loans

Wells Fargo Provides $288M in Financing for Manhattan Affordable Housing Project

by Taylor Williams February 13, 2023

NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in Manhattan’s Inwood neighborhood. The financing includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income, and roughly 15 percent (94) of the residences will be reserved for formerly homeless residents. The development will include 60,000 square feet of commercial space and offer amenities such as outdoor picnic areas, community recreation rooms and various supportive services. Lastly, as part of the project, the city has donated an adjacent parcel for the construction of a waterfront park.

February 13, 2023

Industrial Loans Texas

IPA Arranges $17.6M Acquisition Loan for Houston Industrial Portfolio

by Taylor Williams February 10, 2023

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $17.6 million acquisition loan for a portfolio of four industrial properties in Houston. The portfolio includes a fifth property in Cedar Rapids, Iowa, and the quintet of assets totals 229,775 square feet. Frank Montalto and Dean Giannakopoulos of IPA originated the five-year loan, which was structured with a 65 percent loan-to-value ratio and a 25-year amortization schedule. The names of the borrower and direct lender, a local bank, were not disclosed.

February 10, 2023

Healthcare Loans Texas

Newmark Arranges $44M Loan for Refinancing of Acute Care Hospital in Houston

by Taylor Williams February 9, 2023

HOUSTON — Newmark has arranged a $44 million loan for the refinancing of an acute and specialty care hospital in Houston. At the time of sale, the facility was 100 percent leased to an independent surgical hospital operator and national inpatient rehabilitation facility. John Nero, Jay Miele, Ben Appel, Michael Greeley, Adam Goss and Ron Ott of Newmark arranged the nonrecourse financing, which was structured with a 70 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

February 9, 2023

Development Loans Multifamily New York Northeast

Northwind Group Provides $313M in Financing for Completion of Manhattan Residential Tower

by Taylor Williams February 3, 2023

NEW YORK CITY — Northwind Group, a locally based private equity firm, has provided $313 million in financing for the completion of an 88-story residential tower located at 125 Greenwich St. in Manhattan. Vertical construction of the tower was completed in 2020, but progress has since stalled. Residences will come in studio, one-, two- and three-bedroom floor plans, and the 912-foot building will have multiple floors dedicated to lifestyle and wellness amenities. The borrower, a joint venture between Fortress Investment Group, Bizzi & Partners and the U.S. Immigration Fund, plans to rebrand the building and launch condo sales this fall. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop arranged the financing.

February 3, 2023

Development Loans New York Northeast

Pacific Western Provides $107M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams February 2, 2023

NEW YORK CITY — Pacific Western Bank has provided a $107 million construction loan for a 224-unit multifamily project that will be located at 585 Union St. in the Gowanus area of Brooklyn. The site is situated within a Qualified Opportunity Zone. Units will come in one-, two- and three-bedroom formats, with 25 percent of the residences being reserved as affordable housing, and amenities will include a pool and fitness center. The borrower is a joint venture between Canyon Partners Real Estate, Tavros Holdings and Charney Cos. A tentative completion date was not disclosed.

February 2, 2023

Loans Multifamily New Jersey Northeast Student Housing

PRC Group Receives $88.4M Refinancing for 612-Bed Student Housing Community in Ewing, New Jersey

by Taylor Williams January 31, 2023

EWING, N.J. — Locally based student housing development and management firm The PRC Group has received an $88.4 million loan for the refinancing of Campus Town at TCNJ, a 612-bed development located in the Northern New Jersey community of Ewing. The property, which serves students at The College of New Jersey, offers 184 units in one-, two- and four-bedroom floor plans alongside 78,787 square feet of ground-floor retail space. John Banas, Kristopher Wood, Christopher Philipps, Rhett Saltiel, Erik DiGirolamo and Sean Bailey of Walker & Dunlop arranged the financing on behalf of PRC Group. The direct lender was not disclosed.

January 31, 2023

Industrial Loans New Jersey New York Northeast

M&T Capital Arranges $62.5M in Financing for Industrial Portfolio in Upstate New York, Southern New Jersey

by Taylor Williams January 26, 2023

BALTIMORE — Baltimore-based M&T Realty Capital has arranged $62.5 million in financing for a portfolio of industrial properties totaling approximately 1.9 million square feet that are located in various areas in Rochester, New York, and Southern New Jersey. An undisclosed life insurance company provided the nonrecourse financing, which was structured with a 10-year term and a fixed interest rate. The names and addresses of the properties, as well as the borrower, were also not disclosed.

January 26, 2023

Development Loans Multifamily Texas

Resia Receives $96.5M in Construction Financing for Houston Multifamily Project

by Taylor Williams January 24, 2023

HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has received $96.5 million in construction financing for Resia Ten Oaks, a 573-unit multifamily project in Houston. Santander Bank provided the senior loan, with Valley Bank also included among the syndicate of lenders. Additionally, Artemis Real Estate Partners provided preferred equity. Resia Ten Oaks will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a multi-purpose clubhouse. Sitework on the project began in July 2022, and full completion is scheduled for the fourth quarter of 2024.

January 24, 2023

Affordable Housing Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $120M in Financing for Harlem Affordable Housing Portfolio

by Taylor Williams January 24, 2023

NEW YORK CITY — Walker & Dunlop has arranged $120 million in financing for a portfolio of three affordable housing properties totaling 557 units in Harlem. The portfolio’s capital stack now includes agency debt originated by Freddie Mac and historic tax credit equity that was generated by The New York City Housing Authority (NYCHA) and was subsequently purchased by J.P. Morgan Chase. Proceeds will be used to rehabilitate and preserve the affordability status of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, which were built between 1962 and 1985. The owner, a partnership between Dantes Partners and NYCHA, plans to invest about $200,000 per unit in capital improvements. Interior upgrades will include new kitchens, bathrooms, windows, appliances and flooring, and the project team will also modernize the properties’ HVAC systems. Construction is expected to be complete by August 2025. John Gilmore led the Walker & Dunlop team that structured the agency financing.

January 24, 2023

Loans Northmarq Retail Texas

Centergy to Develop 90,000 SF Retail Project in Frisco, Texas

by Taylor Williams January 23, 2023

FRISCO, TEXAS — Locally based firm Centergy Retail will develop Lexington Village, a 90,000-square-foot retail project that will be located on the northern outskirts of Dallas in Frisco. Grocer Tom Thumb has committed to anchoring the center with a 58,000-square-foot store that will include a pharmacy and a coffee bar. The store, which is scheduled to open in spring 2024, will be located within a larger, 600-acre master-planned development that will ultimately feature about 4,700 single-family and multifamily residences. Bobby Weinberg and Mason Brower of Northmarq arranged a $25.4 million construction loan through an undisclosed bank on behalf of Centergy Retail. The financing was structured with a five-year term with three years of interest-only payments followed by a 25-year amortization schedule.

January 23, 2023

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