Pearl Properties Lands $66M Construction Loan

Peal Properties lands a $66.3 million construction loan via HFF; Colliers completes two apartment sales in Arizona; and NorthMarq arranges a seven-year $17.8 million acquisition loan with an interest-only feature.

The Granary

Philadelphia—Holliday Fenoglio Fowler has arranged a $66.3 million construction loan for The Granary, a 227-unit property being developed by Pearl Properties. The luxury mid-rise will be located in Center City, Philadelphia’s Logan Square neighborhood.

“It was a pleasure to represent Pearl Properties on this assignment to help create a first class property in one of the hottest apartment markets in the country,” says Jim Cadranell, a managing director at HFF who led the team representing Pearl Properties.

When completed, The Granary will feature a mix of one- and two-bedroom apartment homes that average 842 square feet in size. Community amenities will include a lobby with lounge, a fitness center, library and music room, club room with terrace, business center, and a pet daycare center.

Colliers completes two Arizona sales

Waterstone Apartments

Phoenix & Mesa, Ariz.—Colliers International in Greater Phoenix has completed two multifamily transactions totaling $14.5 million in separate transactions. The firm sold the 269-unit Waterstone for $11.3 million, and the 166-unit Canyon Walk for $3.2 million.

Waterstone Apartments was sold by WBLMT 2007-C31 Dobson Road LLC. Canyon Walk Apartments was sold by WLCFC 2006-4 Glendale Avenue LLC. Both seller entities are controlled by LNR Partners of Miami Beach, Fla.

Built in 1979 in Mesa, Ariz., Waterstone consists of 14 buildings on 8 acres. Amenities include two swimming pools, a spa, fitness center, business center, and basketball and tennis courts.

Canyon Walk Apartments is located in Phoenix. It is a two-story garden-style community with 10 buildings built in 1974. Amenities include a swimming pool, clubhouse, laundry facility, and picnic area with barbecue grills.

NorthMarq arranges 7-year $17.8M acquisition loan with I/O

Chicago–Jeff Cherner, senior vice president and managing director of NorthMarq’s Chicago Regional office, arranged acquisition financing of $17.8 million for Willow Dayton Apartments located in Chicago.

This asset includes 11 buildings containing 143 one and two bedroom apartments and 15,000 square feet of retail space near the intersection of Halsted and Willow in Chicago’s Lincoln Park neighborhood. The property has been renamed Halsted Place Apartments and is being managed by an affiliate of Golub & Co.

Financing was based on a seven-year term with two years interest only, and then a 30-year amortization schedule. The loan was arranged for the borrower, HWD Apartments LLC, by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.

“AmeriSphere was successful in obtaining several waivers from FNMA that made this financing possible. Plans call for repairs and renovations to several of the buildings to take care of deferred maintenance.  Additionally, capital is available to make upgrades within the apartments. The property is within walking distance of The Steppenwolf Theatre, the North Avenue Subway Station, and the burgeoning retail corridor near the intersections of North Avenue, Halsted Street and Clybourn Avenue,” says Cherner.