loans

Berkadia Arranges $25M Refinancing for Apartment Community in Miami

by John Nelson February 2, 2017

MIAMI — Berkadia has secured the $25 million refinancing of Carib Villas, a 365-unit apartment community located at 11105 S.W. 200th St. in Miami. Built in 1972, the property features onsite laundry facilities, barbecue areas and a swimming pool with a sundeck. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged the 10-year loan on behalf of the borrower, The Cornfield Group. The Freddie Mac loan features interest-only payments for the full term and an adjustable interest rate.

February 2, 2017

Loans Multifamily North Carolina Southeast

Financial Federal Bank Secures $24.3M Acquisition Loan for Multifamily Property in Metro Charlotte

by John Nelson February 2, 2017

MATTHEWS, N.C. — The Memphis office of Financial Federal Bank has arranged a $24.3 million acquisition loan for Legacy Matthews Apartments in Matthews, a suburb of Charlotte. The borrower, a repeat Financial Federal customer, purchased the 288-unit garden-style property, which was 97 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule through an agency lender.

February 2, 2017

Loans North Carolina Retail Southeast

NorthMarq Capital Arranges $7.3M Refinancing of Retail Property in Durham

by John Nelson February 2, 2017

DURHAM, N.C. — NorthMarq Capital has arranged the $7.3 million refinancing of Hope Valley Commons, a 38,963-square-foot retail property located at 1125 W. NC Highway 54 in Durham. NorthMarq arranged the 15-year loan with a 25-year amortization schedule through an unnamed life insurance company.

February 2, 2017

Loans Office Washington Western

JV Secures $325M in Financing to Revive Potala Tower Hotel, Apartment Project in Seattle

by Nellie Day February 1, 2017

SEATTLE — A joint venture between the Molasky Group and China-based Binjiang Group has secured $325 million in financing to build a 41-story mixed-use multifamily and hotel tower in the Belltown submarket of Seattle. Financing includes a $225 million joint venture partnership, as well as a $100 million construction-to-permanent loan. The project has not been named yet, but will be built on the site of the old Potala Tower. That project was put under the control of a court-appointed receiver, which suspended construction for about one year. The joint venture development partnership, arranged by Newmark, acquired the property from the court-appointed receiver in October 2016. Construction has resumed at the project. PCL will serve as the general contractor and Weber Thompson will act as the architect. The tower will feature 339 apartment units, 142 hotel rooms and 1,824 square feet of ground-floor retail space. It is scheduled for completion in August 2018. The $100 million construction-to-permanent loan was placed with two of Newmark’s correspondent life insurance company lenders, Guardian Life and Voya Investment, with each lender providing $50 million. The seven-year, construction-to-permanent loans will feature interest-only payments for a period of time, and later amortized over 30 years. Newmark will service the loans, …

February 1, 2017

Arizona Loans Multifamily Seniors Housing Western

Thorofare Capital Funds $19M Bridge Loan for Assisted Living Community in Phoenix

by Nellie Day February 1, 2017

PHOENIX — Thorofare Capital has provided a $19 million, fixed-rate bridge loan to an affiliate of ArciTerra Cos. LLC. The funds will be used to refinance debt on MorningStar at Arcadia, a 135-bed assisted living community in Phoenix. Located on a 1.1-acre site, the community features 80 assisted living units and 30 memory care units in a four-story, 139,643-square-foot building. MorningStar Senior Living operates the property, which opened in 2014. The funds will retire the construction loan on the community and result in more equity for the ownership, a Phoenix-based real estate investment and development company. The term is two years of interest-only payments. Thorofare Capital is a Los Angeles-based investment manager specializing in senior mortgage debt for middle-market commercial real estate assets.

