Loans

Dougherty Arranges $31.5M HUD Loan for Construction of Affordable Housing Property in St. Paul

by Kristin Harlow September 29, 2017

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $31.5 million HUD 221(d)(4) loan for the construction of Union Flats in St. Paul. The 217-unit affordable housing property will be located at the intersection of Territorial Road and Hampden Avenue. All units will be restricted to residents earning 60 percent or less of the area median income. The project will be constructed on a site currently occupied by the Hunt Electric Corp. building, which will be demolished. Amenities will include a community room with kitchen, outdoor patio, fitness room, rooftop deck, dog park and storage lockers. Dougherty arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VIII LLLP. The project will also receive equity through the Low Income Housing Tax Credit (LIHTC) program, as well as funds from the Metropolitan Council (a regional government agency), the Minnesota Department of Employment and Economic Development, and Ramsey County, to be used for environmental cleanup costs.

September 29, 2017

Colorado Loans Retail Western

NewMark Merrill Secures $62M Refinancing, Delivers 442,000 SF Retail Center in Longmont

by Nellie Day September 28, 2017

LONGMONT, COLO. — NewMark Merrill Mountain States has secured $62 million in refinancing and completed construction on Village at the Peaks, a 442,000-square-foot shopping center in Longmont. Village at the Peaks is over 90 percent leased to nearly 40 tenants including Whole Foods Market, Sam’s Club, Regal Cinemas, Gold’s Gym, Party City, Tuesday Morning, Bad Daddy’s Burger Bar, Ozo Coffee Co. and Fuzzy’s Taco Shop. The five-year development process involved a public/private partnership with the City of Longmont, and represents over $100 million in investment. Bank of the Ozarks provided original construction financing for the project. Joe Monteleone of Triad Capital Advisors arranged the refinancing on behalf of NewMark Merrill through Allianz Real Estate of America. Sandy Sigal, Sandra Kist and Allen Ginsborg of NewMarket Merrill oversaw the refinancing.

September 28, 2017

California Loans Office Western

Bridge Investment Group Receives $54.5M to Acquire San Mateo Office Property

by Nellie Day September 28, 2017

SAN MATEO, CALIF. — Bridge Investment Group has received a $54.5 million loan to acquire an office property in San Mateo. The loan includes a future funding component for planned capital improvements and leasing costs. The new owner plans to modernize the property. The loan was funded under KeyBank’s non-recourse bridge lending program. The program offers high-leverage, non-recourse loans for cash flowing properties.

September 28, 2017

Loans Multifamily Texas

Dougherty Closes $34.3M Acquisition Loan for 270-Unit Apartment Community in Plano

by Taylor Williams September 28, 2017

PLANO, TEXAS — Dougherty Mortgage has closed a $34.3 million Fannie Mae loan for the acquisition of The Domaine Apartment Homes, a 270-unit multifamily community located at 6400 Windcrest Drive in Plano. Dougherty arranged the 10-year loan, which features five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Domaine Apartments LLC.

September 28, 2017

Loans Multifamily New York Northeast

Greystone Provides $21M in Refinancing for Eight-Property Multifamily Portfolio in Brooklyn

by Amy Works September 28, 2017

NEW YORK CITY — Greystone has provided $21 million in Freddie Mac loans to refinance an eight-property multifamily portfolio in Brooklyn. Anthony Cristi of Greystone originated the loans for the borrower, Steve Lubin. The refinanced properties are 1060 Hancock St., 1315 Sutter Ave., 135 Dupont St., 187 Rochester Ave., 1904 Nostrand Ave., 4515 Snyder Ave. and 802 and 809 Park Place. The properties feature between six and 35 units. The properties received five-year, fixed-rate Freddie Mac Small Business Loans, which include an additional 15 years of floating rate and one year of interest-only payments at an 80 percent loan-to-value ratio.

September 28, 2017

Hospitality Loans Northeast Pennsylvania

Walker & Dunlop Arranges $14.9M Construction Loan for EVEN Hotel in Downtown Pittsburgh

by Amy Works September 28, 2017

PITTSBURGH — Walker & Dunlop has closed a $14.9 million construction loan for EVEN Hotel, located within the historic Kaufmann’s department store building in downtown Pittsburgh. The borrower is Reception Hotels and Resorts, which acquired the fifth and sixth floors for the hotel. The hotel will be part of the Kaufmann’s Grand on Fifth, a master redevelopment the former department store that will feature retail, hospitality, multifamily and office space. The loan closed with Orix USA on behalf of Reception Hotels and Resorts. Jacob Cohen of Walker & Dunlop secured the non-recourse loan that features three years of interest-only payments.

September 28, 2017

Alabama Loans Multifamily Southeast Tennessee

KeyBank Arranges $32.5M for Refinancing of Two Apartment Communities in Tennessee, Alabama

by Camren Skelton September 28, 2017

CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.

September 28, 2017

Florida Loans Multifamily Southeast

Hunt Mortgage Closes $15.2M in Acquisition Financing for Multifamily Portfolio in Boca Raton

by Camren Skelton September 28, 2017

BOCA RATON, FLA. — Hunt Mortgage Group has arranged $15.2 million in financing for the acquisition of a five-property multifamily portfolio in Boca Raton. The New York-based company structured the Freddie Mac loan with a 30-year amortization schedule on behalf of the borrowers, Kimberly Sorrentino and Lawrence Rolnick. The properties include: Whispering Palms Apartments, located at 4850 N.E. 5th Ave.; Sabal Palm Apartments, located at 665 Glouchester St.; Caribbean Apartments, located at 690 Kingsbridge St.; Del Rio Apartments, located at 480 W. Camino Real; and Villa Rica Apartments, located at 4670 N.E. 5th Ave.

September 28, 2017

Industrial Loans Midwest Wisconsin

Walker & Dunlop Arranges $39.3M Refinancing for Industrial Properties in Wisconsin

by Kristin Harlow September 28, 2017

WISCONSIN — Walker & Dunlop Inc. has arranged a portfolio of loans totaling $39.3 million for the refinancing of four industrial properties in Wisconsin. WOW Logistics, a private warehousing company serving the dairy and paper industries, was the borrower. One property located in Idaho was also part of the loan transaction. The buildings are all owner-occupied, but some facilities are leased to subtenants. Matthew Lund of Walker & Dunlop arranged the fixed-rate loans with separate lenders, including three life insurance companies and two banks.

September 28, 2017

Loans Multifamily Washington Western

Bellwether Enterprise Closes $51M Refinancing of 260-Unit Apartment Community in Bellevue

by Nellie Day September 27, 2017

BELLEVUE, WASH. — Bellwether Enterprise Real Estate Capital LLC has closed the $51 million refinancing of the 260-unit Alley 111 in Bellevue. The apartment community is located at 11011 N.E. 9th St. Alley 111 was built in 2015. The community features a rooftop deck and lounge, fitness center, storage lockers for skis and snowboards, and dry-cleaning services. The property’s ground-floor retail includes Minamoto Japanese Cuisine and Honor Coffee. Laurie Morfin originated the 10-year, fixed-rate loan. The lender was Nationwide.

September 27, 2017

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