loans

Berkadia Secures $56.2M in Construction Financing for Multifamily Development in Norfolk, Virginia

by Julia Sanders November 11, 2021

NORFOLK, VA. — Berkadia has secured $56.2 million in construction financing for Gravity on 400, a 273-unit high-rise multifamily development in Norfolk. Amy Gay of Berkadia Richmond secured the construction financing on behalf of the borrower, Virginia-based Marathon Development Group. The HUD 221(d)(4) loan through the Green MIP Reduction program features a 40-year term and an 85 percent loan-to-cost ratio. Gravity on 400 will feature studio, one-, two- and three-bedroom floor plans. The six-story apartment building will offer first-story garage parking and an elevator. Community amenities will include a fitness center, club room, courtyard with a swimming pool, grilling stations and fire pits. Located at 400 Waterside Drive, Gravity on 400 will be situated off the Elizabeth River and near Interstate 264. Additionally, the property will be located approximately 0.3 miles from the MacArthur Square light rail station and next to the Waterside District, a mixed-use dining and entertainment hub with restaurants, live music and festivals.

November 11, 2021

Industrial Loans South Carolina Southeast

Ready Capital Closes on Acquisition Loan for 235,000 SF Industrial Property in Greenville

by Julia Sanders November 11, 2021

GREENVILLE, S.C. — Ready Capital has closed on a $6.6 million financing for the acquisition, renovation and stabilization of a 20-bay, 235,000-square-foot, Class B industrial property in the South/Donaldson submarket of Greenville. The loan is a non-recourse, interest-only, floating-rate loan with a 36-month term and two extension options. The financing includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. Upon acquisition, the property will receive cosmetic updates. The buyer and seller were not disclosed.

November 11, 2021

Brookplace-Luxury-Apartments-Fairfield-New-Jersey

Loans Multifamily New Jersey Northeast

JLL Arranges $10.5M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams November 11, 2021

FAIRFIELD, N.J. — JLL has arranged a $10.5 million loan for the refinancing of Brookplace Luxury Apartments, a 36-unit complex located in the Northern New Jersey community of Fairfield. Built in 2020 and fully occupied at the time of the loan closing, Brookplace Luxury Apartments features one- and two-bedrooms units averaging 1,058 square feet with balconies and patios. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the 15-year, fixed-rate loan through National Life Group on behalf of the borrower, an entity doing business as 74 Passaic Avenue LLC.

November 11, 2021

Loans Louisiana Multifamily Southeast

JLL Secures $31.3M Refinancing for Multifamily Tower in New Orleans

by Julia Sanders November 10, 2021

NEW ORLEANS — JLL Capital Markets has secured $31.3 million in refinancing for Hibernia Tower, a 175-unit, 23-floor multifamily tower in New Orleans’ Central Business District. Jesse Wright, Robert Tonnessen, Kenny Cutler and Joshua Odessky of JLL represented the borrower, a partnership between New Orleans-based HRI Properties and New York-based Almanac Realty, to secure the three-year, floating-rate loan through New York-based Voya Investment Management. Built as an office building in 1921, the owner purchased the historic landmark in 2005 and later completed a renovation of the tower into a multifamily property. Today, Hibernia Tower offers one-, two- and three-bedroom units averaging 767 square feet. Units feature granite countertops, expansive windows, stainless steel appliances and hardwood flooring. Community amenities include a rooftop deck with pool, community room, fitness center, onsite management, controlled access, bike storage and reserved parking in the onsite structured garage. The property also includes a ground-floor undisclosed bank branch and 29,000 square feet of office space. HRI Properties uses the office space as its headquarters. The property was about 93 percent occupied at the time of sale. Located at 812 Gravier St., Hibernia Tower is located near restaurants including Bar Marilou, The Daily Beet, Maypop, tM breads and …

November 10, 2021

Loans Multifamily Texas

Dwight Capital Provides $25.8M Refinancing of Denton Apartment Community

by Taylor Williams November 10, 2021

DENTON, TEXAS — New York City-based Dwight Capital has provided a $25.8 million loan for the refinancing of Majestic Parc, a 217-unit apartment complex located in the North Texas city of Denton. Built between 2018 and 2019, the property consists of six three-story buildings on a 10-acre site. Amenities include a pool, fitness center, community room and walking trails. Daniel Malka of Dwight Capital originated the financing. Fisher Wells of Greysteel arranged the debt. The borrower was not disclosed.

