F inancial D igest F eaturing I nvestment /M ultifamily F inancing
M id A tlantic Real Estate Journal — August 14 - 27, 2020 — 5A NorthMarq’s Ranieri negotiates construction financing of $10M
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ASHINGTON, DC — Love Funding , one of the nation’s Midland States Bank completes short-term bridge loans Love Funding showcases HUD versatility inQ2 2020 financings W
leading providers of FHA multifamily, affordable and healthcare financing, an - nounced more than $97.3 MM in HUD financings dur - ing Q2 2020. Love Funding partnered with HUD to pro - vide its borrowers with long term, non-recourse, low- and fixed-rate debt solutions. Love Funding’s parent company, Midland States Bank , was able to complete short-term bridge loans to secure fund - ing. Q2 2020 Financing High - lights: • The $3.14MM acquisition of Egida Hogar San Antonio, a Section 202 Loan property located in Guayama, Puerto Rico, was financed through HUD’s 223(f) program. The borrower was able to ac- quire this Section 8 project and extend the affordability component by entering into a new 20-year HAP contract. The borrower was also able to realize additional savings through HUD’s reduced ap - plication fee incentive for projects located in a Qualified Opportunity Zone. • Financing of the $12.9MM Woodlands of Arnold, an as - sisting living, memory care, and skilled nursing facility WILMINGTON, DE — Cin- naire announced two key ap - pointments in the organiza- tion’s Mid Atlantic office. Azeez Weeks has joined the organiza - tion as development manager for Cinnaire Solutions, a newly created position to advance Cin - naire’sWilmington Priority City initiatives. Matt Hodges has joined Cinnaire as VP, business funding, leading the develop - ment of equity funds in the Mid Atlantic to support Cinnaire’s affordable housing and com - munity redevelopment efforts. As development manager, Azeez will support project man - agement, assist in the develop - ment of the Cinnaire Solutions pipeline and provide leadership and guidance to partners in
Opus rendering
draw tenants from the area as well as those who currently reside in New York City and want a lower density housing option.” As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, invest - ment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60- year history, annual transac - tion volume of $13 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 600 people. MAREJ
WHITE PLAINS, NY — Robert Ranieri , senior vice president/managing director of NorthMarq’s White Plains office negotiated construction financing of $10 million for Opus. The 49-unit multifam - ily property will be located on Ridge Rd. in North Arling - ton, NJ. The transaction was structured with an 18-month interest-only term. NorthMarq arranged financing for the bor - rower through its relationship with a local bank. “This transaction was start - ed pre-COVID but we were able to get the loan approved and closed during the pandemic,” said Ranieri. “The project will be a high quality apartment and the Town of North Arling - ton was very receptive. It will
Chickasaw Place
located in Arnold, MO, show - cased Love Funding’s creativ - ity and partnership with Mid - land States Bank by providing a short-term bridge loan as a mechanism to complete a cash-out refinance. Midland was able to fund the bridge transaction for the borrower, and Love Funding then imme - diately applied to HUD for the permanent mortgage through HUD’s 232/223(f) program. • The $18.2MM HUD-in - sured loan for Chickasaw Place, a 272-unit, Section 8 project, was financed through HUD’s 223(f) program in con - junction with 4% Low-Income Housing Tax Credits with Tax-Exempt Bonds allocated by the Tennessee Housing Wilmington. Azeez brings a unique set of analytical, prob - lem-solving and technical skills to Cinnaire. He recently worked as Enterprise MobilityManager at Genesis Healthcare. There, he was responsible for leading a team to determine, imple - ment and manage the corporate strategy and policy for mobile devices. Prior to that position, he worked as a Genius Lead and Business Specialist at Apple, Inc. He earned his Bachelor of Science in Business Adminis - tration and Marketing from the University of Delaware. “Cinnaire Solutions has made significant strides working with our partners to revitalize and transform the communities we serve,” said Chris Laurent ,
Development Agency and Tax-Exempt Bonds issued by The Health, Educational, and Housing Facility Board of the City of Memphis. The HUD loan will be used to preserve and enhance the project with a scope of proposed renovation at approximately $34,800/ unit. Love Funding also utilized HUD’s Interest Rate Reduc - tion and 223(a)(7) programs to improve cash flows at six currently HUD-insured projects by taking advantage of the low interest rate envi- ronment. Both programs are designed to offer a stream - lined solution to lower debt service payments through lower interest rates. MAREJ Cinnaire Solutions president. “Azeez is a dynamic addition to our team. We are confident his unique knowledge and proven leadership skills will elevate the resources Cinnaire Solu- tions brings to the table. We are excited to have Azeez join our team to advance our Wilm - ington Priority City initiatives.” As VP, business funding, Hodges is charged with raising equity capital and managing investor relationships for Cin- naire’s Mid Atlantic region. Matt has a strong institutional sales background, with ex - perience in affordable hous - ing, renewable and alternative energy, and new market and historic rehabilitation tax credit equity. MAREJ
Houlihan-Parnes announce placement of $10 Million loan
Cinnaire welcomes Weeks & Hodges
Five Towns Shopping Center
Shop. The 500,000 s/f shopping center is in the Five Towns area of Nassau County, just east of JFK International Air - port. The Center has a robust tenant roster that includes Lowe’s Home Center, TJ Maxx, Wal-Mart, T-Mobile, and Chick fil a, as well as the incoming Stop & Shop. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP and title was acquired by Chicago Title . MAREJ
WOODMERE, NY — Jim Houlihan, Bryan Houlihan , and Christie Houlihan of Houlihan-Parnes Realtors, LLC to announced the place - ment of a construction loan in the amount of $10 million on the Five Towns Shopping Cen- ter located at 253-01 Rockaway Blvd., Woodmere. The loan was placed with a national lender with a fixed rate of 2.78%. The proceeds of the loan will be used for the build out of a brand-new 80,000 s/f Stop &
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