February 1, 2017

Loans Multifamily New York Northeast

Quadrum Global, Simon Baron Development Receive $70M to Refinance Residential Tower in Manhattan

by Amy Works February 1, 2017

NEW YORK CITY — A partnership between Quadrum Global and Simon Baron Development has secured a $70 million loan for the refinancing of 393 West End Avenue, a 17-story residential tower in Manhattan’s Upper West Side. The 114-unit property features one-, two-, three- and four-bedroom layouts, a 24-hour concierge, rooftop terrace, residents’ lounge, fitness center and children’s playroom. Ayush Kapahi of HKS Capital Partners sourced the loan from Signature Bank.

February 1, 2017

Loans Multifamily Texas

Dougherty Mortgage Closes $3.3M Loan for 84-Unit Multifamily Property in Metro San Antonio

by Amy Works February 1, 2017

BALCONES HEIGHTS, TEXAS — Dougherty Mortgage has closed a $3.3 million Fannie Mae loan for the refinancing of Balcones Lofts, an affordable multifamily property located in Balcones Heights, a suburb 10 minutes northwest of San Antonio. Dougherty’s Minneapolis arranged the 15-year loan with a 30-year amortization schedule for the borrower, Balcones Lofts Ltd. The 84-unit property features one-, two- and three-bedroom units, a swimming pool, 24-hour fitness center and a community room.

February 1, 2017

Loans Office Texas

HALL Group Receives $57.3M Construction Loan for 12-Story Office Project in Metro Dallas

by Amy Works January 31, 2017

FRISCO, TEXAS — HALL Group has received a $57.3 million construction loan for the development of an office property located at 3201 Dallas Parkway in Frisco. Situated within the 162-acre HALL Park, the 12-story building will feature 300,000 square feet of rentable office space. The office building is slated for completion in December. Amenities at HALL Park include a fitness center, conference center, bank, wine lounge, on-site restaurants, food truck court, courtesy patrols, full-time concierge, retail center and on-site childcare. Try Morsback and Michael Cosby of HFF secured the financing through a lending syndicate led by Commerce Bank on behalf of HALL Group.

January 31, 2017

Loans Massachusetts Multifamily Northeast

HFF Arranges $21.6M Loan for 46-Unit Multifamily Property in Cambridge, Massachusetts

by Amy Works January 31, 2017

CAMBRIDGE, MASS. — HFF has arranged a $21.6 million first mortgage loan for Hathaway Lofts, a multifamily property located at 15 Richdale Ave. in the Porter Square neighborhood of Cambridge. Brett Paulsrud and Xave Jacoby of HFF secured the 10-year, fixed-rate loan for the borrower, Camco Management Co. Formerly Hathaway Bakery, the recently renovated property has been converted into an apartment community featuring 46 loft-style units in 35 layouts.

January 31, 2017

Affordable Housing Georgia Loans Multifamily Seniors Housing Southeast

Capital One Provides $14.4M HUD Loan to Build Affordable Housing Community in Metro Atlanta

by John Nelson January 31, 2017

DECATUR, GA. — Capital One has provided a $14.4 million HUD 221(d)(4) loan for the construction of Sterling at Candler Village, a 170-unit affordable and age-restricted community in Decatur. The 221(d)(4) product is HUD’s flagship program for financing the construction and preservation of market-rate and affordable housing apartment communities. Carolyn Whatley of Capital One originated the loan on behalf of the developer/borrower, The Benoit Group. Residences will be restricted to residents whose head of household is at least 62 years old. The majority of the units (136) will be allocated to households earning up to 60 percent of the area median income (AMI), while the remaining 34 will be reserved for households earning up to 50 percent of AMI. Besides the HUD financing, funding of this development included low income housing tax credits allocated by the Georgia Department of Community Affairs; tax exempt bonds issued by the Housing Authority of DeKalb County and underwritten by Stifel, Nicolaus & Co. Inc.; a subordinate HOME loan funded by DeKalb County Community Department; and project-based rental assistance issued by the Housing Authority of the City of Atlanta (AHA). AHA entered into an Intergovernmental Agreement with the Housing Authority of DeKalb County to administer …

January 31, 2017

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