Loans

Lancaster Pollard Completes $11.9M Refinancing for 54-Unit Skilled Nursing Facility in Massachusetts

by Amy Works March 8, 2018

PITTSFIELD, MASS. – Lancaster Pollard has arranged an $11.9 million HUD refinancing for Berkshire Place, a 54-unit skilled nursing facility in the western Massachusetts city of Pittsfield. The borrower is Berkshire Retirement Home, a nonprofit owner-operator. Berkshire Place was constructed as a replacement facility for Berkshire Retirement Home’s original property in 2014, using conventional bank financing with a floating interest rate. Three years after opening, ownership sought to refinance that existing bank debt using fixed-rate HUD financing. Aaron Becker led the transaction for Lancaster Pollard.

March 8, 2018

Loans Multifamily Northeast Pennsylvania

NorthMarq Capital Negotiates $9M Refinancing for Apartment Complex in Metro Pittsburgh

by Amy Works March 8, 2018

CARNEGIE, PA. – NorthMarq Capital has arranged a $9 million loan for the refinancing of Washington Gardens, a mid-rise apartment complex located at 834 Washington Ave. and 133 Lee. St. in Carnegie, a suburb of Pittsburgh. The property features 179 apartment units. Gary Cohen of NorthMarq arranged the financing, which features a 10-year term with two years of interest-only payments on a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.

March 8, 2018

Alabama Loans Multifamily Southeast

Colliers Secures Construction Financing, Equity for $38M Apartment Development Near Mobile

by Camren Skelton March 8, 2018

FAIRHOPE, ALA. — Colliers International has arranged both the equity and construction financing for The Retreat at Fairhope Village, a $38 million apartment development in Fairhope, roughly 20 miles southeast of Mobile. Forrest Speed and Ron Cameron of Colliers International placed the loan through a pair of banks on behalf of the developer, a partnership led by Leaf River Group LLC. The Retreat at Fairhope Village will include 240 units with an average size of 1,062 square feet. Units will feature quartz countertops, stainless steel appliances, plank flooring and bay windows. The property site is located adjacent to The Shoppes at Fairhope Village, a Publix-anchored shopping center located on U.S. Highway 98. The partnership will begin site work later this month, and expects to deliver the community in mid-2019.

March 8, 2018

Loans Multifamily Texas

LMI Capital Arranges $6M Acquisition Loan for Apartment Community in Houston

by Taylor Williams March 8, 2018

HOUSTON — LMI Capital has arranged a $6 million loan for the acquisition of a 100-unit apartment community in the Heights area of Houston. The loan featured a fixed 4.76 percent interest rate and a 10-year term. Jamie Safier of LMI Capital placed the loan on behalf of the undisclosed borrower. The lender and the name of the property were also withheld.

March 8, 2018

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $7.3M Refinancing for Affordable Housing Property Near Minneapolis

by Kristin Harlow March 8, 2018

OAK PARK HEIGHTS, MINN. — Dougherty Mortgage LLC has provided a $7.3 million loan for the refinancing of Green Twig Villas in Oak Park Heights, about 25 miles east of Minneapolis. The affordable housing property consists of 62 units. Dougherty’s Minneapolis office originated the 15-year loan, which features a 35-year amortization schedule. The refinancing also included low-income housing tax credits. The borrower was not disclosed.

March 8, 2018

Features Loans Multifamily

Multifamily Investors Look Beyond the Core, Says Capital One Survey

by John Nelson March 8, 2018

After years of historic increases, 2017 was the year that the central business districts (CBDs) of the nation’s major cities lost some of their luster. Multifamily rent growth slowed in cities like San Francisco and San Jose, Calif. Landlords in some submarkets, such as San Francisco’s South of Market (SoMa) district, actually lowered rents and offered concessions to new tenants during the early part of the year. These West Coast cities were not alone. Rents in New York, Chicago and Miami grew only slightly, while rents in Washington, D.C., actually contracted. Sluggish rental growth in markets like these is one reason for a significant change in the results of Capital One’s Multifamily Survey. When asked where they expected to see the greatest increase in value in 2018, 43 percent of multifamily respondents named secondary and tertiary markets, while another 35 percent selected suburban markets. Only 17 percent chose urban markets. This contrasts markedly with the results from the previous year’s survey. At that time, 47 percent of respondents selected urban markets, 27 percent chose suburban, and 19 percent named secondary and tertiary. Urban Markets on Pause There are a number of reasons why urban markets have fallen from grace. One …

