loans

CBRE Arranges $36.6M in HUD Construction Financing for Apartment Asset in Florida Panhandle

by Camren Skelton October 23, 2017

PANAMA CITY BEACH, FLA. — CBRE has arranged $36.6 million in construction and permanent financing for the development of Parkside at the Beach Apartments, a 288-unit market-rate multifamily community in Panama City Beach. Robert LaChapelle and Ann Cone of CBRE arranged the 40-year, fully amortizing loan with 22 months of interest-only payments on behalf of the borrower, Parkside PCB LLC. The loan is being funded through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction mortgage insurance program. Parkside at the Beach Apartments is being developed by a joint venture between The Ardent Cos. and Parkside Equities. The development will be located at 17225 Panama City Beach Parkway and will feature a clubhouse, storage units, boat storage, cyber café, fitness center, pool and a dog park.

October 23, 2017

Colorado Hospitality Loans Western

Clearview Realty Finance Secures $74M Construction Loan for Hotel in Colorado

by Nellie Day October 23, 2017

DENVER — Clearview Realty Finance has funded a $74 million structured bridge and construction loan for the expansion of a historic hotel and resort in the heart of Colorado’s Rocky Mountains. The exact location was not disclosed. The initial tranche of the proceeds was released to refinance the existing senior loan collateralized by the main hotel, lodge, residences and condominium inventory. A secondary portion of funding will be allocated to finance the construction of a new event space, concert venue, full-service luxury spa and wellness center. This loan features a LIBOR-plus-430-basis-points floating rate and a three-year, interest-only term with pre-negotiated options to extend. It is fully pre-payable without penalty after 24 months. Clearview Realty acted as exclusive advisor to a private individual investor to negotiate this transaction through a long-standing relationship with a domestic debt fund.

October 23, 2017

Loans Multifamily Texas

LMI Capital Arranges $18.9M Green Loan for Apartment Community in Houston

by Taylor Williams October 23, 2017

HOUSTON — LMI Capital has arranged $18.9 million in green financing for a 370-unit apartment community located in the Woodlake/Briar Meadow area of Houston. Jamie Mullin of LMI Capital arranged the loan, which features a 4.3 percent interest rate and four years of interest-only payments. The undisclosed borrower will use proceeds from the loan for cash-out purposes.

October 23, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $54.2M in Financing for Two Skilled Nursing Facilities in Queens

by Amy Works October 20, 2017

NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.

October 20, 2017

District of Columbia Loans Multifamily Southeast

MBA: Multifamily Lending Up 8 Percent in 2016

by John Nelson October 20, 2017

WASHINGTON, D.C. — Multifamily lending was up 8 percent year-over-year in 2016, with 2,822 different multifamily lenders providing a total of $269.2 billion in financing for apartment buildings with five or more units, according to a new report from the Mortgage Bankers Association (MBA). It was another record year for U.S. multifamily lending, according to Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research. Woodwell says that momentum is still strong in 2017, but this summer the MBA predicted that 2017 volume for commercial and multifamily originations will dip by 3 percent. By dollar volume, the greatest market share (39 percent) went to the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The top five multifamily lenders in 2016 by dollar volume were Wells Fargo, JP Morgan Chase and Co., CBRE Capital Markets Inc., Berkadia and Walker & Dunlop. The report is based on data from the MBA 2016 Commercial/Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA). The MBA survey targets dedicated originators and covered $491 billion in commercial and multifamily loans in 2016.

