loans

PCCP Provides $148M Loan for Refinancing of Midtown Manhattan Office Building

by Taylor Williams August 11, 2021

NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $148 million loan for the refinancing of 1410 Broadway, a 387,265-square-foot office building in Midtown Manhattan. Designed by Ely Jacques Kahn and originally constructed in 1930, the property is located in the Garment District and was 78 percent leased at the time of the loan closing. The borrower, New York City-based L.H. Charney Associates, has owned and managed the property since 1981. Between 2013 and 2020, the company implemented a $14.2 million capital improvement program that included a façade restoration and full renovation of the lobby, corridors, elevators and bathrooms.

August 11, 2021

Loans Multifamily North Carolina Southeast

CBRE Secures Refinancing for Village at Commonwealth Apartments in Charlotte

by Julia Sanders August 10, 2021

CHARLOTTE, N.C. — CBRE has arranged a loan for the refinancing of The Village at Commonwealth, an 823-unit multifamily complex in Charlotte. Nate Sittema, Kristen Reilley, Grant Harris and Elliott Voreis of CBRE arranged the loan on behalf of the owner, Northwood Ravin. Manhattan-based KKR provided the five-year permanent loan. The loan amount was not disclosed. Located at 1308 Lorna St., the Village at Commonwealth is situated within Charlotte’s Plaza Midwood neighborhood near Veterans Memorial Park. Built in 2015, the property includes studio, one-, two- and three-bedroom units and townhomes and has ample parking and detached garages. Community amenities include a fitness center, sauna, spa, pool, bike storage, beer garden, barista bar, walking and biking trails, gameroom, pet care, conference room and a clubhouse and business center. Northwood Ravin is a Charlotte-based, full-service development, construction and property management firm.

August 10, 2021

Loans Multifamily Texas

Greystone Provides $41.2M Acquisition Loan for Austin Apartment Community

by Taylor Williams August 10, 2021

AUSTIN, TEXAS — Greystone has provided a $41.2 million bridge loan for the acquisition of Legends at Lake Creek, a 250-unit apartment community in the Anderson Mill area of Austin. Built in 2001, the value-add property offers one-, two- and three-bedroom units and amenities such as a pool, resident clubhouse, coffee bar, dog park, fitness center and a playground. Steven Vainer of Greystone originated the loan, which carried a 36-month term with two one-year extension options, on behalf of the borrower, San Antonio-based LYND Co.

August 10, 2021

Alabama Loans Multifamily Southeast

Parkview Financial Provides $25.5M Construction Loan for Multifamily Adaptive Reuse Project in Birmingham

by Julia Sanders August 10, 2021

BIRMINGHAM, ALA. — Parkview Financial has provided a $25.5 million construction loan to Orchestra Partners Development for the redevelopment of the historic Frank Nelson Building in Birmingham. The overall financing for the property included $9 million in state and federal Historic Tax Credits, opportunity zone investors and a mezzanine loan, according to Parkview Financial. Built in 1903 as the First National Bank Building, the Frank Nelson Building is located at 205 20th St. N. The 10-story, 79,000-square-foot office building will be converted into a 180-unit apartment community and will include four commercial units on the ground floor totaling 9,000 square feet of retail space. Construction is slated for completion in late 2022. The residential units will include 135 studios with averaging 398 square feet and 45 one-bedroom units averaging 532 square feet. The units will feature stainless steel appliances, washer/dryers and custom cabinets. Community amenities will include a dog park and run, fitness center, pool table, outdoor deck, conference rooms and basement storage areas. The retail portion is preleased to The UPS Store in a 3,125-square-foot space and Trattoria ZaZa in a 1,441-square-foot space. The other retail units are available for lease. The property is located less than one mile …

August 10, 2021

Development Florida Loans Multifamily Single-Family Rental Southeast

George Smith Secures $26M Construction Loan for SFR Project in Fort Myers, Florida

by Julia Sanders August 9, 2021

FORT MYERS, FLA. — George Smith Partners has secured a $26 million construction loan for a new 130 single-family rental development in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the developer, Soltura Development Group. The entire project is slated for completion by the end of 2022. The new development will be a part of The Forum, a 706-acre master planned community adjacent to Top Golf and located on the eastern side of Fort Myers. The community features restaurants, retail, office, medical, assisted living and residential communities. George Smith Partners secured the construction debt at a 70 percent loan-to-cost ratio. A Kansas-based bank, Equity Bank, provided the loan. Soltura is a Naples, Fla.-based real estate development company that focuses on residential, hospitality, restaurants/bars and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans.

