loans

Berkadia Provides $24.6M Refinancing for Multifamily Property in Saraland, Alabama

by Julia Sanders October 7, 2021

SARALAND, ALA. — Berkadia has provided $24.6 million in permanent refinancing for Olde Oak Apartments, a garden-style multifamily property in Saraland. Pat Garlich of Berkadia originated the seven-year Freddie Mac loan on behalf of the borrower, Missouri-based Maxus Realty Trust Inc. Olde Oak Apartments features one- and two-bedroom floor plans with in-unit washers and dryers and air conditioning. Community amenities include a swimming pool, fitness center, business center, clubhouse, dog park, spa, off-street parking and a picnic area with grilling stations. Located at 1200 Grande Oak Blvd., the property is situated close to Interstate 65, about 10.7 miles from downtown Mobile and approximately 3.6 miles from the University of Mobile.

October 7, 2021

Development Loans New York Northeast

Greystone Arranges $35M for Multifamily Project in New Rochelle, New York

by Taylor Williams October 6, 2021

NEW ROCHELLE, N.Y. — Greystone has arranged a $14 million ground lease and a $21 million leasehold construction loan for a 75-unit multifamily project that will include 7,300 square feet of commercial space in New Rochelle, a northern suburb of New York City. Leasehold construction financing refers to a loan to develop a building on land that is ground-leased. RMWC, an investment advisory firm with four offices across the country, provided the loan to the borrower, locally based developer The Young Cos. Drew Fletcher and Matt Klauer of Greystone placed the debt and also arranged the ground lease with Haven Capital.

October 6, 2021

Loans Multifamily New Jersey Northeast Seniors Housing

BHI Provides $31.1M Acquisition Loan for Southern New Jersey Seniors Housing Community

by Taylor Williams October 4, 2021

NEW YORK CITY — Commercial lender BHI, a division of Israel’s Bank Hapoalim, has provided a $31.1 million acquisition loan for a seniors housing community in Southern New Jersey. The name and location of the property, which has 110 units and is licensed for 130 beds, were not disclosed. Amenities include five living rooms, a library, game room, tea room, three dining rooms and a beauty salon. The borrower was Lionstone Care. The seller was also not disclosed.

October 4, 2021

Acquisitions Florida Loans Multifamily Southeast

Mesa West Capital Provides $77M Acquisition Loan for Apartment Community in Delray Beach, Florida

by Julia Sanders October 1, 2021

DELRAY BEACH, FLA. — Mesa West Capital has provided a $77 million loan for the acquisition of Alta Congress, a 369-unit multifamily property in Delray Beach. The borrower is an undisclosed, privately held real estate management and development firm. Built in 2013, Alta Congress, which has been rebranded as Congress Grove Apartments, is a four-story apartment community. The asset offers studio, one-, two- and three-bedroom apartments with stainless steel appliances, hardwood style plank flooring, breakfast bars, granite countertops, walk‐in closets, in‐unit stackable washers/dryers and hurricane impact-resistant windows. Community amenities include a fitness center, clubhouse, lounge, dog park, green courtyards, package room and a heated pool with cabana seating. Located on 9.3 acres at 250 Congress Park Drive, the property was 96 percent leased at closing. The property is 8.9 miles from Boca Raton, seven miles from the Boca Raton Airport and 12.3 miles from Deerfield Beach. Purvesh Gosalia of Newmark Knight Frank arranged the five-year, floating-rate, non-recourse loan.

October 1, 2021

Florida Loans Multifamily Southeast

Parkview Financial Funds $28.5M Loan for Apartment Project in Metro Orlando

by Julia Sanders October 1, 2021

KISSIMMEE, FLA. — Parkview Financial has provided a $28.5 million loan to CS-ICM 5 LLC for the firm to convert a former 436-room hotel and resort property into a 351-unit apartment complex with retail and restaurant space in Kissimmee. The loan has an 18-month term and is non-recourse. Located at 8660 W. Irlo Bronson Highway, the property will be situated near employment centers, including Disney World, which is 5.8 miles away. Construction is underway, with completion slated for summer 2022. Originally built in 1977, the property is situated on 16 acres and includes 11 two-story buildings, three swimming pools, a fitness room, patios, garden areas, a seven-acre nature preserve and a 7,000-square-foot commercial building that has frontage along HWY 192. Phase I of the project will be the conversion of the existing hotel room buildings into an apartment complex that will feature 251 studios averaging 350 square feet and 100 one-bedroom units averaging 700 square feet. The units will feature new kitchens with stainless steel appliances, granite counter tops and stainless steel sinks; walk-in closets for the one-bedroom units; new bathrooms; vinyl plank flooring in living areas; and carpeting in the bedrooms. The second phase will include the conversion of …

