loans

HFF Arranges $16.2M Acquisition Loan for Adaptive Reuse Project in Atlanta

by Camren Skelton February 6, 2018

ATLANTA — HFF has arranged a $16.2 million acquisition loan for Ellsworth Lofts, a three-building adaptive reuse complex located at 1460 and 1510 Ellsworth Industrial Blvd. N.W. in Atlanta’s West Midtown district. Gregg Shapiro of HFF arranged the five-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, Origin Investments. Ellsworth Lofts comprises two office buildings totaling 80,977 square feet and one retail outparcel totaling 9,840 square feet. Bacchanalia and Star Provisions Market & Café occupy the property’s retail portion. In addition, the 6.7-acre site includes 1.2 acres of developable land. Ellsworth Lofts was 70 percent leased at the time of sale.

February 6, 2018

Florida Hospitality Loans Southeast

Ready Capital Provides $5.5M Refinancing for Hotel in Miami Beach

by Camren Skelton February 6, 2018

MIAMI BEACH, FLA. — Ready Capital Structured Finance has provided a $5.5 million loan for the refinancing of a 32,000-square-foot hotel and condominium property in Miami Beach. Ready Capital provided the two-year, non-recourse, floating-rate loan on behalf of the undisclosed borrower. The loan features one extension option and flexible prepayment. Of the 80 units, 13 are hotel properties and the remaining are condominiums. In addition, the property features 6,800 square feet of retail space and 19,000 square feet of garage space.

February 6, 2018

Loans Massachusetts Multifamily Northeast

KeyBank Secures $10.7M in Financing for Boston Apartment Complex

by Amy Works February 6, 2018

BOSTON — KeyBank Real Estate Capital has secured a $10.7 million Freddie Mac first mortgage loan for an apartment building located at 601 Albany St. in Boston. Built in 2009, the building features 40 apartment units, one ground-floor commercial unit and a ground-floor parking garage. Chris Black of Key’s National Multifamily Accounts Group arranged the non-recourse financing with a 10-year, interest-only term. The loan was used to refinance existing debt.

February 6, 2018

Loans Multifamily Texas

LMI Capital Closes $37M Refinancing for 800-Unit Apartment Complex in Houston

by Taylor Williams February 5, 2018

HOUSTON — LMI Capital has closed a $37 million loan to refinance an 800-unit apartment complex in the Galleria area of Houston. The loan features a 10-year term, fixed interest rate and three years of interest-only payments. Brandon Brown of LMI Capital placed the loan through one of the firm’s agency relationships. The borrower and property name were not disclosed.

February 5, 2018

Loans Multifamily Texas

Dougherty Arranges $5.1M Acquisition Loan for 106-Unit Apartment Asset in Dallas

by Taylor Williams February 5, 2018

DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged a $5.1 million Fannie Mae loan for the acquisition of Wynnewood Gardens, a 106-unit multifamily asset in south Dallas. The pet-friendly property offers a pool, clubroom and picnic and grilling areas. Dougherty secured the 12-year loan through a partnership with Old Capital Lending on behalf of the borrowers, E.J. Wynnewood LLC and PLB Wynnewood LLC.

February 5, 2018

Loans Multifamily New Jersey Northeast

Hunt Mortgage Group Provides $15.2M in Refinancing for Five-Property Multifamily Portfolio in New Jersey

by Amy Works February 5, 2018

KEANSBURG, CLEMENTON, KEARNY, AMBOY AND WESTVILLE, N.J. — Hunt Mortgage Group has provided refinancing for a five-property multifamily portfolio in New Jersey. The borrower, Norse Holdings, received five Freddie Mac Small Balance loans totaling $15.2 million. The refinancing loans include: – $4.6 million for the 44-unit Beachview Gardens located at 544-560 Beachway Ave. in Keansburg – $4.4 million for the 56-unit Clementon Norse Apartments located at 222 White Horse Pike in Clementon – $1 million for the nine-unit 165 Quincy Ave Apartments in Kearny – $1.3 million for the 12-unit property at 388 Smith St. in Amboy – $3.8 million for the 48-unit Woodbine Apartments located at 300 Broadway in Westville Steven Cox and Kris Molloy of Hunt Mortgage Group secured the financing for the borrower.

February 5, 2018

Idaho Loans Multifamily Seniors Housing Western

Hunt Mortgage Group Provides $1.8M Refinancing for Age-Restricted Community in Boise

by Nellie Day February 5, 2018

BOISE — Hunt Mortgage Group has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Leisure Villa Apartments, an age-restricted community in Boise. The 57-unit property was built in 1973 and expanded in 2000. The four buildings are located on three acres, and the property also includes a clubhouse. The 10-year, fixed-rate loan features a 30-year amortization schedule and a yield maintenance prepayment schedule.

February 5, 2018

Loans Multifamily North Carolina Southeast

CBRE Arranges $42.2M Acquisition Loan for New Apartment Community in Triangle

by Camren Skelton February 5, 2018

MORRISVILLE, N.C. — CBRE has arranged a $42.2 million Fannie Mae loan for the acquisition of The Reserve at Park Place, a 312-unit apartment community located at 4531 Langdon Drive in Morrisville. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE arranged the loan on behalf of the buyer, Centennial Holding Co. Watson Bryant, Jordan McCarley and Marc Robinson of Cushman & Wakefield arranged the sale on behalf of the seller, Park Place Members LLC. Constructed in 2017, the property features a saltwater pool, entertainment pavilion, car wash facility, dog park and spa, billiards table and a fitness center.

February 5, 2018

Illinois Loans Midwest Office Top Stories

ING Underwrites, Closes $235.1M Acquisition Loan for Office Tower in Downtown Chicago

by Taylor Williams February 5, 2018

CHICAGO — ING Capital LLC has underwritten and closed a $231.5 million senior loan for the acquisition of One South Dearborn, an 828,538-square-foot office tower located in downtown Chicago’s Central Loop. The borrower was Connecticut-based Starwood Capital Group. ING expects to syndicate a portion of the senior loan in the coming weeks. Deutsche Asset Management provided a $62.5 million mezzanine loan for the acquisition. Hines developed the 40-story, Class A property in 2005. Law firm Sidley Austin has served as its anchor tenant since completion and recently renewed its lease. According to Crain’s Chicago, California-based Olen Properties was the building’s most recent owner. The sale closed on Jan. 24. Designed by DeStefano Keating Partners Ltd., the property features amenities such as a fitness center, conference facilities, 8,000 square feet of retail space and a 170-space parking garage. A 16,000-square-foot plaza fronts Dearborn Street and provides entry into the three-story lobby. “The opportunity to finance One South Dearborn was welcome given the quality of the property and the strength of downtown Chicago’s office market,” says Craig Bender, head of capital markets at ING. “This market has seen a significant increase in demand in recent years due to urban migration from the …

February 5, 2018

California Hospitality Loans Western

Huntington Hotel Group Secures $35M to Build Dual-Branded Hotel in LA

by Nellie Day February 2, 2018

LOS ANGELES — Huntington Hotel Group has received $35 million in construction financing to build a dual-branded hotel in the Los Angeles submarket of Agoura Hills. The project will include the 129-room Courtyard Marriott and the 96-room TownePlace Suites. The asset will be developed on a vacant 5.5-acre site located at 29505 and 29515 Agoura Road. HFF placed the 60-month loan with Umpqua Bank.

February 2, 2018

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