Loans

CBRE Arranges Financing for 116-Unit Independent Living Community in Las Vegas

by Nellie Day July 6, 2017

LAS VEGAS — CBRE has arranged financing for The Echelon, a 116-unit independent living community in Las Vegas. The borrower is Chicago Pacific Founders, which acquired the property in 2014. Since that acquisition, the new owners have increased occupancy from around 75 percent to 98 percent. Grace Management, a wholly owned subsidiary of Chicago Pacific Founders, operates the community. CBRE secured a non-recourse, five-year, fixed-rate loan that includes 24 months of interest-only payments. A CMBS lender provided the capital. The amount and use of the financing were not disclosed.

July 6, 2017

Hospitality Loans North Carolina South Carolina Southeast

The Carlton Group Secures $55M in Acquisition Financing for Hotel Portfolio in Carolinas

by Camren Skelton July 6, 2017

NEW YORK — The Carlton Group has arranged approximately $55 million of equity and debt for a 511-room hotel portfolio acquisition in North and South Carolina. Comprising five hotels branded by Marriott, IHG and Choice flags, the portfolio is located in North Myrtle Beach, S.C., and the North Carolina metros of Charlotte, Gastonia, Goldsboro and Wilmington. Michael Campbell, Steven Weiss and Steven Fenster of Carlton secured a roughly $36.5 million first mortgage and $8 million of preferred equity from a West Coast wealth manger, as well as $9 million of common equity from an undisclosed investor. The undisclosed hotel manager also invested capital along with the sponsors.

July 6, 2017

Loans Multifamily Texas

Mason Joseph Closes $29.5M HUD Construction Loan for 256-Unit Apartment Community in Bryan

by Taylor Williams July 5, 2017

BRYAN, TEXAS — Mason Joseph Co. Inc. has closed a $29.5 million loan for the construction and permanent financing of The Residence at Oakmont, a 256-unit apartment community in Bryan. Parkcrest Builders Ltd. and Parkgreen Living LLC will develop the Class A, garden-style community, which will be located at the intersection of Boonville Road and Pendleton Drive. HUD provided the non-recourse loan, which offers a fixed interest rate for the 18-month construction period and subsequent 40-year term.

July 5, 2017

Colorado Loans Office Western

Gershman Mortgage Closes $6.5M Loan for Medical Office Building in Denver

by Nellie Day July 5, 2017

DENVER — Gershman Mortgage has closed a $6.5 million loan for a medical office building in Denver. The building is located at 36 Steele St. in Cherry Creek. The space will bring together two plastic surgeon offices into a single space. This was the second leg of a previously closed purchase and renovation of the property, which was completed in 2016. The new financing facility provided a little more than $6.5 million of combined permanent, fixed-rate debt.

July 5, 2017

Illinois Loans Midwest Retail

Associated Bank Provides $25M Loan for Refinancing of Mariano’s-Occupied Building in Westmont, Illinois

by Kristin Harlow July 5, 2017

WESTMONT, ILL. — Associated Bank has provided a $25 million loan for the refinancing of a single-tenant building occupied by Mariano’s Fresh Market in Westmont, about 20 miles west of Chicago. The 73,023-square-foot grocery store is located at 150 W. 63rd St. The store opened in March 2016. Daniel Barrins of Associated Bank originated the loan. An affiliate of IM Properties PLC was the borrower.

July 5, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Arranges $20M Construction Loan for Age-Restricted Apartment Complex in Shorewood, Wisconsin

by Kristin Harlow July 5, 2017

SHOREWOOD, WIS. — Walker & Dunlop Inc. has arranged a $20 million loan for the construction of The Oaks of Shorewood near Milwaukee. The apartment complex, designed for active seniors 55 and older, will consist of four buildings with 34 one-bedroom units and 67 two-bedroom units. Amenities include a spa and outdoor pool, yoga and fitness center, fireside lounge, theater, library, business center, community room and underground parking. Sherman Associates is developing the $26 million project, slated for completion in 2018. Jeff Schmidt and Tim Cotter of Walker & Dunlop arranged the three-year loan. TCF Bank provided the loan.

July 5, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Walker & Dunlop Funds $23.5M Loan for Seniors Housing Community in Spotswood, New Jersey

by Amy Works July 5, 2017

SPOTSWOOD, N.J. — Walker & Dunlop has structured a $23.5 million Fannie Mae loan for Clearwater Village, a manufactured seniors housing community in Spotswood. Will Baker led the Walker & Dunlop team that originated the 10-year, interest-only acquisition loan for the undisclosed borrower. At closing, the property was 99 percent occupied. Built in 1976, Clearwater Village features 367 pads, a pool, clubhouse, picnic area with gazebos and bocce courts, parking and security cameras. The community caters to residents age 55 or older.

July 5, 2017

Loans New York Northeast Office

Houlihan-Parnes Realtors Arranges $21.5M Loan for 278,788 SF Office Building in New Rochelle, N.Y.

by Amy Works July 5, 2017

NEW ROCHELLE, N.Y. — Houlihan-Parnes Realtors has placed a $21.5 million new first mortgage on an office property located at 145 Huguenot St. in New Rochelle. GHP Office Realty, a division of Houlihan-Parnes Realtors, owns the property. State of New York, County of Westchester, Steiner Sports, Monroe College, Benchmark Education, Advent Software, ET & Allergy Associates, Greenwich Hospital and Sound Shore Medical Group are tenants of the 278,788-square-foot office building. Christie Houlihan, James Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors secured the financing for the borrower. Elizabeth Smith of Goldberg, Weprin, Finkel & Goldstein provided legal counsel to the borrower. Chicago Title Insurance Co. insured the title.

July 5, 2017

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $7.3M in Financing for Seniors Housing Apartments in Upstate New York

by Amy Works July 5, 2017

GLOVERSVILLE, N.Y. — KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing. The firm will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing for the development of Estee Senior Apartments. Located in Gloversville, the community will feature 37 energy-efficient affordable housing units for seniors age 55 or older. CRM Rental Management will manage the complex.

July 5, 2017

District of Columbia Loans Southeast

MBA Predicts Commercial, Multifamily Mortgage Originations Will Decline by 3 Percent in 2017

by Camren Skelton June 30, 2017

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) has projected that commercial and multifamily originations will decline in 2017, ending the year at $478 billion—3 percent lower than volumes in 2016. For 2017, mortgage banker originations of just multifamily mortgages are forecast at $206 billion, with total multifamily lending at $245 billion. “Markets continue to move forward, but the rapid increases in property values, transaction volumes and other fundamentals that characterized the post-recession period have given way to more regular changes tied to the economy as well as changes in supply and demand,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “For many parts of the market, the downshift is a positive development.” Commercial and multifamily mortgage outstanding debt is expected to continue to grow in 2017, ending the year approximately 2 percent higher than at the end of 2016.

June 30, 2017

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