August 9, 2021

Affordable Housing Loans Louisiana Multifamily Southeast

Hunt Capital Invests $8.8M in LIHTC, Historic Tax Credit Equity for Affordable Housing Project in Monroe, Louisiana

by Julia Sanders August 9, 2021

MONROE, LA. — Hunt Capital Partners has invested $8.8 million in construction financing to fund the redevelopment of the Miller-Roy Building in Monroe. The investment includes $6.4 million in Low Income Housing Tax Credit (LIHTC) equity and $2.4 million in state and federal Historic Tax Credit equity. The project will also include the construction of multifamily housing units in a newly built property known as Bayou Savoy Building. Michael Echols Enterprises is the developer for the project. Built in 1929, the historic three-story Miller-Roy Building will be reimagined to feature two studio apartments and 16 one-bedroom units, as well as 3,851 square feet of commercial space on the first floor. The Miller-Roy Building used to be the office for one of the first African American newspapers in the South, and was home to many African American-owned businesses at the time. The newly constructed Bayou Savoy Building will span four stories and comprise 48 two-bedroom units. The property will allow a range of incomes for leasing from 20 percent of area median income up to 80 percent, and 14 units will be in the workforce housing range. Project-based rental assistance will be provided for 24 of the 66 LIHTC units, and …

August 9, 2021

Loans Multifamily Northmarq Texas

NorthMarq Arranges Loan for Refinancing of 338-Unit Apartment Community in South Houston

by Taylor Williams August 9, 2021

HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of Orleans at Fannin Station, a 338-unit apartment community located south of downtown Houston. The Class A property features one- and two-bedroom units and amenities such as a pool with cabanas, social lounge with a catering kitchen, clubroom with a flat-screen TV, package lockers with refrigeration capabilities and an internet café. John Burke of NorthMarq arranged the fixed-rate loan, which carried a 20-year term with five years of interest-only payments followed by a 30-year amortization schedule, through an undisclosed life insurance company. The borrower was also not disclosed.

August 9, 2021

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $47.6M Financing for Two Seniors Housing Properties in Pennsylvania

by Taylor Williams August 9, 2021

ERIE AND MECHANICSBURG, PA. — HJ Sims has arranged $47.6 million in financing for Bethany Village Retirement Center and Springhill, two seniors housing properties that are respectively located in Mechanicsburg and Erie. Bethany Village includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill features 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. The borrower was Asbury Communities Inc.

August 9, 2021

Loans Mixed-Use Washington Western

Gantry Arranges $32.5M Loan for Refinancing of Off-Campus Student Housing Mixed-Use Development near Seattle

by Madison Pettway August 9, 2021

LYNWOOD, WASH. — Commercial mortgage banking firm Gantry has arranged a $32.5 million loan to refinance a newly completed, privately built student housing community adjacent to Edmonds College in Lynwood, located about 17 miles north of Seattle. Triton Court offers 104 units with 220 total beds, including more than 13,000 square feet of retail space and more than 15,000 square feet of office space. The property is the result of a quasi-public/private partnership, wherein a private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Gantry’s Mike Wood and Alex Saunders worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a competitive, fixed interest rate with payments on an interest-only basis for the 10-year loan term. Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm

August 9, 2021

Loans Multifamily Southeast Virginia

Pacific Western Bank Provides $127.5M Construction Loan for Apartment Project in Falls Church, Virginia

by Julia Sanders August 6, 2021

FALLS CHURCH, VA. — Pacific Western Bank has provided a $127.5 million senior construction loan for an affiliate of the Wolff Co., which acquired three existing office towers in Falls Church, currently known as Skyline Towers. The company purchased the property in late 2019 with the intention of converting all three buildings into 675 rental apartments with ground floor retail space. The Skyline Towers will include a portion of the apartment units as live/work apartments, as well as dedicated office space. The project is located adjacent to a Target store and a fitness facility.

August 6, 2021

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