loans

EagleBridge Capital Arranges $12.6M Loan for Apartment Building in Rhode Island

by Amy Works February 22, 2018

PROVIDENCE, R.I. — EagleBridge Capital has arranged $12.6 million in financing for 95 Lofts, a 59-unit apartment building located at 95 Chestnut St. in downtown Providence. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, provided by a Massachusetts financial institution, for the undisclosed borrower. The property is a six-story, 58,500-square-foot residential building featuring 33 one-bedroom units, 17 two-bedroom units and nine studio units, as well as 2,500 square feet of ground-floor commercial space.

February 22, 2018

Loans Multifamily New Jersey Northeast

HFF Arranges $24.8M in Financing for Condominium Development in Morristown, New Jersey

by Amy Works February 21, 2018

MORRISTOWN, N.J. — HFF has secured $24.8 million in financing for the development of 30 Court, a condominium community located in downtown Morristown. The borrower is DRA 30 Court LLC, a joint venture between Diversified Realty Advisors and a private investor. Michael Klein and Jon Mikula of HFF arranged the 30-month construction loan with Investors Bank for the borrower. Slated for completion in 2019, the property will features for-sale two-bedroom homes ranging from 1,276 square feet to 1,939 square feet. Units will feature kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-house washers and dryers. Additionally, the property will feature a two-story, 131-space parking garage and a half-acre outdoor recreational space.

February 21, 2018

Loans Multifamily North Carolina Southeast

HFF Arranges $26M Refinancing for Multifamily Community in Downtown Raleigh

by Camren Skelton February 21, 2018

RALEIGH, N.C. — HFF has arranged a $26 million loan for the refinancing of The Lincoln Apartments, a 224-unit multifamily community in downtown Raleigh. The property is located at 408 E. Hargett St., less than a half-mile from the North Carolina State Capitol. Matthew Schoenfeldt, Cory Fowler and Roger Edwards of HFF arranged the floating-rate loan through MetLife Investment Management on behalf of the borrower, Lincoln Apartments LLC, an affiliate of Banner Real Estate Group. Completed in 2015, The Lincoln Apartments features a resident club room with a kitchen, resort-style pool, outdoor fireplace, fitness center with yoga studio, pet spa, coffee bar, enclosed parking garage and an electric car charging station. Individual units average 759 square feet and feature wood-style flooring, granite countertops, stainless steel appliances, balconies, walk-in closets and full-size washers and dryers.

February 21, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Domain Cos. Receives $38M in Acquisition Financing for Development Site in Brooklyn

by Amy Works February 20, 2018

NEW YORK CITY — The Domain Cos. has received $38 million in financing for the acquisition of a development site located at 420 Carroll St. in Brooklyn. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the financing for the borrower. The HFF team arranged a $25 million floating-rate bank loan and a $13 million mezzanine loan, provided by Sherwood Equities. The borrower will use the loan proceeds to facilitate the acquisition of the fee-simple interest in the property and pre-development costs. Domain Cos. plans to develop a mixed-income, mixed-use development project on the 1.5-acre site.

February 20, 2018

Loans Mixed-Use Multifamily North Carolina Retail Southeast

Williams Realty, Partners Receive Construction Loan for Mixed-Use Project in Raleigh’s CBD

by Camren Skelton February 20, 2018

RALEIGH, N.C. — Williams Realty & Building Co., in conjunction with Kane Realty Corp. and capital partner Lionstone Investments, has received construction financing for the development of a high-rise mixed-use project in Raleigh’s central business district. Colby Mueck, Roger Edwards and Travis Anderson of HFF arranged the construction loan through New York Life Insurance Co. Other terms of the financing were not disclosed. The property is located at the southwest corner of West Peace and North West streets, next to the future 16-acre Devereux Meadows Park. The first phase of the project will include a 45,600-square-foot Publix store, 5,340 square feet of inline retail space, 417 multifamily units and a 735-space structured parking garage. The residential portion will include studio to three-bedroom units averaging 898 square feet. The development team expects to deliver the first phase in mid-2019. Future phases will include additional residential and retail space, along with office and hotel space.

February 20, 2018

Loans Multifamily Texas

BMC Capital Arranges $4.1M Refinancing of 148-Unit Apartment Asset in Killeen

by Taylor Williams February 19, 2018

KILLEEN, TEXAS — BMC Capital has arranged a $4.1 million loan for the refinancing of a 148-unit multifamily community in the central Texas city of Killeen. The 10-year loan features an interest rate of approximately 5 percent and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed agency relationship. The name of the property and borrower were also withheld.

February 19, 2018

Loans Multifamily New York Northeast

Hunt Mortgage Secures $20.9M in Financing for Two Multifamily Properties in New York

by Amy Works February 19, 2018

SARATOGA SPRINGS AND ILION, N.Y. — Hunt Mortgage Group utilized HUD’s 223(f) loan program to finance the acquisition and rehabilitation of two affordable multifamily properties in Saratoga Springs and Ilion. Riverside Charitable Corp. received a total of $20.9 million in financing for the two properties. The borrower received a $13.9 million loan for the 112-unit age-restricted Raymond Watkins Apartments, located at 57 Ballston Ave. in Saratoga Springs, and a $7 million loan for John Guy Prindle Apartments, a 112-unit age-restricted property located at 80 E. North St. in Ilion.

February 19, 2018

Loans New Jersey Northeast Retail

Progress Capital Arranges $6.5M Construction Loan for Retail Center in New Jersey

by Amy Works February 19, 2018

TOMS RIVER, N.J. — Progress Capital has secured a $6.5 million construction loan for the development of a retail and office center located near the intersection of Hooper Avenue and Yorktown Boulevard in Toms River. The 40,000-square-foot property will also feature an adjoining 4,140-square-foot pad site. David Cappello of Progress Capital arranged the financing for the undisclosed borrower. The 18-month loan was funded by Procida’s 100 Mile Fund and represents 67 percent of the project’s total cost. The property is currently pre-leased to Ocean Cuts LLC, Buy-Rite Liquors and a Keller Williams Brokerage office. The development is slated for completion this summer.

February 19, 2018

Florida Loans Multifamily Seniors Housing Southeast

BMO Harris Provides $35.3M Construction Loan for 171-Unit Seniors Housing Asset in Jacksonville

by Camren Skelton February 19, 2018

JACKSONVILLE, FLA. — BMO Harris Healthcare Real Estate Finance has provided a $35.3 million loan for the construction of Grand Living at Tamaya, a 171-unit seniors housing community in Jacksonville. The borrower is a partnership formed in 2014 between real estate developer Ryan Cos. and owner-operator Grand Living. Grand Living at Tamaya will offer independent living, assisted living and memory care units. Community amenities will include a performance theater, wellness center, spa, salon, fitness center, library, putting green, pet grooming center and a piano and instrumental practice room. The community is expected to open in 2019.

February 19, 2018

Affordable Housing Loans Multifamily Southeast Tennessee

Dwight Capital Funds $31M HUD Loan for Affordable Housing Rehabilitation in Nashville

by Camren Skelton February 19, 2018

NASHVILLE, TENN. — Dwight Capital has provided a $31 million HUD 221(d)(4) loan for the rehabilitation of Haynes Garden Apartments, a 208-unit affordable housing community in Nashville. The 40-year loan was funded in conjunction with 4 percent Low Income Housing Tax Credits (LIHTC) from the local housing authority, as well as a Housing Assistance Payment (HAP) contract renewal. The financing was arranged on behalf of the sponsor, David Izkowitz, through HUD’s Atlanta office. Haynes Garden Apartments features on-site laundry facilities and a community room.

February 19, 2018

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