6-18-21

6A — June 18 - July 22, 2021 — Creative Financing — M id A tlantic Real Estate Journal

www.marej.com

C reative F inancing

Joshua Rosen leads origination team Walker &Dunlop structures $56 Million in financing

New tool will unlock institutional capital for BIPOC housing developers Schusterman & CIGP commit $25M to advance racial equity in housing

tial expertise in seniors hous - ing and healthcare facilities finance has helped our clients provide care and housing for our country’s most vulnerable populations during a time when they need it most.” Chalet Living & Rehab Cen - ter, located in Chicago, Il - linois, includes large private suites, a library, and spacious communal areas. The Grove of Evanston, a nursing home in Evanston, Illinois, hosts on- site spa and salon services and a bistro for residents to meet with visitors. In La Grange Park, Illinois, The Grove of La Grange Park provides advanced post-hospital care with services such as escorted transportation to medical ap - pointments and visits home. Walker & Dunlop is a pro - vider of capital to the U.S. multifamily market and is ranked the 5th largest HUD lender1. In 2020 alone, the firm originated nearly $600 million of seniors housing, skilled nursing, and health - care transactions through various capital sources. MAREJ

BETHESDA, MD — Walk- er &Dunlop, Inc. announced that it structured $55.68 mil - lion in financing for three skilled nursing facilities in the Chicago, Illinois area: Chalet Living & Rehab Center, The Grove of Evanston, and The Grove of La Grange Park. Senior managing director Joshua Rosen led the origi - nation team at Walker & Dunlop in securing significant debt coverage savings for the property owner and long- time client. The team utilized their deep understanding of U.S. Department of Housing and Urban Development’s (HUD) loan programs to ap - ply the Section 232/223(a)(7) Refinance option to each prop - erty’s existing HUD loans. The permanent loans also feature terms of 27 years and attrac - tive fixed rates. “This three-pack transac - tion is an excellent example of Walker & Dunlop’s ability to provide new opportunities for skilled nursing facilities amid a global pandemic,” said Rosen. “Our team’s substan -

C

growth. The flexibility of the Standby Guaranty Facility enables Enterprise to provide guarantees at the developer, project, or fund level. The remaining $10 million from Schusterman will provide growth capital and advisory services designed to support BIPOC developers as they grow their operations and real estate portfolios and create impact in their communities. “For centuries, Black entre - preneurs have lacked access to the capital we all need to be able to start and build business - es, and even when that capital was available, it was frequently overpriced. We are pleased to support Enterprise Commu - nity Partners’ national effort to provide financing to developers of color so they can build their businesses while creating more affordable housing for the many families in need,” said Stacy Schusterman , chair, Charles and Lynn Schusterman Family Philanthropies. “We believe that through efforts to develop new community development finance models, all developers can be afforded equitable access to capital and the nation’s sup - ply of affordable housing can expand in the process.” ”We are excited about the opportunity to support Enter - prise’s Equitable Path For - ward. CIGP’s intent is to enable intermediaries to ap - proach community financing more innovatively and equi - tably,” said Sarah Stremlau , president of LOCUS Impact Investing , which manages CIGP. “Through this proj - ect, we hope Enterprise and the other standby guarantee

facility’s investors will help BIPOC and other historically marginalized developers build wealth and gain access to the development opportunities they justly deserve.” “For too long, developers of color – despite credibility and community knowledge -- have been unable to access the kind of capital that helps them grow their businesses and invest in their neighborhoods. Equitable Path Forward, and specifically the Standby Guaranty Facility, allows Enterprise to address the speed bumps they may face working with traditional lenders and investors,” said Priscilla Almodovar , presi - dent and chief executive officer, Enterprise. “With partners like Schusterman and the Com - munity Investment Guaran - tee Pool, we are beginning to change the finance system to advance racial equity.” Equitable Path Forward Equitable Path Forward is a five-year, $3.5 billion nation - wide initiative to help disman - tle the deeply-rooted legacy of racism in housing – from the types of homes that are built, where they’re built, who builds them, and the wealth that is generated from them. The mul - tipronged initiative establishes an equitable path forward for Black, Indigenous, and People of Color and other historically marginalized housing provid - ers by filling the gaping capital gap from decades of systemic racism, strengthening provid - ers through advisory services and other nonfinancial support and creating new career path - ways to diversify leadership in real estate. MAREJ

