UPPER MARLBORO, MD. — Dougherty Funding LLC has provided a $16.5 million construction bridge loan for the Commons at Largo, a multifamily development in Upper Marlboro. When complete, Commons at Largo will include approximately 1,600 Class A multifamily units, parking structures and ground-level retail space. Dougherty Funding provided the loan to Commons at Largo LP. Dougherty serves as the lead lender, disbursing agent and servicer for the loan.
SARASOTA, FLA. — Cohen Financial has secured a $12.6 million joint venture equity investment for Le Sereno, a 282-unit multifamily development in Sarasota. Daniel Sheehan, Kevin O’Grady and Eric McGlynn of Cohen Financial secured the equity investment with mckafka Development Group. The developer’s joint venture partner is Beneficial Communities. The joint venture is planning to break ground on Le Sereno, located at Electric Boulevard and Fruitville Road, in the first quarter of 2015. The developers expect to deliver the property in the summer of 2016.
SAN DIEGO – The 36-unit Hillcrest Apartments in the San Diego submarket of Hillcrest has received $7.4 million in construction-permanent financing. The community will be located at 4021 Eighth Ave. Financing will be used to develop the property, which is scheduled for completion in early 2016. The construction loan converts to a permanent loan at stabilization. The loan also carries an earn-out feature that allows the borrower to draw additional loan dollars at stabilization. It features a 4.2 percent rate with an interest-only period of up to 27 months. Financing was arranged by HFF’s Aldon Cole and Bryan Clark on behalf of Veritas Urban Properties. The 12-year, fixed-rate loan was arranged through a correspondent life company lender.
SCOTTSDALE, ARIZ. – The 101-room Hampton Inn & Suites Scottsdale-Riverwalk has received $7 million in acquisition financing. The hotel is located at 9550 E. Indian Bend Road. Indian Bend Hotel Group LLC, an affiliate of Caliber Companies, recently acquired the hotel for $10.4 million. The hotel is part of the 187-acre, $400-million Riverwalk Arizona master development. The bridge loan was funded by Thorofare Capital. The transaction was structured and negotiated by the firm’s Felix Gutnikov.
NEW YORK CITY — Emerald Creek Capital has provided a $23 million acquisition loan for the purchase of a development site in Manhattan’s Lower East Side. Located at 50 Clinton St., the development site is zoned R7A and has approved plans for a seven-story condominium building offering 37 residential units and grade-level retail. The borrower is DHA Capital, a New York City-based development firm.
CHICAGO — Envoy Net Lease Partners LLC has provided a first mortgage bridge loan for a single-tenant, net-leased Walgreens drug store property in Chicago. Envoy worked with its senior bank partner to provide the subordinated “B-Piece” financing, which gave the borrower the necessary loan proceeds to close on time to qualify for the tax-free exchange treatment. The bridge loan also allows the borrower to negotiate the lease extension after closing. The transaction was the first to be completed under Envoy’s new bridge loan program. The program allows investors to secure 85 percent loan-to-purchase price financing.
NASHVILLE AND CLARKSVILLE, TENN. — Houlihan-Parnes Realtors LLC has placed two Freddie Mac loans totaling $23.5 million on two garden-style apartment complexes in Tennessee. The communities include a 312-unit property at 5242 Edmondson Pike in Nashville and a 248-unit property at 2190 Memorial Drive in Clarksville. Fred Stahl and Sheldon Stahl of Houlihan-Parnes arranged a $14 million loan for the Nashville asset with a fixed 3.96 percent interest rate and a $9.5 million loan for the Clarksville asset with a fixed 4.14 percent interest rate. Fred and Sheldon arranged the loans through Walker & Dunlop’s Atlanta office. Both multifamily communities are more than 95 percent occupied.
NEW YORK CITY — Eastern Union Funding has arranged $26 million in refinancing for 333 Greene Ave., a 12-story residential building located in New York City. The 56-unit project, which was bought out of foreclosure in 2013 by Bonjour Capital, is now 99 percent leased. When originally purchased, 333 Greene was an unfinished skeleton of a building. Now the property features lofts and apartments with floor-to-ceiling windows, stainless steel appliances and Caesarstone countertops. Shaya Sonnenschein of Eastern Union Funding arranged and underwrote the loan, which features a fixed 3.45 percent interest rate on a seven-year term. Mercantile Bank provided the loan.
SAUSALITO, CALIF. – Greystone’s recently expanded West Coast operations team has funded three Western-based multifamily loans totaling $46.5 million. The loans include a $23.4-million refinance for a 90-unit community in Sausalito, Calif.; a $10.4-million refinance for a Class A multifamily project in Mountain View, Calif.; and a $12.7-million acquisition loan for a Class A multifamily property in Goodyear, Ariz. The Sausalito loan features a 12-year term with five years of interest-only. The other two loans feature 10-year terms. Financing was originated by Tim Thompson of Greystone’s San Francisco office under the Fannie Mae Delegated Underwriting and Servicing (DUS) program include.
INDIANAPOLIS — Cronheim Mortgage has arranged $14 million in acquisition financing for Monmouth Real Estate Investment Corp. to acquire a new distribution facility in Indianapolis. The 327,862-square-foot property is located in Ameriplex Industrial Park. The facility is situated immediately off of I-70 and is in close proximity to I-65 and I-74. Dev Morris and Andrew Stewart of Cronheim secured the 10-year, fixed-rate loan through American United Life Insurance Co.
