loans

Slate Property Group Receives $97M Loan for Refinancing of Queens Apartment Building

by Taylor Williams March 8, 2024

NEW YORK CITY — Slate Property Group has received a $97 million loan for the refinancing of The Yellowstone, a 166-unit multifamily project located in the Forest Hills area of Queens. Designed by Aufgang Architects, the newly built property offers one- and two-bedroom units that range in size from 475 to 950 square feet and feature stainless steel appliances, granite countertops and backsplashes, as well as individual washers and dryers. Select units also have private balconies. Amenities include a fitness center, lounges and a rooftop terrace, and the building’s retail space houses a Trader Joe’s grocery store. Daniel Fromm of Newmark arranged the five-year, fixed-rate loan through Apollo Global Management on behalf of Slate.

March 8, 2024

Loans Multifamily Texas

IPA Arranges $37M Loan for Refinancing of Dane Park Apartments in Grapevine, Texas

by Taylor Williams March 6, 2024

GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $37 million loan for the refinancing of Dane Park, a 392-unit apartment community in Grapevine. The property is located in the northern-central part of the metroplex and features one- and two-bedroom units. Amenities include a pool, fitness center, game room, sports court, resident clubhouse and outdoor grilling and dining stations. Dane Park also offers pet daycare, grooming and concierge services. Brian Eisendrath and Cameron Chalfant of IPA arranged the debt. The borrower and direct lender were not disclosed.

March 6, 2024

Loans Multifamily Texas

Colliers Mortgage Provides $49M Agency Loan for Refinancing of North Austin Apartment Community

by Taylor Williams March 5, 2024

AUSTIN, TEXAS — Colliers Mortgage has provided a $49 million Fannie Mae loan for the refinancing of Ascent North, a 460-unit apartment community in North Austin. The newly renovated property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include two pools, a fitness center, business center, media lounge, outdoor grilling and dining stations, resident clubhouse and a dog park. Fritz Waldvogel of Colliers Mortgage originated the 60-month loan on behalf of the borrower, Dallas-based SPI Advisory.

March 5, 2024

Hospitality Loans New York Northeast

Madison Realty Capital Provides $133M in Financing for Manhattan Hotel

by Taylor Williams March 4, 2024

NEW YORK CITY — Madison Realty Capital, a locally based real estate private equity firm, has provided $133 million in financing for a 51-story, 379-room hotel in Manhattan’s Hudson Yards district. According to New York YIMBY, Aloft will be the hotel operator. The borrower, an affiliate of Marx Development Group, will use the proceeds to complete construction and stabilize the property, which is located directly across from the Javits Center at 450 Eleventh Ave. The hotel will offer 61 double queens, 267 kings, 41 king corner suites, four luxury suites and six luxury duplex suites. Amenities will include a multi-level, 7,224 square-foot restaurant with outdoor terrace space, as well as a spa, fitness center, business center, lounge, bar, ballroom and banquet and conference spaces. DSM Design Group served as the project architect, and Atria Builders is the general contractor. A full completion date was not disclosed.

March 4, 2024

Loans Multifamily Texas

Northwind Group Provides $111M in Financing for Houston Multifamily Tower

by Taylor Williams March 1, 2024

HOUSTON — Northwind Group, a Manhattan-based private equity firm and debt fund manager, has provided $111 million in financing for The Hawthorne, a 17-story multifamily building in Houston’s Tanglewood area. The borrower, a joint venture between Houston-based Pelican Builders and private developer Ember Group, will use the proceeds to complete construction and fund costs of selling the remaining units. The building, which will officially open in March, houses 67 residences and amenities such as a pool, fitness center, grilling stations, game room, catering kitchen, coffee bar and a dog run. Residents also have access to 24-hour concierge services, as well as dry cleaning, pet walking and floral care. John Fenoglio of CBRE arranged the loan. Construction began in September 2021, and more than half of the residences have already been sold.

March 1, 2024

Hospitality Loans New York Northeast

Walker & Dunlop Arranges $103M CMBS Loan for Refinancing of Manhattan Hotel

by Taylor Williams March 1, 2024

NEW YORK CITY — Walker & Dunlop has arranged a $103 million CMBS loan for the refinancing of Casa Cipriani, a 47-room luxury hotel, private members club and event space located along the Lower Manhattan waterfront. The property was originally constructed in 1909 as the Battery Maritime Building to serve ferries traveling to Brooklyn. The sponsor, a partnership between Cipriani, Midtown Equities and Centaur Properties, completed the redevelopment in 2021. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the debt through Citigroup, J.P. Morgan and Argentic.

March 1, 2024

Development Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $75M Construction Loan for Manhattan Multifamily Project

by Taylor Williams February 21, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a 157-unit multifamily project that will be located at 255 E. 39th St. in the Manhattan’s Murray Hill neighborhood. The 20-story building will include 4,687 square feet of commercial space as well as an affordable housing component. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. Completion is slated for late 2025.

February 21, 2024

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $348M Agency Loan for Rehabilitation of Brooklyn Affordable Housing Complex

by Taylor Williams February 20, 2024

NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.

February 20, 2024

Loans Mixed-Use New York Northeast

JLL Arranges $395M Loan for Refinancing of Manhattan Mixed-Use Building

by Taylor Williams February 16, 2024

NEW YORK CITY — JLL has arranged a $395 million loan for the refinancing of 70 Pine Street, a 66-story mixed-use building in Manhattan’s Financial District. Built in 1932 and most recently renovated in 2016, 70 Pine Street is home to the 165-room Mint House Hotel and 612 market-rate apartments, as well as retail space that is leased to two fine-dining restaurants, one quick-service restaurant, a coffeeshop and a nail salon. Residential and hotel amenities include a 22,000-square-foot fitness center, two golf simulators, two bowling alleys, a screening room, children’s play area and coworking and lounge spaces. Christopher Peck, Geoff Goldstein and Christopher Pratt of JLL arranged the loan through Goldman Sachs on behalf of the borrower, a partnership between DTH Capital and Rose Associates.

February 16, 2024

Affordable Housing Loans Multifamily New York Northeast

Dwight Mortgage Trust Provides $75.2M Refinancing for Brooklyn Mixed-Income Complex

by Taylor Williams February 13, 2024

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $75.2 million bridge loan for the refinancing of 210 Clarkson, a 165-unit mixed-income complex in Brooklyn’s Lefferts Gardens area. Built in 2023, the property consists of 115 market-rate units and 50 affordable housing units, an 18,700-square-foot grocery store and a 700-square-foot community facility. Units come in studio, one- and two-bedroom floor plans, and amenities include workspaces, a game room, screening room, pet spa, gym and a rooftop terrace. Meir Kessner and David Eisen at Sevenstone Capital arranged the loan on behalf of the borrower, a New York family office.

February 13, 2024

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