loans

JLL Secures $38.5M Acquisition Financing for Office Property in Rockville, Maryland

by Julia Sanders March 10, 2022

ROCKVILLE, MD. — JLL Capital Markets has secured $38.5 million in acquisition financing for District IV, a 240,000-square-foot office building in Rockville. Michael Gigliotti, Robert Tonnessen and Brian Buglione of JLL secured the financing on behalf of the borrower, BLT Green Hollow, a partnership between Building and Land Technology and Green Hollow Capital Partners, along with Banyon Street Capital. New York City-based Ladder Capital provided the financing. Built in 2007, District IV is part of the recently rebranded District at King Farm, which includes four properties totaling over 750,000 square feet of office and retail space. Current tenants include cell therapy company Autolus, Sucampo Pharmaceuticals and MUFG Investor Services. The District at King Farm is situated along King Farm Boulevard within the 430-acre, master-planned King Farm Park located near the Shady Grove Metro station and the Interstate 270 technology corridor. Located at 805 King Farm Blvd., District IV is situated 19.1 miles from Washington, D.C. and 19.5 miles from the University of Maryland. The project is also near retail centers such as Shady Grove Center, Rio at Washingtonian and Downtown Crown. The partnership’s plans include comprehensive lobby improvements and upgrades to amenities and foodservice offerings. The partnership also plans to …

March 10, 2022

Loans Multifamily South Carolina Southeast

KeyBank Secures $40M Refinancing for Multifamily Property in Charleston

by Julia Sanders March 9, 2022

CHARLESTON, S.C. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for the refinancing of Paxton Pointe Hope Apartments, a 274-unit community in Charleston. Hayley Suminski of KeyBank structured the financing for the Framingham, Mass.-based borrower, VTT Management. The fixed-rate loan features five years of interest-only payments. Built in 2018 on more than 20 acres, Paxton Pointe Hope is a low-rise apartment complex featuring 12 three-story residential buildings. The property offers studios, one-, two- and three-bedroom floorplans. Unit features include patios or balconies, designer kitchens, full-size laundry appliances and walk-in closets. Community amenities include a saltwater pool, recreation room, fitness center and a fenced dog park.

March 9, 2022

Florida Loans Multifamily Southeast

Pensam Capital Receives $32M Refinancing for Multifamily Property in Metro Orlando

by Julia Sanders March 8, 2022

OVIEDO, FLA. — Miami-based Pensam Capital has received $32 million for the recapitalization of Promenade at Aloma, a 233-unit multifamily community located in Oviedo, about 13.5 miles from Orlando. Charles Foschini and Christopher Apone of Berkadia originated the Freddie Mac loan. The 10-year, fixed-rate loan was underwritten with full-term interest-only payments and a loan-to-value ratio of 65 percent. Built in 1998, Promenade at Aloma features 26 two- and three-story buildings on an 18-acre site. The property offers one-, two- and three-bedroom floorplans ranging from 908 square feet to 1,268 square feet. Unit features include ceiling fans, vinyl plank and carpet flooring, laminated countertops and cabinetry, walk-in linen closets and a breakfast bar. Select units have built-in shelving and washers and dryers. Community amenities include a pool, spa, clubhouse with Wi-Fi, fitness center, tennis court, jogging trail, sand volleyball court and a car care area. Located at 2785 Chaddsford Circle, the property is situated five miles from the University of Central Florida, 6.2 miles from the Valencia College’s East Campus and 19.7 miles from Orlando International Airport. The property is also close to Central Florida Research Park, Quadrangle Office Park and downtown Orlando.

March 8, 2022

Loans Multifamily North Carolina Northmarq Southeast

Northmarq Secures $23.2M Acquisition Loan for Two Multifamily Properties in Winston-Salem

by Julia Sanders March 8, 2022

WINSTON-SALEM, N.C. — Northmarq has secured $23.2 million in acquisition financing for two multifamily properties in Winston-Salem. The lender and borrower were not disclosed. The two properties, Villas at the Vineyard and Townhomes at Little Creek, have a combined 229 units. The properties are located one mile apart from each other and are located close to downtown Winston-Salem with access to Interstate 40. The properties were renovated in 2020. Built in 1970, Villas at the Vineyard is a 134-unit apartment community located at 3401 Old Vineyard Road. Unit features include high-speed internet access, in-unit washers and dryers, ceiling fans and fireplaces. Community amenities include a pool, fitness center, laundry facilities, package service, onsite maintenance and property management, a pet play area, clubhouse, fitness center, sundeck, courtyard, grills and a picnic area. Built in 1966, Townhomes at Little Creek is a 95-unit multifamily community located at 4340 Johnsborough Court. Unit features include in-unit washers and dryers, hardwood floors and garbage disposals. Community amenities include laundry facilities, onsite maintenance and property management, a pet play area, clubhouse, pool and grills.

