Loans

Walker & Dunlop Arranges $43.5M Loan for the Tennyson at Crescent Village in Eugene

by Nellie Day June 19, 2017

EUGENE, ORE. — Walker & Dunlop has arranged $43.5 million in financing for the 263-unit Tennyson at Crescent Village in Eugene. The newly constructed, Class A multifamily community is located at 2850 Shadow View Drive. Crescent Village is Eugene’s first master-planned urban neighborhood. The Tennyson contains 35 buildings with units ranging from one- to three-bedrooms. Amenities include a clubhouse with a brew station and fitness center with on-demand classes, racquetball courts, a swimming pool and hot tub. The loan features a 10-year term and 30-year amortization at 70 percent loan-to-value ratio. The borrower will use the loan proceeds to pay off two existing loans. The property also received a spread reduction by qualifying for Green Building Certification through the Green Globes program. The property experienced rapid lease-up and was 80 percent occupied at the time of rate lock. Ralph Lowen and Steve Natale led the Walker & Dunlop team.

June 19, 2017

Loans Multifamily Texas

Dougherty Closes $14M in Refinancing of 318-Unit Apartment Community in Dallas

by Taylor Williams June 19, 2017

DALLAS — Dougherty Mortgage LLC has closed the $14 million refinancing of El Sol Del Lago, a 318-unit multifamily community located at 3120 Oradell Lane in Dallas. Dougherty arranged the 12-year Fannie Mae loan, which has a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, El Sol Del Lago LLC.

June 19, 2017

Hospitality Loans Texas

Eastern Union Arranges $1.5M in Refinancing for 128-Room Hotel in Arlington

by Taylor Williams June 19, 2017

ARLINGTON, TEXAS — Eastern Union Funding, a New York-based mortgage brokerage firm, has arranged a $1.5 million loan for the refinancing of the Quality Inn at Arlington Highlands, a 128-room hotel located near AT&T Stadium in Arlington. Peter Blass of Eastern Union arranged the loan through Southwest National Bank on behalf of the borrower, RMG Hospitality. A portion of the funds will be used for renovating the property.

June 19, 2017

Loans Multifamily New Jersey Northeast

HAP Investments Raises $6.8M to Fund 800-Unit Multifamily Development in Jersey City

by Amy Works June 16, 2017

JERSEY CITY, N.J. — HAP Investments has raised $6.8 million through a private placement in Israel for 544 participation units, each valued at $12,500. The units are not tradable and are not listed for trading on any stock exchange. HAP Tower Journal Square Limited Partnership will use the capital to partially fund the development of an 800-unit multifamily tower located in the Journal Square section of Jersey City. In order to fully fund the $437 million project, another funding round will take place. The private placement was approved by the Israeli Securities Authority, an entity similar to the U.S. Securities and Exchange Commission.

June 16, 2017

Loans Massachusetts Multifamily Northeast Seniors Housing

Monticello Provides $69.3M Acquisition Loan for 616-Bed Skilled Nursing Portfolio in Massachusetts

by Amy Works June 16, 2017

NEW YORK CITY — New York-based Monticello Asset Management, through one of its investment vehicles, has provided $69.3 million in acquisition financing for a four-property skilled nursing portfolio in Massachusetts. The borrower was 50 Christy Place LLC. The specific facilities acquired were not disclosed. The portfolio totals 616 beds, including 100 for assisted living, with an average year built is 1994. The properties have an average total land area of 3.8 acres and an average size of 70,000 square feet. The new owners plan to improve operating efficiencies and leverage a large network of corporate services and operating experience. The financing was structured as a bridge-to-HUD transaction.

June 16, 2017

Loans New York Northeast

Madison Realty Capital Funds $23.3M Acquisition Loan for Mixed-Use Development Site in SoHo

by Amy Works June 16, 2017

NEW YORK CITY — Madison Realty Capital has provided a $23.3 million first mortgage acquisition loan collateralized by a mixed-use development site located at 182-188 Spring St. in SoHo. The undisclosed borrower acquired 182-186 Spring Street through a bankruptcy auction and simultaneously closed on the adjacent townhouse located at 188 Spring St., including its air rights. The total consideration for the acquisitions is $31.6 million. The new owner plans to build a 37,278-square-foot mixed-use development on the site with high-end residential units above ground-floor retail space.

June 16, 2017

Loans Louisiana Multifamily Southeast

Walker & Dunlop Arranges $20.5M Loan for Refinancing of Multifamily Property in Louisiana

by John Nelson June 16, 2017

SHREVEPORT, LA — Walker & Dunlop has arranged a $20.5 million Freddie Mac loan for the refinancing of Orleans Square Apartments, a Class B, 472-unit, garden-style apartment community in Shreveport. Walker & Dunlop’s Stuart Wernick and Matt Newton arranged the 10-year, floating-rate loan with three years of interest-only payments, followed by a 30-year amortization period and an initial interest rate in the 3 percent range. Built in the 1970s and 80s, the property features three swimming pools, four laundry facilities, a clubhouse, playground and a tennis court.

June 16, 2017

California Loans Retail Western

HFF Arranges $125M Refinancing for Plaza El Segundo in Metro Los Angeles

by Nellie Day June 15, 2017

EL SEGUNDO, CALIF. — HFF has arranged a $125 million refinancing for Plaza El Segundo, a 380,558-square-foot shopping center located roughly 20 miles outside Los Angeles in El Segundo. The center is 97 percent leased and comprises 13 buildings in three shopping districts: The Plaza, The Collection and The Edge. Tenants at the center include Whole Foods Market, Dick’s Sporting Goods, lululemon athletica, Anthropologie and Salt Creek Grill. Kevin MacKenzie and Matthew Stewart of HFF worked on behalf of the borrower, Federal Realty, to secure the 10-year, fixed-rate loan through PGIM Real Estate Finance.

June 15, 2017

District of Columbia Hospitality Loans Southeast

Natixis Provides $39M Loan for Hyatt Place Hotel in D.C.

by John Nelson June 15, 2017

WASHINGTON, D.C. — Natixis has provided a $39 million floating-rate, first mortgage loan to Washington, D.C.-based Excel Group for the acquisition of the 200-room Hyatt Place hotel located in the NoMa neighborhood of Washington, D.C. The 14-story, LEED Silver-certified hotel was constructed in 2014. Designed by Cooper Carry Inc., the property features a restaurant and lounge, 1,600 square feet of meeting space, an outdoor pool, fitness center and a business center. Excel’s current portfolio consists of 18 hospitality assets totaling over 2,200 rooms located throughout the eastern United States.

June 15, 2017

Loans New York Northeast Office

Paramount Group Completes $300M Refinancing for 543,000 SF Office Building in NYC

by Amy Works June 15, 2017

NEW YORK CITY — Paramount Group has completed a $300 million refinancing for 712 Fifth Avenue, an office building located in the Plaza District of New York City. The new 10-year, interest-only loan matures in July 2027 and has a fixed rate of 3.39 percent. The net proceeds of the loan were used to repay the existing $246.5 million loan that bears interest at 4.41 percent and was scheduled to mature in March 2018. The building features 543,000 square feet of Class A office space. Eastdil Secured arranged the financing for the borrower.

June 15, 2017

Newer Posts

Older Posts