Loans

MassHousing Provides $15.8M Financing for Multifamily Property Renovation in Metro Boston

by Haisten Willis May 15, 2017

AMHERST, MASS. — MassHousing has provided $15.8 million in financing to Redwood Housing for the renovation and preservation of 100 affordable housing units at Clark House in Amherst. Redwood Housing recently acquired Clark House and has extended the federal Section 8 housing assistance payment contract on all 100 units at the property. This is the first transaction Redwood Housing has completed in Massachusetts. MassHousing provided the permanent loan through the HUD/HFA 50/50 risk share program. Of the 100 units at Clark House, 81 are designated affordable for elderly residents, and 19 are affordable units for families and disabled residents. Redwood plans to replace all domestic hot and cold water piping, improve accessibility, upgrade the community room, and replace sliding glass doors and windows. Built in 1980, Clark House is located at 22 Lessey St. The property contains 76 one-bedroom units, 18 two-bedroom units and six three-bedroom units. WinnCompanies manages Clark House.

May 15, 2017

Loans Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

Cronheim Mortgage Arranges $10.9M Financing for Mixed-Use Properties in New Jersey

by Haisten Willis May 15, 2017

BASKING RIDGE and WARREN, N.J. — Cronheim Mortgage has arranged $10.9 million in financing for two mixed-use properties in Basking Ridge and Warren. The loans were placed with State Life Insurance Co. and Southern Farm Bureau Life Insurance Co., which Cronheim represents as a correspondent and servicing agent. Riverwalk Village, located in Basking Ridge, received $8.5 million in financing. The 18-year loan is self-liquidating with a 3.8 percent interest rate. Tenants at the 47,604-square-foot property include Starbucks, Supercuts and Gymboree. Second-floor office space is leased to YMCA, a chiropractor and an orthodontist. Gateway East in Warren was refinanced for $2.4 million at a 3.8 percent interest rate. The property includes a pair of freestanding, two-story buildings with first-floor retail and office space on the second floor. Tenants include Subway, Great Clips, a pilates studio, law offices and a dentist. The property is located at a signalized intersection and features surface parking for 89 vehicles. Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna originated and placed the loans.

May 15, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $7.9M Land Loan for Mixed-Use Project in New York City

by Haisten Willis May 15, 2017

NEW YORK CITY — Equicap has secured a $7.9 million land loan for property in the East Village section of Manhattan. The borrower purchased the development site on Second Avenue for $9.15 million and was seeking bridge financing to carry the project through predevelopment. The proposed building will consist of 19,000 square feet of residential and retail condominiums. Equicap executed a closing at 86 percent of the purchase price for the transaction. A future funding component was also added for potential air rights.

May 15, 2017

California Loans Retail Western

HFF Secures $28.7M Acquisition Financing for Macy’s in West Los Angeles

by Nellie Day May 15, 2017

LOS ANGELES — HFF has secured $28.7 million in financing for the acquisition of a six-acre parcel in Los Angeles. The property includes a 244,000-square-foot retail structure occupied by Macy’s and a 1,550 space parking garage at the Westside Pavilion Mall. HFF worked on behalf of the borrower, GPI Cos., to secure a two-year, fixed-rate loan through a life insurance company. Located at the intersection of Pico Boulevard and Overland Avenue, the property is situated near the 405 and 10 freeways. The HFF debt placement team representing the borrower included Kevin MacKenzie, Greg Brown,Jeff Sause and Jamie Kline.

May 15, 2017

Loans Midwest Multifamily Ohio Top Stories

Bellwether Enterprise Arranges $80M Refinancing for 241-Unit Apartment Complex in Cleveland

by Taylor Williams May 15, 2017

CLEVELAND — Bellwether Enterprise Real Estate Capital LLC has arranged $80 million in refinancing for the Flats at East Bank Apartments, a 241-unit multifamily asset in Cleveland. Jim Doyle of Bellwether arranged the loan through Deutsche Bank, AG, on behalf of an undisclosed borrower. Built in 2016, the rental property offers penthouses, in addition to one-, two- and three-bedroom units. Amenities include a business center, 24-hour fitness center, 40,000-square-foot outdoor terrace and 24/7 concierge and room services. According to the property’s website, one-bedroom units range from about 700 to 1,200 square feet per unit and rent for $1,700 to $2,200 per month, depending on size. Two-bedroom units average approximately 1,400 square feet per unit and three-bedroom units average about 1,600 square feet per unit. Average rents for these apartments vary based on size. The building also houses 61,016 square feet of retail space primarily leased to food and beverage establishments. Current tenants include Punch Bowl Social, Beerhead Bar and Eatery and Big Bang Dueling Piano Bar. Several other food and beverage companies, including Thirsty Dog Brewing Co. and Dante’s Inferno, were recently added to the tenant roster. The complex is located at 1055 Old River Road on the city’s waterfront district. …

