loans

Newmark Secures $65.5M Refinancing for University Hill Mixed-Use Property in Durham

by Julia Sanders November 18, 2021

DURHAM, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the three-year loan, which included a floating interest rate and two, one-year extension options. Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen. Along with the multifamily and retail aspects, The University Hill redevelopment also …

November 18, 2021

Georgia Loans Office Southeast

Ready Capital Closes Loan for 131,000 SF Office Property in Suwanee, Georgia

by Julia Sanders November 18, 2021

SUWANEE, GA. — Ready Capital has closed a $14.6 million loan for the acquisition, renovation and stabilization of a four-suite, 131,000-square-foot office property in Suwanee, about 33.4 miles north of Atlanta. The name and address of the property was not disclosed. Ready Capital closed the non-recourse, interest-only loan that features a floating interest rate, 48-month term and one extension option. The financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement an exterior capital improvement plan to address deferred maintenance and improve curb appeal.

November 18, 2021

Loans Multifamily New York Northeast

Gantry Arranges Three Loans Totaling $31.9M for Refinancing of Upstate New York Multifamily Properties

by Taylor Williams November 18, 2021

BUFFALO, N.Y. — San Francisco-based mortgage banking firm Gantry has arranged a trio of loans totaling $31.9 million for the refinancing of three multifamily properties totaling 426 units in Upstate New York. In the first deal, a correspondent agency lender provided a 10-year loan that carried a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule for a 181-unit property in Central New York. In the second transaction, a life insurance company funded a 20-year loan that was also structured with a fixed rate and multiple years of interest-only payments for a 176-unit asset in Buffalo. A Wall Street-based lender provided the final loan with similar terms for a 69-unit property in Rochester. Tom Grzebinski and Jack Stelianou of Gantry placed all three loans on behalf of undisclosed borrowers.

November 18, 2021

Florida Hospitality Loans Southeast

JLL Secures $180M Refinancing for Miami Beach Edition Hotel

by Julia Sanders November 17, 2021

MIAMI BEACH, FLA. — JLL’s Hotels & Hospitality Group has secured $180 million in financing for the Miami Beach Edition hotel, a 294-room hotel located at 2901 Collins Ave. on the beach. Kevin Davis and Barnett Wu of JLL Hotels & Hospitality arranged the financing on behalf of the undisclosed borrower. Redesigned in 2014, Miami Beach Edition offers traditional guest rooms and suites, including 28 private bungalows and a rooftop penthouse, and has direct access to 380 linear feet of beachfront. Hotel amenities include two outdoor pools, a fitness facility, spa and a basement, which includes an underground nightclub with a bowling alley and ice skating rink. The property also offers three food and beverage outlets, including Matador Room/Bar, Market at Edition and Tropicale and Lobby Bar. The resort offers a private oceanfront beach club with approximately 300 active members. Located on a 3.5-acre site, the hotel is situated 8.7 miles from downtown Miami, one mile from Miami Beach Convention Center and 11.8 miles from Miami International Airport.

November 17, 2021

Loans Office Texas

CBRE Investment Management Provides $66.3M Acquisition Loan for Dallas Office Campus

by Taylor Williams November 17, 2021

DALLAS — A fund sponsored by CBRE Investment Management has provided a $66.3 million acquisition loan for The Plaza at Solana, a 366,000-square-foot office campus located in the Southlake/Westlake submarket of Dallas. The three-building property was recently renovated and includes 21,000 square feet of retail and restaurant space. Cullen Aderhold of JLL arranged the debt on behalf of the borrower, Boston-based Albany Road Real Estate Partners. The floating rate loan has an initial term of three years and can be extended up to an additional two years.

November 17, 2021

Loans New Jersey Northeast Office

JLL Arranges $113.5M Acquisition Loan for Downtown Newark Office Portfolio

by Taylor Williams November 17, 2021

NEWARK, N.J. — JLL has arranged a $113.5 million acquisition loan for a portfolio of two downtown Newark office buildings totaling roughly 816,000 square feet. The portfolio also includes a 901-space parking garage. Originally built in the 1920s, the buildings are leased on a long-term basis to The State of New Jersey, which houses more than 3,500 employees across 35 departments at the site. Michael Klein, Jon Mikula and Matthew Pizzolato of JLL, along with Brad Domenico of Progress Capital, arranged the three-year, floating-rate loan through ACORE Capital. The borrower, a partnership between SHIFT Capital, The Hanini Group and CoInvestment Partners, will use a portion of the proceeds to fund capital improvements.

November 17, 2021

Alabama Development Loans Multifamily Southeast Student Housing

Ready Capital Closes $15M Loan for Student Housing Acquisition, Conversion in Birmingham

by Julia Sanders November 16, 2021

BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

November 16, 2021

Loans Multifamily Texas

Ready Capital Closes $33.2M Acquisition Loan for Uptown Dallas Multifamily Property

by Taylor Williams November 15, 2021

DALLAS — New York City-based Ready Capital has closed a $33.2 million loan for the acquisition, renovation and stabilization of an unnamed 179-unit multifamily property in Uptown Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 15, 2021

Loans Multifamily Southeast Virginia

Colliers Secures $41.9M in Financing for Multifamily Project in Richmond

by Julia Sanders November 15, 2021

RICHMOND, VA. — Colliers has secured a total of $41.9 million in debt and equity for Commodore, a 173-unit multifamily project in Richmond’s Manchester neighborhood. Jeremy Thornton, Andrew Gibson, Nicole Sayers and Evan Mannis of Colliers sourced a $27.5 million loan with a regional bank on behalf of the developer, Capital City Real Estate, and helped raise $14.4 million in equity via an institutional partner. The lender and equity partner involved with the Commodore project were not disclosed. The seven-floor multifamily development will offer one-, two- and three-bedroom floorplans. The units will feature large windows and nine-foot ceilings with 80 percent of the units featuring balconies or terraces. Community amenities will include two stories of parking and bike storage, a pool, rooftop lounge, fitness center, two courtyards, dog wash and run and cold storage for grocery deliveries. The 173,000-square-foot project will also include 3,500 square feet of ground floor retail space. Construction is set to begin in the fourth quarter and slated for completion in the second quarter of 2023.

November 15, 2021

Loans Multifamily New York Northeast

Greystone Arranges $77.2M Refinancing for Rockwell Apartments in New Rochelle, New York

by Taylor Williams November 12, 2021

NEW ROCHELLE, N.Y. — Greystone has arranged a $77.2 million bridge loan for the refinancing of The Rockwell, a 114-unit apartment building in New Rochelle, a northern suburb of New York City. The property includes 21,000 square feet of retail space that is leased to CVS, Smokehouse Tailgate Grill, Finish Line PT and Kung Fu Tea. Drew Fletcher, Matthew Klauer and Jesse Kopecky of Greystone arranged the debt through Cerberus Capital Management on behalf of the borrower, a joint venture between locally based developer Young Cos. and private investor Phil Craft.

November 12, 2021

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