MYRTLE BEACH, S.C. — Ready Capital has closed a $10.2 million refinance loan for a three-property, 1,796-unit self-storage portfolio in Myrtle Beach. The undisclosed borrower will use the funds to pay off existing debt and lease-up the three undisclosed properties. The non-recourse loan comes with a three-year term and offers a floating interest rate with two extension options and flexible prepayment options. Further details of the portfolio were not disclosed.
WASHINGTON, D.C. — An estimated $163.2 billion of the $2.2 trillion of outstanding commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2020, a 48 percent increase from the $110.5 billion that matured in 2019, according to the Mortgage Bankers Association’s (MBA) Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. The results were released at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego. The four-day conference ends today. “Commercial and multifamily mortgage maturities will rise this year from the low levels of the past two years,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Given the long-term nature of many commercial mortgages, maturities remain muted, with just 7 percent of the total balance of non-bank-held mortgages maturing in 2020.” Life insurance companies will see $24.8 billion, or 4 percent of their outstanding mortgage balances, mature this year. Among loans held in CMBS financing, $67.2 billion, or 11 percent, will come due. Only $11.9 billion (2 percent) of the outstanding balance of multifamily and healthcare mortgages held or guaranteed by Fannie Mae, Freddie Mac, Federal Housing Administration (FHA) and Ginnie Mae will mature in 2020. Commercial mortgages held by …
ORLANDO, FLA. — Hall Structured Finance has provided a $140 million, non-recourse construction loan for four hotels totaling nearly 1,000 rooms at the western entrance of Walt Disney World Resort in Orlando. The four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. Real estate developer Doradus Partners is simultaneously developing all four hotels and expects to deliver them by the end of the year. The hotels will be located in the Flamingo Crossings Town Center, a new master-planned development that includes hotels, retail, dining and housing for students participating in Disney internships and college programs. At the heart of the mixed-use project will be an approximately 200,000-square-foot retail hub, which will include more than 50 tenants and more than 1,700 parking spaces. The new hotels will share a five-story parking garage, surface parking and a sports court. The four hotels will also be bookable as part of Walt Disney Travel Co. packages. Justin Ownby, Adrienne Kautzman and Mauricio Rodriguez of Berkadia arranged the construction loan through Hall Structured Finance on behalf of Doradus Partners.
GREENSBORO, N.C. — Branch Properties LLC has sold Westridge Square, a 182,000-square-foot, Sprouts Farmers Market-anchored retail center in Greensboro, for $38.4 million. Branch Properties has been renovating the property for four years. The renovation included moving Sprouts into a 30,524-square-foot space that Harris Teeter formerly occupied. The seller also reconfigured Kohl’s to a smaller footprint to make room for Planet Fitness. Westridge Square is situated at the intersection of Battleground Avenue and Westridge Road, five miles northwest of downtown Greensboro. Berkley Capital Advisors represented the seller in the transaction. Select-Westridge LLC, an affiliate of Birmingham, Ala.-based McDonald Group Inc., acquired the property.
RUSTON, LA. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac refinancing loan for University Crossing Apartments, a 552-bed student housing community located near Louisiana Tech University in Ruston. Hayley Suminski and Amanda Kutia of KeyBank originated the floating-rate financing on behalf of the borrower, WFInvestments. The loan features a 10-year term with three years of interest-only payments. Communal amenities include a pool, sundeck, 24-hour fitness center, clubhouse, study lounge, bicycle parking, a community kitchen and upright tanning beds. The garden-style community is currently undergoing renovations.
LINTHICUM HEIGHTS, MD. — Ready Capital has closed a $7.2 million acquisition loan for a 182-room hotel adjacent to Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights. The undisclosed borrower has reflagged the existing Rodeway Inn to a Wingate by Wyndham. Additionally, the hotel will go from economy class to mid-scale. In conjunction with the reflagging, a property improvement plan will be implemented to further increase average daily revenue (ADR) and occupancy. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a three-year term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for the property improvement plan.
WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2019 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. PNC Real Estate/Midland Loan Services led the field with $702 billion in loan volume as of Dec. 31, 2019, narrowly edging out Wells Fargo Bank ($700 billion). KeyBank National Association ($306 billion), Berkadia Commercial Mortgage LLC ($280 billion) and CBRE Loan Services ($228 billion) rounded out the top five. The Washington, D.C.-based association released the rankings at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes Wednesday. The MBA also ranked a few different categories in its report, including ranking the top agency servicers. For Fannie Mae loans, Wells Fargo, Walker & Dunlop, Berkadia, CBRE and Newmark Knight Frank (NKF) are the top five servicers. For Freddie Mac, Wells Fargo, KeyBank, PNC, CBRE and Berkadia are the top five performers. Orix Real Estate Capital, Walker & Dunlop, Berkadia, Greystone and Wells Fargo were the top Federal Housing Authority (FHA) and Ginnie Mae servicers. Wells Fargo, PNC, KeyBank, NKF and JLL were the top CMBS servicers, and JLL was at the top of …
MIAMI — Cushman & Wakefield has arranged the $76.6 million sale of a 10-property, value-add seniors housing portfolio in Miami-Dade County. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for Oceanside Extended Care Center, which were co-brokered by Cushman & Wakefield’s Calum Weaver. The properties in the portfolio include: Fair Havens Center, a 101,814-square-foot skilled nursing and assisted living facility with 557 units and 329 beds. The property sold for $26.4 million, or approximately $80,394 per bed. Harmony Health Care, an 83,526-square-foot skilled nursing facility with 96 units and 203 beds. The property sold for $19.6 million, or approximately $96,307 per bed. Oceanside Extended Care, a 52,133-square-foot skilled nursing facility with 196 one-bed units. The real estate sold for $17.6 million, or approximately $89,923 per bed, and the license sold in a separate transaction for $5.9 million. Nursing Center at Mercy, a 43,357-square-foot skilled nursing facility with 64 units …
ANTIOCH, TENN. — Capstone Apartments Partners has negotiated the $47.4 million sale of Reserve at Oakleigh, a 264-unit multifamily community in Antioch. The property was built in 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, picnic and grilling area, business center, nature trail, pet park and a car care center. Reserve at Oakleigh is located at 3562 Pin Hook Road, 18 miles southeast of downtown Nashville. Bryse Toothaker, Adam Klenk and Tyler Mayo of Capstone represented the seller, Herman & Kittie Properties, in the transaction. The Capstone team also procured the buyer, Cedar Grove Capital.
CHARLOTTE, N.C. — Topgolf Entertainment Group will open its second Topgolf venue in Charlotte by the end of the year. The new location will be dubbed Topgolf North Charlotte and will be situated at the intersection of Interstate 85 and University City, near University of North Carolina-Charlotte, Charlotte Motor Speedway and Northlake Mall. Topgolf North Charlotte will sit on 14 acres and is expected to create 500 jobs. Topgolf opened its first Charlotte venue two years ago at 8024 Savoy Corporate Drive in the southwestern part of the city.