LOUISVILLE, KY. — KeyBank Real Estate Capital has provided $31.2 million in Freddie Mac financing for Apex on Preston Apartments, a 312-unit apartment community in Louisville. The Class A asset was delivered in 2015. Charlie Williams of KeyBank’s commercial mortgage group arranged the acquisition financing, which features an 8-year loan term.
HERNDON, VA. — NXT Capital has provided a $22.3 million loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class B office building located in Herndon, about 25 miles west of Washington, D.C. The building has historically been leased to GSA tenants. The undisclosed borrower plans to use the loan proceeds to renovate the asset. Cary Abod and Robert Carey of HFF’s Washington, D.C., office arranged the loan through NXT Capital.
CARLSBAD, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $43 million loan for Cornerstone Real Estate Advisers LLC to refinance Bressi Ranch Village Center, a retail center in Carlsbad. Michael Riccio and Mark McGovern of CBRE’s San Diego office secured the long-term, fixed-rate loan for the borrower. Delivered in 2010, the 116,403-square-foot center is 97 percent occupied by 30 tenants, including Stater Bros. and Trader Joe’s.
ST. PAUL, MINN. — HFF has secured a $48.1 million acquisition loan for a 427-unit apartment property in St. Paul. The borrower is an affiliate of Abacus Capital Group LLC. HFF originated the floating-rate loan through Freddie Mac’s CME Program. The Burlington, located at 1180 Cushing Circle, is 98 percent leased and offers studio, one- and two-bedroom units. Apartments at The Burlington range from 454 to 1,361 square feet. Amenities at the property include a swimming pool, spa, grilling area, tennis court, fitness center and clubhouse with coffee bar. Mona Carton of HFF, which will service the loan, represented the borrower in the transaction.
IRVING and SAN ANTONIO, TEXAS — Dougherty Mortgage has secured two loans for multifamily properties in Texas. In the first transaction, Dougherty closed a $9.3 million Fannie Mae loan for the acquisition of Silverado Apartments, a 184-unit apartment property located in Irving. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Elmstone Group OP1 through a partnership with Old Capital Lending. In the second transaction, Dougherty closed an $881,054 Fannie Mae loan for the acquisition of Windsor Village Apartments, a 124-unit complex located in San Antonio. Dougherty’s Vienna, Va., office arranged the loan with a 30-year amortization schedule on behalf of the borrower, Windsor Village SA Apartments LLC. The loan term is a little over eight years.
ARLINGTON HEIGHTS, ILL. — Capital Funding Group has provided a $19.8 million Section 232 HUD construction loan for Transitional Care of Arlington Heights. Transitional Care of Arlington Heights is a planned 120-bed skilled nursing facility in the northwest Chicago suburb of Arlington Heights. The loan, which will finance the construction of the community, has a 40-year term. Craig Casagrande of Baltimore-based Capital Funding Group originated the loan.
PHOENIX — Greystone has provided a total of $45.5 million in financing for two multifamily communities in Phoenix. The first loan was $26.2 million for Granite Bay. The second was $19.3 million for Valencia Park. Both Fannie Mae DUS loans feature 10-year terms with 30-year amortization periods. Tony Spaeth of Greystone originated the loans.
MIDDLETOWN, N.Y. — Cronheim Mortgage has secured $92.5 million in financing for Orange Plaza, a power center located at the corner of Route 211 and Dunning Road in Middletown. The borrower is National Realty and Development Corp. The 10-year loan features a 30-year amortization and was funded by American General Life Insurance Co., The United States Life Insurance Co., National Union Fire Insurance Co. of Pittsburgh and American Home Assurance Co. After acquiring the property in 2001, the borrower began a four-year repositioning program at the 807,000-square-foot center that included the demolition of approximately 600,000 square feet of enclosed mall space and the creation of a stacked layout and outparcels. Current tenants include Walmart, Kohl’s, Burlington Coat Factory and The Home Depot. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower.
WILMINGTON, N.C. — Financial Federal Bank has arranged a $19 million acquisition loan for Abbotts Run Apartments, a 264-unit multifamily community in Wilmington. Built in 2001, the garden-style property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, floating-rate loan with two years of interest-only payments and a 30-year amortization schedule through Freddie Mac.
NEW YORK CITY — Equicap has arranged $8.1 million in financing for the acquisition of an office condo in the Manhattan’s Chelsea neighborhood. The 10-year loan features a competitive interest rate and will be used to fund the $10.8 million acquisition price. Additionally, the undisclosed borrower will use proceeds of the loan to build out the 13,000-square-foot office space. Daniel Hilpert of Equicap negotiated the financing.
