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Advalurem Group Venture Refinances Apartment Community in Metro Dallas

by Haisten Willis February 8, 2016

LEWISVILLE, TEXAS — An Advalurem Group venture has completed the refinancing of Bella Madera at Lake Lewisville, a 612-unit, Class A apartment community in Lewisville. Advalurem Group initially completed a joint venture equity investment with its partner, BRES, for Bella Madera in 2013. At the time of acquisition, the partnership assumed an existing first mortgage loan and secured preferred equity financing from a financial institution. At the current market value of $65.6 million, the venture refinanced the property concurrently with a recapitalization of the partnership by buying out the preferred equity partner. Built in 2009, Bella Madera at Lake Lewisville is 96 percent occupied.

February 8, 2016

Loans Retail South Carolina Southeast

Aztec Secures $14M Construction Loan for Publix-Anchored Shopping Center in South Carolina

by John Nelson February 8, 2016

CHAPIN, S.C. — Aztec Group Inc. has secured a $14 million construction loan for Chapin Crossing Shopping Center, a Publix-anchored project underway in Chapin. The shopping center will feature a 45,600-square-foot Publix, roughly 36,000 square feet of inline shop space and three outparcels that can span up to 41,000 square feet. The project will be situated on a 20-acre lot near Lake Murray. Jason Shapiro and Sean Harrington of Aztec Group originated the three-year loan on behalf of the borrower, Chapin & Lex LLC, a joint venture between Mayan Properties, Elion Partners and CF Properties. The loan features a four-year extension option.

February 8, 2016

Loans Midwest Multifamily Ohio

Grandbridge Real Estate Capital Arranges $3.5M Loan for Apartment Community in Columbus

by Christina Cannon February 8, 2016

COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged a $3.5 million supplemental mortgage loan for a 250-unit multifamily property in Columbus for an undisclosed borrower. The Orleans is a Class A apartment complex that features a movie theater, car wash center, laundry facility, business center, furniture rental service and valet dry cleaning service. Grandbridge Real Estate Capital arranged the loan, which features a six-year term and 30-year amortization schedule, through Freddie Mac. Ted Schmidt of Grandbridge Real Estate Capital arranged the financing.

February 8, 2016

Industrial Loans New Jersey Northeast Office

Madison Realty Capital Provides Two Loans for New Jersey Properties Totaling $71.1M

by Amy Works February 5, 2016

PARSIPPANY AND GARFIELD, N.J. — Madison Realty Capital (MRC) has provided two first mortgage loans totaling $71.1 million for commercial properties in Northern New Jersey. In the first transaction, Madison Realty provided $45 million in acquisition financing for a 404,515-square-foot office property located at 2 Gateway Drive in Parsippany. The undisclosed borrower plans to re-tenant a portion of the property, modernize the property’s common areas and enhance the building’s amenity package. MRC funded $33 million at closing to facilitate the borrower’s acquisition and reserved a future funding component of $12 million for good-news leasing. In the second transaction, MRC provided a $26.1 million loan for the recapitalization of a 1.1 million-square-foot industrial property located at 141 Lanza Ave. in Garfield. Situated on 33 acres, the industrial property includes a warehouse and self-storage space. The undisclosed borrower plans to continue leasing and asset management efforts to fully stabilize the property.

February 5, 2016

Loans Retail Texas

Quantum Capital Secures $22.2M to Refinance Two Texas Shopping Centers

by Haisten Willis February 5, 2016

FRISCO AND SAN ANGELO, TEXAS — In two separate transactions, real estate capital advisory firm Quantum Capital has arranged $22.2 million in long-term, non-recourse debt to refinance regional shopping centers in Frisco and San Angelo. In the larger of the two deals, Quantum secured a $12.9 million non-recourse permanent loan on behalf of the borrower, a Los Angeles-based investor operating as TRT-QL Frisco. The loan will replace the maturing debt on Frisco Plaza, a 62,500-square-foot retail center located at Preston Road and Highway 21. The shopping center is located across the street from General Growth Properties’ 1.6 million-square-foot Stonebriar Centre, the primary retail destination in Frisco. Quantum also secured a $9.2 million permanent loan for another Los Angeles-based investor operating as Rancho Sunset Plaza LP to refinance Sunset Plaza in the west Texas city of San Angelo. The property is a 90,000-square-foot regional power center located on Sunset Drive at Highway 67 and Loop 306. Sunset Plaza is anchored by Target, Bed Bath and Beyond, Petco and Ross Dress for Less. Both fixed-rate loans were underwritten at a 75 percent loan-to-value ratio and priced at 250 basis points over the 10-year swap rate of 1.71 percent. The financings also included …

