loans

Capital One Provides $57.2M in Financing for Development of Affordable Housing Project in Metro DC

by Camren Skelton August 9, 2017

ARLINGTON, VA. — Capital One has provided a $26.1 million construction loan and $31.1 million in Low Income Housing Tax Credits (LIHTC) for Gilliam Place, a 173-unit affordable housing community under development in Arlington, roughly five miles southwest of Washington, D.C. Arlington Partnership for Affordable Housing (APAH) is developing the 122,000-square-foot property, which will include 9,000 square feet of commercial space to be dedicated to local nonprofits. Nine units will be reserved for people with special needs, 32 for those making up to 50 percent of the average mean income (AMI) and the rest for those making up to 60 percent of the AMI. Edmund Delany of Capital One originated the transactions on behalf of APAH for the construction of two projects that will be conducted concurrently on the same campus — Gilliam Place East and Gilliam Place West. The $26.1 million, adjustable-rate loan will be used for the construction of Gilliam Place East, which will comprise 83 units. The company also purchased $21.8 million in LIHTC through Enterprise Community Investments (ECI) for the construction of the property. Capital One also purchased $9.3 million in LIHTC equity through ECI for the construction of Gilliam Place West, which will include 90 …

August 9, 2017

Loans Multifamily North Carolina Southeast

SunTrust Community Capital Provides $17.4M in Financing for Multifamily Project Near Asheville

by Camren Skelton August 9, 2017

ARDEN, N.C. — SunTrust Community Capital has provided $17.4 million in financing for the development of Perry Lane Apartments, a 120-unit multifamily project in Arden, roughly 10 miles south of Asheville. SunTrust Community Capital, a division of SunTrust Banks, provided $8.3 million in equity investments and a $9.1 million construction loan on behalf of the borrower, Mills Construction Co. Community Investment Corp. of the Carolinas also provided a $5.7 million permanent loan on behalf of the borrower. Perry Lane Apartments will be affordable for those earning 60 percent of the area median income and will feature on-site management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. Construction is scheduled to begin this month, with completion slated for August 2018.

August 9, 2017

Hawaii Loans Office Western

Newmark Arranges $75M Loan for Topa Financial Center in Honolulu

by Nellie Day August 8, 2017

HONOLULU, HAWAII — Newmark has arranged $75 million in financing for the 23-story TOPA Financial Center office tower in downtown Honolulu. The 508,000-square-foot building occupies an entire city block. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders. George Mitsanas and Jasmine Polson arranged the fixed-rate financing.

August 8, 2017

Loans Multifamily Texas

Berkadia Secures $51.4M Loan for 423-Unit Multifamily Property in Lewisville

by Taylor Williams August 8, 2017

LEWISVILLE, TEXAS — Berkadia has secured a $51.4 million Fannie Mae loan for Discovery at the Realm, a 423-unit multifamily property located at 3600 Windhaven Parkway in Lewisville. Amenities include a business center and conference room, coffee bar and access to a lake with beaches and piers. Joe Hevey and Brady Meyer of Berkadia secured the 10-year loan, which features a 4.2 percent interest rate, on the behalf of the borrower, Dallas-based Bright Realty LLC.

August 8, 2017

Loans Multifamily New York Northeast

Madison Realty Provides $300M Construction Loan for Mixed-Use Tower in Manhattan

by Amy Works August 7, 2017

NEW YORK CITY — Madison Realty Capital has provided a $300 million construction loan for the development of a mixed-use project at 138 E. 50th St. in the Midtown East section of Manhattan. Developed by Ceruzzi Properties and SMI USA, the 72-story tower will feature 124 residential condominium units, 7,500 square feet of retail space and a 25-space parking garage. The residential units will include a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet. Amenities will include an indoor pool and spa, fitness center and shared work areas. Pelli Clarke Pelli Architects designed the tower’s façade, SLCE is the architect of record and AECOM/Tishman Construction is serving as general contractor. Topout is expected in November, with condominiums coming online in late 2018.

August 7, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $13M Acquisition Loan for Seniors Housing Community in Tulsa

by Taylor Williams August 4, 2017

TULSA, OKLA. — KeyBank Real Estate Capital has arranged a $13 million Freddie Mac loan for the acquisition of Legend at Tulsa Hills, an 86-unit seniors housing community located at 701 W. 71st St. S in Tulsa. Built in 2014, the property comprises of 68 assisted living units and 18 Alzheimer’s care units. Monique Bimler of KeyBank structured the loan, which features a 10-year term and 30-year amortization schedule.

August 4, 2017

Loans Northeast Office Rhode Island

Fantini & Gorga Arranges $21M in Refinancing for Office Condo Portfolio in Warwick, Rhode Island

by Amy Works August 4, 2017

WARWICK, R.I. — Fantini & Gorga has arranged a $21 million first mortgage to refinance office condominium space at The Summit, Jefferson Gateway and Metro East office parks, located within one mile of each other at 300 Centerville Road, 931 and 935 Jefferson Blvd. and 117 Metro Center Blvd. in Warwick. Totaling 160,000 square feet of office space, the parks are fully occupied three- and four-story buildings featuring ample parking, landscaped grounds and efficient and flexible floor plans. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the financing for the undisclosed borrower.

August 4, 2017

Florida Healthcare Loans Southeast

Berkadia Secures $31M Loan for Medical, Research Facility Near West Palm Beach

by Camren Skelton August 4, 2017

JUPITER, FLA. — Berkadia has arranged a $31 million bridge loan for Jupiter Medical & Technology Park, a 186,000-square-foot medical office building and research facility located at 1701 Military Trail in Jupiter, roughly 20 miles north of West Palm Beach. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan on behalf of the borrower, Biscayne Atlantic, through Silverpeak Argentic. Constructed in 1990, Jupiter Medical & Technology Park houses tenants including Florida Turbine Technologies and Jupiter Medical Center.

August 4, 2017

California Loans Retail Western

PSRS Closes $3M Refinancing for Two-Tenant Retail Building in Westwood

by Nellie Day August 4, 2017

WESTWOOD, CALIF. — Pacific Southwest Realty Services (PSRS) has closed a $3 million loan for the refinancing of a two-tenant retail center located at 1055-1059 Broxton Ave. in Westwood. The property is designated as a restaurant property. Kostas Kavayiotidis of PSRS arranged the 10-year refinancing with a long-term correspondent life company.

August 4, 2017

Loans Multifamily New Jersey Northeast

Love Funding Secures $13M FHA Loan for Section 8 Housing Community in Camden, New Jersey

by Amy Works August 4, 2017

CAMDEN, N.J. — Love Funding has secured a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scattered-site affordable housing property located in Camden. Camden Townhomes is a collection of 89 units spread over 64 separate tax parcels scattered throughout the Lanning Square and Bergen Square areas of the city. The loans proceeds, along with 4 percent Low-Incoming Housing Tax Credits provided by the New Jersey Department of Community Affairs, will be used to renovate the property. The renovations will result in more than $125,000 in improvements, including the replacement of all systems and fixtures with energy-efficient upgrades, for each of the units being rehabbed. The New Jersey Department of Community Affairs originally purchased and assembled the units in 1992. At the time, the property was recognized as a single manageable and marketable development and awarded a 15-year Section 8 project-based voucher contract as part of a substantial rehabilitation. As part of the latest transaction, the project has been approved for a new 20-year contract. Leonard Lucas of Love Funding obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program.

August 4, 2017

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