loans

American Street Capital Arranges $30.4M Refinancing for Apartment Building in Boston

by Taylor Williams May 21, 2019

BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.

May 21, 2019

Loans Multifamily Texas

Thorofare Capital Funds $24M Acquisition Loan for Multifamily Portfolio in San Antonio

by Taylor Williams May 17, 2019

SAN ANTONIO — Los Angeles-based Thorofare Capital has provided a $24 million acquisition loan for a portfolio of multifamily properties totaling 338 units in San Antonio. The five-year, nonrecourse loan features a floating interest rate, 75 percent loan-to-cost structure and flexible prepayment options. A portion of the proceeds will be used to fund expenditures for capital improvements. The borrower was not disclosed.

May 17, 2019

Loans Multifamily Texas

New York Life Provides $42M Acquisition Loan for Metro Austin Apartments

by Taylor Williams May 13, 2019

ROUND ROCK, TEXAS — A division of insurance giant New York Life has provided a $42 million first mortgage loan for the acquisition of Bexley Round Rock, a 330-unit multifamily community located on the northern outskirts of Austin. The loan carried a 20-year term and a fixed interest rate. The borrower was Virginia-based Weinstein Properties.

May 13, 2019

Loans Multifamily Texas

PCCP Originates $36.5M Loan for Refinancing of Houston Apartments

by Taylor Williams May 13, 2019

HOUSTON — Los Angeles-based PCCP has originated a $36.5 million senior loan for the refinancing of Bayou on the Bend, a 241-unit apartment community located in the River Oaks submarket of Houston. Built on 3.6 acres, the property offers studio, one- two- and three-bedroom units averaging 1,161 square feet. Amenities include two pools, a fitness center, business center, game room and outdoor grilling areas. Adam Allen and Ben Johnson of Newmark Knight Frank placed the debt with PCCP on behalf of the borrower, Arel Capital, which acquired the asset in 2017. Bayou on the Bend was 87 percent occupied at the time of the loan closing.

May 13, 2019

Loans Multifamily New Jersey Northeast

KRE Group Receives $45M Construction Loan for New Jersey Apartment Project

by Taylor Williams May 10, 2019

BAYONNE, N.J. — New Jersey-based development and management firm KRE Group has received a $45 million construction loan for Harbor Station North, a 200-unit apartment project in Bayonne, located across from Brooklyn. The three-building property will include 10,000 square feet of retail space and offers access to multiple public transit lines. PNC Bank and People’s United Bank provided the three-year loan, which was placed by George Gnad of Avison Young. The project is expected to be complete by spring 2020.

May 10, 2019

Loans Multifamily New York Northeast Seniors Housing

KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York

by Taylor Williams April 30, 2019

ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.

April 30, 2019

Hospitality Loans New York Northeast

Avana Capital Provides $65M Construction Loan for AC Marriott Hotel in Manhattan

by Taylor Williams April 30, 2019

NEW YORK CITY — Arizona-based Avana Capital has provided a $65 million loan for the construction of a 26-story AC Marriott Hotel in the Chelsea neighborhood of Manhattan. Designed by Danny Forster & Architecture, the 168-room hotel will be located at 842 Sixth Ave. and will be the tallest hotel in the world to feature modular construction. The borrower was locally based firm 842 Enterprises Inc. Bloomberg reports that guest rooms will be assembled in Poland and shipped to New York, with the opening of the property slated to occur some time next year.

April 30, 2019

Loans Multifamily Texas

3650 REIT Originates $87.9M Construction Loan for Austin Residential Project

by Taylor Williams April 30, 2019

AUSTIN, TEXAS — Miami-based balance sheet lender 3650 REIT has originated an $87.9 million construction loan for 48 East, a 33-story condominium project that will be located in the Rainey Street district of Austin. The property will feature 249 units ranging in size from 456 to 851 square feet. Amenities will include a rooftop pool, viewing deck and a fitness center. The borrower was a joint venture between Austin-based Pearlstone Partners and Miami-based Newgard Development Partners. Mike Guterman of Highland Realty Capital and John Ghiselli of Waterloo Real Estate Investments placed the nonrecourse loan, which carried a 75 percent loan-to-cost structure.

April 30, 2019

Loans Multifamily Texas

NXT Capital Provides $61M Loan for Refinancing of Dallas Apartments

by Taylor Williams April 23, 2019

DALLAS — Chicago-based NXT Capital has provided a $61 million loan for the refinancing of an undisclosed, 400-unit multifamily property in Dallas. The community is located in the Dallas Design District and offers amenities such as two pools, a fitness center, resident lounge, business center, game room and bike storage. The borrower and specific loan terms were not disclosed.

April 23, 2019

Development Multifamily New York Northeast

Vanbarton Group Begins Leasing 25-Story Residential Building in Midtown Manhattan

by Taylor Williams April 23, 2019

NEW YORK CITY — Real estate investment and development firm Vanbarton Group has begun leasing Hollingsworth, a 25-story residential tower located at the corner of West 37th Street and Sixth Avenue in Midtown Manhattan. Designed by New York-based Fogarty Finger, the property offers 380 units and amenities such as a fitness center, package lockers, a rooftop lounge and an outdoor grilling area. Units feature imported Italian tile and soaking tubs in bathrooms, stone countertops and backsplashes in kitchens, as well as wood plank flooring and washers and dryers. Rents start at approximately $3,330 per month for studio units, $4,250 per month for one-bedroom residences and $5,925 per month for two-bedroom units. Move-ins will begin in May.

April 23, 2019

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