Loans

Bellwether Closes $67M in Financing for Two Multifamily Properties in Carolinas

by Camren Skelton September 8, 2017

NORTH MYRTLE BEACH, S.C. AND HUNTERSVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed $67 million in financing for two multifamily properties in the Carolinas: Summer Chase Apartments in North Myrtle Beach and Brookson Resident Flats in Huntersville. Cooper Willis of Bellwether Enterprise arranged the $31.8 million acquisition loan through New York Life for Brookson Resident Flats on behalf of the borrower/buyer, Carter Haston Real Estate Services. Todd Johnson of Bellwether arranged $16 million in joint venture equity for the asset. Delivered earlier this year, the 296-unit apartment community is located roughly 15 miles from Charlotte and features a swimming pool, athletic club, bike sharing services and garages. Ridge Stafford of Bellwether arranged a $12.8 million Fannie Mae acquisition loan for Summer Chase Apartments on behalf of the borrower/buyer, MACC Partners. Todd Johnson arranged $3.6 million in joint venture equity. Constructed in 2000, the 168-unit community features a swimming pool, fitness center, laundry facilities, playground and a grilling area.

September 8, 2017

Loans Massachusetts Multifamily Northeast

Cushman & Wakefield Secures $38M in Financing for Two Multifamily Properties in Worcester, Massachusetts

by Amy Works September 8, 2017

WORCESTER, MASS. — Cushman & Wakefield has arranged $38 million in financing for MG2 Group for two multifamily properties: Bancroft on the Grid and Portland on the Grid. Located along the Common in Worcester, the adjacent properties total 335 residential units and 27,000 square feet of ground-floor commercial space. The loan will facilitate the assets’ transition to luxury apartments and provide necessary capital to build out two high-end restaurant spaces at ground level. The properties are part of a large contiguous assemblage of 540 residential units and 60,000 square feet of commercial space that MG2 rebranded as The Grid District in 2016. Tom Sullivan of Cushman & Wakefield secured the financing through Ladder Capital of New York for the borrower.

September 8, 2017

Loans Mixed-Use Texas

Southside Bank Provides $36.8M Construction Loan for Mixed-Use Project in College Station

by Taylor Williams September 8, 2017

COLLEGE STATION, TEXAS — Southside Bank has provided a $36.8 million loan to Stratus Properties Inc. for the construction of Jones Crossing, a 258,000-square-foot mixed-use property in College Station. The project will be anchored by a 106,000-square-foot H-E-B store and will include 47,250 square feet of village-style retail space, eight pad sites, up to 600 multifamily units and a 120-room hotel. Stratus began construction on Jones Crossing’s first two phases this week. Loan terms were not disclosed.

September 8, 2017

Loans Multifamily Texas

MCA Arranges $10.5M in Refinancing for Apartment Community in Dallas

by Taylor Williams September 8, 2017

DALLAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged $10.5 million in refinancing for La Hacienda Apartments, a multifamily community located at 1198 N. St. Augustine Drive in Dallas. Justin Laub of MCA arranged the 12-year Fannie Mae loan, which features a 30-year amortization schedule, on behalf of the undisclosed borrower. The loan proceeds will provide a cash-out of the borrower’s equity in the asset.

September 8, 2017

Loans Multifamily Seniors Housing South Carolina Southeast

Ridge Care Senior Living Secures $11.3M Construction Loan for Community on South Carolina Coast

by Camren Skelton September 7, 2017

PAWLEYS ISLAND, S.C. — Ridge Care Senior Living has secured an $11.3 million construction loan for the development of Arbor Landing at Pawleys, a 100-unit seniors housing community in Pawleys Island. SunTrust Bank provided the financing for the project. The new community will feature 60 assisted living and 40 memory care units and is expected to create roughly 70 new jobs in the Pawleys Island region. The project marks Ridge Care Senior Living’s entry into the South Carolina market. The Kernersville, N.C.-based company services more than 850 residents in 13 independent living, assisted living and memory care communities throughout North Carolina and West Virginia. Arbor Landing at Pawleys is slated for completion in summer 2018.