November 10, 2021

Florida Loans Multifamily Southeast

Ready Capital Closes $10.1M Acquisition Loan for Multifamily Property in Tallahassee

by Julia Sanders November 10, 2021

TALLAHASSEE, FLA. — Ready Capital has closed the $10.1 million acquisition and stabilization financing for a 160-unit multifamily property in Tallahassee. The financing is a non-recourse, interest-only, floating-rate loan with a 24-month term and two extension options. The loan includes a facility to provide the unnamed borrower with future funding for capital expenditures. The name of the property was not disclosed.

November 10, 2021

Loans Multifamily Northeast Pennsylvania

Black Bear Capital Arranges $19.7M Construction Loan for Lehigh Valley Multifamily Project

by Taylor Williams November 9, 2021

FORKS TOWNSHIP, PA. — New York City-based Black Bear Capital Partners (BBCP), a subsidiary of Black Bear Asset Management (BBAM), has arranged a $19.7 million construction loan for Sullivan Parke, a 102-unit multifamily project in the Lehigh Valley community of Forks Township. The borrower is a partnership between Ashley Development Corp. and BBAM. The four-building property will offer amenities such as a fitness center, outdoor grilling areas and storage spaces. Bryan Manz, Emil DePasquale, Brandon Harris and George Pektor of BBCP arranged the loan through Churchill Real Estate.

November 9, 2021

Connecticut Loans Multifamily Northeast

JLL Arranges $53.5M Acquisition Loan for Apartment Complex in Stamford, Connecticut

by Taylor Williams November 8, 2021

STAMFORD, CONN. — JLL has arranged a $53.5 million acquisition loan for Glenview House, a 146-unit apartment complex in Stamford. The property offers one-, two- and three-bedroom units that average 1,280 square feet and are furnished with stainless steel appliances and full-size washers and dryers. Amenities include a pool, courtyard, outdoor grilling area, fitness center, clubroom with a bar and a business center. Elliott Throne, Mona Carlton, Alex Staikos, Amit Kakar and Kenny Cutler of JLL arranged the three-year, floating-rate loan through MetLife Investment Management on behalf of the borrower, Beachwold Residential.

November 8, 2021

Georgia Loans Multifamily Southeast

CBRE Investment Management Fund Provides $37.2M Loan for Multifamily Community in Roswell, Georgia

by Julia Sanders November 8, 2021

ROSWELL, GA. — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has provided a $37.2 million loan to TerraCap Management for the acquisition of Enclave at Roswell, a 236-unit multifamily community in Roswell. Matt Williams and Kyle Schlitt of Newmark arranged the floating-rate loan. The loan has an initial term of four years, can extend up to one additional year and features future funding for TerraCap’s planned renovations. Enclave at Roswell offers a mix of one- and two-bedroom apartments with units that range in size from 706 to 1,237 square feet. Units feature in-unit washers and dryers, walk-in closets and private balconies in select homes. Community amenities include a swimming pool, fitness center, business center, tennis court, children’s playground area and a dog park. Located at 11251 Alpharetta Highway, Enclave at Roswell is located along Ga. Highways 9 and 400, as well as about 24.8 miles from downtown Atlanta. The community is also situated less than two miles from North Point Mall, North Point Marketcenter and Mansell Crossing.

November 8, 2021

Florida Loans Office Southeast

JLL Secures $48.9M Refinancing for Two Office Towers in Fort Lauderdale

by Julia Sanders November 5, 2021

FORT LAUDERDALE, FLA. — JLL Capital Markets has secured a $48.9 million loan for Tower 101 and Centre 101, two connected Class A office towers near downtown Fort Lauderdale. Melissa Rose and Giancarlo Paone of JLL worked on behalf of the borrower, Greenwich, Conn.-based Ivy Realty, to secure the three-year, floating-rate loan through Rialto Capital Management. The loan was meant to refinance existing debt and fund future capital improvements and leasing costs. Tower 101 is a 21-story office tower that connects to the six-story Centre 101. The properties are collectively 75.6 percent leased. Building amenities include 24-hour security, conference facilities and a courtesy shuttle to the Broward County Courthouse. In 2020, Ivy Realty renovated the property including outfitting the structured parking with electric vehicle charging stations and upgrading the full-service café and common areas, as well as modernizing the exterior entrance. Located at 101 NE 3rd Ave., the towers total 230,757 square feet. The towers are situated close to the Fort Lauderdale Brightline inner-city rail station, which connects to Miami, Fort Lauderdale and West Palm Beach.

November 5, 2021

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