TOMS RIVER, N.J. — Oak Grove Capital has originated an $8.2 million FHA loan to refinance Highland Plaza, an affordable seniors housing community in Toms River. Located a few miles from the Jersey Shore, the community offers 111 apartment units. Oak Grove Capital worked with the New York and New Jersey HUD offices to secure the fixed-rate loan, which features a 30-year amortization schedule and prepayment flexibility.
SUWANEE, GA. — Berkadia Commercial Mortgage has arranged $73.7 million in acquisition financing for the Residences on McGinnis Ferry, a 696-unit multifamily community in metro Atlanta. The property is located at 4021 McGinnis Ferry Road in Suwanee. Matt Greer of Berkadia arranged the 10-year, floating-rate loan through Berkadia’s Fannie Mae program on behalf of the borrower, STAR McGinnis Ferry LLC, a subsidiary of Steadfast Apartment REIT Inc. The loan structure features five years of interest-only payments and a 30-year amortization schedule. Steadfast Apartment REIT purchased the multifamily development for $98.5 million. The apartment community was more than 96 percent occupied at the time of sale.
SAN FRANCISCO – A 600,000-square-foot office building in San Francisco has received a $150-million loan. The 48-story property is located at 345 California Center in the city’s Financial District. The loan was secured by JLL’s Keith Largay, John Manning, Alex Witt and Fiorentina Malko. It was provided to an affiliated entity of Metropolis Investment Holdings by Cornerstone Advisers, which acted on behalf of MassMutual.
HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.
KNOXVILLE, TENN. — BB&T has provided a $9.1 million loan to refinance Windsor Square Shopping Center, a 299,329-square-foot retail center in west Knoxville’s Cedar Bluff submarket. The shopping center is located at North Seven Oaks Drive and Kingston Pike near I-40. The property is fully leased to tenants such as Old Time Pottery (67,800 square feet), Burlington Coat Factory, Big Lots and Carmike Cinemas. Southern Management and Development LLC (SMD) leases and manages the property. BB&T provided the loan to Windsor Square’s owner, an unnamed private partnership.
COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $5 million Fannie Mae loan for the refinancing of Northtown Crossings, a 48-unit market rate apartment property in Coon Rapids. Units feature ceramic tile entries, oversized master suites, large kitchens with microwaves and breakfast bars, nine-foot ceilings and ample closet space. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Northtown Crossings LLC.
UNIONDALE, N.Y. — Arbor Commercial Funding LLC has funded 20 loans totaling $67.5 million for apartment communities in the eastern United States. Alexander Kaushansky of Arbor’s New York office originated all 20 loans. The properties include Harbor Pines Apartments in Saint Marys, Ga.; Frontier Apartments in Roanoke, Va.; Courtyard Park Apartments in Hyattsville, Md.; a multifamily portfolio in Dallas and Charlotte; Anderson Springs in Austin, Texas; an unnamed property in Charlotte; Winterwood Apartments in Columbus, Ohio; Beechwood Park Apartments in Vicksburg, Miss.; Apartments at 45th and Eads in Washington, D.C.; 370 Central Ave. in the Brooklyn borough of New York City; 18th Avenue Apartments in Newark, N.J.; Dauphine Apartments in Mobile, Ala.; Twin Oaks Apartments in Mobile, Ala.; Woodside Villas in Fort Myers, Fla.; Georgia Pine Townhomes in West Palm Beach, Fla.; Sunshine Garden Apartments in Pembroke Pines, Fla.; Palm Villas in Fort Myers, Fla.; Monvil Apartments in Lake Worth, Fla.; Parkside Villas in Fort Myers, Fla.; and Hemingway at Stuart in Stuart, Fla.
ATLANTA — Colliers International has arranged an $11.6 million refinancing for a portfolio of three apartment communities totaling 143 units in Atlanta’s Castleberry Hill neighborhood. The properties — Stonewall Lofts, Legacy Lofts and Intown Lofts — currently have a 91 percent occupancy rate. H.J. Russell & Co. developed the four buildings between 1998 and 2003. Rod Mullice and Kevin Troy of Colliers International arranged the loan through Prudential Mortgage Capital Co. on behalf of the borrower, an affiliate of H.J. Russell & Co.
TUSCALOOSA, ALA. — Capital One Multifamily Finance has provided a $7.7 million Fannie Mae loan to refinance two student apartments in Tuscaloosa near the University of Alabama. The financing will be used to retire construction debt on the 33-unit Central Park Apartments and the six-unit Gramercy Park Apartments. Chad Thomas Hagwood of Capital One Multifamily’s Birmingham office originated the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. College Station Properties will manage the two apartment communities, which are fully occupied and consist of two- to four-bedroom units.
TOWN AND COUNTRY, MO. AND ST. LOUIS — NorthMarq Capital has secured refinancing for two properties totaling a combined $18.8 million. The properties include Wood Mill Plaza in Town and Country and Loughborough Commons in St. Louis. Schnucks Market anchors both properties. Wood Mill Plaza is an 85,523-square-foot retail property located at 1060 Schnucks Woods Mills Plaza. The property was refinanced with an $8.5 million, 20-year loan structured with a 25-year amortization schedule. Loughborough Commons is a 100,382-square-foot retail property located at 952 Loughborough Ave. The property was refinanced at with a $10.3 million, 15-year loan structured with a 30-year amortization schedule. NorthMarq arranged financing for both the undisclosed borrowers through its correspondent relationship with an unnamed life insurance company.
