loans

Chase Bank Provides $60.8M Loan for Refinancing of New York City Industrial Portfolio

by Taylor Williams April 21, 2022

NEW YORK CITY — Chase Bank has provided a $60.8 million loan for the refinancing of a portfolio of seven light industrial properties totaling 199,457 square feet in New York City. Three of the properties are located in Brooklyn; two are in Queens, and two are in The Bronx. The Class B properties offer clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking. The portfolio was fully leased to eight tenants at the time of the loan closing. Greg Nalbandian, Jim Cadranell, Michael Lachs and Alex Staikos of JLL arranged the 10-year, nonrecourse loan, which carried a fixed interest rate, on behalf of the borrower, metro Philadelphia-based Seagis Property Group.

April 21, 2022

Development Loans Multifamily New York Northeast

Gantry Arranges $47.5M Construction Loan for Multifamily Project in Cicero, New York

by Taylor Williams April 19, 2022

CICERO, N.Y. — San Francisco-based mortgage banking firm Gantry has arranged a $47.5 million construction loan for Lakeshore at Loso, a 248-unit multifamily project that will be located in the upstate New York community of Cicero. The community will comprise 12 three-story buildings that will feature one- and two-bedroom apartments and a clubhouse. The 24-acre property will also include walking trails, a boat launch and a 100-slip marina. Daniel Monte and Jack Stelianou of Gantry arranged the three-year loan through an undisclosed regional bank on behalf of the borrower, a locally based entity doing business as TreyJay Loso LLC.

April 19, 2022

Florida Loans Multifamily Southeast

Greystone Provides $16.6M Refinancing for Multifamily Property in Tallahassee

by Julia Sanders April 18, 2022

TALLAHASSEE, FLA. — Greystone has provided a $16.6 million Fannie Mae loan to refinance Renaissance Apartments in Leon County, a 168-unit multifamily property in Tallahassee. Kyle Jemtrud of Greystone originated the financing on behalf of the borrower, Pax Properties LLC. The financing, which is a permanent takeout of a Greystone bridge loan, carries a 10-year term and a 30-year amortization period, with a low, fixed interest rate and six years of interest-only payments. Built in 1974, Renaissance Apartments in Leon County is a garden-style community with 13 buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include an onsite pool, community center and laundry facilities. The property was 95 percent occupied at the time of sale. Located at 2959 Apalachee Parkway, the apartment community is situated 11 miles from the Tallahassee International Airport and 3.8 miles from Florida State University.

April 18, 2022

District of Columbia Loans Multifamily Southeast

MBA: Commercial, Multifamily Mortgage Bankers Closed 55 Percent More Loans in 2021

by Julia Sanders April 18, 2022

WASHINGTON, D.C. — The total amount of commercial and multifamily loans that mortgage bankers closed in 2021 at $683.2 billion was 55 percent higher than the $441.5 billion reported in 2020, according to the Mortgage Bankers Association (MBA)’s 2021 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation. Multifamily mortgage lending took the lead last year at $376 billion, followed by loans for office buildings, industrial properties, retail, hotel/motel and healthcare properties. Depositories, such as banks, were the leading capital source for mortgage banker originated loans in 2021, responsible for $157 billion of the total. Private label commercial mortgage backed security (CMBS) saw the second-highest volume at $141 billion, followed by government-sponsored enterprises such as Fannie Mae and Freddie Mac, life insurance companies and pension funds and investor-driven lenders. MBA estimates that total commercial real estate mortgage lending — including activity from small and mid-sized lenders not tracked by MBA — totaled $890.6 billion in 2021, a 45 percent increase over 2020 at $614 billion and a 25 percent increase over the previous annual record of $713 billion in 2019. “Improving property fundamentals and strong price appreciation drove borrowing and lending backed by commercial and multifamily properties to new highs in …

April 18, 2022

Industrial Loans Northeast Pennsylvania

CIT Provides $37.2M Acquisition Loan for Amazon-Occupied Distribution Center in Pittsburgh

by Taylor Williams April 18, 2022

PITTSBURGH — CIT, a division of First Citizens Bank, has provided a $37.2 million acquisition loan for a 510,000-square-foot distribution center in Pittsburgh that is fully leased to Amazon and e-commerce consulting firm Nogin. The property serves as one of Amazon’s two sortation facilities in the Pittsburgh area. The borrower is Aminim Group, an investment firm with offices in Houston and Jerusalem. Specific loan terms were not disclosed.