May 15, 2017

Florida Loans Retail Southeast

CIT Group Provides $46M Loan to Menin for Shopping Center in Palm Beach Gardens

by John Nelson May 15, 2017

PALM BEACH GARDENS, FLA. — CIT Group Inc. has provided a $46 million loan to Menin Development for the refinancing of PGA Plaza Shopping Center, an open-air retail lifestyle center in Palm Beach Gardens. Menin will use the loan to refinance a $41 million permanent loan that CIT provided to Menin in May 2015 after the completion of its two-year renovation and remerchandising program. PGA Plaza is home to retailers including Trader Joe’s, Ulta Beauty, Marshalls, Flamingo Café and PurePoint Financial.

May 15, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Provides $9.1M Loan to Rehab Affordable Seniors Community in Tulsa

by Jeff Shaw May 12, 2017

TULSA, OKLA. — KeyBank Real Estate Capital has provided a $9.1 million HUD loan to LEDIC Realty Co. for the rehabilitation of Quail Creek Villa, an affordable seniors housing community in Tulsa. The community is restricted to residents over 62 years of age and those with disabilities. All 120 units of the property are reserved for those making 60 percent or less of the area median income. Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank of Key’s Community Development Lending and Investment (CDLI) group arranged the financing.

May 12, 2017

Loans Massachusetts Multifamily Northeast

Bellwether’s New Equity Division Arranges $41.5M Financing for Apartment Community in Norwood, Mass.

by Haisten Willis May 12, 2017

NORWOOD, MASS. — Bellwether Enterprise Real Estate Capital has arranged $41.5 million in joint venture equity financing on behalf of John M. Corcoran and Co. for the $199 million acquisition of Windsor Garden Apartments in Norwood. The deal is the first equity financing of Bellwether’s New Orleans-based equity products division since its formation in November 2016. The company’s Todd Johnson arranged and structured the joint venture equity, which was provided by a New York City-based real estate investment fund. Located in metro Boston, Windsor Garden Apartments is a 914-unit apartment community. The complex includes 31 three-story apartment buildings, 36 two-story townhouses and six accessory buildings including a clubhouse and daycare center. Units range from one to three bedrooms and range from 580 to 1,210 square feet. The community features an on-site commuter rail station providing service to Boston’s Back Bay and South Station.

May 12, 2017

Loans Multifamily New York Northeast

NGKF Capital Markets Arranges $59M Financing for 827-831 Broadway in NYC

by Haisten Willis May 12, 2017

NEW YORK CITY — NGKF Capital Markets, serving as advisor to Quality Capital, has arranged a $59 million loan for 827-831 Broadway in Manhattan’s Greenwich Village neighborhood from LoanCore Capital. The loan will be used to recapitalize the multifamily property by retiring existing debt. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets brokered the loan for Quality Capital. 827-831 Broadway consists of three interconnected buildings located at 827 Broadway, 831 Broadway and 47 E. 12th St. The property contains 75 feet of frontage on Broadway, with an additional 28 feet on East 12th Street. The owner purchased the property for $60 million in 2016. The residential units have since been vacated and the owner is completing renovations. The owner plans to hold on to the asset for the foreseeable future.

May 12, 2017

Loans Midwest Minnesota Missouri Ohio Wisconsin

KeyBank Arranges $12.7M Loan for Refinancing of Parking Facility Portfolio in Midwest Region

by Kristin Harlow May 12, 2017

OHIO, MINNESOTA, MISSOURI AND WISCONSIN — KeyBank Real Estate Capital has arranged a $12.7 million loan for the refinancing of the MVP Portfolio, which consists of six surface parking lots and garages across the Midwest and in Colorado. Totaling 994 parking spaces, the properties are located in Cleveland, Ohio; St. Paul, Minn.; St. Louis; Milwaukee; and Denver. Randy Martin of KeyBank arranged the 10-year loan, which includes a 25-year amortization schedule. A CMBS lender provided the loan.

May 12, 2017

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