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LoansRetailWashingtonWestern

HFF Secures $24.8 Million Financing for Retail Center in Washington

by Nellie Day

VANCOUVER, WASH. — Holliday Fenoglio Fowler (HFF) has arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center located in Vancouver, Washington. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Commercial Realty LLC, to place the five-year, floating-rate loan with East West Bank. Tenants at the 84 percent leased center include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.

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Dover-MA
LoansMultifamilyNew HampshireNortheast

Fantini & Gorga Arranges $9.7M in Financing for Three Multifamily Properties

by Amy Works

DOVER AND MANCHESTER, N.H. — Fantini & Gorga has arranged three loans totaling $9.7 million in permanent financing on three multifamily properties in Dover and Manchester. The loans were placed with a regional financial institution on behalf of a long-term client of the firm. The properties total 127 units and were acquired by the client in the early 1990s. Additionally, many of the units have received recent upgrades, including kitchen cabinets, appliances and ceramic tiling, as well as new carpet throughout the living areas. Mark Whelan of Fantini & Gorga arranged the financing for the undisclosed borrower.

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LoansMidwestMinnesota

Dougherty Closes $11M Fannie Mae Refinancing Loan for Senior Apartments in Minneapolis Suburb

by Christina Cannon

OAK PARK HEIGHTS, MINN. — Dougherty Mortgage LLC has closed an $11 million Fannie Mae loan for the Villas of Oak Park Senior Apartments in Oak Park Heights, a suburb of Minneapolis. The loan proceeds were used to refinance the 62-unit, age-restricted property. The 12-year loan, which includes a 30-year amortization schedule, was arranged by Dougherty’s Minneapolis office for the borrower, Oakgreen Senior Villas LLC.

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IndustrialLoansTexas

Deason Arranges Financing for Acquisition, Expansion of Self-Storage Facilities

by Haisten Willis

BEAUMONT & HUMBLE, TEXAS — Deason Financial Group has arranged financing for the acquisition of two self-storage properties. In the first transaction, Deason secured financing for the acquisition and expansion of a 42,475-square-foot facility in Humble. The $2.6 million acquisition loan was structured at a 75 percent loan-to-value ratio, with a five-year term and 25-year amortization schedule. Deason also arranged a $2 million construction loan for the 70,000-square-foot expansion of the facility. The loan featured two years of interest-only payments, converting to principal and interest payments for months for the third year. Built in 2005, 68 percent of the facility’s units are climate controlled. In the second deal, Deason arranged $4.5 million in financing for the acquisition of an 82,390-square-foot facility in Beaumont. The loan included a 75 percent loan-to-value ratio, with a 10-year term, 30-year amortization schedule and three years of interest-only payments. Built in 2010, the facility has a total of 632 units and 83 percent are climate controlled. Todd Kelsey of Deason Financial Group handled each transaction.

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LoansMichiganMidwestMultifamilySeniors Housing

Silver Arch Closes $4.75M Refinancing for Assisted Living Facility in Michigan

by Christina Cannon

LAKE CITY, MICH. — Silver Arch Capital Partners has closed a $4.75 million loan for the owner/operator of Belle Oakes Living Center, a 48-unit, 32,000-square-foot assisted living facility on 20 acres in Lake City, approximately 40 miles southeast of Traverse City. The loan is a refinancing of an existing mortgage, which will help the community pay off debt incurred as part of an 11-unit expansion. Constructed in 2002 and renovated in 2012, Belle Oakes is situated in Missaukee County, in Michigan’s lower peninsula. Silver Arch Capital Partners is a private commercial real estate lender based in New Jersey.

