WASHINGTON, D.C. — Multifamily lending was up 8 percent year-over-year in 2016, with 2,822 different multifamily lenders providing a total of $269.2 billion in financing for apartment buildings with five or more units, according to a new report from the Mortgage Bankers Association (MBA). It was another record year for U.S. multifamily lending, according to Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research. Woodwell says that momentum is still strong in 2017, but this summer the MBA predicted that 2017 volume for commercial and multifamily originations will dip by 3 percent. By dollar volume, the greatest market share (39 percent) went to the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The top five multifamily lenders in 2016 by dollar volume were Wells Fargo, JP Morgan Chase and Co., CBRE Capital Markets Inc., Berkadia and Walker & Dunlop. The report is based on data from the MBA 2016 Commercial/Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA). The MBA survey targets dedicated originators and covered $491 billion in commercial and multifamily loans in 2016.
MOUNT LAUREL, N.J. — HFF has arranged $9.5 million in combined acquisition financing for three industrial facilities totaling 254,496 square feet in Mount Laurel, a suburb 20 miles east of Philadelphia. The borrower is Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures. Mike Pagniucci and Ryan Ade of HFF arranged the separate floating-rate loans for each property through Webster Bank. The properties are 600 and 601 Delran Parkway and 116 Gaither Drive. The Delran Parkway properties are 91,392 square feet and 57,104 square feet and feature 22- to 29-foot clear heights and a total of 26 loading docks. The 106,000-square-foot warehouse and distribution facility at 116 Gaither Drive features 24-foot clear heights and 13 loading docks. Food Sciences Corp. occupies the entire property at Gaither Drive.
EASTON, PENN. — CBRE has arranged the sale of Fork Town Center, a shopping center located at 301 Town Center Blvd. in Easton. Retail Properties of Americas sold the 100,250-square-foot property to a joint venture between Triple Crown Corp. and J.C. BAR Properties. Thomas Gorman of CBRE’s Debt & Structured Finance procured $18 million in acquisition financing for the buyer. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal. Built in 2002, Forks Town Center was 98 percent occupied at the time of sale. A 66,792-square-foot Giant Food Store anchors the center, which is also features two pad sites occupied by PNC Bank and Dunkin’ Donuts.
LUBBOCK, TEXAS — JLL has secured $21.3 million for the refinancing of Phase II of West End, a 94,841-square-foot retail and restaurant development in Lubbock. West End features a mix of big box retailers, flagship hotels and office space. Retail tenants include Cabela’s Outpost, Nike Factory and Marshalls. Dining options include P.F. Chang’s, Chipotle, Chick-fil-A and Panera Bread. Tom Fish and Jimmy Board of JLL secured the loan through New York-based Silverpeak Argentic on behalf of GRACO Real Estate Development Inc.
DETROIT — Love Funding has provided a $6.6 million HUD loan for the refinancing of Greenhouse Apartments in Detroit. The affordable seniors housing property consists of 208 one-bedroom units. Built in 1981, the 10-story building was renovated in 2008. KMG Prestige will continue to manage the property. Bruce Gerhart of Love Funding secured the loan.
PLYMOUTH, MASS., AND HUDSON, N.Y. — Walker & Dunlop has closed $29.4 million in financing for Copper Cove Valley and The Falls, two unaffiliated multifamily projects located in Plymouth and Hudson, respectively. The two loans were closed by Walker & Dunlop Commercial Property Funding. The company refinanced the existing construction loans in addition to 100 percent of the remaining construction costs needed to complete the projects. Copper Cove Village and The Falls each have less than 80 percent of construction completed and needed rescue capital to finish the projects. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop arranged the financing for the undisclosed borrowers. Upon completion, Copper Cove Village will feature 42 apartments in a mix of one- and two-bedroom layouts, and The Falls will offer 116 apartments in a mix of one-, two- and three-bedroom units.
POMPANO BEACH, FLA. — HFF has arranged $35 million in refinancing for Overlook Pointe, a 249-unit apartment community located at 4611 N. Federal Highway in Pompano Beach. John Brownlee and Elliott Thorne of HFF arranged the three-year, floating-rate loan with two one-year extension options through a life insurance company on behalf of the borrowers, M-M Properties and its institutional partner. Constructed in 2015 in South Florida’s Broward County, Overlook Pointe’s residences feature stainless steel appliances, granite countertops, in-unit washers and dryers and patios or balconies. Community amenities include a swimming pool, grilling areas, rooftop amenity deck, fitness center, game room, playground, billiards and a coffee bar.
DALLAS — Hunt Mortgage Group has secured $18 million in refinancing for Magnolia Creek Apartments, a garden-style multifamily community situated on 14.4 acres at 7272 Marvin D. Love Freeway in Dallas. Built in 1988, the property consists of 28 three-story buildings totaling 436 units and offers amenities such as a lounge, fitness center, pool and playground. Hunt Mortgage arranged the seven-year Fannie Mae loan on behalf of the borrower, Delaware-based IRG MDL LLC.
RESTON, VA. — HFF has secured $47 million in loans for the refinancing of Reston Metro Center One & Two, a two-building office portfolio in Reston, roughly 20 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF secured the floating-rate loan through AllianceBernstein on behalf of the borrower, a joint venture between Coretrust Capital Partners LLC and Normandy Real Estate Partners. The portfolio totals 185,671 square feet and is located at 12120 and 12180 Sunrise Valley Drive, within walking distance to the future Reston Town Center Silver Line Metrorail Station. At the time of sale, Reston Metro Center Two was fully leased. Together, the portfolio was 35 percent leased.
Bellwether Enterprise Closes $42.1M Refinancing for Three Affordable Housing Properties in Charlotte
CHARLOTTE, N.C. — Bellwether Enterprise Real Estate Capital LLC has arranged $42.1 million in refinancing for three affordable housing properties in Charlotte. Victor Agusta of Bellwether Enterprise arranged the loans under the FHA 223(f) program on behalf of the borrower, Horizon Development Properties Inc. (HDP), an affiliate of the Charlotte Housing Authority. HDP received a $24.1 million loan for Southside Homes. The income-based housing development serves seniors, families and individuals with disabilities and includes 381 one- to four-bedroom units. The property is located in Charlotte’s South End neighborhood. HDP also received an $18 million loan for CHA Towers, which includes Edwin Tower in Uptown Charlotte’s Fourth Ward and Charlottetown Terrace in Charlotte’s Dilworth neighborhood. The newly redeveloped Charlottetown Terrace includes 161 units and is LEED Gold-certified. Both loans paid off existing debt and funded reserves for a portfolio of over 40 properties that were converting from a public housing subsidiary program through HUD’s Rental Assistance Demonstration (RAD) program.