RICHMOND, VA. — Berkadia has originated three HUD 223(f) loans for a trio of garden-style apartment communities in Virginia. The deals included an $11.5 million loan for the refinancing of Westlake Apartments in Hardy; a $9.5 million loan for the refinancing of River Retreat Apartments in Covington; and an $11.4 million loan for the refinancing of Madison Apartments in Christiansburg. Amy Gay of Berkadia’s FHA/HUD division originated the loans on behalf of the borrower, Roanoke, Va.-based Fralin Cos.
HOUSTON — Mesa West Capital has provided an $81 million loan for the refinancing of Domain Memorial, a 313-unit multifamily property in Houston. Built on a 12.7-acre site in 2016 in the Briar Forest/West Memorial submarket, Domain Memorial offers one-, two- and three-bedroom townhome-style units with an average size of 1,300 square feet that are housed across 29 buildings. Amenities include a pool, fitness center and a clubhouse. The borrower, Dallas-based Knightvest Capital, will use a portion of the proceeds of the five-year, floating-rate loan to complete interior renovations. Domain Memorial is currently 95 percent occupied.
CONSHOHOCKEN, PA. — JLL has arranged a $58 million loan for the refinancing of 300 Four Falls, a 298,564-square-foot office building in Conshohocken, a northern suburb of Philadelphia. Built in 2003, 300 Four Falls is a seven-story building that features a redesigned lobby, conference center, café, fitness center and a designated tenant amenity space. At the time of the loan closing, the building was 91.6 percent leased. Chad Orcutt led the JLL team that arranged the five-year, fixed-rate loan through Barclays and an entity managed by Argentic Investment Management LLC. The borrower was Maguire Hayden Real Estate Co.
BRANDON, FLA. — Walker & Dunlop has provided a $60.2 million Freddie Mac loan for 2211 Grand Isle Apartment Homes, a 390-unit, garden-style apartment community located at 2211 Grand Isle Drive in Brandon, a southeastern suburb of Tampa. Stephen West, Matthew Wallach and Walker Layne of Walker & Dunlop originated the floating-rate loan on behalf of the borrower, Providence Real Estate. Apprise, Walker & Dunlop’s independent third-party appraisal platform, appraised the transaction. Built in 1999, 2211 Grand Isle Apartment Homes offers one-, two-, three- and four-bedroom residences, as well as a 24-hour fitness center, car care center and a pool with poolside cabanas.
LINCOLN, NEB. — Lument has provided a $21.2 million HUD/FHA Section 232/223(f) Express Lane loan for the refinancing of Pemberly Place Senior Living, a seniors housing community in Lincoln with 120 units and a licensed capacity for 132. Quintin Harris and Patrick Roan of Lument originated the financing, which features a fixed interest rate and 35-year term. The refinance pays off existing bank debt from a construction loan originated by Lument several years ago. Lument also helped structure a shareholder note to reimburse the borrower for previous capital expenditures. Built in 2017, Pemberly Place Senior Living features assisted living, independent living and memory care options. Locally owned and operated, the community has a partnership with MJ Senior Living, a Nebraska-based management company.
MassHousing Provides $17.8M in Financing for Affordable Housing Project in Somerville, Massachusetts
SOMERVILLE, MASS. — MassHousing has provided $17.8 million in financing for a 43-unit affordable housing project in Somerville, located just outside of Boston. MassHousing also issued tax-exempt housing revenue bonds to finance the project, with TD Bank providing another $22.8 million in construction financing. The capital stack also includes $21.2 million in federal and state tax credits. The site at 24 Webster Ave. previously housed a vacant commercial building, which has since been demolished to make way for a six-story building that will have studio, one-, two- and three-bedroom units. Residences will be reserved for households earning between 30 and 60 percent of the area median income. The borrower is nonprofit organization Just A Start.
NEWARK, N.J. — New York City-based Dwight Capital has provided a $110 million HUD-insured loan for the refinancing of 55 Union, a 12-story apartment building in Newark’s historic Ironbound neighborhood. Designed by Minno & Wasko Architects & Planners and completed in 2023, 55 Union offers 403 units in studio, one- and two-bedroom floor plans, as well as 3,222 square feet of commercial space. Residences are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, clubroom, coffee bar, private dining room, a rooftop garden and outdoor grilling and dining stations. Josh Hoffman and Jonathan Pomper of Dwight originated the debt through HUD’s 223(f) program on behalf of the borrower, J&L Cos.
FAYETTEVILLE, N.C. — KeyBank Real Estate Capital has provided a $46.2 million bridge loan for the refinancing of a three-property multifamily portfolio in Fayetteville, about 65 miles south of Raleigh. Pranav Sarda and Alan Isenstadt from KeyBank’s Income Property Group structured the financing on behalf of the borrower, Valor Residential Group, which acquired the portfolio in 2022. The 508-unit portfolio comprises Carlson Bay (214 units, built in 2000), Meadowbrook (186 units, built in 2001) and Stoney Ridge (108 units, built in 2001).
WILMETTE, ILL. — Walker & Dunlop has provided nearly $60 million in construction take-out financing for Optima Verdana, a luxury multifamily community in Wilmette developed by Optima. Dave Hendrickson, Pat Modig, Jonathan Paine, Mo Beler, Will Crittenberger and Philippe LaPointe of Walker & Dunlop originated the Freddie Mac loan, which features a fixed interest rate and interest-only payments. Completed in 2023, Optima Verdana features 100 apartment units and 5,900 square feet of retail space. Residences average 1,499 square feet.
DALLAS — Locally based investment firm Knightvest Capital has acquired Ardan West Village, a 389-unit apartment building in Uptown Dallas. Ardan West Village is a 23-story building that was constructed in 2018 and houses 284 one-bedroom units with an average size of 801 square feet and 105 two-bedroom apartments with an average size of 1,312 square feet. Residences are furnished with stainless steel appliances, quartz countertops, wood-style flooring, floor-to-ceiling windows and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, private conference room and a pet spa. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Cameron Purse of IPA represented the seller, Mill Creek Residential, which operated the property on behalf of institutional investors, in the transaction. The team also procured Knightvest as the buyer. Mark Brandenburg of JLL arranged an undisclosed amount of floating-rate acquisition financing for the deal through Blackstone Real Estate Debt Strategies.
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