MOBILE, ALA. — Capital One has provided a $6.5 million Fannie Mae acquisition loan for Colony Park Apartments, a 201-unit garden-style community in Mobile. Chad Thomas Hagwood of Capital One originated the 10-year, fixed-rate loan that features three years of interest-only payments followed by a 30-year amortization schedule. Brandon Pate of Hagwood’s Capital One Multifamily Finance team managed the deal. The undisclosed borrower owns 27 multifamily properties totaling more than 4,500 units in Georgia, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania and South Carolina.
HOUSTON, ANGLETON and SEABROOK, TEXAS — Brandon Brown, Jamie Mullin and Jamie Safier of LMI Capital have placed bridge debt for the acquisition of four separate garden-style apartment complexes in metro Houston. For the first transaction, Mullin procured a $10.5 million, floating-rate loan through a regional bank for a 310-unit asset in west Houston. The terms included an initial 15-month interest-only period, open prepayment structure and a significant rehab component. Working on behalf of the borrower for the second transaction, Safier originated a five-year, fixed-rate loan for a 40-unit asset in Seabrook. The loan equated to 83 percent of the purchase price and included 12 months of interest-only payments and no prepayment restrictions. A portion of the proceeds will be used for minor capital improvements planned at the property. Brown secured the last two bridge financings, the first of which was an $18 million, floating-rate loan for a 900-unit asset in north Houston. The bridge debt featured two years of interest-only payments and a significant rehab component, which will be used to improve the buildings’ exteriors and complete upgrades to the units’ interiors. The final transaction was the financing for a 140-unit complex in Brazoria County that represented 85 percent …
DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged the $3.5 million refinancing of Oak Lawn Crossing shopping center, a 19,500-square-foot retail property located at 2920 Oak Lawn Ave. in Dallas. The loan was structured with a 12-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
NEW YORK CITY, AND JERSEY CITY, N.J. — Arbor Commercial Mortgage has funded four loans for properties in New York City and Jersey City totaling $29.8 million. Ari Short of Arbor’s New York office originated the loans, which were funded under the Freddie Mac Small Balance Loan program. The firm provided a $12.6 million loan to a three-property, 97-unit multifamily portfolio in the Bronx. The 20-year refinance loan features a 30-year amortization schedule. In the second loan, Eastern Parkway Portfolio, a five-property, 49-unit multifamily portfolio in Brooklyn, received $9.6 million in financing. The 20-year refinance loan features a 30-year amortization schedule. In the third deal, a 23-unit multifamily property located at 429 Lenox Ave. in New York City received a $5.1 million loan. The 20-year refinance loan features a 30-year amortization schedule. In Jersey City, Arbor provided a $2.4 million loan to a 27-unit multifamily property located at 112-118 Tonnele Ave. The 20-year refinancing features a 30-year amortization schedule.
MOUNT VERNON, N.Y. — NorthMarq Capital has arranged the $5 million refinancing of Lohman Village, a seniors housing property located at 1 Wartburg Place in Mount Vernon. The loan features a 5-year term and 30-year amortization schedule. The 31-unit property is part of a large seniors housing campus in Mount Vernon known as Wartburg that offers a full spectrum of senior living options. Robert Ranieri of NorthMarq arranged the financing through NorthMarq’s relationship with an undisclosed regional bank.
CONCORD, N.C. — CBRE’s capital markets debt and structured finance team has arranged a $28.9 million loan for Hawthorne at Concord, a 238-unit apartment community in Concord, a northern suburb of Charlotte. Built by Davis Development in 2014, the Class A community is situated on 18.5 acres within one mile of I-85 and Concord Mills, a nearly 1.4 million-square-foot mall owned by Simon Property Group. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the Fannie Mae loan on behalf of Hawthorne Residential Partners and White Point Partners.
BIRMINGHAM, ALA. — KeyBank Real Estate Capital has provided an $11 million Fannie Mae loan for Devonshire Place Apartment Homes, a 332-unit affordable housing complex in Birmingham. The property was built in 1971 and purchased by the borrower in 2015. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which the borrower will use to refinance an existing KeyBank bridge loan.
CUSHING, OKLA. — Franklin Street Capital Advisors (FSCA) has closed a $1.5 million refinance loan for Cushing Plaza, a 66,454-square-foot shopping center located in Cushing. Ben Miller and Casey Siggins of FSCA secured the loan on behalf of the owner, Lone Star Equities Inc. The 10-year loan includes a 4.5 percent fixed interest rate and a 20-year amortization schedule. Anchored by Cost Cutter, the 7.6-acre property is located at 2220 E. Main St. and is fully leased to tenants including Hibbett Sporting Goods, Stage Stores, Stanley’s Rent to Own and Compliance Advantage.
BETHESDA, MD. — Walker & Dunlop Inc. has agreed to purchase the commercial mortgage servicing rights associated with a $3.8 billion servicing portfolio from Oppenheimer Multifamily Housing & Healthcare Finance Inc., a subsidiary of Oppenheimer Holdings Inc. Walker & Dunlop will use available capital to fund the approximately $45 million purchase price. The portfolio comprises more than 480 multifamily and healthcare loans insured by the U.S. Department of Housing and Urban Development (HUD). The acquisition will make Walker & Dunlop the largest HUD multifamily and healthcare servicer in the U.S.
OXFORD, MICH. — Pillar has originated an $11.5 million Freddie Mac acquisition loan for a manufactured housing community in Oxford, approximately 45 miles north of Detroit. Lake Villa Estates was built in 1973 and 1993. The property, situated on 174 acres, features 852 sites. The community is comprised of 60 percent double-wide homes and 40 percent single-wide homes. Lake Villa Estates was 58 percent occupied at time of close. Arthur Tuverson of Pillar originated the seven-year, adjustable-rate financing.