Loans

HFF Secures Financing for 379-Unit Multifamily Property in Houston

by Amy Works January 24, 2017

HOUSTON — HFF has arranged fixed-rate financing for Hanover Rice Village, an apartment community located near Rice University in Houston. Cortney Cole, Scott Galloway and Dustin Selzer of HFF arranged the 10-year loan for the borrower, The Hanover Co. Completed in 2013, the property features 379 residential units and 22,599 square feet of retail space. Coppa Italian Food, Punk’s Simple Southern Food and Cyclone Anaya’s Mexican Kitchen occupy the retail space. On-site amenities include a swimming pool, poolside cabanas, fire pit, grilling areas, open-air loggia with fireplace and television, outdoor banquette seating and dining space, a resident club, pet washing station and controlled-entry parking garage.

January 24, 2017

Affordable Housing Connecticut Loans Multifamily Northeast

KeyBank Provides $22.5M in Refinancing for Affordable Housing Community in East Haven, Connecticut

by Amy Works January 24, 2017

EAST HAVEN, CONN. — KeyBank Real Estate Capital has provided $22.5 million in Fannie Mae refinancing for East Farm Village, a multifamily property located in East Haven. The 240-unit property operates under a Section 8 Housing Assistance Payments contract and provides affordable housing units for low- to moderate-income families. Situated on 7.6 acres, the property features a community room, fitness center, solarium, library, playground, laundry facilities, elevator, on-site security and 24-hour maintenance. Erik Storz and Al Clemente of KeyBank arranged the financing for the undisclosed borrower.

January 24, 2017

Connecticut Loans Multifamily Northeast Rhode Island Seniors Housing

Lancaster Pollard Arranges $40.7M Refinancing for Skilled Nursing Facilities in New England

by Amy Works January 24, 2017

AVON, CONN. — Lancaster Pollard has arranged six separate refinancing loans totaling $40.7 million for Apple Rehab, a skilled nursing provider based in Avon, a suburb of Hartford, Conn. The facilities refinanced are The Clipper Home in Westerly, R.I.; T.A. Coccomo Memorial in Meriden, Conn.; Hewitt Health & Rehabilitation Center in Shelton, Conn.; Plainville Health Care Center in Plainville, Conn.; Apple Rehab Colchester in Colchester, Conn.; and Waterbury Extended Care Facility in Watertown, Conn. The facilities total 517 skilled nursing beds. Aaron Becker led the Lancaster Pollard team in arranging the six FHA-insured loans. Each loan has a 30-year term and fixed interest rate. The refinancing will allow Apple Rehab to lower its debt service and increase its replacement reserves.

January 24, 2017

Loans Midwest Multifamily South Dakota

Dougherty Arranges $3.5M Fannie Mae Loan for Refinancing of Apartment Property in Mitchell, South Dakota

by Kristin Harlow January 24, 2017

MITCHELL, S.D. — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the refinancing of Pheasant Ridge Village Apartments in Mitchell, in southeastern South Dakota. The property consists of 64 apartment units and was built in 2014. The 15-year loan includes a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for the borrower, Pheasant Ridge Village Apartments LLC.

January 24, 2017

Loans Maryland Multifamily Southeast

Greysteel Arranges $8.9M Refinancing for Apartment Community in Metro D.C.

by John Nelson January 24, 2017

HYATTSVILLE, MD. — Greysteel has arranged the $8.9 million refinancing of Madison Park, a 91-unit apartment community located at 5902 31st Ave. in Hyattsville, about six miles northeast of Washington, D.C. Built in 1962, Madison Park’s units average 873 square feet. The borrower, Madison Park LLC, will use the loan proceeds to refinance a maturing CMBS loan. Greysteel arranged the 10-year loan with a fixed 4.65 percent interest rate and three years of interest-only payments followed by a 30-year amortization schedule.

January 24, 2017

Loans Multifamily Oklahoma Texas

Old Capital Arranges Acquisition Loan for 50-Unit Multifamily Property in Chickasha, Oklahoma

by Amy Works January 23, 2017

CHICKASHA, OKLA. — Old Capital has arranged an acquisition loan for Willowbrook Apartments, a 50-unit multifamily property in Chickasha. The non-recourse, 10-year loan features an 80 percent loan-to-value with three years of interest-only payments and a step-down prepayment option. The borrower and loan amount were undisclosed.

January 23, 2017

Loans New York Northeast Office

Joint Venture Receives $250M in Construction Financing for Office Development in Brooklyn

by Amy Works January 23, 2017

NEW YORK CITY — A joint venture between Boston Properties and Rudin Development has closed on a $250 million construction loan for Dock 72, a creative office development at Brooklyn Navy Yard. The financing was led by J.P. Morgan, M&T Bank and U.S. Bank. The previously announced 16-story project will feature 675,000 square feet of office space. WeWork, acting as co-developer, will occupy 222,000 square feet of the property and will curate the amenity space, including a health and wellness center, specialty food and beverage offerings and a rooftop conference center. Construction broke ground in May 2016. The project will be ready for tenant fit-out late this year with completion scheduled for early 2018.

January 23, 2017

Loans Multifamily New York Northeast

Berkadia Secures $268.7M Loan for 767-Unit Apartment Building in New York City

by Amy Works January 23, 2017

NEW YORK CITY — Berkadia has secured a $268.7 million loan for 20 Exchange Place, a luxury apartment building located in New York City. Nick Cassino of Berkadia arranged the 10-year, fixed-rate loan through Freddie Mac for the borrower, DTH Capital. Ackman-Ziff Real Estate Capital Advisors represented the borrower in the financing. Originally developed as headquarters for City Bank-Farmers Trust, the 57-story building now features 767 apartment units and 90,000 square feet of retail space.

January 23, 2017

Industrial Loans Massachusetts Northeast

CBRE/NE Arranges $11M in Financing for 205,061 SF Industrial Building in Readville, Massachusetts

by Amy Works January 23, 2017

READVILLE, MASS. — CBRE/New England has arranged $11 million in acquisition and capital improvement financing for Boston Business Park – Building 200, a 205,061-square-foot industrial building located at 100 Meadow Road in Readville. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE secured the financing for the borrower, a joint venture between Wallace Property and GFI Partners. Boston Business Park is the future home to M.S. Walker, ABEX Transportation and Katsiroubas Bros. Current tenants include HD Supply, The Ride, Gentle Giant Moving and MFI Tire Wholesale.

January 23, 2017

Affordable Housing Loans Multifamily Southeast Tennessee

NorthMarq Arranges $6.1M Acquisition Loan for Affordable Housing Community in Metro Nashville

by John Nelson January 23, 2017

MURFREESBORO, TENN. — NorthMarq Capital has arranged a $6.1 million acquisition loan for Abbington at Stones River, a 96-unit affordable housing community located at 1335 Bradyville Pike in Murfreesboro, a suburb of Nashville. John Reed of NorthMarq’s Omaha office arranged the 18-year loan with two years of interest-only payments followed by a 35-year amortization schedule. The loan was financed through Freddie Mac’s Tax-Exempt Loan program and includes a facility for a moderate rehab of the property.

January 23, 2017

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