start, Freddie Mac Pushing Past Market ‘Disruption’ That Slowed Its First-Quarter Production

by John Nelson July 19, 2017

Fannie Mae started off the year with a bang, producing $17.4 billion in multifamily financing in the first quarter, up about 38 percent compared to the first quarter of 2016. The quarterly total was also up 20 percent from its fourth-quarter 2016 production. Compared to its counterpart, Freddie Mac had a slower start to the year, producing $12.7 billion in the first quarter, down about 28 percent from both first-quarter and fourth-quarter 2016. Hilary Provinse, Fannie Mae’s senior vice president of customer engagement, says the driver of Fannie Mae’s hot start is the increased activity in its green product lines, which incentivize borrowers to perform energy and water efficiency improvements at their properties to qualify for financing with reduced interest rates. “Fannie Mae is the market leader in green rehab financing,” says Provinse. “In 2016, we did $3.6 billion in green financing volume. In the first quarter of 2017 alone we did $5 billion.” David Brickman, executive vice president of Freddie Mac’s multifamily business, says that Freddie Mac’s first-quarter production was more affected by the “pause” in the market in late 2016 and early 2017 than Fannie Mae. “There was a little disruption in the fourth quarter of last year …

July 19, 2017

Connecticut Loans Multifamily Northeast

Colliers Arranges $13.7M in Refinancing for 152-Unit Apartment Community in Vernon, Connecticut

by Amy Works July 19, 2017

VERNON, CONN. — Colliers International has arranged the $13.7 million in refinancing for Vernon Gardens, a 152-unit apartment community located at 695 Talcottville Road in Vernon. John Banas and Kris Wood of Colliers secured the five-year, fixed-rate loan, which features a five-year reset, for the undisclosed borrower. Built in 1965, the 10-building property features 102 one-bedroom units, 25 two-bedroom apartments, 24 two-bedroom townhouse units and one landlord-occupied office space. At the time of financing, the property was 97 percent occupied.

July 19, 2017

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $6M in Financing for Five-Building Industrial Portfolio in New Jersey

by Amy Works July 19, 2017

ORANGE, N.J. — G.S. Wilcox & Co. has arranged $6 million in financing for a five-building industrial portfolio located in Orange. The properties total more than 115,000 square feet of industrial space, with the majority offering 22-foot ceiling heights. Gretchen S. Wilcox and Al Raymond of G.S. Wilcox secured the financing for the borrower, a private equity firm.

July 19, 2017

California Loans Office Western

Concord Airport Plaza in Concord Receives $43.3M in Financing

by Nellie Day July 19, 2017

CONCORD, CALIF. — Concord Airport Plaza, a 350,256-square-foot office property in Concord, has received $43.3 million in financing. The two-building property is located at 1200 and 1220 Concord Ave. The five-year, floating-rate loan will be used to reposition the property. HFF’s Chris Gandy and Christie Donnelly placed the loan with ACORE Capital.

July 19, 2017

Florida Loans Multifamily Southeast

Greystone Provides $17.3M Acquisition Loan for Apartment Community in Palm Bay

by Camren Skelton July 19, 2017

PALM BAY, FLA. — Greystone has provided a $17.3 million bridge loan for the acquisition of The Pavilions at Monterey, a 271-unit, Class B multifamily property in Palm Bay. Leor Dimant of Greystone facilitated the two-year, fixed-rate loan through HUD on behalf of the borrower, Carabetta Cos., which purchased the property in June for $20.7 million. The Pavilions at Monterey features a fitness center and swimming pool.

July 19, 2017

Hospitality Loans Midwest Minnesota

CBRE Arranges $26.9M Construction Loan for 168-Room Hotel in Minneapolis

by Kristin Harlow July 19, 2017

MINNEAPOLIS — CBRE has arranged a $26.9 million loan for the construction of The Elliot Park Hotel in downtown Minneapolis. The 168-room Autograph Collection hotel by Marriott will be located on the northeast corner of 5th Avenue South and South 9th Street. The boutique hotel, slated to open in summer 2018, is part of a block redevelopment by Kraus–Anderson. The redevelopment will include a new corporate office for Kraus-Anderson, a 17-story apartment tower and a microbrewery. Jason Brown, Dan Gable, Joel Torborg and Jonathan Rice of CBRE arranged the loan on behalf of the Wilkinson Corp. Bank of the Ozarks provided the three-year loan.

July 19, 2017

California Loans Office Western

Easterly Government Properties Obtains $127.5M Loan to Acquire Medical Office Building in Yorba Linda

by Nellie Day July 18, 2017

YORBA LINDA, CALIF. — Easterly Government Properties has obtained $127.5 million in acquisition financing for a 327,641-square-foot medical office building in the Orange County submarket of Yorba Linda. The Class A building is located at 26001 Redlands Blvd. Construction was recently completed on the space. It is fully leased to the Department of Veterans Affairs (VA) for 20 years. Goldman Sachs provided the 10-year, fixed-rate, interest-only loan at a 60 percent loan-to-value ratio. CBRE’s Tom Traynor, James Millon, James Scott and Bernard Van der Lande secured the loan.

July 18, 2017

Loans Multifamily Southeast Virginia

Capital One Secures $34.5M Loan for Refinancing of Multifamily Property in Northern Virginia

by Camren Skelton July 18, 2017

RESTON, VA. — Capital One has provided a $34.5 million loan for the refinancing of Springs at Reston, a 362-unit apartment community in Reston, approximately 23 miles west of Washington, D.C. Joel Willard and Michael Antonelli of Capital One secured the fixed-rate loan with 10 years of interest-only payments through Fannie Mae on behalf of the borrower, Lerner Enterprises. Constructed in 1972, Springs at Reston includes 27 three- and four-story garden-style apartment buildings and features a playground, picnic area and laundry facilities. All units are affordable for those making 80 percent or less of the area median income.

July 18, 2017

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