Loans

Meridian Capital Arranges $60M in Refinancing for Multifamily Property in Manhattan

by Amy Works June 22, 2017

NEW YORK CITY — Meridian Capital Group has arranged $60 million in refinancing for The York, a multifamily property located at 435 E. 79th St. on the Upper East Side of Manhattan. BLDG Management is the borrower. The 10-year loan, provided by a life insurance company, features a fixed-rate and full-term interest-only payments. Carol Shelby of Meridian secured the financing for the borrower. The 13-story property features 233 apartments, ground-floor retail space, a fitness center, 24-hour doorman, on-site laundry facilities and a live-in superintendent.

June 22, 2017

Loans Multifamily New York Northeast

KeyBank Provides $21.5M in Refinancing for Multifamily Property in Upstate New York

by Amy Works June 22, 2017

COHOES, N.Y. — KeyBank Real Estate Capital has provided a $21.5 million first mortgage loan for the refinancing of the first phase of The Residences at Lexington Hills in Cohoes. Built in 2016, the multifamily property features 138 units. Chris Black of KeyBank’s National Multifamily Accounts Group arranged the Freddie Mac loan with an eight-year term, three-year interest-only period and 30-year amortization schedule. The undisclosed borrower will use the loan to refinance existing debt.

June 22, 2017

Florida Loans Office Southeast

Walker & Dunlop Arranges $16.5M in Refinancing for Office Building in Fort Lauderdale

by Camren Skelton June 22, 2017

FORT LAUDERDALE, FLA. — Walker & Dunlop has structured a $16.5 million loan for the refinancing of Radice Corporate Center III, a Class A, 133,475-square-foot office building located within the Radice Corporate Center in Fort Lauderdale. Walker & Dunlop’s Al Rex and Niki Perez secured the long-term, fixed-rate loan through Ghitis Property Co. Built in 1978, the seven-story building is home to tenants including Aerotex, Marsh & McClennan Agency and Massachusetts Mutual Life Insurance.

June 22, 2017

Features Loans Multifamily Seniors Housing Top Stories

FHA’s Latest Revisions to Lean 232 Address Owner Issues

by Taylor Williams June 22, 2017

Recent changes to the Federal Housing Administration’s (FHA) Lean 232 program provide owners with more options, all of which a lender offering a full suite of financing options can act upon. Owners who anticipate future cash-out needs are in a good position to benefit. The program was made easier for owners to work with through several additional changes. For owners of residential healthcare facilities that offer services like skilled living or memory care, FHA Lean 232 loans are of exceptionally high value. Because the FHA is committed to ensuring an adequate supply of affordable beds for seniors, nursing home borrowers can secure terms that are unheard of in other CRE markets. Early this year, the FHA made changes in its official Section 232 Handbook that make these loans even more attractive, especially for owners who wish to take cash out of their properties. In order to understand the significance of these changes, it helps to see them in the context of baseline Lean 232 loans. These FHA-insured loans are non-recourse and assumable, offer maturity schedules of up to 35 years and loan parameters of up to 80 percent loan-to-value (LTV), as well as 1.45 debt service ratio coverage. Best of …

June 22, 2017

California Loans Multifamily Seniors Housing Western

PSRS Arranges $2.6M Acquisition Financing for 26-Unit Seniors Housing Community in San Diego

by Nellie Day June 21, 2017

SAN DIEGO — PSRS has arranged $2.6 million in acquisition financing for Melroy Investments, which will use the funds to purchase a three-story, 26-unit seniors housing community in San Diego’s North Park neighborhood. The total purchase price was $5.1 million. The property is restricted to those over the age of 55. The name of the property was not disclosed. In addition to the $2.6 million loan, PSRS included $700,000 in “earn outs” for hitting certain benchmarks as far as rent growth. If earned, Melroy will use that money for property improvements and future acquisitions. The nonrecourse loan features a 4 percent fixed rate and three years of interest-only payments.

June 21, 2017

Loans Multifamily New York Northeast Seniors Housing

Monticello Provides $34.1M Acquisition Loan for 256-Bed Skilled Nursing Facility in New York

by Amy Works June 21, 2017

NEW YORK CITY — Monticello Asset Management LLC has provided $34.1 million in financing to Elener Associates LLC and W Management Group, which will use the funds to acquire a 256-bed skilled nursing facility in New York. The four-story building was constructed in 1961 and features 120 resident rooms. It totals 35,525 square feet on 0.82 acres. The name of the facility was not disclosed. The borrowers plan to make improvements to the physical building as well as the operations. Renovations, which will require closing an entire floor at a time, will include addition of a kitchenette, changes to the telecommunication systems and improvements to the fire sprinkler system.

June 21, 2017

Loans Office Southeast Virginia

Phillips Realty Capital Secures $36.5M in Financing for Office Building in Richmond

by John Nelson June 21, 2017

RICHMOND, VA. — Phillips Realty Capital has secured $36.5 million in permanent financing for the Altria Building at Reynolds Crossing located at 6603 W. Broad St. in Richmond. Phillps Realty Capital’s Charles DuBose arranged the financing on behalf of the borrower, Reynolds Development. The 222,057-square-foot, Class B office building was built in 1968 and renovated in 2007. The Altria Building is fully leased to a single credit tenant, Philip Morris USA, which is headquartered at the property.

June 21, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $32M Acquisition Loan for Apartment Community in Orlando

by John Nelson June 21, 2017

ORLANDO, FLA. — Berkadia has arranged a $32 million loan for the acquisition of Courtney at Lake Shadow, a Class A, 244-unit apartment community located at 545 S. Keller Road in Orlando. Berkadia’s Charles Foschini and Christopher Apone arranged the seven-year, floating-rate loan with three years of interest-only payments through Freddie Mac on behalf of the borrower, Harbor Group International. Built in 2016, the lakefront community features one-, two-, and three-bedroom units, a fitness center, game room, pet washing station, internet cafe and on-site management offices.

June 21, 2017

Georgia Loans Multifamily Southeast

KeyBank Provides $20.8M Freddie Mac Loan for Multifamily Property in Atlanta

by John Nelson June 21, 2017

ATLANTA — KeyBank Real Estate Capital has provided a $20.8 million Freddie Mac acquisition loan for Village on the Green, a 216-unit multifamily property located at 2975 Continental Colony Parkway in Atlanta. KeyBank’s Timothy Weldon and Irena Edwards structured the fixed-rate financing with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Property amenities include a fitness center, resort-style pool, playground and a tennis court.

June 21, 2017

Loans Office Texas

JLL Arranges $163.5M in Refinancing for 696,000 SF Office Tower in Downtown Houston

by Taylor Williams June 21, 2017

HOUSTON — JLL has arranged a $163.5 million loan for the refinancing of 717 Texas Avenue, a 696,000-square-foot, 33-story office tower in downtown Houston. Developed in 2003, the property was fully leased until recently, when a major tenant vacated, bringing the occupancy rate down to 50 percent. Tom Melody and John Ream of JLL arranged the financing through Goldman Sachs on behalf of a partnership between Hines and California-based Prime Asset Management.

June 21, 2017

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