REBusinessOnline

ASC Arranges $10.7M Refinancing for Boutique Hotel in Chicago

CHICAGO — American Street Capital (ASC) has arranged a $10.7 million loan for the refinancing of the Ivy Boutique Hotel in Chicago’s Magnificent Mile district. The 63-room hotel was formerly an office building. The 15-story property features a rooftop deck, two banquet halls and spa services. Igor Zhizhin of ASC arranged the loan, which was provided by a debt fund. The borrower was not

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander …

Greystone Provides $36.3M HUD Loan for Refinancing of Apartment Property in Troy, Michigan

TROY, MICH. — Greystone has provided a $36.3 million HUD loan for the refinancing of Gables of Troy, a 544-unit apartment property in Troy. The property features amenities such as a pool, hot tub, tennis court, fitness center and covered parking. Cary Belovicz and Steve Van Riper of Greystone Bel Real Estate Advisors and John Marr of Greystone originated the loan on behalf of Kaftan Communities. The loan, fully amortized over 35 years, is part of HUD’s green

KeyBank Provides $18.8M CMBS Loan for Refinancing of Self-Storage Portfolio in Michigan

MICHIGAN — KeyBank Real Estate Capital has provided an $18.8 million CMBS loan for the refinancing of an eight-property self-storage portfolio in Michigan. Known as Berger U-Store Portfolio, the assets total 3,176 units and 431,755 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the 10-year loan, which will be used to refinance existing debt on seven of the properties and acquire the remaining

HFF Arranges $95.5M Acquisition Loan for Apartment Community in Metro D.C.

ALEXANDRIA, VA. — HFF has arranged a $95.5 million loan for the acquisition of Meridian at Carlyle, a 403-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Steven Klein and Cary Abod of HFF secured the five-year, floating-rate loan through MetLife Investment Management on behalf of the buyer, a joint venture led by Lincoln Property Co. (LPC). The new ownership will renovate unit interiors, update common area amenities and rename the community Lincoln at …

Harborview Arranges $5.9M in Agency Financing for Two Multifamily Assets in Texas, Oklahoma

EDMOND, OKLA. AND CANYON, TEXAS — New York-based Harborview Capital has closed agency financing for two multifamily properties in Texas and Oklahoma. The company arranged a $4.9 million Freddie Mac loan for the refinancing of a 98-unit community in Edmond, a northern suburb of Oklahoma City, and a roughly $1 million Fannie Mae loan for the refinancing of a 23-unit community in the West Texas city of Canyon. Jeffrey Fuchs of Harborview arranged the non-recourse loans, which feature fixed …

Capital One Provides $13.2M HUD Refinancing for Skilled Nursing Facility in Michigan

HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term …

KeyBank Provides $49.7M in Financing for 118-Unit Affordable Housing Development Near Denver

WESTMINSTER, COLO. — KeyBank's Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment …

NorthMarq Capital Arranges $47M Refinancing of Mixed-Use Building in Manhattan

NEW YORK CITY — NorthMarq Capital has arranged the $47 million refinancing of 64 West 48th Street, a 128,251-square-foot mixed-use building in Manhattan. The property is located one block south of New York City’s iconic Rockefeller Center. The refinancing was structured as a 15-year term with two years of interest-only payments followed by a 30-year amortization schedule. Charles Cotsalas and Bob Delitsky of NorthMarq arranged financing for the undisclosed borrower through a life insurance …

Progress Capital Arranges $36M in Loans for Two Self-Storage Facilities in New York City Area

NEW YORK CITY — Progress Capital has arranged $36 million in mortgage loans for two self-storage locations branded under the name Storage Fox in Queens and Yonkers. The two separate $18 million loans will go toward refinancing existing debt and recapturing equity in the two properties. Kathy Anderson of Progress Capital worked with Signature Bank to secure a seven-year, fixed-rate loan at 4 percent with a 25-year amortization. The combined loans represent a 66 percent loan-to-value for both …

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