Loans

Lancaster Pollard Provides $9.5M FHA Refinancing for Memory Care Community in Phoenix

by Nellie Day December 17, 2015

PHOENIX — Lancaster Pollard has provided a $9.5 million FHA loan for the refinancing of Sunshine Village, a 49-unit memory care community in Phoenix. The cottage-style community consists of seven single-story buildings. It was constructed in 1999 and renovated in 2013. The nonrecourse loan carries a 35-year term and fixed interest rate. The refinancing provides Sunshine Village with debt service savings as well as over $335,000 in funds for capital improvements. Jason Dopoulos led the transaction for Lancaster Pollard.

December 17, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Secures Construction Financing for Affordable Housing Community in Central Florida

by John Nelson December 17, 2015

EUSTIS, FLA. — Housing Trust Group (HTG), a real estate developer, has closed on the construction financing for Valencia Grove in Eustis, a town in Central Florida. The $21 million, 144-unit affordable housing community will be situated on the northwest corner of Huffstetler Drive and Kurt Street and will comprise one-, two- and three-bedroom units with rents ranging from $358 to $790 per month, depending on tenants’ income levels. Community amenities will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family support coordination. Construction began in late November and is expected to be completed in 13 months. HTG secured financing from a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp, a grant from the city of Eustis, tax credit equity from U.S. Bank Corp and tax-exempted multifamily revenue state bonds from SunTrust.

December 17, 2015

California Loans Mixed-Use Multifamily Western

CBRE Arranges $47M Loan for The New Californian Mixed-Use Site in Berkeley

by Nellie Day December 16, 2015

BERKELEY, CALIF. — CBRE has arranged $47 in non-recourse financing for The New Californian, a mixed-use development in Berkeley. The property contains 148 apartment units and 15,700 square feet of retail space. The New Californian is located at 1988 Martin Luther King Jr. Way, about three blocks from UC Berkeley. The project was originally developed in 2010 by Hudson McDonald, the borrower. John Nelson, Michael Walker and Erik Franks of CBRE’s San Francisco office arranged the 10-year, fixed-rate loan.

December 16, 2015

California Loans Office Western

Ready Capital Provides $6.1M Loan to Acquire Office Property in Los Angeles

by Nellie Day December 16, 2015

LOS ANGELES – Ready Capital has provided a $6.1 million loan for a 16,000-square-foot office property in Los Angeles. The property is located at 515 Shatto Place in the Koreatown neighborhood. The funds will be used to acquire, renovate and stabilize the property, which will be converted to creative office space. The loan features a two-year term with a one-year extension option. It also comes with a funding facility that can provide future capital expenses, tenant improvement and leasing commissions, with an advance of up to 75 percent loan-to-cost. The borrower was not named.

December 16, 2015

Hospitality Loans New Hampshire Northeast

HFF Arranges $35.5M in Refinancing for 180-Room Hotel in New Hampshire

by Amy Works December 16, 2015

PORTSMOUTH, N.H. — HFF has arranged $35.5 million in refinancing for Sheraton Portsmouth Harborside Hotel, a 180-room hotel located at 250 Market St. in Portsmouth. The borrower, Lodgesys, will use the loan proceeds to refinance existing debt on the property. The 10-year, fixed-rate loan was provided by Bank of America. The hotel features a two-level underground parking garage, 13,500 square feet of meeting space, a fitness center, indoor pool, sauna, Link@Sheraton Internet café and Two-Fifty Market, restaurant and lodge. Anthony Cutone of HFF secured the financing for the borrower.

December 16, 2015

Alabama Florida Loans Mississippi Multifamily Southeast

CBRE Arranges Four Loans Totaling $67.3M for Multifamily Properties in the Southeast

by John Nelson December 16, 2015

ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.

December 16, 2015

Loans Multifamily Texas

HFF Arranges Acquisition Financing for Apartment Complex in Austin

by Haisten Willis December 15, 2015

AUSTIN, TEXAS — HFF has arranged acquisition financing for Chez Moi, a 384-unit apartment community in Austin. Working on behalf of Griffis Residential, HFF placed the seven-year, 3.9 percent fixed-rate acquisition loan with a correspondent life insurance company. Chez Moi is situated on 21 acres at 12100 Metric Blvd. in north Austin with access to MoPac Expressway, I-35 and West Parmer Lane. The 94 percent-leased property features a variety of one-, two- and three-bedroom floor plans averaging 893 square feet. Community amenities include a swimming pool with sundeck, hot tub, outdoor fire pit, sand volleyball court, clubhouse, business center, dog park, car wash, nature trail and garage parking. Eric Tupler, Josh Simon and Casey Wenzel led the HFF debt placement team representing the borrower.

December 15, 2015

Industrial Loans New Jersey Northeast

HFF Arranges $24.6M Refinancing for Two-Property Industrial Portfolio in Northern New Jersey

by Amy Works December 15, 2015

FRANKLIN AND MONROE, N.J. — HFF has arranged $24.6 million in refinancing for a two-property industrial portfolio totaling 470,866 square feet in Franklin and Monroe. The borrowers are Matrix Development Group and a fund advised by Morgan Stanley Real Estate Investing. HFF secured a $17.3 million loan for 1 Heller Park Lane in Franklin and a $7.3 million loan for 20 S. Middlesex Ave. in Monroe through Cornerstone Real Estate Advisers LLC. The 324,337-square-foot 1 Heller Park Lane property features a 296,337-square-foot warehouse building and a 28,000-square-foot truck terminal building. Renovated in 2015, the property is fully leased to Promotion in Motion Inc., a candy and fruit snack manufacturer. Completed in 1992, the 146,529-square-foot warehouse property at 20 S. Middlesex Ave. features 19,069 square feet of office space and is leased to three tenants. Thomas Didio and Jim Cadranell of HFF represented the borrower in the financing transaction.

December 15, 2015

Loans Massachusetts Multifamily Northeast Seniors Housing

Congressional Bank Closes Financing for Skilled Nursing Facility in Massachusetts

by Amy Works December 15, 2015

NEW BEDFORD, MASS. — Congressional Bank’s Healthcare Lending group has closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a skilled nursing facility in New Bedford. The revolving line of credit will fund the ongoing working capital needs of the 107-bed facility. Congressional Bank will close its merger with American Bank on January 1, 2016, and the company’s lending capacity will exceed $10 million, allowing it to expand its lending platform.

December 15, 2015

Loans Midwest Multifamily Ohio

NorthMarq Arranges $1.4M in Acquisition Financing for Multifamily Property in Cincinnati

by Christina Cannon December 15, 2015

CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.

December 15, 2015

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