Loans

KeyBank Provides $56.1M HUD Loan for Multifamily Redevelopment Project in Baltimore

by John Nelson February 8, 2017

BALTIMORE — KeyBank Real Estate Capital has provided a $56.1 million HUD 221(d)(4) loan for the construction of Center/West, a 33-acre multifamily redevelopment project in southwest Baltimore. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities. Phase I of Center/West, known as PSH 1 LLC, will be developed by La Cite Development LLC and BRP Development Corp. Situated in front of the historic Poe House, Phase I will comprise a six-story, 262-unit apartment complex with 19,000 square feet of ground-floor retail space, neighborhood services and a dog park. Roughly 20 percent of Center/West’s units will be designated for households earning at or below 50 percent of the area median income. La Cite Development worked closely with the City of Baltimore and the University of Maryland BioPark for the redevelopment project. KeyBank’s execution of the 221(d)(4) loan was the fastest firm commitment for new construction financing in the history of HUD, according to KeyBank.

February 8, 2017

Loans Midwest Mixed-Use Ohio

NorthMarq Arranges $7.5M Loan for Refinancing of Mixed-Use Property in Cincinnati

by Kristin Harlow February 8, 2017

CINCINNATI — NorthMarq Capital has negotiated a $7.5 million loan for the refinancing of Montgomery Gateway in Cincinnati. The 39,560-square-foot property consists of retail and office space, and is located at 9366-9386 Montgomery Road. The 10-year loan features a 30-year amortization schedule. Noah D. Juran and Susan Branscome of NorthMarq arranged the financing through a CMBS lender.

February 8, 2017

Delaware Loans Northeast Office

HFF Secures $12.6M Refinancing for Office Building in Wilmington, Delaware

by Amy Works February 7, 2017

WILMINGTON, DEL. — HFF has secured $12.6 million in refinancing for an office building located at 1011 Centre Road in Wilmington. Ryan Ade of HFF arranged the long-term, fixed-rate loan with a regional bank for the borrower, Delle Donne & Associates. Built in 1986, the 90,000-square-foot property is fully leased.

February 7, 2017

Loans New Jersey Northeast Office Retail

Denholtz Associates Receives $3.8M Refinancing for Flex Properties in Clark, New Jersey

by Amy Works February 7, 2017

CLARK, N.J. — Denholtz Associates has received $3.8 million in refinancing for two flex properties, located at 89 and 225 Terminal Ave. within Clark Commercial Center in Clark. The properties total 27,332 square feet of space. KinderCare leases 13,464 square feet of space at 89 Terminal Avenue, and Retro Fitness leases 13,868 square feet of space at 225 Terminal Avenue. Brad Fouss of OceanFirst Bank arranged the refinancing for the borrower through OceanFirst Bank.

February 7, 2017

Affordable Housing Loans Multifamily Washington Western

KeyBank Provides $54.5M Loan for New Affordable Housing Development in Everett

by Nellie Day February 7, 2017

EVERETT, WASH. — KeyBank has provided $54.5 million in construction financing for a 256-unit affordable housing development at Puget Park in Everett. The community will be situated 30 miles north of Seattle. The property will serve residents who earn 60 percent or less of the area median income. KeyBank’s Community Development Lending & Investing group provided the funds.

February 7, 2017

Colorado Hospitality Loans Western

JV Receives $25.7M Loan to Acquire Colorado Springs Marriott

by Nellie Day February 7, 2017

COLORADO SPRINGS, COLO. — A joint venture between Portfolio Hotels & Resorts, West Point Partners and Lions Gate Capital has received a $25.7 million acquisition loan for the 309-room Colorado Springs Marriott. The hotel is located at 5580 Tech Center Drive. Colorado Springs Marriott is situated near Garden of the Gods and the United States Air Force Academy. The hotel features 23,000 square feet of flexible indoor and outdoor function space, indoor and outdoor pools and spas, a fitness center, business center, concierge, and a full-service restaurant. HFF’s Eric Tupler and Kristian Lichtenfels arranged the 10-year, fixed-rate, securitized loan.

February 7, 2017

Hospitality Loans Midwest Minnesota

Mission Capital Negotiates $50.8M Loan for Acquisition of Hotel Property in Minneapolis

by Kristin Harlow February 7, 2017

MINNEAPOLIS — Mission Capital Advisors has negotiated a $50.8 million loan for the acquisition of the Graduate Minneapolis. The borrower, AJ Capital Partners, will also renovate and rebrand the 304-room hotel located at 615 Washington Ave. SE. Renovations of the lobby, guest rooms, common areas and meeting spaces are slated for completion in early 2018. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital represented AJ Capital in the transaction. The team also represented AJ Capital in the $43.8 million acquisition of the Graduate Seattle hotel.

February 7, 2017

Idaho Loans Multifamily Seniors Housing Western

Walker & Dunlop Negotiates $29.8M Refinancing for CCRC in Boise

by Nellie Day February 6, 2017

BOISE, IDAHO — Walker & Dunlop Inc. (NYSE: WD) has structured a $29.8 million refinancing for Garden Plaza of Valley View and Valley View Skilled Nursing Facility, which work together as a 300-unit continuing care retirement community in Boise. The financing required two different lenders to fund two separate loans for one property with one existing mortgage. Fannie Mae financed the independent living and assisted living portion, and the HUD placed the debt for the skilled nursing facility. In addition, an equity recapitalization component was included in the Fannie Mae debt. Michael Vaughn and Kevin Giusti, led Walker & Dunlop’s origination team and worked with BrightSpace Senior Living, the Tennessee-based borrower, to place the debt. Walker & Dunlop structured a $9 million loan with a 35-year, fully amortizing term for Valley View Skilled Nursing Facility. The CCRC’s skilled nursing component was built in 1986 and consists of 24 private and 40 semi-private units. The loan executed with Fannie Mae for Garden Plaza of Valley View was $20.8 million with a 10-year term, followed by a 30-year amortization schedule. This portion of the CCRC, containing 142 independent living and 51 assisted living units, was built adjacent to the existing skilled nursing …

February 6, 2017

Kansas Loans Midwest Multifamily

MCA Arranges $17.5M Fannie Mae Loan for Multifamily Property in Overland Park, Kansas

by Kristin Harlow February 6, 2017

OVERLAND PARK, KAN. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $17.5 million loan for the refinancing of The Dunes at St. Andrews Apartments in Overland Park. The property, built in 2000, consists of 240 units and is 97 percent occupied. The 10-year loan features an interest rate of 4.3 percent. Charley Babb and Tiffany Mullins of MCA placed the loan with a Fannie Mae/DUS lender.

February 6, 2017

Florida Loans Seniors Housing Southeast

Greystone Arranges $48.5M Refinancing for Seniors Housing Property in Tampa Bay Area

by John Nelson February 6, 2017

SEMINOLE, FLA. — Greystone has arranged a $48.5 million refinancing for Lake Seminole Square, a seniors housing community in the Tampa suburb of Seminole. Brookdale operates the entrance-fee continuing care retirement community. Further details were not disclosed. Greystone’s seniors housing lending team of Scott Kavel, Neal Raburn and Cary Tremper completed the Fannie Mae financing.

February 6, 2017

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