Loans

KeyBank Provides $92.5M in Bonds for Affordable Housing Near Seattle

by Nellie Day December 5, 2016

AUBURN, WASH. — KeyBank’s Community Development Lending & Investing group has provided $95.2 million in tax-exempt bond financing to construct two affordable housing communities in the Seattle suburb of Auburn, one for families and one for seniors. AVS Communities is developing the two properties. The Villas at Auburn will offer 295 units of affordable housing for families while The Reserve at Auburn will offer 297 units of affordable housing for seniors. Both projects will serve residents making 60 percent or less of the area median income. KeyBank provided a $47 million construction loan for The Reserve at Auburn, with a $40.6 million Freddie Mac Tax Exempt Loan (TEL) component arranged by Key’s Commercial Mortgage Group. The company provided a $48.2 million construction loan for The Villas at Auburn, with a $40.9 million Freddie Mac TEL arranged by Key’s Commercial Mortgage Group. The Washington State Housing Finance Commission issued the tax-exempt bonds. Victoria Quinn and Al Beaumariage arranged the financing.

December 5, 2016

Illinois Loans Midwest Multifamily

Related Midwest Begins Development of One Bennett Park in Chicago

by Kristin Harlow December 5, 2016

CHICAGO — Related Midwest has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story luxury residential tower in Chicago’s Streeterville neighborhood. Wells Fargo provided the loan. Located at 451 E. Grand Ave., the building will offer 69 condominiums and 279 apartments. Condominiums will range in size from 1,737 square feet to 7,500 square feet and range in price from $1.85 million to $15 million. The 279 luxury apartments will include a mix of one- to four-bedroom floor plans. When complete in 2019, the building will be the tallest all-residential tower in Chicago at 836 feet, according to Related Midwest. Robert A.M. Stern Architects is the architect. Michael Van Valkenburgh Associates designed a 1.7-acre park adjacent to the project. Named after Chicago’s Edward H. Bennett, the project reflects the late architect’s vision of weaving green spaces into the urban fabric and balancing built environment with natural landscape.

December 5, 2016

Loans Multifamily North Carolina Southeast

Walker & Dunlop Originates $26M Acquisition Loan for Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MOORESVILLE, N.C. — Walker & Dunlop has originated a $26 million acquisition loan for Waterlynn Ridge Apartments, a 312-unit multifamily community located in Mooresville, roughly 25 miles north of Charlotte. Craig West led the Walker & Dunlop team to originate the short-term bridge loan through its interim loan program (ILP) on behalf of the borrower, Waypoint Residential. The team also arranged the subsequent seven-year permanent loan through Freddie Mac. Walker & Dunlop’s ILP system uses the company’s own balance sheet to provide short-term loans for properties that do not yet qualify for permanent agency financing. Built in 2008, Waterlynn Ridge features a resort-style pool, fitness center, barbecue area and a walking trail. Waypoint Management, a subsidiary of Waypoint Residential, manages Waterlynn Ridge.

December 5, 2016

Loans Multifamily North Carolina Southeast

Eastern Union Funding Arranges $12M Acquisition Loan for Chapel Hill Multifamily Property

by John Nelson December 5, 2016

CHAPEL HILL, N.C. — Eastern Union Funding has arranged a $12 million, non-recourse loan for the acquisition of 86 North Apartment Homes, a recently renovated, 144-unit multifamily community located at 200 Westminster Drive in Chapel Hill near Duke University and the Research Triangle Park. The property features nine three-story buildings, as well as a swimming pool, clubhouse and leasing office and basketball and volleyball courts. Chesky Gross of Eastern Union Funding arranged the three-year loan that features an open prepayment after the first year through Bridge Investment Group Partners. The buyer and purchase price were not disclosed.

December 5, 2016

Loans Multifamily Texas

Dougherty Mortgage Closes $5.4M Acquisition Loan for 76-Unit Multifamily Property in Metro Dallas

by Amy Works December 5, 2016

GARLAND, TEXAS — Dougherty Mortgage has closed a $5.4 million Fannie Mae loan for the acquisition of Oaks Branch Apartment Homes in Garland, a northeastern suburb of Dallas. The 12-year loan was arranged through a partnership with Old Capital Lending and Dougherty Mortgage’s Vienna, Va., office on behalf of the borrower, Castleglen Homes LLC. The financing included two years of interest-only payments and a 30-year amortization schedule. The 76-unit property features two- and three-bedroom market-rate units with open kitchens, vaulted ceilings, ceiling fans and washer/dryer connections.

