loans

Aztec Group Arranges $56.8M Construction Loan for Multifamily Development in Broward County

by Camren Skelton January 15, 2018

PEMBROKE PINES, FLA. — Aztec Group Inc. has secured a $56.8 million construction loan for the development of a 387-unit apartment community at Pembroke Pines City Center, a 325,000-square-foot mixed-use project under development in Broward County. The site is located at the southwest corner of Palm Avenue and Pines Boulevard in Pembroke Pines. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan through Florida Community Bank on behalf of the borrower and project developer, Terra City Center MF LLC. The community will feature a resort-style pool, fitness center and clubhouse. Terra is currently underway on the retail portion of Pembroke Pines City Center, which is more than 70 percent preleased to tenants including Publix, Carl’s Patio, Cooper’s Hawk, BurgerFi, Smoothie King, PizzaRev, Bento Café and The Halal Guys. In addition, the project is located adjacent to the city’s recently completed civic center, which includes a 3,500-seat performing arts center and conference hall, outdoor plaza, 10,000-square-foot art gallery and a new city hall. Pembroke Pines City Center is expected to complete in 2019, according to the South Florida Business Journal.

January 15, 2018

Loans New York Northeast Office

ATCO Properties Receives $72.7M in Refinance Proceeds for Office Building in Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — ATCO Properties & Management has closed a $72.7 million refinancing for an office building located at 240-246 W. 35th St. in Manhattan’s Garment District. MetLife Investment Management provided the five-year, fixed-rate loan. Jordan Roeschlaub and Dustin Stolly of Newmark Knight Frank arranged the financing. ATCO acquired the 165,000-square-foot building in 2016 and has executed new leases and implemented capital improvement projects at the 18-story property. The company executed 47,000 square feet of new leases and renewals during 2017 and completed several improvement projects, including a new lobby renovation, common corridor upgrades and sidewalk improvements. Newsday, Fidelus Technologies, Jason Wu, Carrier Enterprises Northeast, Nexguard Labs and Café Metro are tenants at the building.

January 15, 2018

Loans Multifamily Texas

KeyBank Secures $32.3M in Construction Financing for 324-Unit Apartment Complex in Austin

by Taylor Williams January 12, 2018

AUSTIN, TEXAS — KeyBank’s community development lending and investment group has secured $32.3 million in financing for the construction of Harris Ridge Apartments, a 324-unit multifamily complex that will be located in Austin. All units will be rented to residents earning at or below 60 percent of the area median income (AMI). Kyle Kolesar and Jeff Rodman of KeyBank arranged the financing through Freddie Mac’s Tax Exempt Loan program on behalf of NRP Group and the Housing Authority of the City of Austin. The loan, which includes 4 percent low income housing tax credits (LIHTC), features a 15-year term, 35-year amortization schedule and a 24-month interest-only period. Completion is slated for 2019.

January 12, 2018

Loans Multifamily Texas

NorthMarq Closes $13.1M Green Loan for Multifamily Asset in Corpus Christi

by Taylor Williams January 12, 2018

CORPUS CHRISTI, TEXAS — NorthMarq Capital has closed $13.1 million in refinancing for an undisclosed, 218-unit multifamily property located in Corpus Christi. Randy Wolfe and Bert Roberds of NorthMarq secured the 12-year loan, which features a 12-year term, 35-year amortization schedule and three years of interest-only payments, through Fannie Mae’s Green Rewards program.

January 12, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $55.2M Loan for Affordable Housing Acquisition in Stamford, Connecticut

by Amy Works January 12, 2018

STAMFORD, CONN. — Greystone has provided $55.2 million in Freddie Mac financing for the acquisition of an affordable housing community in Stamford. Dan Sacks of Greystone originated the loan in conjunction with Greystone’s Affordable Lending team. The seven-year adjustable rate Freddie Mac Targeted Affordable Housing loan was provided to a New Jersey-based investment group for the acquisition of The Wescott Apartments, a 261-unit income-restricted property. Built in 1986, the asset was renovated over the last five years and restricts 20 percent of its units to households earning 80 percent or less of the average median income.

January 12, 2018

Loans Multifamily Washington Western

SyHadley Receives $56M in Acquisition Financing for Hadley Apartments in Mercer Island, Washington

by Nellie Day January 11, 2018

MERCER ISLAND, WASH. — SyHadley has received $56 million in financing to purchase the 209-unit Hadley Apartments in Mercer Island. The community is located at 2601 76th Ave. S.E. Financing for the recently developed apartment complex includes a 20-year term on a 30-year amortization schedule, including two years of interest-only payments. NorthMarq arranged financing from the lender, Aegon USA Realty Advisors, in this transaction.

