loans

George Smith Partners Arranges $460M Construction Loan for Five-Star Portland Hotel

by Jeff Shaw July 9, 2019

PORTLAND, ORE. — George Smith Partners has secured a $460 million construction loan on behalf of BPM Real Estate Group (BPM) for Block 216, a planned 1.1 million-square-foot mixed-use project in downtown Portland. The project was announced in June. Ritz-Carlton will anchor the 35-story tower, offering the first five-star hotel in the state of Oregon. An affiliate of Mosaic Real Estate Investors funded the four-year loan. George Smith Partners’ Malcolm Davies and Zachary Streit, along with other members of the firm’s Los Angeles office, sourced the financing on behalf of BPM founder Walter Bowen. The Block 216 project will encompass a full city block. In addition to the 251-room hotel, the tower also will include138 branded Ritz-Carlton Residences, 140,000 square feet of office space and 7,800 square feet of ground-floor retail. Portland-based BPM will begin construction of Block 216 this summer and host a groundbreaking on July 12. Construction is scheduled for completion in 2023.

July 9, 2019

Loans Multifamily Texas

Hunt Provides $55.2M Freddie Mac Acquisition Loan for Austin Apartment Property

by Taylor Williams July 5, 2019

AUSTIN, TEXAS — Hunt Real Estate Capital has provided a $55.2 million Freddie Mac acquisition loan for Hyde Park at Wells Branch, a 576-unit multifamily property in Austin. Built in 1999 on 29.3 acres, the property offers two pools, outdoor grilling areas, a fitness center and a dog park. Hunt provided the seven-year, fixed-rate loan to a joint venture between an equity investor and Florida-based multifamily investment firm American Landmark. The new ownership will implement a capital improvements program that will upgrade units’ cabinets, lighting and plumbing, as well as enhance Hyde Park’s amenity spaces.

July 5, 2019

Loans Multifamily New York Northeast

Stonehenge Receives $63M Loan for Refinancing of Two Multifamily Buildings in Manhattan

by Taylor Williams July 2, 2019

NEW YORK CITY — Stonehenge NYC, a New York City-based investment and management firm, has received a $63 million loan for the refinancing of two multifamily buildings totaling 206 units in Manhattan. The properties are located at 108 W. 15th St. and 210 W. 89th St. and span 56 and 150 units, respectively. New York Community Bank provided the funds to Stonehenge, which has owned and managed the buildings since the 1990s. Ralph Herzka and Abe Hirsh of Meridian Capital Group arranged the financing, the specific terms of which were not disclosed.

July 2, 2019

Loans Office Texas

Square Mile Provides $46M Loan for Refinancing of Houston Office Building

by Taylor Williams July 2, 2019

HOUSTON — Square Mile Capital Management LLC has provided a $46 million loan for the refinancing of 1885 St. James Place, a 165,000-square-foot office building located in the Galleria/Uptown area of Houston. The borrower, Mission Cos., an owner-operator that manages about 1 million square feet of office and medical space throughout Houston, developed the Class A property in 2016. John Ream of JLL placed the loan, a portion of which will be used to fund leasing costs.

July 2, 2019

Loans Multifamily Texas

CrossHarbor Capital Provides $95M Loan for Refinancing of Dallas Apartment Property

by Taylor Williams July 1, 2019

DALLAS — Boston-based CrossHarbor Capital Partners has provided a $95 million loan for The McKenzie, a 183-unit apartment property in Dallas. The McKenzie was 50 percent occupied at the time of the loan closing and features one-, two- and three-bedroom units averaging 1,600 square feet. Amenities include a pool, fitness center and 24-hour concierge and valet services. The loan, which will be used to refinance construction debt, was provided to a partnership between StreetLights Residential and A.G. Hill Partners, which developed the property in 2018.

July 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

Washington Trust Provides $30M Refinancing for Seniors Housing Community Near Boston

by Taylor Williams July 1, 2019

WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.

July 1, 2019

Loans Mixed-Use New York Northeast

Chess Builders Receives $140M Construction Loan for Mixed-Use Project in The Bronx

by Taylor Williams June 28, 2019

NEW YORK CITY — Chess Builders, a locally based developer, has received a $140 million construction loan for a mixed-use project located at 210 E. 135th St. in The Bronx. The project will consist of two 25-story towers housing 430 apartments, 129 of which will be rented at below-market rates, as well as 24 hotel rooms, 5,000 square feet of commercial space and 210 parking spaces. S3 Capital Partners, a New York-based private lender, provided the funds.

June 28, 2019

Loans Multifamily New York Northeast Seniors Housing

Berkadia Provides $104.2M HUD Loan for Skilled Nursing Facility in The Bronx

by Taylor Williams June 26, 2019

NEW YORK CITY — Berkadia has provided a $104.2 million HUD loan for the refinancing of Workmen’s Circle Multicare Center, a skilled nursing facility in The Bronx. In addition to skilled nursing care, the property offers mental health services, palliative care and social services. Gemma Geldmacher and Richard Price of Berkadia negotiated the transaction through HUD’s 232/223(f) program, which specifically targets residential care facilities. The loan, which was provided for Woodbury, New York-based Cassena Care, was structured with a fixed interest rate and a 20-year, fully amortizing schedule.

June 26, 2019

Loans Retail Texas

Levcor Receives Loan for Refinancing of Entertainment-Anchored Center in Houston

by Taylor Williams June 26, 2019

HOUSTON — Locally based retail developer Levcor Inc. has received a loan for the refinancing of the Marq*E Entertainment Center, a Houston venue that houses an array of restaurants bars and entertainment concepts, including Dave & Buster’s and Edwards Cinema. Levcor purchased the center, which was originally developed in 2003 and 94 percent occupied at the time of sale, in 2014. Jimmy Board, Tom Melody, Tom Fish and Wes Wallace of JLL handled the debt placement on behalf of Levcor. LoanCore provided the nonrecourse, floating-rate loan, a portion of which will be used to fund property improvements.

June 26, 2019

Loans Multifamily Texas

NXT Capital Provides $53M Loan for Refinancing of Plano Apartment Community

by Taylor Williams June 20, 2019

PLANO, TEXAS — Chicago-based NXT Capital has provided a $53 million loan for the refinancing of a 320-unit apartment community located in the northeastern Dallas suburb of Plano. The property is located within a mile of the Sam Rayburn Tollway and the Dallas North Tollway junction. Amenities include a resort-style pool with cabanas, fitness center, resident lounge with coffee bar, business center, pet play area and walking and running trails. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.

June 20, 2019

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