September 7, 2017

Illinois Loans Midwest Retail

Aries/Conlon Capital Arranges $3.4M Bridge Loan for Shopping Center in Hoffman Estates, Illinois

by Kristin Harlow September 7, 2017

HOFFMAN ESTATES, ILL. — Aries/Conlon Capital has arranged a $3.4 million bridge loan for the refinancing of Golf Higgins Center in Hoffman Estates. Formerly anchored by Tiger Direct, the 28,308-square-foot retail strip mall is located at 675 W. Golf Road. Rushi Shah of Aries/Conlon Capital arranged the loan and is also a co-owner of the new Ace Hardware store, which will anchor the property. The store will officially open on Friday, Sept. 15. The non-recourse loan paid off the borrower’s existing loan and enabled the funding of the necessary tenant improvements to open the Ace Hardware store. The loan will be refinanced to permanent debt in the future. Jagmohan Jayara is the property owner and borrower.

September 7, 2017

California Loans Multifamily Western

JPI Obtains $103.5M Construction Financing for Jefferson Pacific Beach Apartments in San Diego

by Nellie Day September 6, 2017

SAN DIEGO — JPI has obtained a $103.5 million construction loan for the 172-unit Jefferson Pacific Beach apartment community in San Diego. The community is situated on a three-acre site of the former Guy Hill Cadillac dealership, directly adjacent to Mission Bay Park. The property will feature luxury apartments, as well as 14,000 square feet of ground-floor retail and creative office space. Groundbreaking is scheduled for late September 2017. PCCP provided the construction loan.

September 6, 2017

Loans Multifamily New York Northeast

HFF Secures $17M in Financing for Apartment Building in Manhattan’s East Village

by Amy Works September 6, 2017

NEW YORK CITY — HFF has arranged $17 million in financing for 185 Avenue B, a newly constructed apartment property in Manhattan’s East Village. An HFF team, led by Steven Klein, secured a 15-year, fixed-rate loan through Allianz Real Estate of America for the undisclosed borrower. Completed in 2016, the seven-story building comprises 40 studio and one-bedroom apartment units featuring nine-foot ceilings, noise-buffering double-paned windows and intercom systems.

September 6, 2017

Industrial Loans Massachusetts Northeast Office

Valencia Realty Capital Secures $6.5M in Refinancing for Mixed-Use Building in Boston

by Amy Works September 6, 2017

BOSTON — Valencia Realty Capital has arranged $6.5 million in refinancing for a two-story, mixed-use building located at 580 Chelsea St. in Boston’s East Boston neighborhood. The 90,000-square-foot property features clear heights as high as 30 feet and is the closest warehouse and office facility to Boston Logan International Airport’s tarmac. Boston-based Valencia Realty secured the financing, which features a 30-year amortization schedule, for the undisclosed borrower.

September 6, 2017

District of Columbia Loans Multifamily Southeast

Phillips Realty Capital Arranges $61.5M in Construction Financing for Apartment Asset in D.C.

by Camren Skelton September 6, 2017

WASHINGTON, D.C. — Phillips Realty Capital has arranged $61.5 million in financing for the development of 1401 Penn, a Class A apartment development located at 1401 Pennsylvania Ave. S.E. in Washington, D.C. The financing package included a $44.5 million construction loan through EagleBank and $17 million in preferred equity through EB5 Capital. Phillips Realty Capital arranged both components of the financing package on behalf of the developers, CAS Riegler Cos. and May Development. Neighborhood Restaurant Group (NRG) has preleased and will operate approximately 13,500 square feet of the 19,000 square feet of first-floor retail. The space will house restaurants, beer and cocktail bars, a food market and a coffee shop. The residential portion of the project will feature a mix of studio to three-bedroom apartments, for a total of 167 units. The community will be located roughly 50 feet from the Potomac Avenue three-line Metro Station and within walking distance to Eastern Market and Barracks Row. The project is expected to break ground early this month, with delivery slated for summer 2019. The project team also includes Tishman Construction and Antunovich Associates Architects.

September 6, 2017

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