Loans

NXT Capital Provides $26.8M Acquisition Loan for Apartment Community in Central Florida

by Camren Skelton September 6, 2017

DAVENPORT, FLA. — NXT Capital has provided $26.8 million in financing for the acquisition of Village at Town Center, a 240-unit multifamily community in Central Florida’s city of Davenport. Elliott Throne and Mona Carlton of HFF secured the acquisition and bridge financing through NXT Capital on behalf of the borrower, Beachwold Residential. Located at 2000 Village Blvd. within the Reunion Resort & Club, Village at Town Center is roughly nine miles south of Walt Disney World. Constructed in 1999, the property features a basketball court, children’s play area, tennis court, swimming pool and a fitness facility. Beachwold plans to renovate the apartment units and install an institutional management team.

September 6, 2017

Loans Multifamily Texas

NorthMarq Arranges $13.4M Acquisition Loan for Apartment Complex in Fort Worth

by Taylor Williams September 6, 2017

FORT WORTH, TEXAS — NorthMarq Capital has arranged a $13.4 million acquisition loan for Valencia Apartment Homes, a 263-unit multifamily asset located at 7301 Ederville Road in Fort Worth. The community offers a pool, laundry facility and resident clubhouse. Suzanne Jones of NorthMarq arranged the 12-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Nicholas Residential.

September 6, 2017

Industrial Loans Michigan Midwest

Bernard Financial Arranges $42M Refinancing Loan for Industrial Facility in Delta Township, Michigan

by Kristin Harlow September 6, 2017

DELTA TOWNSHIP, MICH. — Bernard Financial Group has arranged a $42 million loan for the refinancing of a 1.7 million-square-foot industrial facility in Delta Township, located just west of Lansing. Multiple tenants occupy the building. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan. Barings Real Estate Advisors provided the loan for the borrower, Ashley Delta LLC.

September 6, 2017

Loans Texas

Trepp: Hurricane Harvey Exposes $33.8B in CMBS Loans

by Taylor Williams September 5, 2017

HOUSTON —Some 4,353 CMBS loans originated for Texas properties that carry an outstanding balance of $33.8 billion have been exposed due to the effects of Hurricane Harvey, according to the latest update from New York-based Trepp LLC. Of that total, nearly 1,100 loans come from government agency deals that have a combined outstanding balance of $12.9 billion. For loans where the property subtype is available, the majority of those government agency loans originated are for low-rise garden apartments, which would make them more likely to incur flood damage than high-rise properties, says Trepp. Among non-agency CMBS loans, retail properties account for the biggest exposure with an outstanding balance of just under $5 billion, or 32.9 percent of the non-agency total. That is followed by multifamily (25.6 percent) and office properties (20.6 percent). Of those retail loans, there are 48 notes with a combined balance of $210 million for which the largest tenant makes up more than 25 percent of the collateral space and has a lease that ends within the next 24 months. A tenant with a lease expiring in the near-term may not find it worthwhile to stick it out for a property that has suffered severe damage, according to Trepp. In the office sector of …

September 5, 2017

Georgia Loans Multifamily Southeast Student Housing

KeyBank Secures $20.6M Loan for Student Housing Community Near University of West Georgia

by Camren Skelton September 1, 2017

CARROLLOTON, GA. — KeyBank Real Estate Capital has arranged a $20.6 million loan for Haven West, a 568-bed student housing property situated roughly one mile from the University of West Georgia. Trevor Ritter of KeyBank secured the seven-year Freddie Mac loan with two years of interest-only payments and a 30-year amortization schedule. Constructed in 2014, Haven West comprises eight, four-story buildings and totals 160 units. Community amenities include a fitness center, volleyball court, tanning salon, grilling areas and walking and biking trails.

September 1, 2017

Loans North Carolina Office Retail Southeast

Cronheim Mortgage Arranges $5.2M Loan for Retail, Office Property in Winston-Salem

by Camren Skelton September 1, 2017

WINSTON SALEM, N.C. — Cronheim Mortgage has secured a $5.2 million loan for St. George Square, a 41,000-square-foot retail and office property in Winston-Salem. Allison Villamagna, Andrew Steward and Dev Morris of Cronheim structured the 10-year loan with a 20-year amortization schedule through Standard Insurance Co. on behalf of the borrower, an entity managed by The Bedrin Organization. At the time the loan was placed, St. George Square was fully leased to a mix of retail and office tenants including Salons by JC, Berkshire Hathaway Home Services, Regus Office Centers, State Farm Insurance, Tropical Smoothie Café, Nothing Bundt Cakes and Painting with a Twist. The property is situated across from Hanes Mall Boulevard and roughly seven miles south of Wake Forest University.

September 1, 2017

Indiana Loans Midwest Retail

Associated Bank Provides $3.1M Acquisition Loan for Land Site in Hammond, Indiana

by Kristin Harlow September 1, 2017

HAMMOND, IND. — Associated Bank has provided a $3.1 million loan for the acquisition of a 1.4-acre land site located at 7905-17 Indianapolis Blvd. in Hammond, about 25 miles southeast of Chicago. The borrower, GW Properties, plans to build a multi-tenant retail building at the site. The 9,250-square-foot building will be divided into four retail spaces. Completion is slated for the second quarter of 2018. Brian Rogan of Associated Bank originated the loan.

September 1, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Closes on $37.2M in Financing for Workforce Housing in Quincy, Massachusetts

by Jaime Lackey August 31, 2017

QUINCY, MASS. — Construction is underway at The Watson, a 140-unit multifamily project on a 1.7-acre site at 116 East Howard Street in Quincy, adjacent to the former Fore River Shipyard. The project involves the demolition of a long-vacant former office building. DellBrook Construction is building the project, with completion slated for July 2018. Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates. MassHousing is providing developers, the WinnCompanies and NeighborWorks, a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). The 86 workforce housing units at the Watson represent the largest number of workforce units for a single project financed through MassHousing’s …

August 31, 2017

Loans Multifamily Texas

Eko Construction Receives $1.9M in Financing for Rental Community in Dallas

by Taylor Williams August 31, 2017

DALLAS — Eko Construction has received $1.9 million in construction financing for Bishop Arts Townhomes, a residential rental community in Dallas. The two-phase project will deliver 24 units averaging approximately 1,500 square feet per unit. Charley Babb and Justin Laub of Metropolitan Capital Advisors placed the loan through an undisclosed lender.

August 31, 2017

California Loans Multifamily Western

Capital One Provides $49.8M Refinancing for Riverview Springs Apartments in Oceanside

by Nellie Day August 31, 2017

OCEANSIDE, CALIF. — Capital One has provided a $49.8 million loan to refinance the 358-unit Riverview Springs apartments in Oceanside. The community is located at 4398 Rainier Way. Riverview Springs was built by Spruce Grove in 1990. The 10-year, fixed-rate, interest-only, Freddie Mac loan has standard defeasance prepayment. Chuck Christensen originated the financing.

August 31, 2017

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