loans

Berkadia Closes $23.7M Green Freddie Mac Loan for Refinancing of Apartment Asset in Tampa Bay Area

by Camren Skelton January 2, 2018

ST. PETERSBURG, FLA. — Berkadia has closed a $23.7 million loan for the refinancing of Isles of Gateway, a 212-unit multifamily community in St. Petersburg. Mitch Stinberg, Brad Williamson and Matthew Robbins of Berkadia originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Freddie Mac’s Green Advantage program on behalf of the borrower, a joint venture between Rosehill Group and GPC Truss. The Green Up program allowed the borrower to reduce the interest rate by 25 basis points. Constructed in 1987, Isles of Gateway offers one- to three-bedroom units and features a fitness center, resort-style pool and Jacuzzi, two pet parks and lighted tennis and basketball courts.

January 2, 2018

Loans Nevada Retail Western

Calmwater Capital Provides $15.2M Construction Loan for Retail Center in Las Vegas

by Nellie Day December 22, 2017

LAS VEGAS — Calmwater Capital has provided a $15.2 million loan for the development of a new shopping center in Las Vegas, located adjacent to the Palms Casino Resort. Calmwater arranged the two-year, senior loan on behalf of the borrower, an entity controlled by CAI Investments. The developer plans to construct five pad sites for the center, totaling 27,000 square feet. Signed tenants at the center include Walgreens, Wahoo’s Fish Tacos, Denny’s, Del Taco and Dunkin’ Donuts. The project is estimated for completion over the next 12 to 18 months.

December 22, 2017

Loans New York Northeast Office

Broad Street Development, Invesco Complete $235M Recap of 423,000 SF Office Tower in Manhattan

by Amy Works December 22, 2017

NEW YORK CITY — Broad Street Development and Invesco have completed a $235 million recapitalization of 80 Broad Street, a 423,000-square-foot office tower located in Manhattan’s Financial District. The recapitalization comprises a $102 million first mortgage assumption, plus an additional $30 million mezzanine proceeds from AIG. Broad Street Development formed a joint venture with Atlanta-based Invesco for 80 Broad Street, transferring a controlling stake in the office tower for $235 million, or $550 per square foot. The partnership recapitalized the tower, taking out previous mezzanine lenders RXR Realty and Colony Capital. Adam Spies and Josh King of Cushman & Wakefield represented Broad Street in the recapitalization.

December 22, 2017

Florida Loans Multifamily Southeast

JV Receives $46.4M Construction Loan, Breaks Ground on Apartment Asset in Miami

by Camren Skelton December 22, 2017

MIAMI — Pinnacle Housing Group and Ascend Properties have received a $46.4 million construction loan for the development of Oasis at Blue Lagoon, a 272-unit apartment development located at 6650 N.W. 7th St. near Miami International Airport. IBERIABANK arranged the loan. In addition, the companies received a preferred equity investment from Arbor Realty Trust Inc. Oasis at Blue Lagoon will rise adjacent to the master-planned Blue Lagoon commercial park, home to more than 100 corporate office users including FedEx, Sony, Pepsi, Marriott Hotels & Resorts, Novartis, ConAgra Foods and Toyota. The community will include one-, two- and three-bedroom units and feature a two-story clubhouse, fitness center and an infinity pool overlooking Lake Mahar. PHG Builders LLC is the general contractor for the project, and Behar Font & Partners is the architect. The community is expected to open in mid-2019.

December 22, 2017

Idaho Loans Multifamily Seniors Housing Western

Ziegler Arranges $17.6M Bond Financing for Nonprofit Seniors Housing Operator in Idaho

by Nellie Day December 22, 2017

IDAHO — Ziegler, a specialty investment bank, has closed $17.6 million in bond financing Valley Vista Care Corp., a nonprofit operator of seniors housing communities in Idaho. Valley Vista Care Corp. and Valley Community Housing combine to operate 147 skilled nursing beds, 59 assisted living units and 35 units for residents with mental illness and developmental disabilities. Proceeds from the bonds will be used to refund prior bonds, pay for improvements to two facilities, create a reserve fund and pay bond issuance expenses.

December 22, 2017

Loans Massachusetts Multifamily Northeast

Hunt Mortgage Provides Refinancing for Multifamily Property in Fall River, Massachusetts

by Amy Works December 21, 2017

FALL RIVER, MASS. — Hunt Mortgage has provided a conventional Fannie Mae loan facility and mezzanine loan to refinance South Coast Landings, a multifamily property located in Fall River. The borrower is South Coast Landings LLC. The mezzanine loan will be subordinate to the Hunt Mortgage Capital FNMA loan. The senior loan amount is $23.5 million and the facility is a fixed-rate loan with a 30-year amortization schedule, four years of interest-only payments and a 12-year maturity. The $1 million mezzanine loan has a coterminous maturity with the senior loan at 12 years. The property comprises eight two-story residential buildings featuring a total of 240 units. Situated on 17 acres, the property features a clubhouse and 370 parking spaces.

December 21, 2017

Arizona Colorado Loans Multifamily Western

NexMetro Communities, Trez Capital to Develop $100M Multifamily Portfolio

by Nellie Day December 20, 2017

DENVER — NexMetro Communities and Trez Capital have partnered to develop five of NexMetro’s Avilla Homes communities in a deal worth more than $100 million. The communities will debut in 2018 in Denver, Phoenix and Dallas. NexMetro Communities is a developer of luxury leased housing communities, while Trez Capital is a private non-bank lender. NexMetro, which currently has more than 2,600 units either built, under construction or under contract, has already closed on two of the initial five Class A projects with Trez. This endeavor was inspired by the National Multifamily Housing Council’s announcement that about 4 million new apartments will be needed by 2030 to keep up with demand.

December 20, 2017

California Loans Office Western

J.H. Snyder Receives $68M in Bridge Financing for North Hollywood Office Building

by Nellie Day December 20, 2017

NORTH HOLLYWOOD, CALIF. — J.H. Snyder Company has obtained $68 million in bridge financing for a Class A office building in North Hollywood in the NoHo Arts District. The 179,000-square-foot property is located at 5250 Lankershim Plaza. The asset has been fully occupied for nearly 10 years, though the majority of the tenants are expected to roll over in the next several years. The transaction includes an adjacent six-story, 723-space parking garage. J.H. Snyder developed the property in 2009. Seth Grossman, Steve Edelstein and Jackie Tran of Meridian Capital Group executed the transaction.

December 20, 2017

Loans Maine Multifamily Northeast Seniors Housing

Lancaster Pollard Arranges $15.3M Bridge Financing for Assisted Living Community in Portland, Maine

by Amy Works December 20, 2017

PORTLAND, MAINE — Lancaster Pollard has arranged $15.3 million in bridge financing for Portland Center for Assisted Living, an 85-unit assisted living and memory care community in Portland. The borrower is First Atlantic Healthcare Corp., which sought to refinance existing debt. The financing will also fund repairs and reserves for the property, which was built in 1964. Aaron Becker led the transaction for Lancaster Pollard.

December 20, 2017

Loans Multifamily Washington Western

KeyBank Closes $49.1M Refinancing for Regency Woods Apartment Homes in Renton, Washington

by Nellie Day December 19, 2017

RENTON, WASH. — KeyBank’s Commercial Mortgage Group has arranged $49.1 million in financing for the 359-unit Regency Woods Apartment Homes in Renton. The community is located at 1650 Eagle Ridge Drive South. Regency Woods was built between 1967 and 1969. It was renovated in 2010. The seven-year loan features a 30-year amortization schedule. It was used to refinance existing debt. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the loan.

December 19, 2017

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