Loans

NorthMarq Arranges $10.1M Refinancing of Student Housing Community Near Florida State University

by John Nelson October 5, 2016

TALLAHASSEE, FLA. — NorthMarq Capital has arranged the $10.1 million refinancing of Villa Cristina, a 226-bed student housing community located near Florida State University in Tallahassee. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule. Lee Weaver of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through Freddie Mac. The property offers a mix of one-, two- and three-bedroom units with washers and dryers. Community amenities include a resort-style pool and a computer lab.

October 5, 2016

Hospitality Loans Texas

Aries Capital Arranges $6.3M CMBS Loan for Comfort Suites in Waco

by Haisten Willis October 4, 2016

WACO, TEXAS — Rushi Shah of Aries Capital’s Chicago office has secured a $6.3 million non-recourse CMBS loan for a 94-key Comfort Suites in Waco. The loan was secured on behalf of the borrower, TJ Patel of Pavansut Hotels LLC. The borrower used the 10-year, fixed-rate loan to pay off an existing full-recourse SBA loan.

October 4, 2016

California Loans Multifamily Seniors Housing Western

HFF Arranges $41.5M in Financing for Three-Property Seniors Housing Portfolio in Sacramento

by Nellie Day October 4, 2016

SACRAMENTO, CALIF. — Holliday Fenoglio Fowler (HFF) has arranged $41.5 million in financing for a three-property seniors housing portfolio in Sacramento. HFF represented Harbert Seniors Housing Fund I LP, an affiliate of Harbert Management Corp., to secure the seven-year, floating-rate acquisition loan through Freddie Mac. The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge. Chateau on Capitol Avenue is located at 2701 Capitol Ave. less than two miles east of downtown Sacramento. The property has 56 assisted living units totaling 60,268 rentable square feet. Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge features 94 independent living units totaling 55,576 rentable square feet. The properties are 95 percent leased overall. HFF’s Ryan Maconachy, Chad Lavender and Sarah Anderson arranged the financing.

October 4, 2016

Georgia Loans Office Southeast

Dockerty Romer Arranges $34.2M Loan for Office Building in Atlanta

by John Nelson October 4, 2016

ATLANTA — Dockerty Romer & Co. has arranged a $34.2 million permanent loan for a Class A, 13-story office building located at 2100 Riveredge Parkway in Atlanta. Situated by the Chattahoochee River National Recreation Area, the 264,374-square-foot building is currently 92 percent leased, with United Healthcare as its anchor tenant. Craig Romer and Chris Romer of Dockerty Romer arranged the two-year, floating-rate loan through NXT Capital on behalf of the borrower, Mainstreet Capital Partners.

October 4, 2016

Loans Maryland Multifamily Southeast Top Stories

Walker & Dunlop Originates $469 Million Refinancing for 13-Property Multifamily Portfolio

by Katie Sloan October 4, 2016

BETHESDA, MD. — Bethesda, Md.-based Walker & Dunlop (NYSE: WD) has secured a $469 million refinancing for a 13-property multifamily portfolio owned and operated by Cortland Partners. The financing is comprised of seven-year, floating-rate loans featuring two years of interest-only payments followed by 30-year amortization schedules. Stephen Farnsworth of Walker & Dunlop secured the refinancing on behalf of Cortland Partners through Freddie Mac. The 13 properties within the portfolio are comprised of 4,871 units located in Texas, Georgia and Florida. The specific multifamily communities included in the deal were undisclosed. Headquartered in Atlanta, Cortland Partners develops, owns and operates multifamily properties in Colorado, Florida, Georgia, Louisiana, North Carolina, Ohio, Texas and Virginia. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S., providing financing and investment sales to owners of multifamily and other commercial properties. The company’s stock price closed on Monday, Oct. 3, at $25.54 per share, down from $27.69 one year ago. — Katie Sloan

October 4, 2016

Loans New York Northeast Retail

Berkadia Secures $31.5M in Financing for Retail Property in Harlem

by Amy Works October 3, 2016

NEW YORK CITY — Berkadia has secured $31.5 million in financing for The Retail Condominium at The Renaissance, a retail and garage property located at 130 Lenox Ave. in Harlem. Stewart Campbell of Berkadia arranged the loan for the undisclosed borrower through Jeffries LoanCore LLC. The 10-year refinancing loan features a 4.13 percent fixed interest rate and is interest-only throughout the term.

October 3, 2016

Hospitality Loans Louisiana Southeast

Kennedy Funding Financial Closes $1.5M Acquisition Loan for Site of Future Hotel, Hostel in New Orleans

by John Nelson September 30, 2016

NEW ORLEANS — Kennedy Funding Financial has closed a $1.5 million acquisition loan for a 40,000-square-foot lot in the Bywater neighborhood of New Orleans. Fronting Charles Street and bounded by Mazant and Royal streets, the site houses a former seafood processing plant. The borrower, Pelican Royal LLC, plans to develop a 43-room, 32,000-square-foot hotel and hostel known as Stateside on the site. Slated to open in early 2018, Stateside will feature a laundromat, courtyard, pool, restaurant and bar and a coffee and juice shop.

September 30, 2016

Affordable Housing Loans Multifamily Northeast Pennsylvania Seniors Housing

Berkadia Secures $11.1M in Financing for Seniors Affordable Housing Property in Philadelphia

by Amy Works September 29, 2016

PHILADELPHIA — Berkadia, on behalf of Casa Farnese Inc. and PRD Management, has secured $11.1 million in financing for Casa Farnese, Philadelphia’s first affordable housing community for seniors. Proceeds of the loan were used to renovate the property in advance of its upcoming 50th anniversary. Kevin Kozminske and Brian Campbell of Berkadia arranged two loans through the firm’s partnership with HUD: a $7.04 million loan under section 207/223(f) and a $4.11 million loan under section 241(a) to finance improvements to the community. The non-recourse loans provide 90 percent loan-to-cost financing and 35-year amortization schedules. The financing enables the owners to complete a $9.7 million rehabilitation effort on the property, while also meeting the first mortgage’s payment terms. Gilbane Building Co., serving as general contractor, finalized the renovations to the 18-story, 288-unit building in March.

September 29, 2016

Loans New York Northeast Office

NorthMarq Secures $3M Refinance for Office Property in Staten Island

by Amy Works September 29, 2016

NEW YORK CITY — NorthMarq Capital has secured $3 million in refinancing for an office property located at 1139 Hylan Blvd. in Staten Island. Charles Cotsalas and Robert Delitsky of NorthMarq arranged the loan, which features a 10-year term and a 25-year amortization schedule, through a community bank. The property features 28,000 square feet of office space.

September 29, 2016

little-creek-apartments-cedar-hill-texas

Loans Multifamily Texas

Greysteel Secures Permanent Financing for Little Creek Apartments in Metro Dallas

by Haisten Willis September 29, 2016

CEDAR HILL, TEXAS — Greysteel has secured the refinancing of Little Creek Apartments, a multifamily property located in Cedar Hill, on behalf of Little Creek Apts LLC. The 20-year, non-recourse loan includes a 30-year amortization schedule and three years of interest-only payments. The loan was provided by an agency lender under Freddie Mac’s small balance loan program and features a fixed interest rate for the first 10 years followed by a floating-rate period for the other 10 years. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. Little Creek Apartments is located at 151 Little Creek Road and totals 66 units.

September 29, 2016

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