loans

KeyBank Provides $99.8M in Financing for Northeast Seniors Housing Portfolio

by Amy Works November 27, 2017

NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.

November 27, 2017

Loans Mixed-Use New York Northeast Office Restaurant Retail

Madison Realty Capital Closes $64M Construction Loan for Mixed-Use Development in Brooklyn

by Amy Works November 27, 2017

NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.

November 27, 2017

Loans Multifamily New Jersey Northeast

Diocesan Housing Services Corp. to Refinance, Rehabilitate 205-Unit Affordable Community in New Jersey

by Amy Works November 27, 2017

CAPE MAY, N.J. — The Diocesan Housing Services Corp. of the Diocese of Camden Inc. (DHSC), MDG Design + Construction, and Hudson Valley Property Group (HVPG) have announced the refinancing of a renovation project at Victorian Towers, an affordable seniors housing community in Cape May, located at the southern tip of coastal New Jersey. The project will result in more than $8 million in capital improvements to the community, and will preserve the affordability of the property for at least 20 additional years. Originally constructed in 1973 to house low-income seniors, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments as well as 82 parking spaces located near shopping, medical and public transit services. Renovations will include improvements to the units, a redesigned lobby with a seating area and an overhaul of more than 2,000 square feet of community facilities. Exterior work includes the installation of windows and a new Victorian-styled facade. Efficiency upgrades include new air conditioning units and water conservation measures such as the installation of low-flow toilets, shower heads and faucet aerators. DHSC has managed Victorian Towers for decades. As development partners, MDG and HVPG will bring substantial financing and development resources to the …

November 27, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $65.7M Acquisition Loan for Multifamily Asset in Orlando

by Camren Skelton November 27, 2017

ORLANDO, FLA. — Berkadia has arranged a $65.7 million acquisition loan for Elan Audubon Park, a 449-unit multifamily community located at 990 Warehouse Road in Orlando. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan through Bank of America on behalf of the borrower, Harbor Group International. The company acquired the property for $97.1 million. Constructed this year, Elan Audubon Park features one-, two- and three-bedroom units with vaulted ceilings, hardwood floors and in-unit washers and dryers. Community amenities include two resort-style pools, a poolside bar with a TV, outdoor kitchens with gas grilling areas, outdoor fire pits, two-story clubhouse, two-story fitness center, tanning room, game room, dog park and a dog wash station. Elan Audubon Park is situated near Colonial Town Center, home to a variety of shopping, dining and entertainment destinations.

November 27, 2017

Loans Multifamily Texas

Arbor Arranges $9.6M in Refinancing for Three Apartment Communities in Houston

by Taylor Williams November 22, 2017

HOUSTON — Arbor Realty Trust Inc. has arranged $9.6 million in refinancing for three apartment communities in Houston. The company secured a $4.5 million loan for the 180-unit Whispering Oaks Apartments on the city’s southwestern side; a $2.8 million loan for the 90-unit Coventry North Apartments on the city’s southeastern side; and a $2.3 million loan for the 80-unit Leawood Plaza Apartments, also on the city’s southwestern side. All three loans were placed through Freddie Mac’s Small Balance Loan program and feature seven-year terms, fixed interest rates and 30-year amortization schedules.

November 22, 2017

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $66.4M Construction Financing for 216-Unit Seniors Housing Community Near Portland

by Nellie Day November 21, 2017

LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego. The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres. Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks. The Springs Living will operate the community once it is completed. A timeline was not released.

November 21, 2017

Office Texas

HFF Arranges $64.4M Financing for 543,544 SF Office Campus in Austin

by Taylor Williams November 21, 2017

AUSTIN, TEXAS — HFF has arranged $64.4 million in financing for Amber Oaks, a 543,544-square-foot, Class A office campus in Austin. The nine-building property is located adjacent to State Highway 45 and offers access to U.S. Highway 183 and Interstate 35. The campus was 93 percent leased at the time of sale to tenants such as Oracle, Office Depot and Toshiba America. Kevin MacKenzie, Casey Wenzel, Jamie Kline and Nick Lench of HFF arranged the financing through Wells Fargo on behalf of California-based investment firm Menlo Equities.

November 21, 2017

Industrial Loans New Jersey New York Northeast

HFF Arranges $663M in Financing for Retail Properties in New York, New Jersey for Urban Edge Properties

by Amy Works November 21, 2017

NEW YORK AND NEW JERSEY — HFF has arranged 16 financings totaling $663 million secured by 15 retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey. Scott Aiese, Jon Mikula and Mike Tepedino of HFF secured the 16 separate loans with two CMBS lenders, three life company lenders and one bank for the borrower, Urban Edge Properties. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower’s maturity schedule. The portfolio comprises 98.1-percent-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; The Home Depot; Lowe’s Home Improvement Warehouse; Costco; BJ’s Wholesale Club and Walmart; and one multi-tenant warehouse property in East Hanover, N.J. The 16 properties are in dense submarkets with affluent demographics, including 15 located in New Jersey and one in New York.

November 21, 2017

Loans Massachusetts Multifamily Northeast

KeyBank Provides $82M in FHA Financing for Massachusetts Multifamily Portfolio

by Amy Works November 21, 2017

HOLBROOK, DORCHESTER AND WEYMOUTH, MASS. — KeyBank Real Estate Capital has provided $82 million in 223(f) FHA financing to the Corcoran, Mullins and Jennison group for the refinancing of a five-property mixed-income and age-restricted housing portfolio in Massachusetts. The properties are Savin Hills Apartments, an age-restricted, affordable housing asset with a project-based Housing Assistance Payments contract in Dorchester; Ramblewood in Holbrook; and a property in Weymouth. Together the properties total 574 units. Dirk Falardeau, Todd Goulet and Matthew Purcell of KeyBank’s Income Property and Commercial Mortgage Groups originated the loan for the sponsors, Corcoran, Mullins and Jennison Inc. and Corcoran Jennison Co.

November 21, 2017

California Hospitality Loans Western

George Smith Partners Arranges $50M in Financing for Hyatt Redevelopment Near LAX

by Nellie Day November 20, 2017

LOS ANGELES — George Smith Partners has arranged $50 million in construction and renovation financing for a redevelopment project near Los Angeles International Airport. The 258,000-square-foot, 13-story office tower will be converted into a 129-key Hyatt House and a 272-key Hyatt Place Hotel in Los Angeles. The asset is situated on West Century Boulevard, one block away from LAX. The redeveloped Hyatt House and Hyatt Place Hotel will feature a mid-century-inspired urban design and rooms with 11.5-foot ceiling heights. Amenities include a rooftop bar, pool, and restaurant with unobstructed views from downtown Los Angeles to the Pacific Ocean, a variety of dining options and a fitness center. The project is scheduled for completion in 2019. Financing was arranged on behalf of 5959 LLC, an affiliate of California Real Estate Regional Center LLC.

November 20, 2017

Newer Posts

Older Posts