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LoansOfficeTexas

Square Mile Originates $118M Loan for 1.7 MSF Office Tower in Downtown Dallas

by Taylor Williams

DALLAS — Square Mile Capital Management LLC has originated a $118 million loan for Renaissance Tower, a 56-story office tower comprising more than 1.7 million square feet of space in downtown Dallas. The loan, a portion of which was sold to Bank of the Ozarks, will be used to repay existing CMBS debt and bridge the property through stabilization. The borrower was a joint venture between two New York-based firms: SMA Equities and The Moinian Group. Whitaker Johnson and Steve Heldenfels of HFF arranged the financing.

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KentuckyLoansMultifamilySoutheast

KeyBank Secures $73.3M Acquisition Loan for 600-Unit Multifamily Asset in Louisville

by Camren Skelton

LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $73.3 million Freddie Mac loan for the acquisition of Mallard Crossing, a 600-unit multifamily property located at 400 Mallard Creek Road in Louisville. Louisville Business First reports Lifestyle Communities acquired the asset from M.F. Mallard Crossing KY LLC, an affiliate of Blackstone Group, in November. Tim Migchelbrink of KeyBank arranged the adjustable-rate loan with four years of interest-only payments on behalf of the borrower. Mallard Crossing was constructed in two phases starting in 1991, and includes 51 two- and three-story garden-style apartment buildings. Community amenities include indoor and outdoor basketball courts, a theater room, two swimming pools, grilling deck, sauna, two dog parks and tennis courts.

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FloridaHospitalityLoansSoutheast

Crane Capital, Westmont Receive $18.7M Construction Loan for Houston Astros’ Hotel in South Florida

by Camren Skelton

WEST PALM BEACH, FLA. — Crane Capital Group Inc., in partnership with Westmont Hospitality Group, has received an $18.7 million construction loan for the conversion of a vacant office tower in West Palm Beach into a 191-room hotel. Scott Wadler and Wesley Hightower of HFF arranged the three-year, fixed-rate loan through Woodforest National Bank on behalf of the joint venture, which acquired the vacant Forum Office tower earlier this year. The redeveloped 10-story hotel, located roughly five miles from the new $150 million Houston Astros Spring Training facility, will serve the public, as well as the Houston Astros players, staff and family. The hotel will feature a restaurant, pool and a gym. Westmont Hospitality Group will manage the property, which is expected to open mid-year 2018.

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FloridaLoansMultifamilySoutheast

Walker & Dunlop Arranges $50.4M Loan for 1,103-Unit Apartment Community in Jacksonville

by Camren Skelton

JACKSONVILLE, FLA. — Walker & Dunlop has arranged a $50.4 million loan for Matthews Crossing, a 1,103-unit multifamily community in Jacksonville. Alex Inman of Walker & Dunlop arranged the loan on behalf of the sponsor, S2 Capital LLC, which acquired the asset in July for $49.5 million, according to the Jax Daily Record. Matthews Crossing features five swimming pools, a playground, fitness center and a business center. In addition, the community is roughly 11 miles northwest of the University of North Florida and a half-mile from Jacksonville University.

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LoansMidwestMultifamilyOhio

Dougherty Provides $24.8M Refinancing for Apartment Property in Willowick, Ohio

by Kristin Harlow

WILLOWICK, OHIO — Dougherty Mortgage LLC has provided a $24.8 million Fannie Mae loan for the refinancing of Shoregate Towers in Willowick, about 16 miles northeast of Cleveland. The 404-unit property is located at 30901 Lakeshore Blvd. Dougherty’s Minneapolis office arranged the 15-year loan, which features a 30-year amortization schedule. Shoregate Towers NS LLC was the borrower.

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Aura-240-East-Orange-NJ
LoansMultifamilyNew JerseyNortheast

KeyBank Arranges $21.3M in FHA Financing for New Jersey Multifamily Property

by Amy Works

EAST ORANGE, N.J. — KeyBank Real Estate Capital has arranged a $21.3 million FHA first mortgage loan for Aura 240, a multifamily property located in East Orange. Originally built in 2012 as a six-story office building, the property was expanded and converted into a 15-story, 96-unit multifamily property. Tom Peloquin of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 35-year amortization schedule. The loan was used to refinance existing debt.

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Houlihan-Parnes-Shrewsbury-NJ
LoansMultifamilyNew JerseyNortheast

Houlihan-Parnes Secures $13.5M in Financing for Multifamily Property in Shrewsbury, New Jersey

by Amy Works

SHREWSBURY, N.J. — Houlihan-Parnes Realtors has secured a $13.5 million non-recourse first mortgage for a multifamily property located in Shrewsbury. The garden-style apartment community features 160 residential units and one retail unit. Robert Tiburzi Jr. of Houlihan-Parnes arranged the financing for the undisclosed borrower. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal advice for the borrower.

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LoansMultifamilyNew HampshireNortheast

NorthMarq Capital Arranges $1.7M in Refinancing for Multifamily Property in New Hampshire

by Amy Works

MANCHESTER, N.H. — NorthMarq Capital has arranged $1.7 million in refinancing for a multifamily property located on Pine Street in Manchester. Edward Riekstins and Michael Chase of NorthMarq’s Boston regional office secured the long-term, fixed-rate financing for the undisclosed borrower. Provided by a regional bank, the financing features a flexible prepayment structure.

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LoansMultifamilyNew YorkNortheast

Greystone Refinances $13.3M Multifamily Property in Brooklyn

by Amy Works

NEW YORK CITY — Greystone has provided $13.3 million in Freddie Mac refinancing for a multifamily building located in the Williamsburg section of Brooklyn. Anthony Cristi of Greystone originated the loan for the sponsor, Perl Weisz of CW Realty. Located at 319 Graham Ave., the 24-unit property was built in 2016. The property features a roof deck, a fitness center, a resident lounge and private parking. The new conventional Freddie Mac loan on the property represents a permanent exit from construction financing and carries a seven-year term, two years of interest-only payments and a 30-year amortization schedule.

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ArizonaLoansMultifamilySeniors HousingWestern

CBRE Negotiates $75.4M Supplemental Loan for Seven-Property CCRC Portfolio

by Nellie Day

TUCSON, ARIZ. — CBRE has arranged $75.4 million in supplemental financing for a seven-property portfolio of continuing care retirement communities owned by a joint venture that includes The Freshwater Group and Watermark Retirement Communities. The group of properties is spread across six states and comprises of 1,308 independent living beds, 541 assisted living beds, 97 memory care beds and 373 skilled nursing beds. The financing, arranged by Aron Will of CBRE National Senior Housing, will supplement a $410 million financing that CBRE arranged for the joint venture in 2015. That overall financing is for a larger portfolio totaling 15 properties and 3,804 beds, including the seven properties included in the supplemental financing. The use of the funds was not disclosed. Tucson-based Watermark, which is the wholly owned management arm of The Freshwater Group, will continue to operate the properties.

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