Greystone has provided a $58.8 million HUD-insured loan to refinance a skilled nursing facility in Southampton, N.Y. The transaction was originated by Fred Levine, a managing director at Greystone.

The $58,848,000 permanent FHA refinance carries a low, fixed interest rate and 35-year term and amortization. The non-recourse loan refinances and consolidates the asset’s existing debt.

Comprising nine acres on the South Fork of Long Island in The Hamptons, the 280-bed Hamptons Center for Rehabilitation & Nursing offers an array of specialized services and programs, including both short-term and long-term care and two separate, secure Alzheimer’s-dementia care units. The facility is located on County Road 39 in close proximity to affluent areas such as Sag Harbor, Bridgehampton and Sagaponack, and the nearest skilled nursing facility is 15 miles away.

“The HUD 232 program continues to be the most sought-after financing vehicle for skilled nursing home operators,” said  Levine. “It’s truly gratifying when Borrowers choose us to guide them through the financing process again and again, and our ranking as the No. 1 combined multifamily and healthcare HUD lender speaks for itself.”

The Mortgage Bankers Association's rankings, or real estate finance league tables, covering the top commercial-multifamily mortgage originators of 2018.

It's designed to provide listings of dozens of different mortgage originators, their 2018 volumes and the different roles they play. The report presents origination volumes in more than 140 categories, including by role, investor group, property type, financing structure type and by the location of the originating office.

Inland Private Capital Corp. sold two multifamily properties, Ascent Uptown and Emerson Lofts, both located in Denver for $21.85 million. Inland facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs.

Located at 1691 Franklin Street, Ascent Uptown is a three-story mixed-use building constructed in 2013. The property consists of 22 units and approximately 4,988 square feet of retail space, currently leased to Olive & Finch, a coffee shop and bakery, and Patxi’s Pizza.

The Emerson Lofts, located at 777 Emerson Street, is a 42-unit multifamily property constructed in 2013. The property also includes 42 basement garage parking spaces.

“Denver Multifamily Portfolio DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the properties in 2015, and they provided consistent income and a substantial profit on sale, resulting in an 8.71 percent average annualized return to investors.”

[caption id="attachment_11080" align="alignleft" width="533"] Ascent is a multifamily property located in Denver.[/caption]

As of the date of the sale, Ascent Uptown was 100 percent leased and Emerson Lofts was 97.62 percent leased.

The sale resulted in a return to investors of 131.35 percent, based on the aggregate amount of original capital invested in the property.

TD Bank expanded its commercial real estate lending by 6.8 percent in fiscal year 2018, issuing $6.6 billion in new loans and renewals.

"Changing market trends, including global and political uncertainty, are expected to have a significant impact on the real estate and business communities going forward," said Gregg Gerken, head of commercial real estate for TD Bank. "We're still seeing an increase in demand and more building of industrial space and affordable housing, but retail and office is changing. Our ability to be a strategic resource for our clients throughout the economic cycle will be key to our success."

One of the most influential market trends is the growing need for affordable housing across the country. TD's commercial real estate business extended over $1 billion in community development financing to projects that included affordable housing developments in local communities in the form of debt and equity.

Some of the financing includes:

• More than $450 million to housing authorities and nonprofit organizations, a majority of which are in low- and moderate- income communities.
• More than $125 million to restore and adapt buildings named on the national register of historic places
• Financial commitments to major metro cities in the Northeast including $360 million in New York City, $70 million in the greater Philadelphia area and $202 million in Boston.

Recent commitments also include $39.5 million in the form of debt and equity to MHANY Management Inc. and We Stay/Nos Quedamos, Inc., for a new mixed use project of 180 affordable apartments including a community facility for low-income seniors in the Bronx, and $16.7 million in the form of debt and equity to Peabody Properties and the Affordable Housing and Services Collaborative Inc., for the development of 50 apartment units with onsite support services for formerly homeless and disabled veterans in New Jersey.

In 2018, TD backed affordable housing and supportive housing for people with disabilities, veterans, formerly homeless families, and people managing HIV/AIDS, survivors of domestic violence, LGBTQ young adults and other vulnerable and special needs residents, all of which included onsite support services. The bank also provides numerous grants for both affordable housing developments and programs for low income communities through its TD Charitable Foundation, the charitable giving arm of the bank.

"In 2019, there will continue to be a growing need for affordable housing across the country," said Andrew Warren, senior vice president, commercial real estate for TD Bank. "The number of households needing affordable housing has grown and the supply has not kept pace. In the years ahead, the industry will need to pursue different financing strategies to find a solution."