Loans

Walker & Dunlop Arranges $59M in Financing for Office Property in Metro Atlanta

by Camren Skelton August 14, 2017

MARIETTA, GA. — Walker & Dunlop has arranged $59 million in bridge and equity financing for Newmarket Business Park, a 471,486-square-foot office park in Marietta, roughly 20 miles north of Atlanta. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the floating-rate bridge loan with full-term, interest-only payments through a debt fund on behalf of the borrowers, Praelium Commercial Real Estate and South Street Partners. A hedge fund invested the equity portion. Newmarket Business Park includes four single-story and two two-story office buildings constructed between 1983 and 1985. The asset was 85 percent leased at the time of closing to tenants including The Home Depot.

August 14, 2017

Healthcare Loans New York Northeast Office

Case Real Estate Capital Funds $16M Loan for Commercial Redevelopment Site in Queens

by Amy Works August 11, 2017

NEW YORK CITY — Case Real Estate Capital has funded a $16 million first mortgage loan secured by a commercial redevelopment site in the Flushing neighborhood of Queens. The borrower is Regent Medical Properties. The loan proceeds will be utilized to facilitate the acquisition of land and initiate pre-development work on the 20,803-square-foot site. The land parcel is slated for a 12-story medical office building with an ambulatory surgery center and street-level commercial space.

August 11, 2017

Florida Industrial Loans Southeast

Walker & Dunlop Closes $96M in Loans for Industrial Portfolio in South Florida

by Camren Skelton August 11, 2017

MIAMI AND FORT LAUDERDALE, FLA. — Walker & Dunlop has closed 13 loans totaling $96 million for an industrial portfolio located throughout Miami and Fort Lauderdale. The 13-property portfolio totals 1.6 million square feet and houses more than 120 tenants. David Gahagan and Niki Perez of Walker & Dunlop arranged the loans through an unnamed life insurance company on behalf of the borrower.

August 11, 2017

Florida Loans Multifamily Southeast

Related Development Secures $52M in Construction Financing for Multifamily Project in Tampa

by Camren Skelton August 11, 2017

TAMPA, FLA. — Related Development LLC, an affiliate of Miami-based The Related Group, has secured $52 million in construction financing through SunTrust Bank for a 396-unit apartment community in Tampa’s Westshore neighborhood. Town Westshore will include 396 units situated on approximately eight acres of land. The four-story development will feature fitness and yoga studios, saunas, massage treatment rooms, dining rooms and concierge services.

August 11, 2017

Illinois Loans Michigan Midwest Multifamily

Love Funding Secures $97M in FHA Financing for Multifamily Properties in Michigan

by Kristin Harlow August 11, 2017

NOVI, UTICA AND SUPERIOR TOWNSHIP, MICH. — Love Funding has secured $97 million in FHA financing for five multifamily properties in Michigan and Illinois. The five loans will be used for the construction, rehabilitation or refinancing of the properties. Bruce Gerhart of Love Funding secured a $33.3 million FHA 221(d)(4) new construction loan for Manchester, a market-rate apartment community in the Detroit suburb of Novi adding 172 units. A $22.5 million FHA 221(d)(4) new construction loan will be used for Encore Townhomes, a market-rate townhouse community being developed in Utica, Mich. An $11.2 million FHA (223)(f) loan will refinance Danbury Park Manor, an existing 151-unit Section 8 multifamily community in Superior Township, Mich. The two remaining FHA (223)(f) loans will be used for the refinancing of two seniors housing Section 8 communities in Illinois. The borrower was not disclosed.

August 11, 2017

Loans Midwest Multifamily Wisconsin

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

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