January 11, 2018

California Loans Mixed-Use Western

CBRE Secures $23.1M Loan for Mixed-Use Redevelopment in Downtown LA

by Nellie Day January 11, 2018

LOS ANGELES — CBRE has secured a $23.1 million bridge and construction loan for the repositioning of the nine-story 900 South Hill Street Garage in downtown Los Angeles. Mark Fisher and Alex Furnary of CBRE’s New York office, with the assistance of Val Achtemeier of CBRE’s Los Angeles, office secured the loan on behalf of the developer, Los Angeles-based Markwood Enterprises. Markwood will construct an additional floor, and combine and expand the ground-floor space to accommodate a single tenant, Erewhon, an organic market. The top three floors will be re-purposed as creative office space and the balance of the property will continue to operate as a garage.

January 11, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Provides $80.1M Bond Refinancing for Seniors Housing Portfolio in Pennsylvania

by Amy Works January 11, 2018

LAFAYETTE HILL, PA. — HJ Sims has completed an $88.1 million bond refinancing for Presby’s Inspired Life, a nonprofit seniors housing operator based in Lafayette Hill. The company owns and operates four market-rate seniors housing communities in the Philadelphia area: Rydal Park in Jenkintown, Rosemont Presbyterian Village in Bryn Mawr, Spring Mill Presbyterian Village in Lafayette Hill, and Broomall Presbyterian Village in Broomall. Presby has worked with HJ Sims since 2009, with the investment banking firm providing four financings totaling more than $183 million during the relationship. The current bonds will refinance bank debt and bonds from 2010 and 2013, with a maturity on the new bonds of 2048. Presby previously purchased land adjacent to its Rydal Park campus for a new independent living project: Rydal Waters. Refinancing the outstanding bank debt freed up capacity among Presby’s existing bank relationships to finance the Rydal Waters project once it completes its pre-development and pre-marketing process. The 2017 bonds eliminated Presby’s variable rate interest exposure, provided annual cash flow savings, boosted debt service coverage and leveled out and extended future debt service on a fixed-rate basis.

January 11, 2018

Hospitality Loans New York Northeast

Square Mile Acquires $31.8M Mezzanine Loan on Hotel Development in Manhattan

by Amy Works January 11, 2018

NEW YORK CITY — Square Mile Capital Management has acquired a $31.8 million mezzanine loan in face value for financing the development of Moxy Hotel, located at 105-109 W. 28th St. in the Chelsea/NoMad neighborhood of Manhattan. A subsidiary of Marriott International, which originated the mezzanine debt in December 2016, was the seller. The completed property will consist of a 37-story building with 349 guest rooms and will be flagged under Marriott’s Moxy brand. The hotel will feature a ground-floor market restaurant, lobby bar, lounge and a rooftop sky bar with panoramic views of the Manhattan skyline. Designed by Stonehill Taylor, the hotel is slated to open this year. The Lightstone Group purchased the site in July 2014 and broke ground in April 2016. Bank of the Ozarks and a subsidiary of Marriott International provided $101.8 million in construction financing, including the mezzanine debt. Lightstone is an experienced hotel owner and developer, with two other Moxy projects under development in Manhattan.

January 11, 2018

Loans Multifamily Texas

Walker & Dunlop Structures $100M Credit Facility for Presidium’s Acquisition of Two Austin Multifamily Assets

by Taylor Williams January 11, 2018

AUSTIN, TEXAS — Walker & Dunlop has structured a $100 million Freddie Mac revolving credit facility for Presidium Group LLC, a multifamily investment firm with offices in Austin and Dallas. The credit facility was initially secured by Presidium’s acquisition of Solaris and The Violet, two garden-style multifamily properties in Austin totaling 722 units. Solaris totals 562 units and is located roughly three miles southeast of the CBD, while The Violet features 160 units and is located about six miles south of downtown. The credit facility includes an additional $50 million in excess capacity for a potential of $150 million in total financing. Alex Inman of Walker & Dunlop structured the five-year, non-recourse line of credit, which features a full term of interest-only payments.

January 11, 2018

Newer Posts

Older Posts