Loans

Walker & Dunlop Arranges $41M Construction Loan for Seniors Community Adjacent to Disney World

by John Nelson December 8, 2016

ORLANDO, FLA. — Walker & Dunlop has arranged a $41 million loan for Big Rock Partners, which will use the money to fund construction of its 240-unit independent living, assisted living and memory care community adjacent to Disney World in Orlando. Big Rock purchased the nine-acre plot from Disney in 2014 for $4.5 million and began construction in August 2016. The project, which does not yet have a name, will feature 152 independent living, 55 assisted living and 33 memory care units. As part of the arrangement with Disney, Big Rock also has the option to purchase 20 more acres adjacent to the site. Balfour Beatty is construction manager on the project, which is scheduled for completion in the spring of 2018. Gensler designed the property and once complete, Life Care Services will operate the community. Walker & Dunlop’s Albert Rex and Marty McGrogan arranged the 3.5-year loan with three years of interest-only payments and a 25-year amortization schedule. Big Rock Partners is a private real estate investment management firm. The company is currently developing three large seniors housing projects in Florida, with a total development cost exceeding $200 million.

December 8, 2016

Illinois Loans Midwest Mixed-Use

Barings Provides $250M Loan for Refinancing of 2,346-Unit Apartment Community in Chicago

by Kristin Harlow December 7, 2016

CHICAGO — Barings Real Estate Advisers has provided a $250 million loan to Waterton for the refinancing of Presidential Towers in Chicago’s West Loop. The four-tower apartment community totals 2,346 units and is located at 555 W. Madison Street. Solomon Cordwell Buenz designed the four identical, 50-story towers. In addition to the 1.6 million square feet of residential space, the property also includes 135,193 square feet of retail space. HFF arranged the 10-year, fixed-rate loan, with Stephen Skok representing the borrower. Barings Real Estate Advisers, a subsidiary of Barings, is a real estate-focused investment adviser with $50 billion in assets under management. Waterton is a real estate investor and operator focused on U.S. multifamily and hospitality properties with over $5.3 billion in assets.

December 7, 2016

Loans Retail Southeast Tennessee

NorthMarq Capital Arranges $28.8M Acquisition Loan for Shopping Center in Metro Nashville

by John Nelson December 7, 2016

SPRING HILL, TENN. — NorthMarq Capital has arranged a $28.8 million acquisition loan for The Crossings of Spring Hill, a 219,905-square-foot retail property located at 1001-1041 Crossing Blvd. and 1017-2020 Crossing Circle in Spring Hill, about 35 miles south of Nashville. The property’s tenant roster includes Ross Dress for Less, Dollar Tree, Rack Room Shoes, Ulta Beauty, Bed Bath & Beyond, rue21 and PetSmart. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. Chad Owens of NorthMarq Capital’s Houston regional office arranged the CMBS loan on behalf of the borrower, TCSH LLC, an entity controlled by Azad Commercial Realty Services.

December 7, 2016

Loans Multifamily New York Northeast

National Cooperative Bank Originates $34.3M for New York-Area Cooperatives

by Amy Works December 7, 2016

NEW YORK — National Cooperative Bank has originated $34.3 million in new loans during November for 10 properties in New York City, Belle Harbour and Riverdale, N.Y. Edward Howe III of National Cooperative Bank originated $15.6 million in loans, including: – A $9.3 million first mortgage and a $700,000 line of credit for Gentry Apartments Inc., a 247-unit co-op located at 310 Lenox Road and 330 Lenox Road in Brooklyn – A $2.9 million first mortgage and $250,000 line of credit for Beach 124 Apt. Inc., a 67-unit co-op located at 125 Beach 124th St. in Belle Harbour. – A $2.2 million first mortgage and $300,000 line of credit for a 33-unit co-op at One Clark Street in Brooklyn. Harley Seligman of National Cooperative reported $14.7 million in loans, including: – A $10.5 million first mortgage and $1 million line of credit for Arlington Owners, Inc., a 281-unit co-op at 139-15 83rd Ave. in Briarwood. – A $1.4 million term loan for Strivers Gardens Condominium, a 169-unit condominium association at 300 W. 135th St. in Manhattan. – A $1 million third mortgage and $750,000 line of credit for The Knolls Cooperative Section No. 1 Inc., a 238-unit co-op at 60 …