February 5, 2016

Loans Midwest Multifamily Ohio

Grandbridge Arranges $24.9M Refinancing for Multifamily Property in Columbus

by Christina Cannon February 5, 2016

COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged a $24.9 million refinancing loan for a multifamily property in Columbus. The Charleston is a 287-unit, Class A apartment complex that features amenities such as a laundry facility, valet dry cleaning, swimming pool, fitness center, business center, dog park, car detailing area, sand volleyball court, shuffleboard courts and a picnic area with gas grills. The loan includes 12 months of interest-only payments, a 15-year term and a 30-year amortization schedule. Ted Schmidt of Grandbridge arranged the loan for the undisclosed borrower through Freddie Mac.

February 5, 2016

Illinois Industrial Loans Midwest

Associated Bank Closes $10.6M Acquisition Loan for Industrial Property in Elgin, Illinois

by Christina Cannon February 5, 2016

ELGIN, ILL. — Associated Bank has closed a $10.6 million acquisition and bridge loan for a 246,446-square-foot industrial property in Elgin, approximately 40 miles northwest of Chicago. Molto Properties was the borrower and acquired the newly-constructed building from Ryan Cos. The cross-dock industrial building is located at 2770 Alft Court within the Randall Crossings Business Park. Molto Properties, founded in 2008, focuses on the acquisition, development and operation of real estate. Craig Przygoda of Associated Bank managed the loan.

February 5, 2016

Loans Midwest Missouri Office

HFF Arranges $13.3M in Financing for Office Building in Downtown St. Louis

by Christina Cannon February 4, 2016

ST. LOUIS, MO. — HFF has arranged $13.3 million in financing for a Class A office building in downtown St. Louis. The capital is being used to acquire and fund future capital improvements on the 20-story, St. Louis Place. The 337,088-square-foot building is located at 200 N. Broadway. Working on behalf of Mariner Real Estate Management, HFF placed the five-year, floating-rate loan with a division of NBH Bank, Bank Midwest. St. Louis Place is 63 percent leased to 12 tenants including Fleishman-Hillard, General Services Administration, Peckham Guyton and Albers & Viets. Matthew Schoenfeldt and Brock Cannon of HFF arranged the financing for the undisclosed borrower.

February 4, 2016

Loans Maryland Multifamily Southeast

Greystone Closes $26M Acquisition Loan for Apartment Community in Metro Baltimore

by John Nelson February 4, 2016

DUNDALK, MD. — Greystone has provided a $26 million bridge loan for the acquisition of Three Garden Village Apartments in Dundalk, a suburb of Baltimore in Baltimore County. The borrower, The SilverBrick Group, will invest $4 million to renovate the 592-unit property, which will be renamed SilverBrick Townhomes. The real estate developer and investor plans to ultimately invest $12 million in multiple phases to overhaul the asset. Donny Rosenberg of Greystone arranged the two-year loan on behalf of SilverBrick Group. The loan features two six-month extension options.

February 4, 2016

Features Loans Multifamily Top Stories

CBRE is Freddie Mac’s Top Multifamily Lender for 2015 with $6.96B in Volume

by Haisten Willis February 4, 2016

ORLANDO, FLA. — CBRE was Freddie Mac’s highest-producing multifamily mortgage seller in 2015, originating $6.96 billion in loans last year. Freddie Mac made the announcement at the Mortgage Bankers Association’s commercial real estate finance and multifamily housing convention in Orlando on Feb. 2. In total, Freddie Mac bought $47.3 billion in new multifamily loans in 2015, comprising 650,000 rental units. “CBRE had another terrific year placing loans with Freddie Mac and earning its top producer award for the seventh consecutive year,” says Mitchell Kiffe, a senior managing director of debt and structured finance at CBRE. “CBRE utilized Freddie Mac’s expanded product offerings, such as its small balance loan program, to achieve the number one ranking. We look forward to another big origination year as multifamily loan demand remains strong.” Freddie Mac securitizes about 90 percent of the multifamily loans it purchases, thus transferring the vast majority of the expected credit risk from taxpayers to private investors. “We have a tremendous partnership with our lender partners, who work tirelessly every day to provide apartment financing,” says John Cannon, senior vice president of Freddie Mac’s multifamily production and sales. “Support for this market is more important than ever, especially with the increased …

February 4, 2016

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