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LoansMidwestMinnesotaMultifamily

Dougherty Mortgage Provides $4.3M Fannie Mae Loan for Apartments in Minneapolis suburb

by Christina Cannon

CRYSTAL, MINN. — Dougherty Mortgage LLC has closed a $4.3 million Fannie Mae refinancing loan for LouAnn Terrace Apartments in Crystal, a Minneapolis suburb. The 71-unit complex is located at 7201 36th Ave. N. and was built in 1971. The loan has a 10-year term. The borrower is Lou-Ann Terrance Limited Partnership. Amenities include controlled access entry, a grilling area, on-site management and on-site laundry.

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The Valencian Apartments Kissimmee
FloridaLoansMultifamilySoutheast

Berkadia Arranges $75.8M in Financing for Five Apartment Communities in Florida

by John Nelson

TAMPA, FLA. — Berkadia has originated five loans totaling $75.8 million for five multifamily communities in Florida. Mitch Sinberg, Michael Wallace and Matthew Robbins of Berkadia’s South Florida office arranged all five loans on behalf of the borrower, Insula Cos., an owner and manager of apartment communities in Florida. The loans included a $23 million refinance loan for The Valencian Apartments in Kissimmee; $19.2 million acquisition loan for Charter Pointe Apartments in Altamonte Springs; $12.6 million refinance loan for Park East Apartments in Tampa; $10.5 million recapitalization loan for St. Moritz Apartments in Tampa; and a $10.5 million recapitalization loan for Miramar in Kissimmee.

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Lafayette-Arms-Hartford-CT
ConnecticutLoansMultifamilyNortheast

CBRE/NE Secures $5.5M Loan for Multifamily Property Acquisition

by Amy Works

HARTFORD, CONN. — CBRE/New England’s Multifamily Debt & Structured Finance Group has secured $5.5 million in financing for the $6.9 million acquisition of 184 Washington Street, a multifamily property in Hartford. Premier Properties West, an affiliate of BrickPoint Capital, acquired the property, which is also known as Lafayette Arms. Developed in 1968, the property has undergone numerous amenity and unit renovations. Each of the 136 apartment units features a galley-style or open kitchen, a living room and bedrooms with carpeted floors. John Kelly and Sam Dylag of CBRE/NE arranged the 10-year, non-recourse acquisition loan for the undisclosed borrower through a Connecticut-based bank.

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LoansMultifamilyRetailTexas

BMC Capital Arranges Trio of Loans in Metro Dallas

by Haisten Willis

GRANBURY AND PLANO, TEXAS — BMC Capital’s Dallas office has arranged a trio of loans in the metro Dallas cities of Granbury and Plano. Brian Gramlich of BMC arranged all three transactions, and all were arranged through one of BMC Capital’s correspondent banking relationships. In the first transaction, BMC arranged a $662,500 purchase loan for an apartment property located in Granbury. The loan featured a five-year fixed term with a 4.5 percent fixed interest rate and a 30-year amortization schedule. In the second transaction, BMC arranged a $6.1 million purchase loan for an apartment property in Plano. The loan featured a six-year fixed term with a fixed 4 percent interest rate and a 30-year amortization schedule. In the third transaction, BMC arranged a $1.9 million purchase loan for a Sherwin Williams multi-tenant property in Plano. The loan featured a five-year fixed term with a fixed 4 percent interest rate and a 25-year amortization schedule.

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HealthcareLoansMidwestWisconsin

Love Funding Arranges $25.9M HUD Refinancing Loan for Hospital in Edgerton, Wis.

by Christina Cannon

EDGERTON, WIS. — Love Funding has closed a $25.9 million HUD refinancing loan for Edgerton Hospital and Health Services in Edgerton, approximately 30 miles outside of Madison. Steven Hunt of Love Funding secured the loan through HUD’s 242/223(a)(7) loan insurance program. The facility was built in 2011 with a FHA-insured loan. The new loan, which is non-recourse for a term of 21 years, is expected to generate $244,000 a year in debt-service savings, or more than $5 million over the life of the loan. The hospital includes inpatient care, swing bed care, emergency and urgent care, diagnostic services, rehabilitation and same-day surgery. The hospital is affiliated with SSM Health Care of Wisconsin.

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