ANKENY, IOWA — NorthMarq Capital has arranged $7.3 million in refinancing for The Apartments at Prairie Lakes in Ankeny. The recently completed 92-unit multifamily property is located at 1603 Prairie Lakes Drive. Jason Kinnison of NorthMarq Capital’s Omaha office structured the fully amortizing 25-year term loan for the borrower through a life insurance company.
PLATTEVILLE, WIS. — Hunt Mortgage Group has arranged a $3.4 million Fannie Mae loan facility to refinance Prairie View Apartments, a 56-unit multifamily property in Platteville. The property is located at 1300, 1350, 1365 and 1435 Cody Parkway. Prairie View Apartments includes efficiency, one-, two- and three-bedroom units. The 12-year loan includes a 30-year amortization schedule. Hunt Mortgage Group arranged the loan for the borrower, a Wisconsin-based limited liability company that was formed in April 2008 and is backed by Robert Cody. Cody owns R. Cody Real Estate Development, a full service real estate development company.
BALTIMORE — Cronheim Mortgage Corp. has arranged $52.7 million in financing for THE AVENUE at White Marsh, a 298,000-square-foot main street lifestyle center in Baltimore’s White Marsh community. Constructed in 1997, THE AVENUE’s tenant roster includes a 16-screen AMC Theatre with an IMAX screen, Ulta Beauty, Chico’s, Old Navy, Starbucks, A.C. Moore, Staples, Carter’s, Famous Footwear and Pier 1 Imports. Andrew Stewart and Dev Morris of Cronheim arranged the seven-year, interest-only loan with a fixed interest rate of 3.35 percent on behalf of the borrower, Federal Realty Investment Trust.
NEW CASTLE HUNDRED, DEL. — KeyBank Real Estate Capital has secured a $20.8 million Fannie Mae loan for the acquisition of Village of Windhover Apartments in New Castle Hundred. Built in 1979 and renovated in 2014, the complex features 383 garden-style apartment units. Jeannie Johnson of Key’s Commercial Mortgage Group arranged the financing for an undisclosed borrower.
AUSTIN — Dougherty Mortgage has arranged a $6.2 million Fannie Mae loan for the refinancing of Quail Park Village Apartments, a 142-unit multifamily affordable housing property located in Austin. The Fannie Mae loan includes a 10-year term with a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Heartland Wanaka Limited Partnership. Quail Park Village is located in north Austin. Unit amenities include energy-efficient windows and doors, countertop and flooring upgrades, new cabinets and gas stoves.
WEATHERFORD, TEXAS — Clayton Wells of BMC Capital’s Dallas office has arranged a $1.5 million purchase loan for an apartment complex located in Weatherford. The property was constructed in December 2014. The loan features a 75 percent loan-to-value ratio, a five-year fixed-rate at 4.5 percent with a rate reset at five years, and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
CLEVELAND — KeyBank Real Estate Capital has secured $66 million in debt financing on behalf of Pierce Education Properties for a five-property student housing apartment portfolio. Totaling 2,788 beds, the properties are located in four states across the Midwest and Southeast. KeyBank originally funded five on-balance sheet, three-year, non-recourse loans to finance the acquisition of the five properties in 2014. KeyBank refinanced the original bank loans with 10-year, interest-only floating rate debt with a loan-to-value ratio of 55 percent. Robert Prouty and Andrew Lucca of KeyBank’s Commercial Mortgage Group arranged the financing.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $9.5 million HUD 223(f) loan for the refinancing of Crosby Pointe Apartments, a 73-unit multifamily market rate apartment property located in St. Paul. The 35-year loan includes a 35-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crosby Pointe LLC. Real Estate Equities LLC manages Crosby Pointe Apartments. The property features an outdoor pool, fitness center and an underground parking garage. Units are currently undergoing renovations that include the addition of stainless steel appliances, granite countertops and new finishes.
WASHINGTON, D.C. — HFF has arranged a $14.5 million acquisition loan for a 32,000-square-foot office building located at 1509 16th St. N.W. in Washington, D.C.’s Dupont Circle neighborhood. Dan McIntyre of HFF arranged the 10-year, fixed-rate loan through First National Bank on behalf of the borrowers, MidAtlantic Realty Partners LLC and UberOffices. In addition to the acquisition, the borrowers will use the loan proceeds to fund renovation/lease up costs. Originally built in 1909, the building will be fully renovated by early 2016 for UberOffices, which will occupy the entire office building.
WHITE PLAINS, N.Y. — NorthMarq Capital’s Greater Westchester New York/Connecticut office has arranged $4.2 million in refinancing for a retail property located at 350-360 Tarrytown Road in White Plains. The 10-year loan, provided by a local bank, features a 30-year amortization schedule. The 18,056-square-foot retail center is anchored by a Men’s Wearhouse. Robert Ranieri of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower.
