Loans

MCA Arranges $39.7M Bridge Loan for Apartment Property in Kansas City, Missouri

by Kristin Harlow November 27, 2017

KANSAS CITY, MO. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $39.7 million bridge loan for East 9 Pickwick Plaza Apartments in Kansas City. The property, formerly home to the Pickwick Hotel, was converted into 260 apartment units and 35,000 square feet of commercial space in July of this year. Amenities include a community room, business center, swimming pool, fitness center and outdoor decks. Charley Babb and Todd McNeill of MCA arranged the loan on behalf of the borrower, a partnership sponsored by Kansas-based Gold Crown Properties. The bridge loan was used to refinance a construction and mezzanine loan in order to help stabilize lease-up prior to permanent financing, according to Babb.

November 27, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $65.7M Acquisition Loan for Multifamily Asset in Orlando

by Camren Skelton November 27, 2017

ORLANDO, FLA. — Berkadia has arranged a $65.7 million acquisition loan for Elan Audubon Park, a 449-unit multifamily community located at 990 Warehouse Road in Orlando. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan through Bank of America on behalf of the borrower, Harbor Group International. The company acquired the property for $97.1 million. Constructed this year, Elan Audubon Park features one-, two- and three-bedroom units with vaulted ceilings, hardwood floors and in-unit washers and dryers. Community amenities include two resort-style pools, a poolside bar with a TV, outdoor kitchens with gas grilling areas, outdoor fire pits, two-story clubhouse, two-story fitness center, tanning room, game room, dog park and a dog wash station. Elan Audubon Park is situated near Colonial Town Center, home to a variety of shopping, dining and entertainment destinations.

November 27, 2017

Loans Multifamily Texas

Arbor Arranges $9.6M in Refinancing for Three Apartment Communities in Houston

by Taylor Williams November 22, 2017

HOUSTON — Arbor Realty Trust Inc. has arranged $9.6 million in refinancing for three apartment communities in Houston. The company secured a $4.5 million loan for the 180-unit Whispering Oaks Apartments on the city’s southwestern side; a $2.8 million loan for the 90-unit Coventry North Apartments on the city’s southeastern side; and a $2.3 million loan for the 80-unit Leawood Plaza Apartments, also on the city’s southwestern side. All three loans were placed through Freddie Mac’s Small Balance Loan program and feature seven-year terms, fixed interest rates and 30-year amortization schedules.

November 22, 2017

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $66.4M Construction Financing for 216-Unit Seniors Housing Community Near Portland

by Nellie Day November 21, 2017

LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego. The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres. Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks. The Springs Living will operate the community once it is completed. A timeline was not released.

November 21, 2017

Industrial Loans New Jersey New York Northeast

HFF Arranges $663M in Financing for Retail Properties in New York, New Jersey for Urban Edge Properties

by Amy Works November 21, 2017

NEW YORK AND NEW JERSEY — HFF has arranged 16 financings totaling $663 million secured by 15 retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey. Scott Aiese, Jon Mikula and Mike Tepedino of HFF secured the 16 separate loans with two CMBS lenders, three life company lenders and one bank for the borrower, Urban Edge Properties. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower’s maturity schedule. The portfolio comprises 98.1-percent-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; The Home Depot; Lowe’s Home Improvement Warehouse; Costco; BJ’s Wholesale Club and Walmart; and one multi-tenant warehouse property in East Hanover, N.J. The 16 properties are in dense submarkets with affluent demographics, including 15 located in New Jersey and one in New York.

November 21, 2017

Loans Massachusetts Multifamily Northeast

KeyBank Provides $82M in FHA Financing for Massachusetts Multifamily Portfolio

by Amy Works November 21, 2017

HOLBROOK, DORCHESTER AND WEYMOUTH, MASS. — KeyBank Real Estate Capital has provided $82 million in 223(f) FHA financing to the Corcoran, Mullins and Jennison group for the refinancing of a five-property mixed-income and age-restricted housing portfolio in Massachusetts. The properties are Savin Hills Apartments, an age-restricted, affordable housing asset with a project-based Housing Assistance Payments contract in Dorchester; Ramblewood in Holbrook; and a property in Weymouth. Together the properties total 574 units. Dirk Falardeau, Todd Goulet and Matthew Purcell of KeyBank’s Income Property and Commercial Mortgage Groups originated the loan for the sponsors, Corcoran, Mullins and Jennison Inc. and Corcoran Jennison Co.

November 21, 2017

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $8.3M Acquisition Financing for Affordable Housing Property in Cincinnati

by Kristin Harlow November 21, 2017

CINCINNATI — KeyBank Community Development Lending & Investment has provided $8.3 million in acquisition financing for Morgan Apartments in Cincinnati. The 48-unit affordable housing property features six vacant buildings. All units are reserved for families earning between 30 and 60 percent of the area median income. Kelly Frank of KeyBank originated the financing on behalf of the borrowers, The Model Group Inc. and Over-the-Rhine Community Housing Inc (OTRH). The Morgan Apartments will offer early childhood education, before and after school care, credit counseling, financial literacy programs, education assistance, job training and placement assistance through OTRH. The Ohio Capital Corporation for Housing provided the low-income housing tax credits, federal historic tax credit and state historic tax credit equity for the project.

November 21, 2017

Iowa Loans Midwest Multifamily

NorthMarq Arranges $6.7M Refinancing of Apartment Property in Sioux City, Iowa

by Kristin Harlow November 21, 2017

SIOUX CITY, IOWA — NorthMarq Capital has arranged a $6.7 million Freddie Mac loan for the refinancing of Glen Oaks Apartments in Sioux City. The 144-unit apartment property is located at 3800 Glen Oaks Blvd. Community amenities include a fitness center, swimming pool, sundeck, clubhouse, basketball and tennis courts. Jason Kinnison of NorthMarq arranged the loan for the undisclosed borrower.

November 21, 2017

California Hospitality Loans Western

George Smith Partners Arranges $50M in Financing for Hyatt Redevelopment Near LAX

by Nellie Day November 20, 2017

LOS ANGELES — George Smith Partners has arranged $50 million in construction and renovation financing for a redevelopment project near Los Angeles International Airport. The 258,000-square-foot, 13-story office tower will be converted into a 129-key Hyatt House and a 272-key Hyatt Place Hotel in Los Angeles. The asset is situated on West Century Boulevard, one block away from LAX. The redeveloped Hyatt House and Hyatt Place Hotel will feature a mid-century-inspired urban design and rooms with 11.5-foot ceiling heights. Amenities include a rooftop bar, pool, and restaurant with unobstructed views from downtown Los Angeles to the Pacific Ocean, a variety of dining options and a fitness center. The project is scheduled for completion in 2019. Financing was arranged on behalf of 5959 LLC, an affiliate of California Real Estate Regional Center LLC.

November 20, 2017

Loans Multifamily Texas

Hunt Mortgage Closes $11.1M Refinancing of 300-Unit Apartment Community in Houston

by Taylor Williams November 20, 2017

HOUSTON — Hunt Mortgage Group has secured $11.1 million in refinancing for Pine Creek Apartments, a 300-unit multifamily community located at 470 Maxey Road in Houston. Property amenities include two pools, a playground, three laundry facilities, a sports court and a resident clubhouse. Hunt Mortgage secured the funds on behalf of Elandis, a Miami-based investment and development firm, which acquired the property in 2016.

November 20, 2017

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