December 5, 2016

California Loans Multifamily Retail Western

Meridian Capital Group Arranges $98M in Financing for Two Properties in Los Angeles

by Nellie Day December 2, 2016

LOS ANGELES — Meridian Capital Group, on behalf of Decron Properties, has arranged a $10 million loan for Playa Lincoln, a shopping center located at 8701 Lincoln Blvd. in Los Angeles. The grocery-anchored center features 73,000 square feet of retail space. Additionally, Meridian secured an $88 million loan for Playa Del Oro II, a multifamily property located at 7280 W. Manchester Ave. in Los Angeles. The asset features 260 apartment units and 5,000 square feet of retail space. The 10-year loans, provided by a life insurance company, feature five years of interest-only payments. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the financing for the borrower.

December 2, 2016

Loans Multifamily New York Northeast Retail

A10 Capital Funds $27M Loan for Retail, Multifamily Property in SoHo

by Amy Works December 2, 2016

NEW YORK CITY — A10 Capital has provided a $27 million bridge loan for the refinancing of a retail and multifamily property located in Manhattan’s SoHo district. The five-story, 14,500-square-foot property features ground-floor retail space, which is leased to a brand name national clothing line, and four loft-style 2,500-square-foot apartments on the upper floors. The two-year, floating rate bridge loan refinanced the undisclosed borrower’s existing $23.5 million loan and provided an additional $2 million in proceeds to the borrower at closing. Cary Pollack and Judah Neuman of Meridian Capital Group arranged the financing for the borrower.

December 2, 2016

Florida Hospitality Loans Southeast

HKS Capital Partners Arranges $45M Refinancing of Sagamore Hotel in South Beach

by John Nelson December 2, 2016

MIAMI BEACH, FLA. — New York-based HKS Capital Partners has arranged the $45 million refinancing of the Sagamore Hotel, a 94-suite upscale hotel situated at the crossroads of the Lincoln Road Mall and Collins Avenue in South Beach’s historic Art Deco District. The borrower, The Ben Josef Group, will use the loan to partially recapture $35 million of equity and put $10 million toward renovations. John Harrington of HKS Capital arranged the five-year loan with 30 months of interest-only payments during the renovation period through Bank Hapoalim B.M., one of Israel’s largest banks. The Ben Josef Group and the Insite Group, a South Florida-based development firm, paid $63 million in cash for the five-story hotel in March 2016. The new owners plan to renovate and reposition a portion of the floor plan to yield an additional 48 guest rooms, which will result in 142 guest suites, including oceanfront penthouses and two-story oceanfront bungalows.

December 2, 2016

Loans Multifamily Washington Western

NorthMarq Arranges $93M in Acquisition Financing for Bridges at Northcreek in Bothell

by Nellie Day December 1, 2016

BOTHELL, WASH. — NorthMarq Capital has arranged $93 million in financing for the acquisition of the 524-unit Bridges at Northcreek apartments in Bothell. The Class A community is located at 20225 Bothell Everett Highway, just north of Bellevue. Bridges at Northcreek was built in 1999. The property is situated near more than 500 restaurants and shops, Woodinville wine country, golf courses, parks and more. The 10-year, full-term, interest-only loan has significant prepayment flexibility in its last several years. NorthMarq arranged financing for the borrower, one of NorthMarq’s long-term clients, through the firm’s Fannie Mae program. David Link and Brian Fisher led the team on this transaction.

December 1, 2016

Industrial Loans Northeast Pennsylvania

HFF Arranges $6.1M Loan for Industrial Warehouse in Mechanicsburg, Pennsylvania

by Amy Works December 1, 2016

MECHANICSBURG, PA. — HFF has secured a $6.1 million loan for a vacant industrial warehouse property located at 4500 Westport Drive in Mechanicsburg. The borrower was a joint venture between Foxfield Ventures and Novaya Real Estate Ventures. Ready Capital Structured Finance provided the non-recourse, interest-only payment loan that features a two-year term and a one-year extension option with flexible pre-payment. The loan facilitated both the acquisition and future funding needs to implement a light capital improvement program at the 178,000-square-foot property. Situated on 11.2 acres, the property features 2,500 square feet of office space, 20 dock doors and 35-foot ceiling heights. Ryan Ade of HFF led the firm’s debt placement team that arranged the financing for the borrower.

December 1, 2016

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