loans

MassHousing Provides $36M Construction Loan for Boston Affordable Housing Project

by Taylor Williams November 19, 2020

BOSTON — MassHousing has provided a $36 million construction loan for the development of The Loop at Mattapan Station, a 135-unit affordable housing community located in the Mattapan area on the south side of Boston. Preservation of Affordable Housing, a nonprofit organization, is developing the building, which will house 10,000 square feet of ground-floor retail space and is expected to be complete in June 2022. The unit mix will include six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments.  Approximately 30 percent of the units will be designated as workforce housing.

November 19, 2020

Development Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $19.9M Construction Loan for Metro Boston Multifamily Project

by Taylor Williams November 19, 2020

CANTON, MASS. — Mortgage banking firm Fantini & Gorga has arranged a $19.9 million construction loan for Millside at Heritage Park, a 60-unit multifamily project in the southern Boston suburb of Canton. The age-restricted community will offer one- and two-bedroom units averaging 1,076 square feet, with 25 percent of the units reserved for households earning 80 percent or less of the area median income. Casimir Groblewski and Lindsay Feig of Fantini & Gorga arranged the loan through HarborOne Bank and Bristol County Savings Bank on behalf of the borrower, 104 Revere Street LLC.

November 19, 2020

Development Loans New York Northeast

SL Green Receives $1.2B Construction Loan for 1.4 MSF Office Project in Manhattan

by Taylor Williams November 18, 2020

NEW YORK CITY — SL Green Corp. (NYSE: SLG) has received a $1.2 billion construction loan for One Madison Avenue, a 1.4 million-square-foot office project that will be situated on a full city block between Park and Madison avenues and East 23rd and 24th streets. SL Green is developing the 27-story building in partnership with Houston-based Hines, and Kohn Pederson Kohn is serving as the project architect. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. Amenities will include new retail space, an 800-person event space, 15,000-square-foot artisanal food market, 9,000-square-foot club-style tenant lounge and a full-service fitness center. An estimated completion date was not disclosed.

November 18, 2020

Loans New York Northeast Office Retail

Empire State Receives $180M Loan for Refinancing of Manhattan Office, Retail Building

by Taylor Williams November 17, 2020

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.

November 17, 2020

Fox-Ridge-Apartments-Lebanon-Pennsylvania

Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Provides $20.4M Fannie Mae Loan for Fox Ridge Apartments in Lebanon, Pennsylvania

by Taylor Williams November 16, 2020

LEBANON, PA. — Walker & Dunlop has provided $20.4 million in Fannie Mae permanent financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, located in between Harrisburg and Reading. The property features one- and two-bedroom units and amenities such as a clubhouse, fitness center and common outdoor green space. John Banas, Kris Wood. John Wilson, Rhett Saltiel, and Erik DiGirolamo of Walker & Dunlop provided the 10-year, fixed-rate loan to the borrower, multifamily owner-operator Boyd/Wilson.

November 16, 2020

Loans Multifamily Texas

JLL Provides Agency Acquisition Loan for 324-Unit Apartment Community in West Dallas

by Taylor Williams November 12, 2020

DALLAS — JLL has provided an undisclosed amount of Fannie Mae acquisition financing for Los Altos Trinity Green, a 324-unit apartment community in West Dallas. Built in 2019 as Alta Trinity Green, the property is part of the 24.8-acre Trinity Green residential district that features proximity to multiple office hubs and retail options. Units come in studio, one-, two- and three-bedroom formats. Amenities include a pool, outdoor lounge, rooftop deck, clubhouse and game room, fitness center and a dog washing station. Susan Hill and Cortney Cole of JLL originated the financing, which was structured with a 10-year term, a fixed interest rate of 2.62 percent and five years of interest-only payments, on behalf of the borrower, Houston-based investment firm Barvin. The seller was Wood Partners.

November 12, 2020

Loans Multifamily New Jersey Northeast

NorthMarq Arranges $45.5M Loan for Refinancing of Multifamily Asset in Sayreville, New Jersey

by Taylor Williams November 12, 2020

SAYREVILLE, N.J. — NorthMarq has arranged a $45.5 million loan for the refinancing of Camelot at La Mer V, a 273-unit multifamily asset located in the Northern New Jersey town of Sayreville. Gary Cohen and Marc Nevins of NorthMarq arranged the financing, which was structured with a fixed interest rate and a 35-year term, through a correspondent life insurance company. The borrower and developer was New Jersey-based Kaplan Cos.

November 12, 2020

Development Multifamily New York Northeast

ACRES Capital Provides $16M Construction Loan for Multifamily Project in The Bronx

by Taylor Williams November 10, 2020

NEW YORK CITY — ACRES Capital Corp. has provided a $16 million construction loan for a 53-unit multifamily project that will be located at 653-655 Mace Ave. in the Allerton area of The Bronx. The seven-story building will be located near multiple public transit lines and will feature 15,000 square feet of amenity space. Abe Mann of Progress Capital arranged the loan on behalf of the borrower, Supreme Equities LLC.

November 10, 2020

Loans Multifamily Texas

Colliers Provides Fannie Mae Acquisition Loan for 85-Unit Apartment Complex in Metro Dallas

by Taylor Williams November 9, 2020

DESOTO, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae green acquisition financing for The Corners Apartments, an 85-unit multifamily complex located in the southern Dallas suburb of DeSoto. The property was built in 1984 and renovated in 2019. Colliers provided the 12-year loan through a partnership with Old Capital Lending. The borrower was not disclosed.

November 9, 2020

Affordable Housing Delaware Loans Lument Multifamily Northeast Seniors Housing

Lument Provides $8M in Agency Financing for Affordable Housing Conversion Projects in Delaware

by Taylor Williams November 9, 2020

MIDDLETOWN AND SMYRNA, DEL. — Lument has provided an $8 million Freddie Mac loan to the Delaware State Housing Authority (DSHA) for the conversion of three public housing developments into Section 8 affordable housing for seniors. The permanent financing will pay off construction and renovation debt for a portfolio of three properties totaling 106 units. The portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. Holly Square and Peach Circle will be reserved for seniors age 62 and older, with McLane Gardens having general occupancy.

November 9, 2020

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