HOUSTON — Los Angeles-based Thorofare Capital has provided a $15.9 million bridge loan for the acquisition of a 234,215-square-foot warehouse and distribution building in Houston. The property features 25-foot clear heights and 25 dock-high doors. The undisclosed borrower will use a portion of the proceeds of the loan, which was structured with a 45-month term and an extension option, to fund capital improvements.
BINGHAMTON, N.Y. — Houlihan-Parnes Realtors LLC has arranged a $19.4 million loan for the refinancing of a 602-unit multifamily portfolio in the Binghamton area. The portfolio consists of 13 properties that range in size from eight to 144 units and include both garden-style suburban communities and urban buildings. The nonrecourse loan was structured with a fixed interest rate of 2.98 percent for five years. The undisclosed borrower intends to use a portion of the proceeds to fund capital improvements. Ed Graf and Ted Sannella led the transaction for Houlihan-Parnes.
PHILADELPHIA — PCCP LLC has provided an $80 million senior loan for the refinancing of 123 South Broad Street, a 705,500-square-foot office building located within Philadelphia’s Center City district. The 30-story building was originally constructed in 1928 and is currently leased to a roster of 92 tenants. The borrower was a joint venture between SSH Real Estate, Quilvest Capital Partners and Young Capital. Ryan Ade and Jim Cadranell of JLL arranged the financing. Ownership will use a portion of the proceeds to fund capital improvements, including the addition of amenities like a fitness center, rooftop deck and shared conference space.
HUMBLE, TEXAS — Greystone has provided a $27.6 million HUD-insured loan for the refinancing of Willowbend Apartments, a 228-unit multifamily complex located in the northern Houston suburb of Humble. Built in 2016, the 10-building property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, pet park and an outdoor kitchen with grilling areas. Eric Rosenstock of Greystone originated the financing, which was structured with a fixed interest rate and a 35-year term and amortization schedule, through HUD’s 223(f) program on behalf of the borrower, Partin Properties LLC.
NEW YORK CITY — Cushman & Wakefield has arranged a $106 million acquisition loan for an office condominium located at 12 MetroTech Center in downtown Brooklyn. The condo consists of five floors totaling 186,000 square feet that are situated within a larger building whose lower 25 floors are owned by the City of New York. Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez of Cushman & Wakefield arranged the five-year, interest-only loan through Starwood Property Trust on behalf of the borrower, an entity doing business as 60 Guilders. Doug Harmon, Adam Spies, Adam Doneger, Dan OBrien, Rachel Humphrey and Meaghan Philbin of Cushman & Wakefield brokered the sale of the asset.
AMARILLO, TEXAS — New York City-based Dwight Capital has provided a $21 million HUD-insured loan for the refinancing of Ridgewood Apartments, a 240-unit property in Amarillo. The 10-building community was constructed in 2015 and features a pool, playground, business center, fitness center, basketball and volleyball courts and a party room. Daniel Malka of Dwight Capital originated the financing. The borrower was not disclosed.
MEMPHIS, TENN. — Natixis, a France-based financial services firm, has provided $51.5 million in floating-rate financing for FedEx Logistics headquarters in downtown Memphis. The financing was provided to the subsidiaries of SomeraRoad Inc. The financing will refinance the FedEx Logistics headquarters building, a 193,836-square-foot, Class A office building located at 145 Lt. George W Lee Ave. in downtown Memphis. SomeraRoad will also use the financing to fund the renovation of the parking lot across the street near the FedEx Forum. The office building serves as the new global headquarters for FedEx Logistics, the supply chain and trade arm of FedEx Corp. The building was formerly a Gibson Guitar factory. FedEx Logistics moved its global headquarters to the Memphis office building in April 2020.
WASHINGTON, D.C. — Commercial and multifamily mortgage bankers have closed 106 percent more loans in the second quarter of 2021 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Thursday. Compared to first-quarter 2021, loan originations grew by 66 percent. During the second quarter of 2020, the COVID-19 pandemic really took a toll on the economy, which is a major factor as to why loans doubled in the second quarter of 2021 comparatively. “Mortgage originations doubled compared to the second quarter of 2020, when loan demand cratered, and pandemic-related uncertainty made extending credit difficult,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Even more notable is that compared to levels seen in 2019, a record year for originations, this year’s second quarter showed a modest 1 percent increase.” In the second quarter of 2021, all property types saw an increase in commercial/multifamily lending volumes year-over-year. For industrial properties, the second quarter saw a 327 percent increase in the dollar volume of loans. As far as the other property sectors, healthcare saw a 302 percent increase, hotels had a 234 percent hike, office had a 149 …
SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate. The locally based borrower has owned and operated the facility since its construction.
NASHVILLE, TENN. — Arriba Capital has provided an $18.5 million construction loan for a new Hyatt Place hotel in Nashville. In addition to the construction loan, Arriba arranged a complex ground lease on the property. Hyatt Place hotel will have 130 rooms with an average size of 350 square feet. One of the hotel amenities includes a fitness center. The borrower, Rev Par Cos., is a privately held hospitality management and development group based in the Southeast. Scottsdale, Ariz.-based Arriba Capital has financed multiple projects for the borrower.