UNION CITY, GA. — Capital One Multifamily Finance has provided an $8.6 million HUD 221(d)(4) loan for the construction of Providence at Parkway Village, a 150-unit affordable rental community for seniors. The age-restricted property will be located in Union City, part of the Atlanta MSA. Carolyn Whatley of Capital One originated the transaction on behalf of the developer, The Benoit Group. John Rucker at Merchant Capital was the bond underwriter for the loan, which features a construction period of 16 months and a 40-year amortization schedule. Providence at Parkway Village is Phase III of the master-planned Parkway Village, which includes two other multifamily properties delivered in 2009 and 2011. In addition to the HUD loan, the project is being financed through tax-exempt bonds, a tax credit equity investment facilitated by Raymond James and the Low Income Housing Tax Credit, a HOME loan from the Georgia Department of Community Affairs and a loan from the Housing Authority of Fulton County.
MALDEN, MASS. — Colliers International has arranged $175 million in financing for Granada Highlands, a multifamily community in Malden. The loan will be used to pay off existing debt and the completion of unit renovations and upgrades, plus the construction of an additional 236 units. Situated on 41 acres, Granada Highland currently includes 919 units in 13 buildings. Once the expansion is complete, the property will feature 1,155 units in 15 buildings and upgraded amenities, including a fitness center, business center, media room, outdoor resort-style pool with cabana, basketball courts, tennis courts and professionally landscaped grounds. John Broderick and Kevin Phelan of Colliers secured the financing for the borrower, Metropolitan Properties of America, through JP Morgan Chase.
NEW YORK CITY — Meridian Capital Group has negotiated $10.7 million in refinancing for a three-property multifamily portfolio located in Brooklyn. Totaling 33 units, the properties are located on Roebling Street, South Second Street and Bedford Avenue in the Williamsburg neighborhood of Brooklyn. The five-year loan, which was provided by a national balance sheet lender, features a 3 percent fixed interest rate and a 30-year amortization schedule. Judah Hammer of Meridian’s New York City headquarters secured the financing.
ST. LOUIS — National Asset Services (NAS) has arranged a $45 million loan to refinance a 315,000-square-foot office property in St. Louis. NAS led a group of tenant-in-common co-owners in a multi-tiered process, which resulted in a new property ownership structure and favorable refinancing terms. The process involved reorganizing and consolidating the group of 31 tenant-in-common co-owners and an additional 77 investors into a new limited liability company. The newly created company then became the borrower under a new loan provided by an undisclosed lender. The Class A property is located at 8555 University Place. The three-story, single-tenant office building serves as the company headquarters for Express Scripts, a manager of pharmacy benefit plans.
HOPKINS, MINN. — Grandbridge Real Estate Capital has arranged a $5.7 million first mortgage loan to refinance an 83-unit apartment complex in Hopkins. The fully occupied property features remodeled unit interiors. Tony Carlson of Grandbridge originated the fixed-rate, 15-year loan, through a life insurance company for the undisclosed borrower. The loan required no personal guaranty and closed with an interest rate in the low 4 percent range.
BOSTON — CBRE/New England’s Debt & Structured Finance group has secured acquisition financing for 100 High Street, a 28-story office building located in Boston’s Financial District. The 546,336-square-foot property is currently 64 percent leased to a variety of tenants, including technology companies, law firms and insurance companies. The borrower, CBRE Global Investors, plans to upgrade the property’s building systems and add its signature service and amenity program, including conference facilities and outdoor meeting areas. Carlos Febres-Mazzei, Kyle Juszczyszyn, Alex Bradley and Taylor Shepard of CBRE/NE secured the financing through GE Capital Real Estate.
MIAMI — Miami-based developer Melo Group has secured $67.1 million to fund the construction of Melody, a 36-story luxury apartment building in downtown Miami. The 497-unit property will be located at 245 N.E. 14th St. The ground floor of the tower will feature restaurant space with outdoor seating opening onto a central plaza. Construction began in September and is expected to wrap up in early 2016.
COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $2.1 million Fannie Mae loan for the refinancing of a 72-unit seniors housing property in Coon Rapids. Margaret Place is an assisted living facility located within a wooded residential setting and offers an urgent response system, 24-hour security system and twice daily wellness checks, as well as daily home-cooked meals and numerous scheduled activities. The 18-year loan includes a 25-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Margaret Place LP.
FORT LAUDERDALE, FLA. — CBRE’s capital markets debt & structured finance team has arranged $56 million in first mortgage bridge financing for One East Broward Boulevard, a 343,551-square-foot, Class A office tower in Fort Lauderdale. The 19-story tower was 82 percent leased at the time of sale. Jason Gaccione, Charles Foschini and Chris Apone of CBRE arranged the three-year, floating-rate, interest-only loan through Blackstone on behalf of the borrower, Ivy Realty.
LAS VEGAS – Angelo, Gordon & Co. and Interwest have received $103 million in financing for a seven-property multifamily portfolio in Las Vegas. The portfolio contains 2,149 age-restricted units, including Destinations at Valley View and Destinations at Pebble. The properties are all at least 90 percent occupied. The floating-rate financing was arranged by Jackson Cloak of Berkadia Commercial Mortgage’s Orange County office. The funds were secured through Berkadia’s Freddie Mac and Proprietary Bridge Lending Programs, as well as BBVA Compass.