Property Type

KeyBank Arranges $165M Financing for Two Office Buildings in Washington, D.C.

by Kristin Harlow August 25, 2017

WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $165 million in permanent financing for two office buildings in Washington, D.C. Known as The Executive Building, the 332,000-square-foot office building located at 1030 15th St. Northwest features 12 office floors and three ground-level retail spaces. The 11th and 12th floors include outdoor corner balconies. The Colorado Building, located at 1341 G St. Northwest, features 121,701 square feet. The building features ground-floor retail space and a fitness center. Michael Keach and Hugh Hall of KeyBank arranged the loan for the borrower, UNIZO Holdings US. New York Life Real Estate Investors provided the seven-year, first mortgage loan. Cleveland-based KeyBank is a provider of commercial real estate finance. New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Co. — Kristin Hiller

August 25, 2017

Market Reports Multifamily Texas Texas Market Reports

Texas’ RGV Multifamily Market Attracts More Diverse Pool of Buyers

by Taylor Williams August 25, 2017

These days, first-time investors in the Rio Grande Valley (RGV) multifamily market are in for a bit of education. Misconceptions about the RGV are common due to the market’s actual proximity to the Mexican border and lack of proximity to other major metros, as well as the Trump administration’s dicey relationship with our neighbor to the south. In reality, the area is an attractive, stand-alone market filled with growth potential. Education, healthcare, retail, international trade, agriculture, oil & gas, port activity — the RGV has it all. Hidalgo and Cameron counties make up the fifth- and ninth-largest MSAs in Texas with a combined population in excess of 1.2 million. As a result, numerous investors from larger Texas MSAs, as well as out-of-state investors, are targeting multifamily opportunities in the RGV. ARA Newmark is currently marketing an 84-unit asset at a high-density intersection in the South Texas market. This metro is awash with high-end retail, healthcare and single-family developments and is thus attracting residents from a variety of backgrounds. Within the first two weeks of marketing, the asset drew six preemptive offers from a diverse buyer base that included two out-of-state buyers. The volume of retail growth in the Rio Grande Valley in recent …

August 25, 2017

Loans Multifamily New York Northeast

Greystone Arranges $550M Freddie Mac Loan for Sky Residences in Manhattan

by Kristin Harlow August 24, 2017

NEW YORK CITY — Greystone has closed a $550 million permanent Freddie Mac loan made to joint venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences in Manhattan. The Greystone Bassuk debt advisory team, led by Richard Bassuk and Drew Fletcher, represented the borrower. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg, Billy Posey, Joe Mosley, and Jeff Englund of Greystone collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone. Sky Residences, located at 605 West 42nd Street, is one of New York City’s iconic luxury rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. The property was developed by Moinian and designed by Rockwell Group. Amenities include an exclusive multi-level fitness club; water club; spa; lap pool; NBA regulation-size basketball court; two outdoor pools; café; kids’ club; and a private outdoor park design by Thomas Balsley. The property is the largest single-tower residential building in the United States, with 25 percent of its …

August 24, 2017

Loans Multifamily New York Northeast

Oestreicher and GPB Capital Secure $47.9 Million Construction Loan For Residential Condominimus

by Kristin Harlow August 24, 2017

NEW YORK CITY — Oestreicher Properties, a fully integrated real estate, development and construction company, and GPB Capital Holdings, an asset management firm, have closed on construction financing for 211 Schermerhorn, a new ground-up boutique condominium building designed by architect Morris Adjmi. CapitalSource, a division of Pacific Western Bank, provided a $47.9 million condominium construction loan for this luxury residential building. JLL’s Aaron Niedermayer, Aaron Appel and Brandon Krupetsky coordinated financing. The property is located in Brooklyn’s historic Boerum Hill neighborhood. The 14-story mixed-use building will feature 48 condominiums ranging from one to three bedrooms. The building includes 10,000 square feet of ground-floor retail space. Amenities will include a 1,138-square-foot communal rooftop terrace, a lounge and media room, fitness center and children’s playroom. Other services include bike storage and private storage units available for purchase. Stribling Marketing Associates is the exclusive sales and marketing firm for 211 Schermerhorn.

