BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac acquisition loan for Estraya Boerne, a 288-unit mixed-income multifamily property located on the northwestern outskirts of San Antonio. Built in 2022, Estraya Boerne offers one-, two- and three-bedroom units and amenities such as a pool and a fitness center. Half the units are subject to income restrictions. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.
LAKE CHARLES, LA. — Churchill Stateside Group LLC has closed $47.7 million in construction financing for Deerwood Apartments, a new 144-unit affordable housing development in Lake Charles, a city in western Louisiana. Once complete, the property will feature 18 one-bedroom units, 84 two-bedroom apartments and 42 three-bedroom units that will cater to families. The construction timeline and developer/sponsor were not disclosed. The financing package included $21.5 million of short-term, tax-exempt bonds through Churchill Stateside Securities LLC; a $20.8 million construction loan via Churchill Mortgage Construction LLC; a $4.8 million forward tax-exempt permanent loan commitment; and a $600,000 Equitable Recovery Program loan commitment through Churchill Mortgage Investment LLC. The Clearwater, Fla.-based financial services company utilized its PUBLIC-TEL loan program to facilitate the financing.
DAVENPORT, FLA. — Patterson Real Estate Advisory Group has arranged an undisclosed amount of construction financing for the development of LUMEN | Legacy Park, a 219-unit apartment development in the Orlando suburb of Davenport. Trustmark National Bank and BankUnited provided the funding to the borrowers, Red Clay Development Partners and Atlantic Residential. LUMEN | Legacy Park will feature one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and community spaces. The construction timeline was not disclosed.
BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged an $11.6 million construction loan for an 84-unit multifamily conversion project in Buffalo. The project will convert a former nursing home facility in the downtown area into a traditional apartment complex with 23 studios, 57 one-bedroom apartments and four two-bedroom units. Ned Perlman of Largo Capital originated the financing. The direct lender and borrower were not disclosed.
PETOSKEY, MICH. — Hunt Capital Partners has provided $13 million in Low-Income Housing Tax Credit (LIHTC) financing for Victories Square, a 50-unit tribal housing development in Petoskey, a city on Michigan’s Lower Peninsula. Victories Square will provide a mix of studio, one- and two-bedroom units for households earning up to 80 percent of the area median income. Eight of the residences will be set aside for tribal members and supported by a 45-year project-based rental assistance contract from the tribe. Amenities will include a community room, bike racks, onsite management and Wi-Fi in all common areas. Community Housing Network Inc. is the project developer. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Co., is the general contractor. Dimension IV Madison Design Group is the architect, and KMG Prestige will provide property management services. Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, provided a $5 million soft loan comprised of funds from the tribe, the Shakopee Mdewakanton Sioux Community and the Michigan State Housing Development Authority. The Federal Home Loan Bank of Indianapolis provided a $448,000 Affordable Housing Program grant. A timeline for construction was not …
SAN JOSE, CALIF. — JLL Capital Markets has arranged joint venture equity for the $95 million acquisition of The Plant, a regional power center located at 1 Curtner Ave. in San Jose. Geoff Tranchina, Gleb Lvovich, Eric Katherin, Daniel Tyner and Conor Quinn of JLL’s Investment and Sales Advisory team worked on behalf of the operator, Milan Capital Management, to arrange the equity investment through Arc Capital Partners. Spanning 35.5 acres in Silicon Valley, the 367,869-square-foot shopping center was built in 2008. At the time of sale, the property was 64 percent occupied. Current tenants include Best Buy, Ross Dress for Less, PetSmart, Ulta Beauty, Off Broadway, Starbucks Coffee, IHOP, McDonald’s, Panda Express, El Pollo Loco, Chase Bank and Five Guys.
VAN NUYS, CALIF. — LaTerra Development has received an $18.2 million construction loan for the development of Raymer Self Storage, a fully entitled self-storage facility at 14876 Raymer St. in Van Nuys. JLL Capital Markets secured the two-year construction loan through Calmwater Capital LLC. Slated for completion in 2025, the 65,220-square-foot Raymer Self Storage will replace an existing warehouse and industrial building on the 1.2-acre site. The new facility will house 1,017 units consisting of 705 mini-storage units and 312 locker units. Property amenities will include 24-hour surveillance, controlled access, climate-controlled units and rooftop solar panels. Public Storage will operate and manage the facility.
NEW YORK CITY — New York City-based Greystone has arranged the refinancing of a 288-unit multifamily community located in North Carolina. The name and location of the property were not disclosed. Totaling $56.3 million, the financing includes a $50 million, 10-year Freddie Mac Optigo loan provided by Greystone, as well as $6.3 million in preferred equity provided by Lubert-Adler. Dan Sacks and Harrison Drucker of Greystone originated the Freddie Mac loan, and Matthew Zisler of Greystone secured the preferred equity on behalf of the client. Developed between 2021 and 2022, the property features units in one-, two- and three-bedroom layouts. Amenities at the community include a saltwater pool, dog park with agility equipment, outdoor social lounge and grilling pavilion, complimentary Starbucks Coffee bar, 24-hour fitness center, resident lounge, conference room, cyber café, Amazon Hub package locker, playground and complimentary Wi-Fi.
PERRIS, CALIF. — A joint venture between DECA Cos. and Wildcat Capital Management has obtained a $135 million loan to finance the ground-up development of Perris Gateway, an industrial development in Perris. Bank OZK provided the senior portion of the loan, while Affinius Capital originated the subordinate portion. Perris Gateway will feature 850,000 square feet of industrial space with 40-foot clear ceiling heights, 124 dock-high doors, four drive-in doors and 4,000 amps of power. Additionally, the property will offer 348 auto parking stalls and 308 trailer parking stalls. The joint venture will use the loan proceeds to finance the construction and lease up-of Perris Gateway, which will be available for lease in 2025.
BEDFORD, MASS. — JLL has arranged a $150 million loan for the refinancing of Bedford Labs, a 288,000-square-foot life sciences facility located about 20 miles northwest of Boston. Bedford Labs, which sits on a 52-acre site that can support up to 300,000 square feet of new construction, is a redevelopment of a former single-tenant office building. The facility includes a 28,000-square-foot amenity space and was fully leased to biotechnology firm Sarepta Therapeutics at the time of the loan closing. Brett Paulsrud, Tom Sullivan and Mike Shepard of JLL arranged the loan through an affiliate of Apollo Global Management. The borrower is a partnership between AEW Capital Management, Redgate and Optimum Asset Management.