NEW YORK CITY — ORIX Real Estate Capital, a New York-based business unit of ORIX Corp. USA, has rebranded as Lument. In making this change, Lument is unifying its legacy brands — Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group — under a single banner. ORIX acquired RED in 2010, Lancaster Pollard in 2017 and Hunt in 2019. The company announced plans earlier this year to combine the three real estate finance companies under one banner.
BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.) Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio comprising more than 1,125 properties and 98,110 units. Boston Financial will service Boston Capital’s assets under management. According to a release from Orix, the firm views the LIHTC business as one that shows projected growth, even during the economic uncertainty of the COVID-19 pandemic. Because rent for LIHTC properties is often below comparable non-tax-credit properties and the government supports many LIHTC residents in the form of rental assistance, Boston Financial has seen occupancy rates remain stable during the pandemic. The closing of the transaction is subject to customary closing conditions and approvals. The acquisition price was not disclosed. Established by Congress in 1986, LIHTC is a tax incentive program designed to promote the supply of affordable rental housing for low-income households. LIHTC syndicators such as Boston Financial and …
CHASKA, MINN. — Lancaster Pollard Mortgage Co. has provided a $25 million loan for the refinancing of Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included tax-increment financing from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the community. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction. The fixed-rate financing, which carries a 35-year term, also funds renovations.
Marc Suarez Talks about Multifamily Housing and Potential Opportunities in the Next Few Months In this brief Q&A, Marc Suarez, Director at Hunt Real Estate Capital, gives insight on how the multifamily sector has fared so far in the Southeast and what Suarez expects in the near future. This interview covers a range of multifamily concerns, from potential vacancies in luxury communities to how landlords can keep rent flowing to their communities. Register to hear how agency activities have affected deal flow and how sellers and buyers are finding common ground. Register to listen to this complimentary webinar here. Webinar sponsor: Hunt Real Estate Capital, a division of ORIX Real Estate Capital, is a leader in financing commercial real estate throughout the U.S. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial and self-storage facilities. It offers Fannie Mae, Freddie Mac and FHA in addition to its own proprietary loan products.
FAIRPORT, N.Y. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in the Rochester suburb of Fairport. The FHA 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed interest rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston of Lancaster Pollard handled the debt origination.
DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not disclosed.
James Flynn, CEO of Hunt Real Estate Capital and ORIX Real Estate Capital, spoke with Randy Shearin of France Media in a brief interview to give insight on what lenders think about debt and equity during the COVID-19 pandemic, industry flexibility and pivoting operations with an eye towards what assets are most likely to recover quickly after the crisis. Flynn talks not only about how the pandemic has changed business as usual for lenders, but also Orix’s acquisition of Hunt Real Estate and the need to transition as a business in the midst of global change. Listen to this interview here. Topics discussed by James Flynn and Randy Shearin include: Mergers and uniting platforms/organizations in a time when tech is paramount Deal closing/lending: before, during and after COVID-19 Sectors/asset classes of interest to lenders Hear how lenders are approaching the coronavirus pandemic crisis and what’s ahead for the lending industry. Q&A sponsor: Hunt Real Estate Capital, a division of ORIX Real Estate Capital, is a leader in financing commercial real estate throughout the U.S. The company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial and self-storage facilities. …
SAN DIEGO — Hunt Real Estate Capital has funded a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property in the San Ysidro district of San Diego. Standard Cos. is the borrower. The loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance program. Built in 1985, Rio Vista Apartments features 161 apartments in a mix of two- and three-bedroom floor plans spread across 12 two-story buildings. At the time of financing, the property was 99 percent occupied. Community amenities include an on-site leasing office, laundry facility, playground, basketball court, swimming pool and community whirlpool. Additionally, the property offers 262 on-site parking spaces. Standard Cos. acquired the property in 2014. The FHA 223(a)(7) loan is exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.
NORTH MIAMI BEACH, FLA. — Hunt Real Estate Capital has provided a $71.3 million Freddie Mac refinancing loan for Lazul Apartments, a 365-unit multifamily community in North Miami Beach. The 11-year, nonrecourse loan features a fixed interest rate in the 3 to 3.5 percent range, a 30-year amortization schedule and interest-only payments for the full term. The borrower, a limited liability company comprising Hunt Cos., EDEN Multifamily and Florida Value Partners, developed the asset in 2018. Lazul Apartments offers studio to three-bedroom units, which were 89 percent occupied at the time of the transaction. Communal amenities include a clubhouse, package services, picnic area, dog grooming area, fitness center, eight-story parking garage and a pool. The eight-story asset is situated at 2145 NE 164th St., 17 miles north of downtown Miami.
WOODBRIDGE, N.J. — Orix USA Corp. has provided a $15.5 million construction loan for a 1,115-unit self-storage facility in Woodbridge, a southern suburb of New York City. Orix provided the nonrecourse loan to a partnership between Woodbridge Self-Storage and 112 New Brunswick Properties Urban Renewal LLC. The loan covers costs of the land acquisition and construction of the facility, which will total 130,000 net rentable square feet.. Utah-based REIT Extra Space Storage will operate the facility. David Merkin and Barry Dollman of Eastern Union arranged the loan.
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