loans

Fantini & Gorga Arranges $18M Loan for Residential Conversion in Massachusetts

by Amy Works July 26, 2016

MALDEN, MASS. — Fantini & Gorga has arranged an $18 million construction loan for the conversion of a historical building in downtown Malden into Residences @ Malden Station 138, an apartment building with amenity retail space. Located at 126-150 Pleasant St., the property will feature 71 residences, indoor parking, a fitness center, furnished roof deck, fireplace, meeting rooms, open seating areas furnished with televisions and a café station. Derek Coulombe, John Gorga and Despina Hatzipetrou arranged the financing for the undisclosed borrower through a regional bank.

July 26, 2016

Florida Loans Southeast Student Housing

Walker & Dunlop Arranges $22M Refinance for Student Housing Portfolio in Gainesville

by John Nelson July 26, 2016

GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $22 million refinance loan for a portfolio of three student housing communities located near the University of Florida campus in Gainesville. Paul Ahmed of Walker & Dunlop arranged the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, Trimark Properties. The portfolio of properties includes Solaria II, Tuscana and Savion Park. Altogether, the three properties comprise 114 units and 157,000 square feet. Community amenities at the properties include private balconies, internal courtyards, parks with jogging paths, electric wine chillers and 24-hour concierge services.

July 26, 2016

Hospitality Loans Southeast Virginia

Phillips Realty Capital Secures $18.7M Construction Loan for Residence Inn Adjacent to Virginia Tech

by John Nelson July 26, 2016

BLACKSBURG, VA. — Phillips Realty Capital has secured an $18.7 million construction loan for a new Residence Inn adjacent to the Virginia Tech campus in Blacksburg. The new Marriott-branded hotel will sit at the corner of University City Boulevard and Prices Fork Road. The six-story, 126-room hotel will feature fully equipped kitchens and living rooms, an indoor pool and a 24/7 workout room. The new hotel will help anchor University Crossroads, a mixed-use redevelopment near Virginia Tech’s visitors center and main entrance. Brian Boland of Phillips Realty Capital arranged the financing through a regional bank on behalf of the borrowers, Newport Hospitality Group Inc. and Collegiate Inn of Blacksburg LLC. The hotel is scheduled to open in mid-2018.

July 26, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $4.5M Loan for 81-Unit Affordable Apartment Complex Near St. Paul

by Christina Cannon July 25, 2016

MAPLEWOOD, MINN. — Dougherty Mortgage LLC has closed a $4.5 million Fannie Mae loan to refinance Sibley Cove Apartments, an 81-unit affordable housing complex in Maplewood, five miles north of St. Paul. Units include washers and dryers, walk-in closets and kitchen appliances. Community amenities include a heated underground parking garage, playground, fitness center and a car wash station. The adjustable-rate loan features a seven-year term and 30-year amortization schedule. The borrower is Sibley Cove LP.

July 25, 2016

Loans Midwest Multifamily Nebraska

Berkeley Point Capital Provides $3.5M Loan for Affordable Apartment Community in Nebraska

by Christina Cannon July 25, 2016

GRAND ISLAND, NEB. — Berkeley Point Capital has provided a $3.5 million refinancing loan for Cherry Park Apartments in Grand Island. The 124-unit, affordable workforce housing community is comprised of 20 buildings and one 2,700-square-foot retail space. The complex offers two- and three-bedroom units and was constructed in two phases between 1997 and 1999. The Fannie Mae loan features a 10-year term.

July 25, 2016

California Loans Multifamily Western

Ready Capital Closes $5M Loan for Sacramento Apartment Complex

by Nellie Day July 22, 2016

SACRAMENTO, CALIF. — Ready Capital Structured Finance has closed a $5 million loan for the acquisition, renovation and stabilization of a 92-unit multifamily complex in Sacramento. The two-story community is situated 1.5 miles from the Capital City Freeway, which connects the property to downtown Sacramento. The two-year, non-recourse loan will help fund interior and exterior renovations. The loan features a one-year extension, along with flexible pre-payment. It also includes a facility to provide for interest and working capital reserves, as well as future funding for capital expenditures. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add, and event-driven commercial and multifamily real estate opportunities.

July 22, 2016

Kansas Loans Midwest Multifamily

Cohen Financial Arranges $29M Acquisition Loan for 352-Unit Apartment Community in Metro Kansas City

by Christina Cannon July 22, 2016

OVERLAND PARK, KAN. — Cohen Financial has arranged a $29 million acquisition loan for a 352-unit apartment property in Overland Park, approximately 15 miles southwest of Kansas City. A San Francisco-based owner and investor was the borrower. The Ridge Apartments offers one-, two- and three-bedroom units and includes amenities such as three swimming pools, a basketball court, fitness center, cyber café, clubhouse, clothes care center, resident lounge, shuffle board and tennis court. Kenneth Fox of Cohen Financial placed the loan with Wells Fargo.

July 22, 2016

Hospitality Loans Midwest Wisconsin

HALL Structured Finance Provides $10.9M Loan for Construction of Hotel Near Milwaukee

by Christina Cannon July 22, 2016

OAK CREEK, WIS. — HALL Structured Finance has provided a $10.9 million first lien loan for the construction of a four-story, 112-room hotel in Oak Creek, 13 miles south of Milwaukee. Albuquerque, N.M.-based Gustin Property Group LLC is the developer of the TownePlace Suites by Marriott. The hotel will be located within the Drexel Town Square master-planned development, which includes a new city hall, public library, retail stores, restaurants, office space, apartments and 18 acres of green space. The total estimated project cost for the hotel is $14.6 million, and the development will take approximately a year to complete.

July 22, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Pillar Originates $9.9M in HUD Financing for Three Skilled Nursing Facilities In Illinois

by Christina Cannon July 22, 2016

SOUTH ELGIN, JONESBORO AND MACOMB, ILL. — Pillar has originated $9.9 million in loans to refinance three skilled nursing facilities in Illinois. The three loans consist of $5.4 million for an 80-unit property in South Elgin, $2.3 million for a 76-unit property in Jonesboro and $2.2 million for a 56-unit property in Macomb. Petersen Health Care, one of the largest seniors housing owner-operators in the state, was the borrower. The names of the specific facilities were not disclosed. All three HUD-insured loans feature a fixed rate, 30-year term and 30-year amortization schedule. Evan Hom of Pillar’s New York office originated the loans.

July 22, 2016

Loans Multifamily New Jersey Northeast

KeyBank Arranges $10M in Financing for 114-Unit Apartment Building in New Jersey

by Amy Works July 22, 2016

PATTERSON, N.J. — KeyBank Real Estate Capital has arranged $10 million in Fannie Mae financing for Broadway Towers, a high-rise apartment building in Patterson. Built in 1961, the property features 114 units and two ground-floor commercial spaces. Tom Peloquin of KeyBank arranged the loan, which was used to refinance existing debt. The name of the borrower was not released.

July 22, 2016

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