October 20, 2017

Industrial Loans New Jersey Northeast

HFF Secures $9.5M in Acquisition Financing for Three Philadelphia-Area Industrial Facilities

by Amy Works October 19, 2017

MOUNT LAUREL, N.J. — HFF has arranged $9.5 million in combined acquisition financing for three industrial facilities totaling 254,496 square feet in Mount Laurel, a suburb 20 miles east of Philadelphia. The borrower is Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures. Mike Pagniucci and Ryan Ade of HFF arranged the separate floating-rate loans for each property through Webster Bank. The properties are 600 and 601 Delran Parkway and 116 Gaither Drive. The Delran Parkway properties are 91,392 square feet and 57,104 square feet and feature 22- to 29-foot clear heights and a total of 26 loading docks. The 106,000-square-foot warehouse and distribution facility at 116 Gaither Drive features 24-foot clear heights and 13 loading docks. Food Sciences Corp. occupies the entire property at Gaither Drive.

October 19, 2017

Loans Northeast Pennsylvania Retail

CBRE Negotiates Sale, Arranges Acquisition Financing for 100,250 SF Retail Center in Easton, Pennsylvania

by Amy Works October 19, 2017

EASTON, PENN. — CBRE has arranged the sale of Fork Town Center, a shopping center located at 301 Town Center Blvd. in Easton. Retail Properties of Americas sold the 100,250-square-foot property to a joint venture between Triple Crown Corp. and J.C. BAR Properties. Thomas Gorman of CBRE’s Debt & Structured Finance procured $18 million in acquisition financing for the buyer. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal. Built in 2002, Forks Town Center was 98 percent occupied at the time of sale. A 66,792-square-foot Giant Food Store anchors the center, which is also features two pad sites occupied by PNC Bank and Dunkin’ Donuts.

October 19, 2017

Loans Retail Texas

JLL Secures $21.3M Refinancing for 94,841 SF Retail Asset in Lubbock

by Taylor Williams October 19, 2017

LUBBOCK, TEXAS — JLL has secured $21.3 million for the refinancing of Phase II of West End, a 94,841-square-foot retail and restaurant development in Lubbock. West End features a mix of big box retailers, flagship hotels and office space. Retail tenants include Cabela’s Outpost, Nike Factory and Marshalls. Dining options include P.F. Chang’s, Chipotle, Chick-fil-A and Panera Bread. Tom Fish and Jimmy Board of JLL secured the loan through New York-based Silverpeak Argentic on behalf of GRACO Real Estate Development Inc.

October 19, 2017

Loans Massachusetts Multifamily New York Northeast

Walker & Dunlop Arranges $29.4M in Financing for Two Multifamily Properties in Massachusetts, New York

by Amy Works October 18, 2017

PLYMOUTH, MASS., AND HUDSON, N.Y. — Walker & Dunlop has closed $29.4 million in financing for Copper Cove Valley and The Falls, two unaffiliated multifamily projects located in Plymouth and Hudson, respectively. The two loans were closed by Walker & Dunlop Commercial Property Funding. The company refinanced the existing construction loans in addition to 100 percent of the remaining construction costs needed to complete the projects. Copper Cove Village and The Falls each have less than 80 percent of construction completed and needed rescue capital to finish the projects. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop arranged the financing for the undisclosed borrowers. Upon completion, Copper Cove Village will feature 42 apartments in a mix of one- and two-bedroom layouts, and The Falls will offer 116 apartments in a mix of one-, two- and three-bedroom units.

October 18, 2017

Florida Loans Multifamily Southeast

HFF Arranges $35M Refinancing for Multifamily Asset in Broward County

by Camren Skelton October 18, 2017

POMPANO BEACH, FLA. — HFF has arranged $35 million in refinancing for Overlook Pointe, a 249-unit apartment community located at 4611 N. Federal Highway in Pompano Beach. John Brownlee and Elliott Thorne of HFF arranged the three-year, floating-rate loan with two one-year extension options through a life insurance company on behalf of the borrowers, M-M Properties and its institutional partner. Constructed in 2015 in South Florida’s Broward County, Overlook Pointe’s residences feature stainless steel appliances, granite countertops, in-unit washers and dryers and patios or balconies. Community amenities include a swimming pool, grilling areas, rooftop amenity deck, fitness center, game room, playground, billiards and a coffee bar.

October 18, 2017

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