April 18, 2022

Florida Loans Multifamily Southeast

JLL Secures $10.9M in Financing for Two Multifamily Communities in Florida

by Julia Sanders April 15, 2022

JACKSONVILLE AND APOPKA, FLA. — JLL Capital Markets has secured a total of $10.9 million in financing for two multifamily properties in Florida. JLL arranged $5.9 million in financing for the 288-unit Club at Danforth in Jacksonville and $5 million in supplemental financing for the 210-unit Verandahs at Hunt Club in Apopka. Elliott Throne, Mona Carlton, Kenny Cutler, Joshua Odessky and Karim Khaiboullin of JLL arranged the fixed-rate, Freddie Mac loans on behalf of the borrower, Beachwold Residential. Each loan featured a term of less than seven years. Built in 1998 and updated in 2018, Club at Danforth is a garden-style apartment community featuring 16 buildings. Community amenities include a playground, fitness center, swimming pool, dog park, racquetball and basketball courts, clubhouse and a business center. Located at 3701 Danforth Drive, the property is situated 14.3 miles from downtown Jacksonville and 25 miles from Jacksonville International Airport. Completed in 1985, Verandahs at Hunt Club includes 21 two-story buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include a pool, fitness center, tennis court, dog park and a car care center. Located at 3000 Foxhill Circle, the property is situated 13.8 miles from Orlando and 33.6 miles from Orlando …

April 15, 2022

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $104M in Financing for Manhattan Affordable Housing Community

by Taylor Williams April 15, 2022

NEW YORK CITY — Merchants Capital has provided $104 million in financing for Harlem River Houses I and II, a 690-unit affordable housing community located between West 151st and West 153rd streets in Manhattan. The buildings were constructed in the mid-1930s and were added to the National Register of Historic Places in 1979. The financing structure consists of a straight-to-permanent New York City Housing Development Corp. (NYCHDC) loan crafted by the NYCHDC, Freddie Mac and Merchants Capital. The borrower, a joint venture between the Settlement Housing Fund and West Harlem Group Assistance, will use a portion of the proceeds to fund capital improvements and preserve affordability. Upon completion of the renovation, the property will offer 693 apartments across eight residential buildings that will house more than 1,400 residents Renovations will include upgrades to apartments, common areas and elevators, as well as security and heating systems. Upgrades in units will include new kitchens, bathrooms, floors and appliances, along with updates to windows and building exteriors. Sidewalks, gardens and sculptures within the property grounds will be restored, and new playgrounds, benches and activity spaces will be installed. Additionally, all electrical, mechanical and plumbing systems will be renovated or replaced.

April 15, 2022

Georgia Loans Multifamily Southeast

Aztec Group Secures $31.8M Acquisition Loan for Apartment Community in Downtown Atlanta

by Julia Sanders April 14, 2022

ATLANTA — Aztec Group has secured $31.8 million in acquisition financing for Residences at City Center, a 182-unit apartment community in downtown Atlanta. The financing is a non-recourse, 75 percent loan-to-value loan. Brell Tarich and Charles Penan of Aztec Group secured the loan on behalf of the borrower, South Florida-based AWP Real Estate. Built in 1993, Residences at City Center is situated adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. The new ownership group plans to make significant upgrades to the apartment community.

April 14, 2022

Loans Multifamily New York Northeast

MetLife Provides $70M Loan for Refinancing of Manhattan Apartment Tower

by Taylor Williams April 14, 2022

NEW YORK CITY — MetLife Investment Management has provided a $70 million permanent loan for the refinancing of 21 West Street, a 33-story apartment tower in Manhattan’s Financial District. The pet-friendly property offers 293 units in one-, two- and three-bedroom formats and amenities such as a fitness center, rooftop deck, community lounge with a playroom and catering kitchen and a 24-hour lobby attendant. Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno and Triston Stegal of Walker & Dunlop arranged the financing on behalf of the borrower, locally based owner-operator Rose Associates. The 12-year loan was structured with a fixed rate and interest-only payments for the entire term.

April 14, 2022

Florida Loans Multifamily Southeast

Greystone Provides $11M Fannie Mae Loan to Refinance Multifamily Property in Oakland Park, Florida

by Julia Sanders April 13, 2022

OAKLAND PARK, FLA. — Greystone has provided an $11.1 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Oakwood Apartments, a 124-unit multifamily property in Oakland Park. Kyle Jemtrud of Greystone originated the loan on behalf of 61-34 Madison Real Estate LLC. The nonrecourse loan carries a 15-year term and a 30-year amortization period, as well as a fixed interest rate and a 55 percent loan-to-value ratio. Built in 1971, Oakwood Apartments is a garden-style apartment community with four buildings featuring one- and two-bedroom units. Community amenities include an onsite pool and laundry facilities.

April 13, 2022

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