ROME, GA. — Hunt Real Estate Capital has provided a $9.4 million Freddie Mac acquisition and renovation loan for Callier Forest Apartments, a 130-unit, mixed-income multifamily complex in Rome. The borrower, Memphis-based Envolve Communities (formerly LEDIC Realty Co.), plans to invest $7.3 million to upgrade unit interiors, including adding new kitchen cabinets, flooring, paint, fixtures and full bathroom renovations. Hunt Real Estate Capital closed the 17-year, tax-exempt loan featuring a …
FEDERAL WAY AND AUBURN, WASH. — Ready Capital has closed $13.2 million in financing for the recapitalization, renovation and stabilization of an industrial/flex portfolio located in Federal Way and Auburn, located in metro Seattle. The assets offer approximately 138,000 square feet of Class B industrial and flex space.
Proceeds will be used for the recapitalization of funds, capital improvements, tenant leasing costs, and interest and operating shortfalls. The non-recourse, floating-rate …
DALLAS — JLL has arranged a Freddie Mac loan of an undisclosed amount for the refinancing of Central Park Apartments, a 144-unit multifamily community located in the Vickery Meadow neighborhood of Dallas. The property was built in 1977 and features one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse, a business center and onsite laundry facilities. Mark Brandenburg and Chad Russell of JLL arranged the loan, which carries a 10-year term and a fixed interest rate on …
CHICAGO — Berkadia has arranged a $7.5 million Freddie Mac small balance loan for the acquisition of Paulina Street Lofts, a 24-unit multifamily property in Chicago. Chuck Christensen, Vincent Punzi and Lowell Takahashi of Berkadia secured the financing on behalf of the buyer, Saxony Properties LLC. The 10-year loan features a 3.64 percent interest rate and a 70 percent loan-to-value. Paulina Street Lofts was originally constructed as a masonic temple in 1928 and converted to apartments in …
DUBLIN, OHIO — Tremont Mortgage Trust has provided a $22.8 million first-mortgage bridge loan for the refinancing of The Blazer Plaza, a three-building office and lab campus in Dublin, a northwest suburb of Columbus. The property spans 519,000 square feet on 54 acres. The floating-rate loan includes initial funding of $12.1 million and a future funding allowance of approximately $10.7 million for tenant improvements. The loan is structured with a two-year initial term and a one-year extension …
HOUSTON — Parkview Financial has provided a $38 million loan for the construction of a 168-unit apartment community located at 1107 Shepherd Drive in Houston. The property will also feature 20,475 square feet of ground-floor retail space and a 305-space parking structure. Amenities will include a pool, fitness center, outdoor kitchen, business center and a dog park. Construction has commenced and is expected to be complete in mid-2021. Greystone arranged the loan on behalf of the borrower, …
NEW YORK CITY — Black Bear Capital Partners (BBCP), a subsidiary of locally based Black Bear Asset Management, has arranged a $77.7 million loan for the refinancing of an eight-property multifamily portfolio in The Bronx. The 10-year loan features a fixed interest rate of 3.6 percent and 10 years of interest-only payments, proceeds will refinance previous debt. The properties total 537 units. Morgan Stanley provided the loan, and Finkelstein Timberger East Real Estate was the borrower. …
TUCSON, ARIZ. — Ready Capital has closed a $6 million loan for the refinance, renovation and lease-up of a 173-unit, Class B student housing property serving the University of Arizona submarket in Tucson.
Upon closing, the sponsor will perform various capital improvements to the unit interiors and property exterior. Renovations will begin with units that are leased for the upcoming school year, but are not yet occupied. Unit renovations to expected to be completed by month 24 of the loan …
GAINESVILLE, FLA. — Ready Capital has closed a $16.4 million refinancing loan for a 164-room hotel in Gainesville near the University of Florida. The loan will be used to refinance an existing construction loan, as well as provide funds for the interest reserves needed to stabilize the newly built hotel. Ready Capital closed the three-year non-recourse, floating-rate loan that features interest-only payments and two extension options, on behalf of the undisclosed borrower. Further details of …
TUSTIN, CALIF. — Ready Capital has closed a $5.4 million loan for the stabilization of an approximately 43,000-square-foot, Class B office property located in Tustin’s Park Center submarket. The undisclosed sponsor will use loan proceeds to retire existing debt, while continuing its leasing efforts to stabilize the property at market rents.
The non-recourse, floating-rate loan features a 36-month term, flexible prepayment and a facility to provide future funding for tenant leasing
