MANOR, TEXAS — KeyBank has provided $87.8 million in financing for Cantarra Apartments, a 325-unit mixed-income project that will be located in the northeastern Austin suburb of Manor. Approximately half (166) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), and the remainder will be earmarked for households earning 120 percent or less of AMI. Amenities will include three courtyards, two fitness rooms and a spin room, mail and parcel rooms, bike storage space and pet play and wash areas. Jeremiah Drake and Hector Zuñiga Jr. of KeyBank originated the financing, which consists of a $41.6 million construction loan and a $46.2 million forward commitment for Freddie Mac permanent financing upon stabilization of the property. The borrower and developer is Austin-based JCI Residential.
NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a loan of an undisclosed amount for the refinancing of the Sheraton Brooklyn New York Hotel. The 321-room hotel is located at 228 Duffield St. in the downtown area and offers a fitness center, lounge and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, locally based investment firm Lam Group.
CLINTON TOWNSHIP, MICH. — BWE has arranged a $19.7 million acquisition loan for a 326-unit multifamily portfolio in Clinton Township, which is part of the Detroit metropolitan area. Adam Gould of BWE secured the three-year, nonrecourse bridge loan with three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in workforce housing. The portfolio consists of 13 low-rise buildings with a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court and onsite laundry.
BALTIMORE — Lument has provided a $64.6 million loan for the refinancing of Nine East 33rd, a 568-bed student housing property located near Johns Hopkins University’s Homewood campus in Baltimore. Tim Smits of Lument led the team in placing the loan through Freddie Mac’s capital markets execution program on behalf of the borrower, HH Fund. The five-year, fixed-rate loan features interest-only payments for the full term. Developed in 2016, Nine East 33rd offers one-, two-, three- and four-bedroom fully furnished units.
SARASOTA, FLA. — Southern Realty Trust has provided a $56.4 million mezzanine loan for Aster & Links, a mixed-use development underway in downtown Sarasota. Situated at the intersection of Main Street and Links Avenue, the development will include two 10-story residential buildings housing 424 luxury apartments, 778 parking spaces and 51,000 square feet of ground-level retail space, including a Sprouts Farmers Market grocery store. Lantern Real Estate arranged the financing on behalf of the borrower, Belpointe PREP LLC, an affiliate of Belpointe OZ. Last year, the developer obtained a $130 million construction loan from Bank OZK for the project. Belpointe OZ plans to deliver Aster & Links in the second half of the year.
DENVER — The LCP Group has facilitated $85 million in refinancing for a hotel complex in Denver that combines the Brown Palace Hotel and Spa Autograph Collection and Holiday Inn Express Denver Downtown. The refinancing package for Crescent Real Estate includes a senior loan from Benefit Street Partners and a mezzanine loan from a partnership between LCP and Ares Management. Situated in downtown Denver, the 474-key complex offers immediate access to the central business district, River North Arts and Lower Downtown districts. The Brown Palace has a storied history of more than 130 years.
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has invested $10.2 million of 4 percent Low-Income Housing Tax Credit equity and provided a $7.9 million construction loan for the development of Henrietta Homes in Cleveland. The project will consist of 40 lease-to-purchase single-family homes in the city’s Hough neighborhood. Henrietta Homes will target family households with incomes between 30 and 60 percent of the area median income. The development will be partially subsidized, of which eight homes will be supported by 20-year Section 8 project-based vouchers provided through Cuyahoga Metro Housing Authority. Additional soft funding sources include $1.6 million from City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan and a $1.2 million equity bridge loan through Ohio Housing Finance Agency’s Housing Development Loan program. Nonprofit the Famicos Foundation is the project sponsor. The homes will be available to lease during a 15-year period. At year 16, residents will have the opportunity to purchase the home at an affordable price. Famicos will prepare tenants to transition into homeownership by providing financial training and homeownership counseling during the 15-year leasing period. Derek Reed and Kory Clark of KeyBank CDLI structured the tax credit equity and debt financing.
MIAMI — Developer Mast Capital has received a $600 million construction loan for Cipriani Residences Miami, an 80-story condominium tower in the city’s Brickell neighborhood. The 397-unit project will offer views of Biscayne Bay, the Brickell skyline and Coconut Grove. Mexico-based Banco Inbursa and Ascendant Capital Partners provided the financing, contributing $350 million and $250 million, respectively. The loan marks the largest single-tower residential construction loan ever obtained in Florida and underscores the project’s strong pre-sale activity, according to Mast. Camilo Miguel, CEO of Mast, says the unprecedented financing is a testament to the demand for an ultra-luxury condominium project in the neighborhood. The area has experienced an influx of new residents, particularly since mid-2020. Mast purchased the 2.8-acre site at 1420 S. Miami Ave. for $103 million in December 2021. Cipriani Residences Miami will offer floor plans ranging from 1,123 to 3,495 square feet as well as penthouses with private pools. Pricing will start at $1.7 million for most of the condos, while pricing for the penthouses will begin at $17 million. All residents will have access to dining services in a private restaurant as well as 24-hour in-home dining and catering services. Dining services will extend to the …
MIAMI — JLL has arranged $60.9 million in construction takeout refinancing for a new multifamily development underway in Miami’s Village of El Portal neighborhood. The eight-story, 282-unit property, called The Kavista, is set to open later this month. Melissa Rose, Michael DiCosimo and Maddy McMillen of JLL arranged the two-year, floating-rate loan through Varde Partners on behalf of the borrower and developer, Barrington Brothers. Located at 495 N.E. 83rd St. between Miami Shores and Little River, The Kavista will feature one-, two- and three-bedroom apartments, as well as a resort-style swimming pool and pool deck, a coworking lounge, theater, fitness center and electric vehicle (EV) charging stations. Monthly rental rates at The Kavista range from $2,100 to $4,200, according to Apartments.com.
LINDALE AND WHITEHOUSE, TEXAS — Greystone has provided four Fannie Mae loans totaling $16.1 million for a quartet of multifamily properties in Smith County, located roughly midway between Dallas and Shreveport, La. The properties are located in Lindale and Whitehouse, both of which are part of the Tyler metro area, and total 136 units. Stella Plotkin of Greystone originated the nonrecourse loans, all of which were structured with 10-year terms, fixed interest rates and 30-year amortization schedules. The borrower(s) was not disclosed.