loans

Berkadia Arranges $19.1M Sale, $14.3M Financing for Apartment Asset in Metro Atlanta

by Camren Skelton February 19, 2018

DORAVILLE, GA. — Berkadia has arranged the $19.1 million sale of Azalea Ridge, a 281-unit apartment community located at 3214 Valley Bluff Drive in Doraville, roughly 25 miles northeast of downtown Atlanta. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia arranged the sale on behalf of the seller, Alexander Property Group. Berkadia’s Richard Levine originated a $14.3 million Freddie Mac loan on behalf of the buyer, Zavala Capital. The seven-year loan features a floating interest rate, 30-year amortization schedule and a 75 percent loan-to-value ratio. Azalea Ridge offers one- and two-bedroom units and features a pool, community picnic area and a fitness center.

February 19, 2018

Loans Multifamily Texas

Dougherty Closes $6.6M Acquisition Loan for 100-Unit Apartment Community in Dallas

by Taylor Williams February 16, 2018

DALLAS — Dougherty Funding LLC has closed a $6.6 million loan for the acquisition of Rosemont at Timber Creek, a 100-unit affordable multifamily community in Dallas. The property, which is located about 11 miles south of the CBD, features amenities such as a pool, fitness center, on-site laundry facilities and children’s play area. Dougherty served as lead lender and servicer for the loan, which was secured on behalf of Texas Timbercreek Housing LP.

February 16, 2018

Hospitality Loans New York Northeast

Madison Realty Capital Provides $16.5M Loan for Hotel Development in Long Island City

by Amy Works February 16, 2018

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $16.5 million acquisition and construction financing package collateralized by a partially constructed hotel development in Long Island City in Queens. The borrower, an affiliate of Sam Chang’s McSam Hotel Group, purchased 38-04 11th St. and plans to construct a 148-key hotel comprising 55,630 square feet on the site. McSam Hotel Group acquired the site with approvals and a completely built foundation. The borrower plans to complete construction of the building within approximately 15 to 18 months. MRC funded $4 million at closing for the site acquisition, and the company has committed to fund an additional $12.5 million to complete construction of the project. The $16.5 million financing package represents approximately 70 percent of the total project cost.

February 16, 2018

Loans Multifamily New York Northeast Seniors Housing

Arbor Realty Trust Funds $41.6M Loan for Skilled Nursing Facility in Syracuse, New York

by Amy Works February 16, 2018

SYRACUSE, N.Y. — Arbor Realty Trust has funded a $41.6 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a skilled nursing facility located in Syracuse. Alexander Kaushansky of Arbor Realty Trust arranged the financing for the borrower, VestraCare. The borrower acquired the 440-bed facility from a Chicago-based seller. The buyer plans to appoint a new property administrator, retrain staff, rebrand the community and invest more than $4 million in capital improvements as part of an overall repositioning strategy. Evan Goldenberg of EBEX Holdings assisted all parties in the financing. Ari Dobkin of Meridian Capital Group also assisted in the financing.

February 16, 2018

Loans Mixed-Use Northeast Pennsylvania Retail

Silver Arch Capital Partners Secures $15M Acquisition Loan for Development Site in Philadelphia

by Amy Works February 16, 2018

PHILADELPHIA — Silver Arch Capital Partners has secured a $15 million land loan for the acquisition of two development sites, known as 1401 and 1401 R-S- Christopher Columbus Blvd. in South Philadelphia. The undisclosed borrower plans to develop up to 235 townhouses on the 22.9-acre site along the Delaware River, boat slips for owners’ watercraft, outdoor recreational activity areas and a riverfront cafe. Jeffrey Wolfer of Silver Arch Capital Partners arranged the financing for the borrower.

February 16, 2018

Florida Loans Multifamily Southeast

Trez Forman Provides $85M Construction Loan for Multifamily Project in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Trez Forman Capital Group has provided an $85 million construction loan for the development of 4 West Las Olas, a 360-unit apartment community in Fort Lauderdale. Brett Forman of Trez Forman originated the loan on behalf of the developer, a joint venture between Elevate Partners and NCC Development Group. Trez Forman previously provided a $6 million acquisition loan to the joint venture when it purchased the 1-acre site in mid-2017. Trez Forman will assume the land loan as part of the new construction loan. An existing 64,500-square-foot office building will be demolished to clear the site for construction of 4 West Las Olas. The community will also feature 12,000 square feet of retail space and 387 parking spaces. Moss & Associates is the project’s general contractor, and Greystar will manage the community.

February 16, 2018

District of Columbia Loans Office Southeast

Natixis Funds $46.3M Loan to Refinance Office Building in D.C.’s CBD

by Camren Skelton February 16, 2018

WASHINGTON, D.C. — Natixis has provided a $46.3 million loan to Normandy Real Estate Partners for the refinancing of 1015 18th St. N.W., a 109,650-square-foot office building in Washington, D.C,’s Central Business District. A joint venture between Normandy Real Estate Partners and NTT Urban Development Corp. acquired the property in 2015, and renovated the asset from Class B to Class A. Originally constructed in 1970, the building was updated to include a new glass curtainwall façade, new two-story lobby, new base building mechanical and ventilation systems, renovated bathrooms and the addition of a 5,000-square-foot rooftop amenity suite and terrace. The building is situated three blocks from the White House, with immediate access to four Metro lines. The property features ground-level retail space, a fitness center, outdoor space and a below-grade parking garage with 118 spaces.

February 16, 2018

Loans Massachusetts Northeast Office

New York Life Real Estate Investors Originates $42M Loan for Office Building in Boston’s Seaport District

by Amy Works February 15, 2018

BOSTON — New York Life Real Estate Investors has originated a $42 million loan for Tower Point, a 157,000-square-foot office building located in Boston’s Seaport District. The property is owned by an institutional fund represented by Bayerische Versorgungskammer. The fund’s investment manager is a German company, Universal-Investment, as advised by Northwood Investors LLC. The loan has a 10-year term. Mark Young of New York Life Real Estate negotiated the loan.

February 15, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $10.6M in Financing for Affordable Housing Property in East Boston

by Amy Works February 15, 2018

BOSTON — MassHousing has provided $10.6 million in financing to East Boston Community Development Corp. for the acquisition, renovation and preservation of Landfall Community Associates properties totaling 111 units in East Boston. The transaction refinances and consolidates two existing affordable housing communities: the 15-unit Landfall Apartments and the 96-unit East Boston Rehab portfolio. In addition to rehabilitating the property and extending the affordability on the 111 units, the financing will resolve the expiring affordability restrictions from the Section 13A mortgage on the East Boston Rehab units. MassHousing provided a $5.7 million permanent loan, a $4.7 million bridge load and a capitalized 13A payment loan of $131,401, and the MassHousing financing generated $5.8 million in equity through federal Low Income Housing Tax Credits. The project team includes Knollmeyer Building Corp., Davis Square Architects and Metro Management.

February 15, 2018

Industrial Loans New Jersey Northeast

Denholtz Associates Secures $9.2M in Refinancing for Industrial Park in New Jersey

by Amy Works February 15, 2018

BRIDGEWATER AND BOUND BROOK, N.J. — Denholtz Associates has secured a five-year, $9.2 million refinancing from Provident Bank for industrial properties on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook. Denholtz owns 11 buildings, totaling 264,163 square feet of industrial space, at the 16-building Bridgewater Business Park. Current tenants include Zoned Inc., The Airsoft Factory and Bridgewater Marble. The financing will enable Denholtz to renovate the portfolio of properties. Paul Barrood of Provident Bank arranged the financing for Denholtz Associates.

February 15, 2018

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