Loans

KeyBank Provides $23.8M Acquisition Financing for Affordable and Seniors Housing Communities in Madison, Wisconsin

by Kristin Harlow August 11, 2017

MADISON, WIS. — KeyBank Real Estate Capital has provided $23.8 million in Fannie Mae loans for the acquisition of Hanover Square Apartments and Prairie Park Senior Apartments in Madison. Hanover Square is an affordable housing property built in 2002. Of its 65 units, 57 are set aside for households earning from 30 to 60 percent of the area median income. Prairie Park is a seniors housing property constructed in 2003. Of its 96 units, 90 are set aside for seniors earning 30 to 60 percent of the area median income. KeyBank also refinanced Hollow Creek in Conroe, Texas. John Gilmore of KeyBank arranged the financing for the borrower, Harmony Housing.

August 11, 2017

California Loans Multifamily Western

Douglas Emmett Receives $550M to Refinance Multifamily Portfolio in Los Angeles

by Nellie Day August 10, 2017

LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, qualified for Fannie Mae’s Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae’s Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improvements allowed the borrower to secure competitive loan terms while ensuring more sustainable operations and cost savings for years to come. Walker & Dunlop closed the four interest-only loans.

August 10, 2017

California Loans Western

Business Finance Capital Services $148M in SBA 504 Funding in LA

by Nellie Day August 10, 2017

LOS ANGELES — Business Finance Capital (BFC) has serviced more than $148 million in SBA 504 funds in Los Angeles so far in 2017. The certified development company has completed a total of 106 SBA loans, which are designed to assist businesses seeking finance mechanisms such as real estate and machinery. The program works by distributing the loan across three parties: a conventional lender (50 percent), a nonprofit certified development company such as BFC (40 percent) and the buyer (10 percent). BFC also services the 504 Refinance Program. BFC services a range of industries, including wholesalers and distributors, manufacturers, assisted living facilities, hotels, law practices, medical and dental offices, car washes, construction companies and more.

August 10, 2017

Loans Multifamily New York Northeast

HFF Arranges $80M in Construction Financing for Condo Development in Manhattan

by Amy Works August 10, 2017

NEW YORK CITY — HFF has secured $80 million in construction financing for the ground-up development of a boutique condominium property located at 17 Jane St. in Manhattan’s West Village. Christopher Peck and Scott Aiese of HFF arranged the first mortgage and mezzanine loans for the borrower, Edward J. Minsoff Equities Inc. Designed by London-based David Chipperfield Architects, the property will feature a three-, four- and five-bedroom condominiums. Completion is slated for third quarter 2018.

August 10, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

NHI Provides $10M Acquisition Loan for 40-Unit Memory Care Community in New Hampshire

by Amy Works August 10, 2017

RYE, N.H. — National Health Investors Inc. (NYSE: NHI) has financed the acquisition of a 40-unit memory care community in Rye, located along the coast near the Maine border. The investment totaled $10 million. The borrower is Evolve Senior Living, a first-time partner for NHI. The property was built in 2013. The loan is secured with a first mortgage with an initial term of five years, renewal options and an interest rate of 8 percent. NHI funded the investment through its revolving credit facility. NHI has an option to purchase the property after 24 months if certain performance goals are achieved.

August 10, 2017

Loans Multifamily Seniors Housing Texas

Hunt Mortgage Secures $27.6M in Refinancing for Eight Nursing Facilities in Texas

by Taylor Williams August 10, 2017

FORT WORTH, TEXAS — Hunt Mortgage Group has secured $27.6 million in refinancing for eight skilled nursing facilities located throughout Texas. HUD’s Fort Worth office provided the funds to the borrower, Senior Living Properties LLC, which owns and operates 31 skilled nursing facilities in Texas. Proceeds from the loans will also be used for capital repairs and improvements.

August 10, 2017

Loans Multifamily Texas

Walker & Dunlop Arranges $18.4M in Refinancing for Apartment Complex in Carrollton

by Taylor Williams August 10, 2017

CARROLLTON, TEXAS — Walker & Dunlop has arranged $18.4 million in refinancing for The Flats at Frankford Station, a 185-unit apartment complex located at 1652 W. Frankford Road in Carrollton. Property amenities include a putting green, pet spa, pool and an outdoor kitchen. Stuart Wernick and Matt Newton of Walker & Dunlop arranged the 10-year Fannie Mae loan on behalf of Frankfurt Properties LLC. A portion of the funds will be used to pay off existing construction debt.

August 10, 2017

Loans New York Northeast Retail

Equicap Closes $16M Loan for Two Retail Properties in Brooklyn

by Amy Works August 9, 2017

NEW YORK CITY — Equicap has closed a $16 million bridge loan for two retail properties located in the Bay Ridge section of Brooklyn for an undisclosed borrower. The loan was used to acquire two Santander locations that were owned by Santander Bank. Both locations included accompanying retail space, some of which was occupied and vacant. Daniel Hilpert of Equicap arranged the financing for the borrower.

August 9, 2017

Loans Retail Texas

Levcor Receives $78M Loan for 466,950 SF Retail Power Center in Pharr, Texas

by Taylor Williams August 9, 2017

PHARR, TEXAS — Houston-based developer Levcor Inc. has received a $78 million loan to refinance existing construction debt on Pharr Town Center, a 466,950-square-foot retail center in the South Texas city of Pharr. Goldman Sachs provided the loan for the property, which currently houses tenants such as T.J. Maxx, Main Event Entertainment and Academy Sports + Outdoors. Tom Melody, Tom Fish, Jimmy Board and Jarrod McCabe of JLL arranged the financing.

August 9, 2017

Affordable Housing Loans Multifamily Southeast Virginia

Capital One Provides $57.2M in Financing for Development of Affordable Housing Project in Metro DC

by Camren Skelton August 9, 2017

ARLINGTON, VA. — Capital One has provided a $26.1 million construction loan and $31.1 million in Low Income Housing Tax Credits (LIHTC) for Gilliam Place, a 173-unit affordable housing community under development in Arlington, roughly five miles southwest of Washington, D.C. Arlington Partnership for Affordable Housing (APAH) is developing the 122,000-square-foot property, which will include 9,000 square feet of commercial space to be dedicated to local nonprofits. Nine units will be reserved for people with special needs, 32 for those making up to 50 percent of the average mean income (AMI) and the rest for those making up to 60 percent of the AMI. Edmund Delany of Capital One originated the transactions on behalf of APAH for the construction of two projects that will be conducted concurrently on the same campus — Gilliam Place East and Gilliam Place West. The $26.1 million, adjustable-rate loan will be used for the construction of Gilliam Place East, which will comprise 83 units. The company also purchased $21.8 million in LIHTC through Enterprise Community Investments (ECI) for the construction of the property. Capital One also purchased $9.3 million in LIHTC equity through ECI for the construction of Gilliam Place West, which will include 90 …

August 9, 2017

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