loans

Ziegler Arranges $76M Bond Financing for Brazos Presbyterian Homes in Texas

by Taylor Williams March 23, 2023

HOUSTON — Ziegler has arranged $76 million in bond financing for Brazos Presbyterian Homes (BPH), a nonprofit seniors housing owner-operator based in Houston. The tax-exempt, draw-down bonds are supported by a three-bank syndicate comprised of Amegy Bank, Hancock Whitney and Trustmark. BPH owns and operates three continuing care retirement communities in Texas: Brazos Towers at Bayou Manor, The Hallmark and Longhorn Village. The bonds will fund an expansion project at Longhorn Village, refinance bonds from 2013 and pay the costs of issuance. The expansion project will add 48 independent living apartments to the community, as well as underground parking. Greenbrier Development is assisting with the development.

March 23, 2023

Loans Lument Multifamily Seniors Housing Texas

Lument Provides $18.6M Acquisition Loan for Austin Seniors Housing Property

by Taylor Williams March 22, 2023

AUSTIN, TEXAS — Lument has provided an $18.6 million bridge loan for the acquisition of Barton Springs, a 56-bed seniors housing property in Austin. The facility offers assisted living and memory care services. Doug Harper, Chris Mauger and Casey Moore of Lument originated the financing, which carried a 36-month term and a one-year extension option, on behalf of the borrower, California-based owner-operator Silverado.

March 22, 2023

Healthcare Loans New York Northeast

Axiom Capital Arranges $25.3M in Financing for Medical Office Building in Utica, New York

by Taylor Williams March 22, 2023

UTICA, N.Y. — Axiom Capital Corp. has arranged $25.3 million in construction-to-permanent financing for a three-story, 76,393-square-foot medical office building that will be located in the upstate New York community of Utica. The facility will house lab, imaging and private practice office space, as well as a pharmacy, ambulatory surgery center and onsite parking. The loan was structured with a 10-year term and two years of interest-only payments. The direct lender and borrower were not disclosed.

March 22, 2023

project was conceived under the Hackensack Redevelopment Plan, which was adopted in 2012

Development Loans New Jersey Northeast Northmarq

Northmarq Arranges $62M in Construction Financing for Northern New Jersey Multifamily Project

by Taylor Williams March 21, 2023

HACKENSACK, N.J. — Northmarq has arranged $62 million in construction financing for a 270-unit multifamily project that will be located at 321 Main St. in the Northern New Jersey community of Hackensack. The seven-story building will include a two-level parking garage and 8,700 square feet of retail space. The unit mix will comprise 20 studios, 189 one-bedroom apartments and 61 two-bedroom units. The amenity package will consist of a fitness center, dog walking area, multiple terraces and elevated courtyards and a multi-purpose clubroom. Valley Bank and Fulton Bank provided the financing. The borrower is an affiliate of New Jersey-based developer The Hampshire Cos. Completion is scheduled for the fourth quarter of 2024.

March 21, 2023

Loans Multifamily New Jersey Northeast

JLL Arranges $58M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams March 20, 2023

JERSEY CITY, N.J. — JLL has arranged a $58 million loan for the refinancing of 3 Journal Square, a 240-unit apartment building in Jersey City. Built in 2017, the midrise building houses one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and custom cabinetry. Amenities include a fitness center with a yoga studio, resident lounge with a game room and a rooftop terrace. Thomas Didio, Thomas Didio Jr., Gerard Quinn and John Cumming of JLL arranged the seven-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.

March 20, 2023

Courtyard-by-Marriott-Austin-University-Area

Hospitality Loans Texas

PMZ Realty Capital Arranges $20.7M Acquisition Loan for Downtown Austin Hotel

by Taylor Williams March 17, 2023

AUSTIN, TEXAS — PMZ Realty Capital has arranged a $20.7 million acquisition loan for Courtyard by Marriott Austin-University Area, a nine-story, 198-room hotel located in the state capital’s downtown district. The nonrecourse loan was structured with a floating interest rate. The accommodations consist of 186 guestrooms and 12 suites, and guests have access to a pool, fitness center, business center and 1,342 square feet of meeting and event space. The name of the direct lender and the borrower, a Dallas-based investment firm, were not disclosed.

March 17, 2023

Connecticut Loans Multifamily Northeast

Eastern Union Arranges $28M Acquisition Loan for Multifamily Portfolio in Bridgeport, Connecticut

by Taylor Williams March 17, 2023

BRIDGEPORT, CONN. — Eastern Union has arranged a $28 million acquisition loan for a portfolio of 13 multifamily properties totaling 437 units in Bridgeport, located in southern coastal Connecticut. Motti Blau, Mendy Pfeifer, Hershy Fried and Dov Bakon of Eastern Union originated the 10-year loan, which was structured with a 5.25 percent fixed interest rate, a 30-year amortization schedule and five years of interest-only payments. KeyBank provided the financing. The borrower was not disclosed.

March 17, 2023

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $17.4M Agency Loan for Refinancing of Austin Affordable Housing Complex

by Taylor Williams March 15, 2023

AUSTIN, TEXAS — Lument has provided a $17.4 million Fannie Mae loan for the refinancing of Riverside Meadows, a 240-unit affordable housing complex in Austin. The 10-building community was constructed on 14.5 acres in 2002. Steve Beltran of Lument originated the financing, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements to the unit interiors, building exteriors and common areas.

March 15, 2023

Mi-Place-at-West-Rancocas-Mount-Holly-New-Jersey

Loans Multifamily New Jersey Northeast

Dwight Mortgage Trust Provides $26M Loan for Refinancing of Southern New Jersey Apartments

by Taylor Williams March 15, 2023

MOUNT HOLLY, N.J. — Dwight Mortgage Trust, the mortgage REIT affiliate of New York City-based Dwight Capital, has provided a $26 million bridge loan for the refinancing of Phase II of Mi-Place at West Rancocas, located in the Southern New Jersey community of Mount Holly. Completed in 2022, Mi-Place at West Rancocas consists of four three-story walk-up buildings with 96 units, two two-story townhome buildings with 12 units and a recreation center. Amenities include a pool, fitness center, game room, resident lounge and outdoor grilling and dining areas. The borrower and developer is Fernmoor Homes.

March 15, 2023

Loans Multifamily Seniors Housing Texas

CBRE Provides $18.2M Agency Loan for Refinancing of Austin Seniors Housing Property

by Taylor Williams March 14, 2023

AUSTIN, TEXAS — CBRE has provided an $18.2 million Freddie Mac loan for the refinancing of Village on the Park Onion Creek, a 124-unit seniors housing community in Austin. The borrower is Bridgewood Property Co. Operated by The Aspenwood Co., the property sits on nine acres and predominantly offers independent living services. Aron Will, Tim Root and Michael Cregan of CBRE arranged the 10-year, floating-rate loan, which carried five years of interest-only payments.

March 14, 2023

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