OLUMB I A , MD , TULSA , OK and RICHMOND, VA –

Enterprise Community P a r t n e r s (Enterprise) announced a $20 mi l l ion commitment from Charles and Lynn S c hu s t e r - man Family

Stacy Schusterman

Philanthropies (Schuster- man) , along with $5 million from the Community In- vestment Guarantee Pool (CIGP) , toward Equitable Path Forward, Enterprise’s five- year, $3.5 billion nationwide initiative to invest in Black, Indigenous, and People of Color (BIPOC) and other historically marginalized housing provid - ers. CIGP’s $5 million second- loss guarantee support and $10 million in third-loss sup - port from Schusterman will back a first-of-its kind Standby Guaranty Facility, a credit enhancement tool that helps unlock access to capital for BI - POC developers whose balance sheets do not meet traditional investor requirements. It is part of Enterprise’s work to push the community develop - ment finance system to make intentional changes to their risk models to level the play - ing field for developers of color. The Standby Guaranty Facil - ity will eliminate the need for developers to secure a third- party co-guarantor, which can reduce their profit potential and further perpetuate barriers to BIPOC developers’ business RICHMOND, VA — Phil- lips Realty Capital repre- sented Thalhimer Realty Partners on its recent refi - nancing of The Overlook at City View from Alliant Credit Union. Alliant Credit Union an - nounced the closing of a $23.4 million loan to refinance a recently constructed, class A, mixed-use property contain - ing 128-unit residential units and 8,000 s/f of retail located in Richmond. The sponsors, Thalhimer Realty Partners, manage several properties in the immediate area and main - tain over 10,000 units in their portfolio. The property was completed and stabilized in 2020 and features a clubhouse,

Cushman & Wakefield inks $61M sale of Crossways Commerce Ctr.

Crossways Commerce Center I & II

Jersey acquired the asset on May 27, 2021, for $61.05 million($116/s/f). The sale was completed by Eric Berkman in Cushman & Wakefield’s Washington, DC office as well as Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group. Cushman & Wakefield | Thalhimer is pleased to an - nounce the sale of 1215 Saint Julian Ave. in Norfolk, Vir - ginia. Macsons Demolition &Envi - ronmental Services purchased 1215 Saint Julian Ave. in Norfolk, the 27,175 s/f indus - trial building, situated on 5.51 acres, from SRC Associates, LC for $1.4 million as their new regional facility. William C. Throne, CSC- MP, CCIM, SIOR and Geoff Poston, CCIM, SIOR of Cush - man &Wakefield | Thalhimer handled the sale negotiations on behalf of the seller. MAREJ

CHESAPEAKE, VA — Cushman & Wakefield | Thalhimer completed the following recent transac- tions: Cushman & Wakefield | Thalhimer’s Capital Mar- kets Group has represented the seller, DSC Partners , in the sale of Crossways Com - merce Center I & II, a three- building, 525,082 s/f indus - trial/flex portfolio, situated in a 30-acre business park, located at 1545 Crossways Boulevard, 1449 Kristina Way and 1501 Crossways Boule - vard in Chesapeake, Virginia. Crossways Commerce Center I & II is 100% leased to a di - verse mix of tenants, including General Dynamics and Fiserv (fka First Data Resources), along with Sentara Health - care, Safelite Fulfillment, Inc., Mid-Atlantic Engineering, and Regus. A family office out of New

PRC facilitates $23.4M refi. of class A apartments in Richmond, VA

eclectic neighborhood is full of restaurants, small business, and a variety of entertainment making it one of the most de - sirable locations in the city. “Alliant is excited to work with such accomplished and professional borrowers like the Thalhimer team.” said Yonah Sturmwind commer- cial loan specialist originator at Alliant Credit Union. “We are proud to be part of the revitalization and growth of the Manchester part of Rich - mond. Alliant would like to thank Charles DuBose and Harmon Handorf of Phillips Realty Capital for collaborat - ing with us to execute on this loan on behalf of their long- standing client.” MAREJ

The Overlook at City View fitness center, sky-lounge, pool, and class A unit finishes. The tailored loan features a longer term with an interest- only period, step-down in inter - est rate, earnout provision, and flexible exit options. Richmond’s Manchester sub - market has experienced strong population growth due its loca - tion just across the river from downtown Richmond. The

Made with FlippingBook Ebook Creator