Loans

HFF Secures $29.5M Construction Loan for Seniors Housing Condo Community in Long Island

by Amy Works November 22, 2016

NEW YORK CITY — HFF has arranged $29.5 million in construction financing for Phase II of The Vineyards at Blue Point, an active adult condominium community restricted to residents age 55 and older in Long Island’s Blue Point area. Evan Pariser of HFF arranged the construction loan through Bank of the Ozarks for the borrowers, Ornstein Leyton Co. and Latus Partners. Upon completion, the 280-unit property will encompass 44 buildings with townhomes and single-level flats. The units will feature oversized master bedrooms, in-unit washer/dryers and attached garages. Situated on 65 acres, the community features a heated outdoor swimming pool and bocce club, along with the Vineyards Club, which includes a fitness center, social rooms and lounge space.

November 22, 2016

Industrial Loans New Jersey Northeast Office Retail

Cronheim Closes $27.8M Refinancing for Six Properties in Central, Northern New Jersey

by Amy Works November 22, 2016

MORRIS, SOMERSET AND MERCER COUNTIES, N.J. — Cronheim Mortgage has arranged a cash-out refinance of $27.8 million for six northern and central New Jersey properties. The assets include office, industrial and retail properties in Morris, Somerset and Mercer counties. The undisclosed borrower will use proceeds to cash out some of the significant equity of the property. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the financing.

November 22, 2016

Loans Michigan Midwest Multifamily

Hunt Mortgage Group Provides $18M Fannie Mae Loan for Multifamily Property in Ann Arbor, Michigan

by Kristin Harlow November 21, 2016

ANN ARBOR, MICH. — Hunt Mortgage Group has provided an $18 million Fannie Mae loan to refinance Hidden Valley Apartments in Ann Arbor. The 324-unit apartment community is located at the northeast corner of State Street and Eisenhower Parkway. Constructed in 1973, the complex consists of seven two-story buildings with 36 studio units, 198 one-bedroom units and 90 two-bedroom units. The 30-year loan includes a 30-year amortization schedule. Cardinal HVC LLC was the borrower. Matt Shane of Q10/Lutz Financial Services was the mortgage broker in the transaction.

November 21, 2016

Connecticut Loans Northeast Office

NGKF Closes $97.5M in Financing for Connecticut Office Park Acquisition

by Amy Works November 21, 2016

GREENWICH, CONN. — NGKF Capital Markets, on behalf of Fareri Associates, has closed on $97.5 million in debt financing for the acquisition of Greenwich Office Park in Greenwich. The five-year, fixed-rate loan with a full-term interest-only component will be used to acquire the eight-building office park from Clarion Partners for $130 million, or $344 per square foot. Situated on 21 acres, the 380,561-square-foot property underwent a $15.5 million capital improvement program. Jordan Roeschlaub, Steven Sperandio and Daniel Fromm of NGKF Capital Markets arranged the loan for the sponsor, Fareri Associates.

November 21, 2016

Loans Multifamily New York Northeast

Eastern Consolidated Negotiates $32.4M in Refinancing for Six Multifamily Properties in Manhattan

by Amy Works November 18, 2016

NEW YORK CITY — Eastern Consolidated has arranged refinancing loans for six multifamily properties in Manhattan in two separate transactions totaling $32.4 million. Jonathan Aghravi and Charles Han of Eastern Consolidated handled the loan placements with Amalgamated Bank. The first loan was a seven-year, $20 million refinancing for five mixed-use buildings, featuring 44 residential units and eight commercial units, located at 420, 422, 424, 426 and 428 Amsterdam. The second loan was a seven-year, $12.4 million refinancing for a newly renovated 28-unit multifamily property located at 44-46 E. End Ave.

November 18, 2016

Industrial Loans New Jersey Northeast

HFF Arranges $7M in Acquisition Financing for Warehouse Building in Linden, New Jersey

by Amy Works November 18, 2016

LINDEN, N.J. — HFF has arranged $7 million in acquisition financing for a warehouse and distribution building located at 1501-1525 W. Blancke St. in Linden. The borrower, Penwood Real Estate Investment Management, will use proceeds of the loan to purchase the building and fund immediate and future capital expenditures, tenant improvements and leasing commissions. Vantage Specialty Chemicals and HelloFresh occupy the 115,913-square-foot facility. Michael Klein of HFF arranged the five-year, fixed-rate loan with First Bank New Jersey for the borrower.

November 18, 2016

Loans Seniors Housing Southeast Virginia

CBRE Arranges $7.4M Acquisition Loan for Seniors Housing Community in Virginia

by John Nelson November 18, 2016

WINCHESTER, VA. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community. Inspirit will operate the property, which is located in Winchester, approximately 75 miles northwest of Washington, D.C. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 18 months of interest-only payments through a regional bank. Care Investment Trust is a seniors housing REIT and a wholly owned subsidiary of Tiptree Financial Inc. Inspirit is a seniors housing operator formed in 2015.

November 18, 2016

Loans Top Stories

Clarion Partners Receives $200M Loan for Nine-Property Mixed-Use Portfolio

by Kristin Harlow November 18, 2016

NEW YORK CITY — Clarion Partners has received $200 million in acquisition financing for a nine-property portfolio comprising multifamily, industrial and retail properties in six states throughout the U.S. Included in the financing are: Three multifamily properties totaling 761 units in Minneapolis and metro Dallas. Four industrial properties totaling 1.7 million square feet in Hanover, Md., Denver, Pompano Beach, Fla., and Redlands, Calif. Two retail properties totaling 275,859 square feet in Delray Beach and Celebration, Fla. Riaz Cassum, Lauren O’Neil and Robyn King of HFF represented the borrower in the transaction. The firm arranged the loan through one of its correspondent lenders. Clarion Partners is a New York-based real estate investment manager with $43.1 billion in total assets under management. — Kristin Hiller

November 18, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $21.7M Fannie Mae Loan for Multifamily Property in Burnsville, Minnesota

by Kristin Harlow November 17, 2016

BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $21.7 million Fannie Mae loan for the refinancing of Berkshire of Burnsville, a 205-unit multifamily property in Burnsville, 15 miles south of Minneapolis. Located at 13901 Echo Park Circle, the apartment building features one-, two- and three-bedroom townhomes. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Echo Park Limited Partnership.

November 17, 2016

Loans Multifamily Northeast Pennsylvania Seniors Housing

TD Bank Invests $20.6M in Historic School Conversion in Philadelphia

by Amy Works November 17, 2016

PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans. The investment includes $11.6 million in tax credit equity and a $9 million construction loan. When completed, the conversion will offer 37 units for low-income seniors and 12 units for homeless veterans. Spring Garden School was built in 1927 and added to the National Register of Historic Places in 1986. The property has been vacant for nearly 40 years. The project will include restoring the interior and exteriors of the building, while intentionally preserving some of the graffiti. HELP USA, a national homeless service provider and low-income housing developer, is developing the project.

November 17, 2016

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