IOWA CITY, IOWA — NorthMarq Capital has finalized $7.1 million in refinancing for Legacy Pointe, an assisted living facility in Iowa City. Jason Kinnison of NorthMarq Capital’s Omaha regional office arranged the 35-year, fully amortizing loan through its FHA/HUD platform for the undisclosed borrower.
PERKASIE AND SELLERSVILLE, PA. — KeyBank Real Estate Capital has secured a total of $37.5 million in Freddie Mac financing for two townhome communities in Pennsylvania. The two properties are the 233-unit Heritage Orchard Hill in Perkasie and the 108-unit Heritage Greene in Sellersville. The properties currently have a joint leasing office located at Heritage Orchard Hill. Chris Black and Caleb Marten of KeyBank’s commercial mortgage group a closed 10-year, non-recourse fixed-rate first mortgage for both properties. The loans were closed simultaneously.
DEWITT, MICH. — Bernard Financial Group has arranged a $4.3 million in refinancing for Alana Woods Apartments, a 92-unit multifamily property located in DeWitt, near Lansing. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Alana Woods Apartments LLC. Bernard Financial Group will be fully servicing the loan.
SENOIA, GA. — Walker & Dunlop Inc. has originated a $2.6 million loan for Starr’s Mill Academy Preschool and Childcare in Senoia, roughly 35 miles south of Atlanta. Warren Factor led Walker & Dunlop’s team to originate the refinancing through Wells Fargo’s U.S. Small Business Administration 7A loan program. The 25-year loan was structured at 85 percent loan-to-value and features a fixed 5.05 percent interest rate.
PLEASANTON, CALIF. — Ziegler, a specialty investment bank, has arranged $52 million in financing for American Baptist Homes of the West (ABHOW). Founded in 1949 as Pilgrim Haven Home Corp., ABHOW owns and operates seven continuing care retirement communities (CCRCs) in California. The company also manages four affiliated CCRCs. Proceeds of the bonds will be used to refund 2006 bonds, reimburse the company for $11 million in prior capital expenditures, and fund $9 million in new projects.
CHICAGO — Community Investment Corp. (CIC), a Chicago-based community development financial institution (CDFI), has raised a $200 million loan pool to finance the acquisition and rehabilitation of affordable rental housing in the Chicago area over the next five years. The funding will preserve at least 7,500 affordable units, preventing their loss due to demolition or decay, as well as providing quality rental housing for approximately 18,000 people. The new fund consists of investments by 37 Chicago-area banks to support CIC’s Multifamily Loan Program. The program, which is the foundation of CIC’s affordable rental housing initiatives, primarily targets privately owned rental housing. To date, the program has provided more than $1.2 billion in financing for the acquisition, rehab and preservation of more than 55,000 units of affordable housing for more than 130,000 Chicago-area residents.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $3.5 million acquisition loan for a 67-unit apartment complex located in Dallas. The loan featured a five-year term with a fixed 3.8 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
GAINESVILLE, FLA. — Los Angeles-based George Smith Partners has closed a $125 million construction loan for the development of Celebration Pointe, a large-scale mixed-use development underway in Gainesville. George Smith Partners secured the financing on behalf of the project’s developers, comprising Gainesville-based SHD Development, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G. Located at the intersection of I-75 and Archer Road and anchored by Bass Pro Shops, the $200 million, 1 million-square-foot Celebration Pointe will feature a mix of approximately 400,000 square feet of entertainment, outlet retail and restaurants uses, as well as a new 137-room Hotel Indigo. Phase I of Celebration Pointe is slated to open in fall 2016.
DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $7.7 million HUD 213 loan for the construction financing of Vintage Park Cooperative of Beaverdale, a senior cooperative property in Des Moines. The 40-year HUD 213 loan was arranged for borrower Vintage Park Cooperative of Beaverdale. The property will feature 54 market-rate units with one-level floor plans with nine-foot ceilings, outdoor decks or patios and large walk-in closets. Additionally, the property will feature a fitness center, workshop, multi-purpose room, clubroom and garden plots for gardening.
SAN ANTONIO — HFF has secured fixed-rate financing for Ventana Apartments, a 390-unit, Class A apartment complex in San Antonio. Working on behalf of the borrower, Venterra Realty, HFF placed the five-year, 3 percent fixed-rate loan with a life company correspondent lender. Loan proceeds were used to acquire the asset. Ventana Apartments consists of 25 two- and three-story residential buildings containing one-, two- and three-bedroom units totaling 380,076 rentable square feet. Community amenities include two swimming pools with cabanas, a fitness center, clubhouse and gated access. The property is located at 11020 Huebner Oaks and is 95 percent leased. Cortney Cole and Jordan Finch led the HFF debt placement team representing the borrower.
