Loans

Eastern Union Funding Arranges $39.1M Acquisition Loan for Metro Atlanta Apartment Community

by John Nelson May 3, 2017

TUCKER, GA. — Eastern Union Funding has arranged a $39.1 million acquisition loan for Landmark at Mountain View, a 989-unit apartment community located at 110 Wood Bend Drive in Tucker, a suburb of Atlanta in DeKalb County. Marc Belsky and Jonathan Singer of Eastern Union Funding arranged the three-year loan through Arbor Commercial Mortgage on behalf of the borrower, a private investment group based in New York that purchased the property for $38 million. Built in 1986, Landmark at Mountain View was 92 percent occupied at the time of sale. Berkadia Real Estate Advisors represented the seller in the sale.

May 3, 2017

Loans Louisiana Multifamily Southeast

Arbor Provides $13.5M Fannie Mae Loan for Apartment Community in Hammond, Louisiana

by John Nelson May 3, 2017

HAMMOND, LA. — Arbor Realty Trust Inc. has funded a $13.5 million Fannie Mae loan for the refinancing of Tangi Lakes Townhomes, a 185-unit apartment community located in Hammond, roughly 45 miles east of Baton Rouge. Austin Walker of Arbor’s New York office originated the 10-year loan with a 30-year amortization schedule. Built in 1999, the property features barbeque grills, controlled access gates, a fitness center, laundry facility, on-site security, park/play area and a swimming pool.

May 3, 2017

Illinois Loans Midwest Office

Square Mile Provides $97.3M Acquisition Loan for Office Property in Schaumburg, Illinois

by Kristin Harlow May 3, 2017

SCHAUMBURG, ILL. — Square Mile has provided a $97.3 million loan for the acquisition of Schaumburg Corporate Center in Schaumburg. The office complex comprises over 1 million square feet, with two 14-story office towers and a four-story connecting atrium building. The property was built in phases in 1980, 1986 and 2002. John Hancock Life Insurance Co. developed, owned and leased the property, which is located across the street from the Woodfield Shopping Mall. A joint venture managed by GlenStar Properties acquired Schaumburg Corporate Center, with plans to renovate and reposition the property. Improvements will include the construction of a parking garage, a modernized eleveator, amenity upgrades and corridor updates. John Parrett of CBRE arranged the financing.

May 3, 2017

Loans Office Washington Western

PSRS Provides $57M Loan for Seattle Office Property

by Nellie Day May 3, 2017

SEATTLE — PSRS has provided a $57 million loan for a 285,186-square-foot office building in the South Lake Union area of downtown Seattle. The building was constructed in 1929 and renovated in 1965. The asset has a mix of tenants, including a local newspaper as the anchor. The space also includes a data storage business. The 10-year, interest-only, cash-out loan was financed through a leading CMBS lender. The borrower is a large data center and office investor. PSRS’ Michael Thorp and Ryan Frankman secured the financing. The planned use of the capital was not disclosed.

May 3, 2017

Loans Multifamily Texas

Hunt Mortgage Secures $21M in Refinancing for Multifamily Property in Metro Dallas

by Taylor Williams May 2, 2017

BALCH SPRINGS, TEXAS — Hunt Mortgage Group has secured a $21 million Fannie Mae loan for the refinancing of Glenshire Villas Apartments, a 484-unit multifamily complex in the eastern Dallas suburb of Balch Springs. Located at 12222 Quail Drive, the garden-style property spans 89 two-story buildings. The 10-year loan, which was placed on behalf of an undisclosed borrower, features a 30-year amortization schedule and five years of interest-only payments.

May 2, 2017

Loans Multifamily Texas

Dougherty Mortgage Arranges $8.7M in Refinancing for Apartment Complex in Farmers Branch

by Taylor Williams May 2, 2017

FARMERS BRANCH, TEXAS — Dougherty Mortgage LLC has arranged an $8.7 million Fannie Mae loan for the refinancing of Villa Creek, a 161-unit apartment property located at 2835 Villa Creek Drive in the Dallas-Fort Worth metro of Farmers Branch. Dougherty arranged the 10-year loan with a 30-year amortization schedule through a partnership with Old Capital Lending on behalf of the borrower, 2835 Villa Creek Drive LLC.

May 2, 2017

Loans Multifamily New York Northeast

Greystone Provides $82.3M in Refinance, Acquisition Loans for Multifamily Properties in New York

by Haisten Willis May 2, 2017

NEW YORK CITY — Greystone has provided $82.3 million in Fannie Mae DUS loans for the refinance and acquisition of multifamily properties in Long Island and Queens. Avrom Forman of Greystone originated the loans on behalf of KRCM Astoria Portfolio Corp. and 590-600 Realty Corp. Total financing included two seven-year Fannie Mae loans with one year of interest-only payments and 30-year amortization schedules. The transactions included: The $47.6 million refinancing of Fulton Manor Apartments, a 337-unit property in Hempstead located near Hofstra and Adelphi universities. With the proceeds from the above transaction, the borrower acquired a multifamily portfolio in the Astoria neighborhood of Queens. Greystone financed three mixed-use, non-contiguous properties totaling 119 units, including retail space for $34.7 million. Prior to acquisition, the properties saw $10 million in renovations.

May 2, 2017

Loans New York Northeast Office

Houlihan-Parnes Secures $17.5M Loan for Office Property in Yorktown Heights, N.Y.

by Haisten Willis May 2, 2017

YORKTOWN HEIGHTS, N.Y. — James Houlihan of Houlihan-Parnes Realtors has secured a $17.5 million first mortgage for an office property located at 2649-2651 Strang Blvd. in Yorktown Heights. The current owners acquired the property in October 2014. The seven-year, fixed-rate loan features a 50 percent loan-to-value ratio and includes an option to extend for another five years. Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney representing the borrower at closing. The property includes two buildings consisting of 200,000 square feet along with 695 on-site parking spaces. Tenants include Putnam County Savings Bank, ENT & Allergy Associates, Mercy College and New York-Presbyterian Medical Group-Hudson Valley Hospital.

May 2, 2017

California Loans Multifamily Western

Northmarq Capital Arranges $61.2M Refinancing for San Diego Multifamily Portfolio

by Nellie Day May 2, 2017

SAN DIEGO — NorthMarq Capital has arranged a $61.2 million refinancing for a San Diego-based multifamily portfolio owned by a local private family office. The portfolio contains three communities and a total of 488 units. The properties are located in San Diego, Poway and La Mesa. The transaction was structured with a 12-year, interest-only term. Gardiner Champlin and Marty Meagher of NorthMarq arranged financing for the borrowers through Fannie Mae’s Green Rewards program.

May 2, 2017

Loans New York Northeast Office

Ariel Property Advisors Arranges $1.3M Loan Closing for Office Building in Hartsdale, N.Y.

by Haisten Willis May 2, 2017

HARTSDALE, N.Y. — Ariel Property Advisors has arranged a $1.3 million loan on an office property located at 210 N. Central Ave. in Hartsdale. Ariel arranged the 4.5-year recourse loan at 4.4 percent for the 17-unit, 46,000-square-foot office property. Situated near White Plains, the building — originally an elementary school — was owned free and clear by a family and leased to Empire State College as its anchor tenant. Currently 55 percent occupied, Ariel also negotiated the option for an additional $1.6 million in proceeds once the property reaches a predetermined occupancy threshold.

May 2, 2017

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