March 8, 2022

Affordable Housing Connecticut Loans Multifamily Northeast Walker & Dunlop

Walker & Dunlop Provides $302.2M Agency Loan for Refinancing of Connecticut Multifamily Portfolio

by Taylor Williams March 8, 2022

BETHESDA, MD. — Walker & Dunlop has provided a $302.2 million Freddie Mac loan for the refinancing of a portfolio of 10 multifamily properties totaling 2,286 units in central Connecticut. The properties have construction dates ranging from 1926 to 2008. About 75 percent of the units have income restrictions that qualify them as affordable housing under FHA guidelines. Taylor Williams led a Walker & Dunlop team that originated the financing on behalf of the borrower, New York City-based Beachwold Residential.

March 8, 2022

Delaware Industrial Loans Northeast

IPA Arranges $138M Loan for Refinancing of Industrial Portfolio in New Castle, Delaware

by Taylor Williams March 7, 2022

NEW CASTLE, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $138 million loan for the refinancing of a portfolio of 14 industrial properties spanning 2.2 million square feet in New Castle. James Conley and Neil Campbell of IPA arranged the loan through Barclays and Citibank on behalf of the undisclosed borrower.

March 7, 2022

Florida Loans Office Southeast

Berkadia Arranges Acquisition Financing for 104,356 SF Office Property in Metro Miami

by Julia Sanders March 7, 2022

CORAL GABLES, FLA. — Berkadia has arranged acquisition financing for 2000 Ponce, an eight-story, 104,356-square-foot office property in downtown Coral Gables, about five miles from Miami. The seller was an undisclosed private family owner. Charles Foschini, Chris Apone and Robert Iudice of Berkadia’s Miami office secured the undisclosed amount of financing on behalf of the locally based buyer, Westside Capital Group. Valley National Bank provided a five-year bridge loan underwritten at 24 months of interest-only payments and a 74 percent loan-to-cost ratio. Built in 2001, 2000 Ponce features 104 parking spaces in a four-story structured parking garage. Westside Capital Group intends to relocate its headquarters from Brickell to 2000 Ponce. The firm also plans on renovating the property, including renovations to the exterior, upgrading and extending the lobby, leasing up the currently available retail space on the ground floor to one or two restaurant concepts and upgrading and repositioning the office space in the upper floors of the building. Located at 2000 Ponce de Leon Blvd., the property is located 4.9 miles from Miami International Airport and 3.1 miles from the University of Miami. The property is near major employers including Bayview Asset Management, Baptist Health, American Airlines, University of …

March 7, 2022

Acquisitions Connecticut Multifamily Northeast

CBRE Arranges $89M Acquisition Loan for Multifamily Property in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — CBRE has arranged an $89 million acquisition loan for a 344-unit multifamily property located at 75 Tresser Blvd. in Stamford. The property was built in 2014 and features studio, one-, two- and three-bedroom units with stone countertops and individual washers and dryers, as well as private patios and balconies in select residences. Amenities include a pool, outdoor grilling areas, a media center, conference room, lounge, fitness center and a demonstration kitchen. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein of CBRE arranged the loan through Apollo Global Management on behalf of the borrower, a partnership between Monday Properties and Washington Capital.

March 4, 2022

Affordable Housing Development Loans Multifamily New York Northeast

BRP Cos. Receives $294M in Construction Financing for Metro New York City Multifamily Project

by Taylor Williams March 2, 2022

NEW ROCHELLE, N.Y. — BRP Cos., the urban development arm of Goldman Sachs Asset Management, has received $294 million in construction financing for a mixed-income housing project in New Rochelle, a northern suburb of New York City. The development at 500 Main St. in the city’s downtown area will consist of 477 units in one- and two-bedroom formats, 119 of which will be dedicated as affordable housing. Specifically, 20 units will be reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences will be earmarked for renters earning 60 percent or less of AMI. The remainder of the units will be rented at market rates. The community will also feature 24,000 square feet of amenity space that includes a pool, fitness center, lounge and a rooftop deck. Demolition work is underway with vertical construction set to begin in mid-March, and the first units are expected to be available for occupancy by late 2024. Housing & Community Renewal, an economic development agency based in New York City, provided a $200 million construction loan for the project through its housing finance agency. In addition, Goldman Sachs provided $40.7 million in equity and $20.7 million in …

March 2, 2022

Florida Loans Multifamily Seniors Housing Southeast

Colliers Mortgage Provides $23.4M Construction Loan for Seniors Housing Facility in Oxford, Florida

by Julia Sanders February 28, 2022

OXFORD, FLA. — Colliers Mortgage | Commercial Finance, a division of Colliers, has provided a $23.4 million construction loan for Stonegate at Wildwood, a 130-unit seniors housing development in Oxford, approximately 50 miles northwest of downtown Orlando. The borrower is Stonegate Development Co. Stonegate at Wildwood will be a two-story property located on an approximately 3.9-acre parcel within an area commonly known as The Villages, a large master-planned, age-restricted community.

February 28, 2022

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