loans

Greystone Provides $36.4M Acquisition Loan for 384-Unit Apartment Community in Metro Houston

by Taylor Williams December 15, 2017

SPRING, TEXAS — Greystone has provided a $36.4 million bridge loan for the acquisition of Parkside Place Apartments, a 384-unit multifamily community in Spring, about 45 minutes north of Houston. The property features amenities such as a pool, demonstration kitchen, complimentary coffee bar, fitness and business centers, a movie-screening room with an arcade and a game room. Donny Rosenberg of Greystone originated the loan, which carries a two-year term with two six-month extensions, on behalf of Houston-based Ilan Investments.

December 15, 2017

Alabama Loans Multifamily Southeast

KeyBank Secures $35.2M Loan for Refinancing of Multifamily Asset in Birmingham

by Camren Skelton December 15, 2017

BIRMINGHAM, ALA. — KeyBank Real Estate Capital has closed a $35.2 million Freddie Mac loan for the refinancing of Retreat at Greystone, a 312-unit multifamily community in Birmingham. Caleb Marten and Chris Black of KeyBank originated the seven-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Constructed in three phases between 2015 and 2016, the property includes 26 two-story apartment buildings. Community amenities include grilling stations, a fitness center and a swimming pool.

December 15, 2017

Loans Multifamily New Jersey Northeast

Love Funding Arranges $7.9M Loan for Affordable Multifamily Community in Newark, New Jersey

by Amy Works December 15, 2017

NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.

December 15, 2017

Hospitality Loans Massachusetts Northeast

Fantini & Gorga Arranges $5M Loan for Hotel Property in New Bedford, Massachusetts

by Amy Works December 15, 2017

NEW BEDFORD, MASS. — Fantini & Gorga has arranged a $5 million loan for the acquisition and redevelopment of a property located at 222 Union St. in New Bedford. The undisclosed borrower is converting the property from office and retail space into a 46,600-square-foot boutique hotel. The new 68-room hotel will be a brand of Ascent Hotel Collection. Keith Wentzel and Despina Hixon of Fantini & Gorga arranged the financing through a New England regional bank.

December 15, 2017

Loans Mixed-Use New York Northeast Office Restaurant Retail

Rockwood Capital, Midtown Equities Receive $245M Loan for Mixed-Use Project in Brooklyn

by Amy Works December 14, 2017

NEW YORK CITY — Rockwood Capital and Midtown Equities, in joint partnership, have received $245 million in financing for a portion of Empire Stores in Brooklyn’s DUMBO neighborhood. The loan is for 55 Water Street, an 1860s-era warehouse building that was recently renovated, including the addition of a sixth floor to the original five stories. Upon completion, the overall project will feature 380,000 square feet of commercial space, including office, retail, restaurant and exhibition space, as well as rooftop gardens and public facilities. Provided by M&T Bank, the loans consisted of a $217.3 million land loan, plus $27.7 million for future project costs. Diana Brummer and Elizabeth Akerman of Stroock represented the joint venture in the financing.

December 14, 2017

Loans Multifamily Texas

JLL Arranges $45M Acquisition Loan for 474-Unit Apartment Community in Plano

by Taylor Williams December 14, 2017

PLANO, TEXAS — JLL has arranged a $45 million Fannie Mae loan for the acquisition of Windhaven Park Apartments, a 474-unit multifamily community located in the northern Dallas suburb of Plano. The property features two pools, a pet park, soccer field, volleyball court and community clubhouse. Tim Leonhard and Chris Crump of JLL arranged the loan on behalf of BSR Trust, an Arkansas-based multifamily operator.

December 14, 2017

Florida Industrial Loans Southeast

HFF Arranges Acquisition Financing for 322,207 SF Industrial Portfolio in Tampa

by Camren Skelton December 14, 2017

TAMPA, FLA. — HFF has arranged acquisition financing for a two-property, 332,207-square-foot industrial portfolio in Tampa. Ken Martin of HFF arranged the financing through JP Morgan Asset Management on behalf of the borrower, Citimark Inc. Other terms of the financing were not disclosed. The portfolio includes Pioneer Industrial Park and Sunstate Industrial Park, both located in Tampa’s Westshore/Airport submarket. Pioneer Industrial Park, which includes six buildings constructed between 1985 and 1986, was fully occupied at the time of sale. Constructed in 1980, the Sunstate Industrial Park includes eight buildings. At the time of sale, the industrial park was 89 percent occupied.

December 14, 2017

California Loans Office Western

Brickman Obtains $35M Acquisition Loan for 115,186 SF Office Building in Oakland

by Nellie Day December 13, 2017

OAKLAND, CALIF. — Brickman has obtained a $35 million loan to acquire Plaza 360, a 115,186-square-foot creative office building in Oakland. The asset is located at 360 22nd St. in the Uptown District. The five-year, non-recourse, floating-rate loan includes a portion of the undisbursed funds for common-area upgrades and tenant improvements. CIT Group and HFF secured the loan through CIT.

December 13, 2017

California Loans Retail Western

Barry Slatt Mortgage Arranges $27M Refinancing for Retail Center in San Jose

by Nellie Day December 13, 2017

SAN JOSE, CALIF. — Barry Slatt Mortgage Co. has arranged a $27 million loan to refinance Sunrise Plaza, a 112,805-square-foot shopping center in San Jose. Behzad Boroumand arranged the 10-year, fixed-rate CMBS loan with full-term, interest-only payments on behalf of the undisclosed borrower. Dick’s Sporting Goods anchors the center.

December 13, 2017

Loans Office Texas

Square Mile Originates $118M Loan for 1.7 MSF Office Tower in Downtown Dallas

by Taylor Williams December 13, 2017

DALLAS — Square Mile Capital Management LLC has originated a $118 million loan for Renaissance Tower, a 56-story office tower comprising more than 1.7 million square feet of space in downtown Dallas. The loan, a portion of which was sold to Bank of the Ozarks, will be used to repay existing CMBS debt and bridge the property through stabilization. The borrower was a joint venture between two New York-based firms: SMA Equities and The Moinian Group. Whitaker Johnson and Steve Heldenfels of HFF arranged the financing.

December 13, 2017

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