October 1, 2021

Development Florida Loans Multifamily Southeast

Trez Capital Funds $21.5M in Construction Financing for Condominium Project in Clearwater Beach, Florida

by Julia Sanders October 1, 2021

CLEARWATER BEACH, FLA. — Trez Capital has funded a $21.5 million construction loan for Azure, a 46-unit bayside condominium project in Clearwater Beach. Construction is now underway on the project, and is slated for completion by the second quarter of 2023. Located on a 1.4-acre waterfront parcel at 415 Island Way, Azure will feature residences with prices ranging from the $600,000 to $1.1 million. The four-story building is approximately 70 percent sold. The property will offer three- and four-bedroom units that range in size from 1,552 square feet to 2,608 square feet. The units will offer smart thermostats and lighting fixtures. Community amenities will include a sun deck with swimming pool and spa tub, a gym/yoga studio and a private meeting room. There is also a private marina with 15 boat slips for sale. Brett Forman and Scott Mehlman of Trez Capital arranged the loan for the borrower, Azure Development Group LP.

October 1, 2021

Florida Hospitality Loans Southeast

Walker & Dunlop Arranges $164M in Financing for Goodtime Hotel in Miami Beach

by Julia Sanders September 30, 2021

MIAMI BEACH, FLA. — Walker & Dunlop has secured $164 million in financing for The Goodtime Hotel in Miami Beach. Groot Hospitality opened the hotel in April 2021. The Goodtime Hotel has 266 rooms, two restaurants, a 30,000-square-foot pool club, 45,000 square feet of ground-floor retail, a gym, library and 242 parking spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and Sean Bastian of Walker & Dunlop arranged the financing. JP Morgan is the lender for the three-year, interest-only bridge loan with two one-year extension options. The borrower is Dreamscape.

September 30, 2021

California Georgia Illinois Industrial Loans Southeast Tennessee

PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio

by Julia Sanders September 28, 2021

SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley. All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants, according to PGIM. The seller and price were not disclosed. The five properties total 3.2 million square feet and are located within an average of one mile from each region’s primary transportation arteries.

September 28, 2021

Loans Multifamily South Carolina Southeast

Electra Capital Funds $16.9M Acquisition Loan for Apartment Complex in Charleston

by Julia Sanders September 28, 2021

CHARLESTON, S.C. — Electra Capital has provided a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III, a 145-unit apartment complex in Charleston. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Penn., acquired the garden-style apartment community for $22.4 million. The seller was not disclosed. Located at 7604-7749 Warsaw Road, Avalon at North Charleston III is a newly renovated townhome community offering one- and two-bedroom apartments ranging from 688 square feet to 1,196 square feet. The community was formerly known as Willow Ridge. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting and rain showers. Avalon is located about 1.3 miles from the Charleston Air Force Base and 4.3 miles from Charleston International Airport.

September 28, 2021

Loans Multifamily Texas

PCCP Funds $70.7M Acquisition Loan for Houston Apartment Community

by Taylor Williams September 28, 2021

HOUSTON — Los Angeles-based PCCP LLC has funded a $70.7 million acquisition loan for Millennium High Street, a 340-unit apartment community in the River Oaks area of Houston. Built in 2013, the property consists of four residential buildings, a parking garage and 26,304 square feet of retail space on a 6.3-acre site. The unit mix comprises 229 one-bedroom residences, 91 two-bedroom apartments and 20 three-bedroom units with an average size of 901 square feet. Units feature stainless steel appliances, contemporary countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a rooftop lounge. The borrower was Miami-based Galium Capital. The seller was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors that also developed the property. Millennium High Street was 93 percent occupied at the time of the loan closing.

September 28, 2021

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