Loans

Berkadia Arranges $19M Loan for Apartment Community in Baton Rouge

by John Nelson August 26, 2016

BATON ROUGE, LA. — Berkadia has arranged a $19 million Fannie Mae loan for Turnberry Place Apartments, a 272-unit property located at 10720 Linkwood Court in Baton Rouge. Built in 2002, Turnberry Place features one- and two-bedroom units with full-size washer and dryers, patios or balconies and walk-in closets. Community amenities include a 24-hour fitness center, resort-style pool, heated spa, digital business center and video-monitored, controlled access gates. Cameron Hart of Berkadia’s Austin office arranged the 12-year refinancing with a fixed 3.67 percent interest rate and a 30-year amortization schedule on behalf of the borrower, Belcher Management LLC.

August 26, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $17.9M in Construction Financing for Multifamily Property in Queens

by Amy Works August 26, 2016

NEW YORK CITY — Meridian Capital Group has arranged $17.9 million in construction financing for the development of a multifamily property located in the Jamaica neighborhood of Queens. David Hayum and Tal Savariego of Meridian secured the three-year, interest-only construction loan, provided by a regional balance sheet lender, for the Long Island-based borrower. Located at 177-30 Wexford Terrace, the ground-up development will feature 68 apartments and a community facility.

August 26, 2016

Loans Multifamily New Jersey Northeast

Russo Development Receives $73M in Financing for 398-Unit Multifamily Community in New Jersey

by Amy Works August 25, 2016

HARRISON, N.J. — Russo Development has received $73 million in financing for Vermella Harrison, a Class A mid-rise multifamily community located at 1100 Frank E. Rodgers Blvd. South in Harrison. HFF arranged the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group for the borrower. Situated on three acres, the transit-oriented property is 800 feet from the Harrison PATH station and features 120 studio units, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet. On-site amenities include a 3,500-square-foot fitness center with yoga studio; an outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas; fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Thomas Didio of HFF led the HFF debt placement team that secured the financing.

August 25, 2016

California Loans Multifamily Western

Meridian Capital Arranges $74.7M in Financing for Adagio at South Coast in Santa Ana

by Nellie Day August 25, 2016

SANTA ANA, CALIF. — Meridian Capital Group has arranged $74.7 million in acquisition and recapitalization financing for the 349-unit Adagio at South Coast in Santa Ana. The community is located at 3124 S. Main St. The acquisition loan features four years of interest-only payments during the initial term, followed by an extension option. Meridian’s Seth Grossman and Sarah Kuebler negotiated the transaction on behalf of Decron Properties. A balance-sheet lender provided the capital.

August 25, 2016

Georgia Loans Office Southeast

NXT Capital Provides $13.6M Acquisition Loan for Office Building in Atlanta

by John Nelson August 25, 2016

ATLANTA — NXT Capital has provided a $13.6 million acquisition loan for the purchase of Northridge Plaza, a six-story, Class B office building in Atlanta. The 128,000-square-foot property is located at the intersection of GA 400 and Northridge Road.

August 25, 2016

California Loans Multifamily Western

CBRE Arranges $48.8M Acquisition Loan for 300-Unit Apartment Complex in Temecula

by Nellie Day August 24, 2016

TEMECULA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $48.8 million loan for the acquisition of the 300-unit Cape May at Harveston apartment community in Temecula. The community is located at 40140 Village Road. The garden-style complex was built in 2006. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz arranged the financing on behalf of MIG Real Estate. The Fannie Mae loan features a 10-year term and floating rate.

August 24, 2016

Overlook-at-Prestonwood-Carrollton-Texas

Loans Multifamily Seniors Housing Texas

Love Funding Secures $26.3M Construction Loan for Seniors Housing Development

by Haisten Willis August 24, 2016

CARROLLTON, TEXAS — Love Funding has secured a $26.3 million loan for the construction and permanent financing of Overlook at Prestonwood, a seniors housing community under development in Carrollton. Overlook at Prestonwood will offer 183 age-restricted apartment units in one four-story building and five standalone cottages on 5.5 acres. The property will include one-, two- and three-bedroom units. The main building will also house a clubhouse and other amenities. Love Funding’s Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. James Sawyer, president of Warsaw Realty Group, brought the transaction to Love Funding. The principals of the ownership group include Charlie Nicholas, Luke Harry, Steven Rumsey and Chris Willhite. NE Construction will be the general contractor, and Capstone is the property manager. Brian Rumsey of Cross Architects is the architect of record for this project.

August 24, 2016

Hospitality Loans Texas

Pioneer Realty Capital Arranges $13.8M Construction Loan for Home2 Suites Hotel in Dallas

by Haisten Willis August 24, 2016

DALLAS — Pioneer Realty Capital LLC has closed a $13.8 million construction loan for a 130-room Home2 Suites Hotel in Dallas. The 82,130-square-foot property is an extended stay hotel featuring customizable guest room design. Amenities at the five-story hotel will include a combined laundry and fitness facility and pet-friendly accommodations. Freedom Hospitality LLC in Bryan is working with the contractor, Aguirre Roden Building Specialties Inc. of Dallas. Construction began in July. The 18-month project is scheduled to open in December 2017.

August 24, 2016

Loans Mixed-Use New York Northeast Office Retail

Newmark Holdings Closes $30M in Refinancing for Mixed-Use Building in Union Square

by Amy Works August 24, 2016

NEW YORK CITY — Newmark Holdings has closed on $30 million in refinancing for 5-9 Union Square West, a mixed-use building in New York City’s Union Square. The eight-story, 105,000-square-foot building is currently over 93 percent leased to a variety of tenants, including Staples and Rockwell Architecture Design. Provided by Amalgamated Bank, the new loan features a seven-year term with a fixed interest rate of 3.13 percent and five years of interest-only payments.

August 24, 2016

Loans Midwest Retail Wisconsin

BMC Capital Arranges $1.7M Loan for Retail Building in Madison

by Christina Cannon August 24, 2016

MADISON, WIS. — BMC Capital has arranged a $1.7 million acquisition loan for a building occupied by Valvoline and Enterprise Rent-a-Car in Madison. The 2,368-square-foot building was constructed in 1987. The 10-year loan features a 4.8 percent fixed rate for five years and a 25-year amortization schedule. Jada Jordan of BMC Capital arranged the loan through one of the company’s correspondent banking relationships.

August 24, 2016

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