NEW YORK CITY — HFF has arranged $17 million in financing for 185 Avenue B, a newly constructed apartment property in Manhattan’s East Village. An HFF team, led by Steven Klein, secured a 15-year, fixed-rate loan through Allianz Real Estate of America for the undisclosed borrower. Completed in 2016, the seven-story building comprises 40 studio and one-bedroom apartment units featuring nine-foot ceilings, noise-buffering double-paned windows and intercom systems.
BOSTON — Valencia Realty Capital has arranged $6.5 million in refinancing for a two-story, mixed-use building located at 580 Chelsea St. in Boston’s East Boston neighborhood. The 90,000-square-foot property features clear heights as high as 30 feet and is the closest warehouse and office facility to Boston Logan International Airport’s tarmac. Boston-based Valencia Realty secured the financing, which features a 30-year amortization schedule, for the undisclosed borrower.
WASHINGTON, D.C. — Phillips Realty Capital has arranged $61.5 million in financing for the development of 1401 Penn, a Class A apartment development located at 1401 Pennsylvania Ave. S.E. in Washington, D.C. The financing package included a $44.5 million construction loan through EagleBank and $17 million in preferred equity through EB5 Capital. Phillips Realty Capital arranged both components of the financing package on behalf of the developers, CAS Riegler Cos. and May Development. Neighborhood Restaurant Group (NRG) has preleased and will operate approximately 13,500 square feet of the 19,000 square feet of first-floor retail. The space will house restaurants, beer and cocktail bars, a food market and a coffee shop. The residential portion of the project will feature a mix of studio to three-bedroom apartments, for a total of 167 units. The community will be located roughly 50 feet from the Potomac Avenue three-line Metro Station and within walking distance to Eastern Market and Barracks Row. The project is expected to break ground early this month, with delivery slated for summer 2019. The project team also includes Tishman Construction and Antunovich Associates Architects.
DAVENPORT, FLA. — NXT Capital has provided $26.8 million in financing for the acquisition of Village at Town Center, a 240-unit multifamily community in Central Florida’s city of Davenport. Elliott Throne and Mona Carlton of HFF secured the acquisition and bridge financing through NXT Capital on behalf of the borrower, Beachwold Residential. Located at 2000 Village Blvd. within the Reunion Resort & Club, Village at Town Center is roughly nine miles south of Walt Disney World. Constructed in 1999, the property features a basketball court, children’s play area, tennis court, swimming pool and a fitness facility. Beachwold plans to renovate the apartment units and install an institutional management team.
FORT WORTH, TEXAS — NorthMarq Capital has arranged a $13.4 million acquisition loan for Valencia Apartment Homes, a 263-unit multifamily asset located at 7301 Ederville Road in Fort Worth. The community offers a pool, laundry facility and resident clubhouse. Suzanne Jones of NorthMarq arranged the 12-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Nicholas Residential.
TALLAHASSEE, FLA. — Dougherty Mortgage LLC has arranged an $8.8 million Fannie Man loan for the acquisition of Rolling Hills Apartments, a 152-unit multifamily community in Tallahassee. The 12-year loan utilized Fannie Mae’s Green Rewards program and was structured with five years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Rolling Hills Investors LLC. The apartment community features a swimming pool, picnic area with grills and a fitness center.
HOUSTON —Some 4,353 CMBS loans originated for Texas properties that carry an outstanding balance of $33.8 billion have been exposed due to the effects of Hurricane Harvey, according to the latest update from New York-based Trepp LLC. Of that total, nearly 1,100 loans come from government agency deals that have a combined outstanding balance of $12.9 billion. For loans where the property subtype is available, the majority of those government agency loans originated are for low-rise garden apartments, which would make them more likely to incur flood damage than high-rise properties, says Trepp. Among non-agency CMBS loans, retail properties account for the biggest exposure with an outstanding balance of just under $5 billion, or 32.9 percent of the non-agency total. That is followed by multifamily (25.6 percent) and office properties (20.6 percent). Of those retail loans, there are 48 notes with a combined balance of $210 million for which the largest tenant makes up more than 25 percent of the collateral space and has a lease that ends within the next 24 months. A tenant with a lease expiring in the near-term may not find it worthwhile to stick it out for a property that has suffered severe damage, according to Trepp. In the office sector of …
CARROLLOTON, GA. — KeyBank Real Estate Capital has arranged a $20.6 million loan for Haven West, a 568-bed student housing property situated roughly one mile from the University of West Georgia. Trevor Ritter of KeyBank secured the seven-year Freddie Mac loan with two years of interest-only payments and a 30-year amortization schedule. Constructed in 2014, Haven West comprises eight, four-story buildings and totals 160 units. Community amenities include a fitness center, volleyball court, tanning salon, grilling areas and walking and biking trails.
WINSTON SALEM, N.C. — Cronheim Mortgage has secured a $5.2 million loan for St. George Square, a 41,000-square-foot retail and office property in Winston-Salem. Allison Villamagna, Andrew Steward and Dev Morris of Cronheim structured the 10-year loan with a 20-year amortization schedule through Standard Insurance Co. on behalf of the borrower, an entity managed by The Bedrin Organization. At the time the loan was placed, St. George Square was fully leased to a mix of retail and office tenants including Salons by JC, Berkshire Hathaway Home Services, Regus Office Centers, State Farm Insurance, Tropical Smoothie Café, Nothing Bundt Cakes and Painting with a Twist. The property is situated across from Hanes Mall Boulevard and roughly seven miles south of Wake Forest University.
QUINCY, MASS. — Construction is underway at The Watson, a 140-unit multifamily project on a 1.7-acre site at 116 East Howard Street in Quincy, adjacent to the former Fore River Shipyard. The project involves the demolition of a long-vacant former office building. DellBrook Construction is building the project, with completion slated for July 2018. Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates. MassHousing is providing developers, the WinnCompanies and NeighborWorks, a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). The 86 workforce housing units at the Watson represent the largest number of workforce units for a single project financed through MassHousing’s …
