AUSTIN, TEXAS — NXT Capital has financed the acquisition of a Class B garden style apartment project located in Austin. The amount of the transaction was not disclosed. The property is located in south Austin, less than one block from IH-35, Austin’s major north-south thoroughfare. It also offers access to central Austin’s restaurants, bars and clubs. Community amenities include picnic areas with grills, a swimming pool and a clubroom.
CHICAGO — Capital One has provided a $23.7 million fixed-rate, HUD 232/223(f) loan for the refinancing of a skilled nursing facility in Northern Illinois. Built in 1972, the property features 400 beds. Joshua Rosen of Capital One’s Chicago office originated the transaction.
ST. LOUIS — NorthMarq Capital has secured $10.5 million for the refinancing of Center 40 Office Building in St. Louis. Located at 1600 Brentwood Blvd., the property offers 105,750 square feet of office space. Jeffrey Chaney of NorthMarq’s St. Louis office arranged the loan, which features a 15-year fixed rate on a 25-year amortization schedule, through NorthMarq’s correspondent relationship with a life insurance company.
WILMINGTON, N.C. — Grandbridge Real Estate Capital has closed a $16 million first mortgage loan for the refinancing of Stephens Pointe Apartments, a newly built, 192-unit apartment community in Wilmington’s Porters Neck area. Wesley Fricks of Grandbridge arranged the 10-year loan with a 30-year amortization schedule. The property was more than 90 percent occupied at the time of financing.
AMES, IOWA — Hunt Mortgage Group has provided a $6.4 million Fannie Mae loan for the acquisition of a student housing property in Ames. Located on the campus of Iowa State University, South Meadow Apartments features 148 one-bedroom units, 15 two-bedroom units and 19 three-bedroom units. On-site amenities include common laundry areas, courtyards and parking. The property is 100 percent occupied and fully pre-leased for the 2015-2016 school year. South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner, was the borrower. The 7-year loan features a 30-year amortization schedule.
ORLANDO, FLA. — Los Angeles-based Thorofare Capital has provided a $12 million acquisition loan for Four Points by Sheraton Orlando Studio City. The 301-room hotel is located on International Drive in Orlando and is directly across from Universal Orlando Resort. The seller, a New York City-based asset management firm, previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner. The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of high-net-worth and institutional investors. Thorofare has funded in excess of $500 million across 26 states since 2011.
LOS ANGELES — Watt Plaza, a 903,000-square-foot office complex in Los Angeles, has received a $220 million refinance. The complex includes twin 23-story office towers and a 10-story parking structure. Watt Plaza is located at 1875 Century Park East. It was built in 1982. The complex was the first building in the Los Angeles submarket of Century City to receive LEED-Platinum certification. The complex has undergone $42 million worth of renovations since 2003. It is occupied by a mix of legal, accounting and financial services firms. Convenient services at the plaza include a Chase Bank, Starbucks and FedEx store. The 15-year, fixed-rate loan was provided to the Watt Companies by Prudential Mortgage Capital Company. This is the commercial mortgage lending business of Prudential Financial Inc.
WESTMONT AND HIGHLAND PARK, ILL. — Berkadia’s Chicago office has secured two loans, totaling $9.1 million, for two properties in Westmont and Highland Park. In Westmont, Bob Toland and Michael Slovitt of Berkadia arranged a $6.5 million loan for the acquisition of a two-tenant retail center, which is occupied by Hobby Lobby and Micro Center. Berkadia provided the 10-year loan through a life insurance company correspondent on behalf of the borrower, SCP Realty Fund II – Westmont LLC. In the second transaction, Aaron Abelson and Slovitt of Berkadia secured a $2.6 million loan to facilitate the acquisition of Fresenius Medical Care Highland Park, a dialysis treatment center in Highland Park. Berkadia arranged the 20-year loan through a life insurance company correspondent for the borrowers, Shepard-Warrenville I LLC and Shepard Warrenville II LCC.
ST. PAUL, MINN. — Dougherty Mortgage LLC has closed a $12.3 million HUD 221(d)(4) loan for the construction of The Cambric, an affordable seniors housing community in St. Paul. Restricted to residents 55 years of age or older, the property will offer 113 apartments units, with 23 set aside at fair market rates. Dougherty’s Minneapolis office arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VI LLLP.
PHILADELPHIA — Berkadia has arranged an $80.4 million loan for the acquisition of ICON 1616, a multifamily property located at 1616 Walnut St. in Philadelphia. The borrower, Castle Rock Equity Group, will use the loan toward the $112 million acquisition of the property. Yuri Kletsman of Berkadia secured the 10-year, fixed-rate loan through Berkardia’s Fannie Mae DUS Program. Terms of the loan include a 4.06 percent interest rate and a 30-year amortization schedule. The financing also incorporated the property’s PILOT program and historic tax credits. Built in 1929, the 25-story property features 206 studio, one-, two- and three-bedroom floor plans. Community amenities include a sky deck with 360-degree views; a grilling station; herb garden and outdoor living area; a yoga studio; a club level with a kitchen, billiard tables, flat-screen televisions and a large-screen media room; and a business center with computers, printers and conference rooms.