loans

JLL Arranges $233M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams August 15, 2023

NEW YORK CITY — JLL has arranged a $233 million construction loan for the ground-up development of a 569-unit multifamily project in Brooklyn. The site is located at 54 Crown St. in the borough’s Crown Heights neighborhood. Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley of JLL arranged the floating-rate loan through Goldman Sachs Asset Management. According to Crain’s New York Business, the borrower was San Francisco-based Carmel Partners. Information on floor plans, amenities and a construction timeline was not disclosed.

August 15, 2023

Loans Multifamily Texas

Franklin BSP Provides $80M Loan for Refinancing of Downtown Austin Apartments

by Taylor Williams August 9, 2023

AUSTIN, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT) has provided an $80 million loan for the refinancing of Alexan Waterloo, a 272-unit apartment complex in downtown Austin. Completed in 2021, the 30-story building houses studio, one-, two- and three-bedroom units. Amenities include a pool with cabanas and grilling stations; fitness center with yoga and spin studios; sports lounge with a golf simulator; coworking space with private meeting rooms; and multiple clubrooms with lounge seating and a catering kitchen. The borrower is Crow Holdings Capital. The loan was structured with a two-year initial term and three one-year extension options.

August 9, 2023

Development Loans Multifamily Student Housing Texas

Arriba Capital Provides $28.5M Construction Loan for Student Housing Project in College Station

by Taylor Williams August 7, 2023

COLLEGE STATION, TEXAS — Arizona-based lender Arriba Capital has provided a $28.5 million construction loan for a new student housing project that will serve students at Texas A&M University in College Station. The complex will feature 339 beds across 199 units, each of which will have a full kitchen, study desks and washer and dryer. Communal amenities will include a pool, fitness center, study lounges and a game room. BKV Group is the project architect, and McGough is the general contractor. The borrower was not disclosed.

August 7, 2023

Loans Multifamily New York Northeast

Greystone Provides $18.3M Agency Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams August 7, 2023

NEW YORK CITY — Greystone has provided an $18.3 million Fannie Mae loan for the refinancing of a 154-unit multifamily property located at 400 Herkimer St. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property was built on 18 acres in 1965 and offers studio, one-, two- and three-bedroom units. Anthony Cristi of Greystone originated the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

August 7, 2023

Development Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $25.2M HUD-Insured Loan for Seniors Housing Conversion on Long Island

by Taylor Williams August 3, 2023

BAY SHORE, N.Y. — Greystone has provided a $25.2 million HUD-insured loan for a project in the Long Island community of Bay Shore that will convert the original homestead of the Gulden family, a major mustard manufacturer, into a seniors housing community. Netherbay at Bay Shore, which bears the name of the estate, will feature 72 assisted living and memory care community units. Amenities will include communal dining and lounging areas, an outdoor garden and walking area and a pavilion for outdoor entertainment. Meridian Senior Living will operate the community, which will be constructed by Racanelli Construction. Lisa Fischman of Greystone originated the construction-to-permanent financing on behalf of the developers, Charles Ferraro and Nicholas Racanelli.

August 3, 2023

Loans Multifamily Texas

NewPoint Provides Agency Loan for Refinancing of 338-Unit Apartment Community in Houston

by Taylor Williams August 1, 2023

HOUSTON — NewPoint Real Estate Capital has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Stadia Med Main, a 338-unit apartment community in Houston’s Medical Center/West University submarket. Built in 2020, Stadia Med Main offers one- and two-bedroom units and amenities such as a clubhouse, game room, fitness center, business center, pool, outdoor lounge areas and a dog park. Barry Lefkowitz of Meridian Capital Group arranged the seven-year, fixed-rate loan, which retires the loan that the borrower, Aspen Oak Capital Partners, used to acquire the asset in 2022. Stadia Med Main was 95 percent occupied at the time of the loan closing.

August 1, 2023

Development Multifamily New Jersey Northeast

Slate Property Group, McCourt Partners Provide $59M Bridge Loan for Jersey City Multifamily Project

by Taylor Williams August 1, 2023

JERSEY CITY, N.J. — Slate Property Group and McCourt Partners have provided a $59 million bridge loan for a 285-unit multifamily project in the McGinley Square area of Jersey City. The borrower, a partnership between Sequoia Development Group and Bushburg Properties, will use the proceeds to complete construction, lease-up and stabilization of the 16-story building. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a dog run, fitness center, coworking lounge, conference room and an indoor/outdoor rooftop deck, as well as 5,109 square feet of commercial space. Sam Rottenberg of SPR Group arranged the two-year, floating-rate loan on behalf of the developers. Full completion is slated for the first quarter of 2024.

August 1, 2023

Development Loans Multifamily Texas

Forman Capital Provides $19.5M Construction Loan, Equity for Metro Austin Multifamily Project

by Taylor Williams July 31, 2023

TAYLOR, TEXAS — Forman Capital, a direct lender based in Florida, has provided a $19.5 million construction loan and a preferred equity investment for Castlewood Townhomes. The 64-unit multifamily project will be located in Taylor, about 35 miles northwest of Austin. The borrower, Townbridge Capital, plans to develop three- and four-bedroom townhomes that will range in size from 1,500 to 1,900 square feet. Residences will feature detached two-car garages, quartz countertops, stainless steel appliances and various pieces of smart technology. A construction timeline was not disclosed.

July 31, 2023

Loans New York Northeast Office

Cushman & Wakefield Arranges $30M Loan for Refinancing of Queens Office Complex

by Taylor Williams July 31, 2023

NEW YORK CITY — Cushman & Wakefield has arranged a $30 million loan for the refinancing of Brewster LIC, a 700,000-square-foot office complex located at 27-01 Queens Plaza North in the borough’s Long Island City area. The property, which is currently undergoing a capital improvement program, was 72 percent leased at the time of the loan closing to JetBlue and Amaris. Amenities include a fitness center, conference center, terraces and a designated food-and-beverage facility. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield arranged the debt through Apple Bank on behalf of the borrower, Brause Realty.

July 31, 2023

Development Loans Multifamily New Jersey Northeast

Titanium Realty Group Receives $42.5M Bridge Loan for Jersey City Multifamily Project

by Taylor Williams July 26, 2023

JERSEY CITY, N.J. — Regional developer Titanium Realty Group has received a $42.5 million bridge loan for a newly built, 148-unit multifamily project in Jersey City. The 19-story building houses 80 studios, 46 one-bedroom units, 19 two-bedroom residences and three three-bedroom apartments, as well as 4,500 square feet of ground-floor retail space. Daniel Cohen and Tal Savariego of Meridian Capital Group arranged the debt through Lightstone Capital Group. Proceeds will be used to retire existing debt and fund lease-up costs.

July 26, 2023

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