August 24, 2017

Multifamily New Jersey Northeast

178-Unit Apartment Community in Northern New Jersey Sells for $40.5 Million

by Kristin Harlow August 24, 2017

WEST ORANGE, N.J. — Rockledge Realty has sold Crest Ridge Apartments, a 178-unit garden-style apartment community in West Orange to Sela Realty Investments for $40.5 million. Built in 1964, the property is located at 200 Mt. Pleasant Ave., which offers views of the Manhattan skyline. The property features one-, two- and three-bedroom units with private entrances. Community amenities include a free-form swimming pool, clubhouse and sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller, which was the original developer/owner, and procured the buyer in the transaction.

August 24, 2017

Industrial Northeast Pennsylvania

Binswanger Negotiates Acquisition of Two Industrial Sites in Philadelphia

by Kristin Harlow August 24, 2017

PHILADELPHIA —Morris Iron & Steel Co. has acquired a 58.12-acre industrial waterfront site and a 13-acre site in Philadelphia. The properties are located at 7777 State Road and 7777R State Road. Morris Iron & Steel is a family-owned, fourth-generation company that has operated since 1938. The company serves the scrap metal and recycling needs of the eastern part of Pennsylvania and plans to use 10 acres of the land for barge loading. Chris Pennington of Binswanger represented the buyer in the acquisition. Binswanger has also been hired to lease the additional acreage, which offers barge access.

August 24, 2017

California Loans Retail Western

Keystone Mortgage Secures $60M Refinancing for Plaza de la Paz in Laguna Niguel

by Nellie Day August 24, 2017

LAGUNA NIGUEL, CALIF. — Keystone Mortgage Corp. has secured a $60 million refinancing for Plaza de la Paz, a 295,000-square-foot shopping center located in the Orange County community of Laguna Niguel. The center is home to 45 tenants including The Home Depot, Sprouts Farmers Market, CVS/pharmacy and Off Broadway Shoes. Keystone placed the 15-year, fixed-rate loan through an insurance company on behalf of the borrower, a local family office.

August 24, 2017

Loans Multifamily Seniors Housing Washington Western

Capital One Provides $41.1M Financing, $5M Credit Facility for Prestige Care

by Nellie Day August 24, 2017

VANCOUVER, WASH. — Capital One has provided a $41.1 million first mortgage loan and a $5 million senior credit facility for Prestige Care, a Vancouver-based owner-operator. The company used the mortgage loan to acquire four senior housing and skilled nursing facilities in Washington and Idaho, as well as to refinance three facilities it owns in Oregon and Washington. Together, the facilities total 751 units. Prestige will use the revolver to support general corporate purposes and working capital needs. Prestige is acquiring: Colonial Vista in Wenatchee, Wash. Hearthstone Cottage of Ellensburg in Ellensburg, Wash. Hearthstone Cottage of East Wenatchee in East Wenatchee, Wash. Karcher Estates in Nampa, Idaho The company is refinancing: Coast Fork Nursing in Cottage Grove, Ore. Oregon City in Oregon City, Ore. Prestige Assisted Living at Hazel Dell in Vancouver, Wash. Founded in 1985, Prestige Care operates a portfolio of more than 80 senior care communities in eight Western states. It specializes in revamping facilities in rural, medium-sized markets.

August 24, 2017

Arizona Loans Multifamily Seniors Housing Western

CBRE Arranges $20.2M Construction Financing for 144-Unit Seniors Housing Community in Glendale

by Nellie Day August 24, 2017

GLENDALE, ARIZ. — CBRE has arranged $20.2 million in construction financing for MorningStar of Glendale, a 144-unit independent living, assisted living and memory care community in Glendale, approximately nine miles north of Phoenix. The borrower is a joint venture between MorningStar Senior Living, N-Shea Group and an institutional equity partner. This will be MorningStar’s fourth community in the Phoenix metro area. MorningStar will operate the community once it’s completed. CBRE secured the four-year, floating-rate loan with 42 months of interest-only payments through a regional bank. Aron Will arranged the financing.

August 24, 2017

California Retail Western

Hanley Investment Arranges $11.6M Sale of Shopping Center in Lake Elsinore

by Nellie Day August 24, 2017

LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $11.6 million sale of Oak Grove Crossing, a 22,577-square-foot shopping center located in Lake Elsinore. The Target shadow-anchored property is home to tenants including McDonald’s, Starbucks Coffee, GameStop, GNC, H&R Block, Pacific Dental, Papa John’s Pizza, Subway, Supercuts, Verizon and Yogurtland. Kevin Fryman of Hanley Investment Group represented the seller, a Murrieta, Calif.-based private investment partnership. Jeff Lefko and Bill Asher, also of Hanley, represented the buyer, an Orange, Calif.-based family trust.

August 24, 2017

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