REBusinessOnline

Meridian Capital Arranges $51.3M Acquisition Loan for Apartment Complex in South Florida

CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset …

Acquisitions, Florida, Loans, Multifamily, Southeast

MetLife Provides $34.3M Refinancing Loan for Multifamily Community in Downtown Bethesda

BETHESDA, MD. — MetLife Investment Management has provided a $34.3 million refinancing loan for Element 28, a 101-unit multifamily community in downtown Bethesda. The loan features a floating interest rate and two one-year extensions. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour concierge, resident lounge with complimentary coffee, temperature-controlled wine lockers, conference room, fitness studio, retractable glass-walled rooftop …

Loans, Maryland, Multifamily, Southeast

NKF Arranges $18M CMBS Loan for Refinancing of Brooklyn Apartment Building

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged an $18 million CMBS loan for the refinancing of a 53-unit apartment building located at 364 Lincoln Place in Brooklyn. Dustin Stolly and Jordan Roeschlaub of NKF placed the 10-year loan with JP Morgan on behalf of the undisclosed sponsor, which acquired the property in 2015 and implemented a value-add

Loans, Multifamily, New York, Northeast

Lancaster Pollard Provides $17.2M HUD Refinancing for Seniors Housing Asset Near Rochester

FAIRPORT, N.Y. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in the Rochester suburb of Fairport. The FHA 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed interest rate. The current owner bought the property in 2018 and improved the operations and …

Loans, Multifamily, New York, Northeast, Seniors Housing

Lancaster Pollard Arranges $20.8M Refinancing for Seniors Housing Community in Dallas

DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not

Loans, Multifamily, Seniors Housing, Texas

Paragon Mortgage Provides $38.4M HUD Loan for Refinancing of Multifamily Asset in Metro Dallas

EULESS, TEXAS — Phoenix-based Paragon Mortgage Corp. has provided a $38.4 million HUD loan for the refinancing of The Franciscan at Bear Creek, a 264-unit multifamily asset located in the western Dallas suburb of Euless. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling areas and a resident clubhouse. Jim Swanson of Paragon Mortgage placed the nonrecourse loan through HUD’s 223(f) program, a product that carries a loan term of up to 35 …

Loans, Multifamily, Texas

MassHousing Provides $22.6M in Financing for Affordable Housing Project in Metro Boston

MATTAPAN, MASS. — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided $22.6 million in financing for the construction of Cote Village. The affordable housing project is located in Mattapan on the southern outskirts of Boston. The project involves the redevelopment of a vacant structure into a 76-unit mixed-income residential building with one-, two- and three-bedroom units. The borrower and developer is a partnership between the …

Loans, Massachusetts, Multifamily, Northeast

KeyBank Provides $20M in Freddie Mac Financing for Austin Affordable Housing Project

AUSTIN, TEXAS — KeyBank Real Estate Capital has provided $20 million in Freddie Mac financing for Heritage Estates at Owen Tech, a 174-unit affordable housing project coming to Austin. The property will be situated on five acres and will consist of 102 one-bedroom units and 72 two-bedroom units ranging in size from 614 to 1,131 square feet. The majority (85 percent) of the units will be reserved for renters earning 60 percent or less of the area median income, and about 10 percent of the …

Loans, Multifamily, Texas

Cambridge Provides $3.9M HUD Refinancing Loan for Skilled Nursing Facility in Longview, Texas

LONGVIEW, TEXAS — Cambridge Realty Capital has provided a $3.9 million HUD loan for the refinancing of Summer Meadows, a 115-bed skilled nursing facility in Longview, about 100 miles east of Dallas. Hymie Barber of Cambridge originated the loan through HUD’s 223(a)(7) program for the borrower, a New York-based limited liability company. The 223(a)(7) product is used exclusively for the refinancing of existing HUD debt on multifamily and healthcare

Loans, Multifamily, Seniors Housing, Texas

Parkview Financial Provides $19M Construction Loan for Multifamily Project in Bloomingdale, Illinois

BLOOMINGDALE, ILL. — Parkview Financial has provided a nearly $19 million construction loan for Bloomingdale Trails, a 90-unit rental multifamily project located at 290 Stonington Drive in Bloomingdale. Schiller Park, Ill.-based MB Bloomingdale Trails LLC was the borrower. Situated on 5.3 acres, the development will feature four three-story buildings. All of the units will be two-bedroom floor plans and average 1,170 square feet. Currently, about 20 percent of the construction has been …

Illinois, Loans, Midwest, Multifamily
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