March 8, 2018

Loans Multifamily Seniors Housing Washington Western

HFF Arranges $114.7M Development Financing for High-Rise Seniors Community in Seattle

by Nellie Day March 7, 2018

SEATTLE — HFF has arranged $114.7 million in development financing for 620 Terry, a 243-unit high-rise seniors housing community in Seattle’s First Hill neighborhood. HCP Inc. provided the capital to the developer, Columbia Pacific Advisors. The community will feature 194 independent living units, 21 assisted living units and 28 memory care units. The 24-story property is scheduled for completion in 2019. Ankrom Moisian designed the property, which is situated within a five-block radius of three major area hospital systems: Harborview Medical Center, Swedish Medical Center/First Hill and Virginia Mason Medical Center. It is less than one mile from an array of lifestyle and entertainment amenities in downtown Seattle. The HFF team representing the borrower included David Fasano, Sarah Anderson, Casey Davidson, Ryan Maconachy and Chad Lavender.

March 7, 2018

California Industrial Loans Western

Bellwether Enterprise Closes $15.5M Refinancing for Two Industrial Buildings in Metro Los Angeles

by Nellie Day March 7, 2018

REDONDO BEACH AND HAWTHORNE, CALIF. — Bellwether Enterprise has closed $15.5 million in refinance loans for two industrial properties in metro Los Angeles. The refinancing included a 10-year, $10.3 million loan for the Northrop Grumman industrial building in Redondo Beach and an 11-year, $5.2 million loan for the Van Ness Commerce Center in Hawthorne. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loans, which both featured fixed interest rates in the upper 3 percent range and life insurance company lenders. The 112,000 square-foot Northrop Grumman industrial building is occupied by a single tenant that has more than five years remaining on its lease. Van Ness Commerce Center features 63,000 square feet of warehouse space with a 24-foot minimum clear height. The building was 100 percent leased to two tenants when the financing was arranged, and both tenants had near-term rollover risk.

March 7, 2018

Loans Multifamily New Mexico Seniors Housing Western

Capital One Provides $11.3M HUD Refinancing for Assisted Living Community in New Mexico

by Nellie Day March 7, 2018

CLOVIS, N.M. — Capital One has provided a $11.3 million HUD refinancing for Wheatfields Senior Living Community, a 101-bed assisted living facility in Clovis, near the Texas border. Wheatfields opened in 2008 as five detached independent living cottages. The assisted living building was added in 2011. The transaction allows the borrower to replace bank debt with long-term financing and recoup capital expenditures on the property. Joshua Rosen of Capital One originated the fixed-rate loan, which has a term of 35 years.

March 7, 2018

Loans Multifamily New York Northeast

Greystone Provides $17M Loan for Newly Constructed Multifamily Property in Brooklyn

by David Cohen March 7, 2018

NEW YORK CITY — Greystone has provided a $17 million Fannie Mae DUS loan to exit construction for a newly built multifamily property located at 152 Manhattan Ave. in Brooklyn’s Williamsburg neighborhood. The sponsor, Meserole Hub LLC, completed the 24-unit asset in July 2017, and the property was stabilized in November 2017. The sponsor maintains a significant equity stake in the project, and at 65 percent loan-to-value, the 10-year Fannie Mae DUS loan carries a fixed rate and has a number of years of interest-only payments with a 30-year amortization period. Avrom Forman of Greystone originated the transaction.

March 7, 2018

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