Loans

PCCP Provides $23.8M Loan for Refinancing of Embassy Suites Hotel in Bloomington, Minnesota

by Kristin Harlow April 5, 2018

BLOOMINGTON, MINN. — PCCP has provided a $23.8 million senior loan for the refinancing of Embassy Suites Bloomington in suburban Minneapolis. A venture between Lubert-Adler Real Estate Fund VII, Aimbridge Hospitality and Chelsea Hospitality Partners was the borrower. Loan terms were not disclosed. Built in 1980 and recently renovated, the 232-suite hotel is located at 2800 American Blvd. West. The eight-story property features 6,000 square feet of meeting space, a restaurant and bar, business center, fitness center, gift shop and indoor pool. Suites range in size form 476 to 532 square feet.

April 5, 2018

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Funds $41M Refinancing for Apartment Community in D.C.

by Camren Skelton April 5, 2018

WASHINGTON, D.C. — Walker & Dunlop has provided a $41 million bridge loan for the refinancing of Zen Apollo, a 274-unit apartment community located between Washington, D.C.’s Logan Circle and City Center neighborhoods. The undisclosed borrower will use the 12-month loan to reposition the property, which was originally constructed in 1967 and renovated in 2007. Community amenities include a swimming pool, fitness center, clubhouse with billiards, movie theater and poker tables.

April 5, 2018

Arkansas Loans Multifamily Southeast

Dougherty Provides $19.8M Fannie Mae Refinancing for Apartment Asset in Bentonville, Arkansas

by Camren Skelton April 5, 2018

BENTONVILLE, ARK. — Dougherty Mortgage LLC has provided a $19.8 million Fannie Mae loan for the refinancing of The Pointe at Bentonville, a 170-unit apartment community in Bentonville. The 10-year loan features a 30-year amortization schedule. Dougherty Mortgage closed the loan on behalf of the borrower, The Pointe at Bentonville LLC. The community features a mix of one-, two- and three-bedroom units and features a business center, clubhouse, coffee bar, tanning salon, library, fitness center, picnic area, pool, movie theater and a game room.

April 5, 2018

Loans Multifamily North Carolina Southeast

Berkadia Closes $18.8M Fannie Mae Acquisition Loan for Multifamily Community in Asheville

by Camren Skelton April 5, 2018

ASHEVILLE, N.C. — Berkadia has provided an $18.8 million acquisition loan for The Views, a 160-unit apartment community located at 1690 Hendersonville Road in Asheville. Mitch Sinberg, Matthew Robbins, Robert Falese and Jeremy Lynch of Berkadia originated the 12-year, fixed-rate loan with six years of interest-only payments through Fannie Mae’s Green Rewards program on behalf of the borrower, Colorado-based Goldelm. Constructed in 1993, The Views offers a mix of one- to three-bedroom units with granite countertops, stainless steel appliances and wheelchair accessibility. Community amenities include a swimming pool, fitness center, basketball court, clubhouse, lounge, coffee bar and storage space. Florida-based Michaelson Group will manage the property.

April 5, 2018

Hospitality Loans Southeast Tennessee

Cronheim Arranges $16M Refinancing for Two Adjacent Hotels Near Chattanooga

by Camren Skelton April 4, 2018

TIFTONIA, TENN. — Cronheim Hotel Capital (CHC) has arranged a $16 million loan for the refinancing of two hotels in Tiftonia: a Hampton Inn and a Fairfield Inn & Suites. The adjacent properties are located roughly five miles southwest of Chattanooga. Cronheim arranged the 10-year loan with a 30-year amortization schedule and a fixed interest rate of 4.12 percent on behalf of the borrower, Vision Hospitality Group Inc. The Chattanooga-based company developed the Hampton Inn and Fairfield Inn in 2009 and 2013, respectively. The properties share a common parking lot and feature business centers, meeting rooms, fitness centers and swimming pools.

April 4, 2018

Hospitality Loans New York Northeast

Meridian Capital Arranges $23.5M in Refinancing for 130-Room Hotel in Brooklyn

by David Cohen April 3, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $23.5 million loan for the refinancing of the 130-room Box House Hotel in the Greenpoint neighborhood of Brooklyn. New York-based Ladder Capital provided the loan, which features interest-only payments. The borrower was undisclosed. Cary Pollack and Judah Neuman of Meridian negotiated the terms of the loan. The Box House Hotel is a former warehouse space at 77 Box St. that was redeveloped into a hotel in 2012. The four-story property also features a rooftop event space with views of the Manhattan skyline. Greenpoint is accessible from Manhattan via the G subway line and the East River ferry.

April 3, 2018

Loans Multifamily Northeast Pennsylvania

Cross Properties Secures $40M for Renovation of Historic Apartment Community in West Philadelphia

by David Cohen April 3, 2018

PHILADELPHIA — Developer and investment firm Cross Properties has secured a $40 million construction loan for the renovation of The Dane, a historic, 241-unit apartment community in West Philadelphia at the Wynnefield train stop. The lender was a syndicate led by Univest Bank. The property, which was built in 1960, is listed on the National Register of Historic Places. Renovation is now underway to transform the property into a class A apartment building. The project is slated for completion in early 2019.

April 3, 2018

Illinois Loans Midwest Multifamily

KeyBank Originates $92.7M Refinancing of Apartment Property in Chicago

by Kristin Harlow April 3, 2018

CHICAGO — KeyBank Real Estate Capital has originated a $92.7 million Freddie Mac loan for the refinancing of The Pavilion Apartments in Chicago. Built between 1968 and 1972, the property includes five buildings and 1,114 units. The apartment complex also features 7,891 square feet of retail and restaurant space. Tim Migchelbrink of KeyBank originated the fixed-rate loan through Freddie Mac’s Green Up program.

April 3, 2018

Loans Multifamily Texas

NXT Capital Provides $46M Loan for Refinancing of Apartment Community in Metro Houston

by Taylor Williams April 3, 2018

SPRING, TEXAS — NXT Capital, a Chicago-based lender, has provided $46 million for the refinancing of a 354-unit apartment community in Spring, a northern suburb of Houston. The property is located off Interstate 45 and features amenities such as a pool, two-level fitness center, resident lounge, outdoor grilling stations, a dog park and a car wash. Elliott Throne of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower. The name of the property was also withheld.

April 3, 2018

Loans Multifamily Nevada Seniors Housing Western

Meridian Capital Arranges Construction Financing for 66-Bed Memory Care Facility Near Las Vegas

by Nellie Day April 3, 2018

HENDERSON, NEV. — Meridian Capital Group has arranged an undisclosed amount of construction financing for The Vineyard, a memory care community in Henderson, a suburb of Las Vegas. The borrower is Valeo Partners, which is developing the project. The property features 66 beds across 62 units. The seniors housing division of Valeo Partners is seeking to expand its portfolio. A balance-sheet lender provided the 36-month loan. Peter Martz, based in Meridian’s Boca Raton, Fla. office, negotiated the financing.

April 3, 2018

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