Loans

Ziegler Closes $65.4M Bond Financing for 261-Unit Seniors Housing Community in Montana

by Nellie Day May 23, 2017

KALISPELL, MONT. — Ziegler, a specialty investment bank, has arranged a total of $65.4 million in tax-exempt, fixed-rate bonds for Immanuel Lutheran Corp., which operates a seniors housing community in Kalispell, approximately 75 miles south of the Canadian border. The property is a nonprofit, faith-based community known as Immanuel Lutheran Communities. It features 106 units of independent living and assisted living and 155 units for skilled nursing on a 13-acre campus. Immanuel Lutheran Corp. will use the financing to refund two previous series of bonds and fund an expansion and renovation project at the community. The multi-phase plan will introduce entrance-fee independent living apartments, add a new memory care unit, expand amenities and “right-size” the skilled nursing area. Immanuel is partnering with seniors housing development and advisory firm Sawgrass Partners on the expansion project.

May 23, 2017

Kansas Loans Midwest Multifamily

KeyBank Arranges $19M Refinancing of Multifamily Property in Overland Park, Kansas

by Kristin Harlow May 23, 2017

OVERLAND PARK, KAN. — KeyBank Real Estate Capital has arranged a $19 million Fannie Mae loan for the refinancing of Plaza at Overland Park in Kansas. The 202-unit multifamily property was built in 1999 and renovated in 2014. Chris Black of KeyBank arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was not disclosed.

May 23, 2017

Loans Multifamily New York Northeast

KeyBank Arranges $17.4M Financing for Multifamily Property in Metro NYC

by Haisten Willis May 23, 2017

ROCKVILLE CENTRE, N.Y. — KeyBank Real Estate Capital has arranged a $17.4 million Fannie Mae loan for Mill River Residences in Rockville Centre. The affordable multifamily property was built in 1970 and renovated in 2006. Of the 175 units, 95 are age restricted and the remaining 80 are designated for households earning less than 60 percent of area median income. Dirk Falardeau of Key’s commercial mortgage group arranged the first mortgage financing with a seven-year term and 30-year amortization schedule. The loan was used to refinance existing debt.

May 23, 2017

California Loans Multifamily Seniors Housing Western

Dominion Mortgage Provides $4.2M Bridge Loan for Seniors Housing Community in Santa Cruz

by Nellie Day May 22, 2017

SANTA CRUZ, CALIF. — Dominion Mortgage Corp. has both arranged and provided a $4.2 million bridge loan for Villa Senior Housing. The 58-unit seniors housing community is located south of the Bay Area in Santa Cruz. No further details were disclosed.

May 22, 2017

Loans Office Texas

Churchill Capital Arranges $42.8M in Refinancing for Office Buildings in Dallas

by Taylor Williams May 22, 2017

DALLAS — Churchill Capital Co. has arranged a $42.8 million loan for the refinancing of Browning Place at Mercer Crossing, a three-building, 442,639-square-foot office property in Dallas. Located at 1603, 1605 and 1607 LBJ Freeway, the property includes two interconnected eight-story towers, a two-story annex building and a four-story parking deck. Duke Stone and Steve Forson of Churchill arranged the non-recourse, fixed-rate loan through JPMorgan Chase on behalf of the borrower, Transcontinental Realty Investors Inc.

May 22, 2017

Hospitality Loans Midwest Minnesota

Dougherty Provides $15.1M Construction Loan for Hotel in St. Paul, Minneosta

by Kristin Harlow May 22, 2017

ST. PAUL, MINN. — Dougherty Funding LLC has provided a $15.1 million loan for the construction of a Residence Inn by Marriott in St. Paul. The 102-room hotel will be located on Grand Avenue adjacent to the Children’s Hospital and Allina’s United Hospital, with close proximity to the St. Paul Convention Center and Xcel Energy Center. Included in the project is the preservation of a firehouse that is the City of St. Paul’s oldest remaining municipal building, constructed in 1871. Dougherty Funding served as lead lender and servicer for the loan. St. Paul Hotel Ventures LLC was the borrower.

May 22, 2017

District of Columbia Loans Office Retail Southeast Virginia

Citizens Bank Leads Financing for Two JBG Cos. Deals in D.C. Area Totaling $90M

by John Nelson May 22, 2017

WASHINGTON, D.C. — Citizens Bank has led the financing on two deals in the metropolitan Washington, D.C., area with The JBG Cos. totaling $90 million. The financing included the $49 million refinancing of Georgetown Center, two office buildings at 2115 and 2121 Wisconsin Ave. in D.C.’s Georgetown district, and a $41 million loan to finance the Old Centerville, a 171,631-square-foot, H-Mart-anchored shopping center on Braddock Road in Centerville, Va. Citizens was the administrative agent and sole lead arranger for both transactions.

May 22, 2017

Florida Loans Multifamily Southeast

Goldman Sachs Provides $54.3M Loan for Two Apartment Communities in Tampa Bay Area

by John Nelson May 19, 2017

BRADENTON AND ST. PETERSBURG, FLA. — Goldman Sachs has provided $54.3 million in financing for two apartment communities in the Tampa Bay area. The properties include the 281-unit Fountain Lakes Apartments located at 5620 Fountain Lake Circle in Bradenton and the 276-unit Sienna Bay Apartments located at 10501 3rd St. in St. Petersburg. Mona Carlton, Elliott Throne and Matthew Sand of HFF arranged the two 10-year, fixed-rate loans through Goldman Sachs. The borrower, Beachwold Residential, will use the financing to retire existing bridge financing and return sponsor equity following a renovation/expansion program at both communities.

May 19, 2017

Loans New York Northeast Office

Meridian Capital Group Arranges $21M Acquisition Financing for Office Property in Syracuse, New York

by Haisten Willis May 19, 2017

SYRACUSE, N.Y. — Meridian Capital Group has arranged $19 million in acquisition financing and $2 million for the repositioning of One Lincoln Center, an office property in Syracuse. The financing was arranged on behalf of Asher Zamir of Zamir Equities. Meridian’s Steven Edelstein, Steven Adler and Luke Hingson negotiated the loan, which was provided by a debt fund. One Lincoln Center is a 19-story, 305,594-square-foot office tower anchored by JPMorgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis, and Earthlink. Located at 110 W. Fayette St., the property is adjacent to the intersection of I-81 and I-690.

May 19, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $53.5M Loan for NYC Mixed-Use Development

by Haisten Willis May 18, 2017

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019. Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.

May 18, 2017

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