December 7, 2016

Hawaii Loans Multifamily Western

HFF Arranges $96M in Financing for Timbers Kauai – Ocean Club & Residences in Hawaii

by Nellie Day December 6, 2016

LIHUE, HAWAII — Holliday Fenoglio Fowler (HFF) has arranged $96 million in financing for the development of Timbers Kauai – Ocean Club & Residences on the Hawaiian island of Kauai. The private oceanfront residence club will be situated within the planned Hokuala Resort in Lihue. Timbers Kauai will be the first real estate component of the planned 450-acre Hokuala Resort development that encompasses the existing Jack Nicklaus Signature Golf Course. Future developments within the resort will include a boutique hotel, luxury residential neighborhood, retail shopping village, resort spa, multiple dining options and multiple wedding venues. Timbers Kauai amenities will include an infinity-edge, oceanfront swimming pool with expansive terrace; family pool with beach entry, waterslide and waterfalls; poolside dining; fitness center and motion studio with outdoor lanai; spa and wellness center; Keiki Club for children; business center; club lounge; retail and sundries shop; and the private Ocean Club restaurant. The project is scheduled for completion in summer 2017. HFF’s Paul Brindley, Bryan Clark and Brad Greenway secured the construction financing from Mosaic Real Estate Credit.

December 6, 2016

Loans Louisiana Multifamily Southeast

CBRE Arranges $32.5M Refinancing of Apartment Building in Downtown New Orleans

by John Nelson December 6, 2016

NEW ORLEANS — CBRE has arranged a $32.5 million loan to refinance 925 Common, a 15-story apartment building in downtown New Orleans. Built in 1952 as offices for Shell Oil, the building was converted to a 108-unit multifamily development in 2006. The sponsor, Belmont Commons LLC, recently completed extensive renovations at 925 Common, including adding 91 units, a new rooftop infinity-edge pool, new fitness center and an expanded parking garage. The property’s 10,400 square feet of ground-level retail space was also activated to include a Rooster Club Barber Shop and Goldberg’s Bagel Co. & Deli. Jonathan Rice of CBRE’s Atlanta office arranged the 10-year loan through Benefit Street Partners. 925 Common is situated in the central business district of New Orleans and is adjacent to The Roosevelt and across from Canal Street and the French Quarter.

December 6, 2016

Illinois Industrial Loans Midwest

Associated Bank Provides $10M Loan for Spec Industrial Development in Schiller Park, Illinois

by Kristin Harlow December 6, 2016

SCHILLER PARK, ILL. — Associated Bank has provided a $10 million land acquisition and construction loan to Bridge Development Partners to redevelop two industrial sites in Schiller Park, about 20 miles northwest of Chicago. The sites are located at 9555 and 9655 Soreng Ave., one mile from the I-294 interchange at Irving Park Road. The parcels were formerly two Hostess Brands sites totaling 9.9 acres. Both sites contained old buildings that have been demolished in preparation for the development of two speculative Class A industrial buildings. The completion of an 84,700-square-foot building and a second 72,825-square-foot building is slated for May 2017. Daniel Barrins of Associated Bank originated the loan.

December 6, 2016

Industrial Loans Massachusetts Northeast

KeyBank Secures $19M in Financing for Warehouse Facility in Norton, Massachusetts

by Amy Works December 5, 2016

NORTON, MASS. — KeyBank Real Estate Capital, on behalf of NorthBridge Partners LLC, has secured a $19 million CMBS first mortgage loan for the acquisition of a warehouse and distribution facility located in Norton. Built in 1999 and renovated in 2004, the 347,000-square-foot property is occupied by Autopart International Inc. John Christen of KeyBank’s Commercial Mortgage Group structured the non-recourse loan with a 10-year term, five-year interest-only payment period and a 30-year amortization schedule.

December 5, 2016

Affordable Housing Loans Multifamily Seniors Housing Washington Western

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

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