Loans

FORT DODGE, IOWA — Colliers Mortgage has provided a $12.9 million HUD-insured loan for the refinancing of District 29 Apartments and Townhomes in Fort Dodge, about 90 miles north of Des Moines. The 118-unit property features studio, one- and two-bedroom apartment units as well as two- and three-bedroom townhome units. Amenities include a fitness center, community room, mail room and dog park. The loan features a 35-year term and a 35-year amortization schedule. Fritz Waldvogel of Colliers originated the loan on behalf of the borrower, District 29 Apartments LLC.

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FRESNO, CALIF. — Dwight Capital has provided a $45 million HUD 223(f) loan for Villa Lucia Apartments, a multifamily community in Fresno. The financing features a 35-year term and fixed interest rate. Dwight previously provided a HUD 223(f) loan for Villa Lucia Apartments in 2016 and the subsequent cash-out refinance closed in December 2022. Ari Mandelbaum of Dwight Capital originated both transactions for the borrower, Latco Enterprises. The refinancing benefited from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies for National Green Building Standard Bronze Certification. Situated on 20 acres, the 272-unit community consists of 42 one- and two-story residential buildings, 19 garage buildings and a clubhouse. Community amenities include a courtyard, fitness center, playground, pool and spa.

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COLLEGE PARK, MD. — Axiom Capital Corp. has arranged the $34.5 million refinancing of a student housing property located near the University of Maryland in College Park. The fixed-rate, non-recourse loan was secured on behalf of an undisclosed borrower and features a three-year term. The unnamed student housing property offers 232 units alongside amenities including a swimming pool, fitness center, movie theater and shuttle service to both the University of Maryland and Howard University. Built in 2010, the community also offers a 629-stall parking garage and 30 surface-level parking spaces.

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ALBUQUERQUE — JLL Capital Markets has arranged $51.8 million in construction financing for the development of Ativo of Albuquerque, a three-story, 144-unit senior living community in Albuquerque. JLL represented the borrower, Link Senior Development LLC, in securing the financing through an undisclosed lender. Once completed, Ativo of Albuquerque will offer a mix of independent living, assisted living and memory care units ranging from studio to two-bedroom units. Situated on 6.5 acres, the community will be adjacent to a new ambulatory urgent care center and a medical office building. The community will benefit from the nearby Rio Grande River and Recreation Area, which offers an expansive network of walking trails and various parks along with the Petroglyph National Monument and an 18-hole golf course. Alanna Ellis led the JLL Capital Markets debt advisory team.

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TUCSON, ARIZ. — CBRE has secured $38.6 million in financing for the construction of Aerie Northwest, an apartment property located at the southeast corner of North La Cholla Boulevard and North Fountains Avenue in northwest Tucson. Bruce Francis, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Capital Markets’ debt and structured finance team in Phoenix secured the financing for the undisclosed developer. The loan features full-term interest-only payments and an 80 percent loan-to-cost ratio. Situated on 12.2 acres, Aerie Northwest will feature 17 two-story buildings offering a total of 144 one-, two- and three-bedroom apartments. Community amenities will include a pool house, pool, spa and dog park.

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ST. PAUL, MINN. — Minneapolis real estate development company Schafer Richardson has received more than $77 million in financing for the development of Soul, a mixed-use development in St. Paul with an affordable housing component. Multifamily financing provider Merchants Capital arranged the debt financing for Soul, securing a $33 million Merchants Bank of Indiana (MBI) construction loan, a $16.6 million MBI equity bridge loan and a $27.4 million Freddie Mac Tax-Exempt Loan to comprise the total $77 million. RBC Capital Markets served as the equity provider for the project. The City of St. Paul also contributed to the project through the allocation of American Rescue Plan Act funds and grants. Located at the intersection of Robert Street and Plato Boulevard, Soul will comprise 178 one-, two-, three- and four-bedroom units. Of the total 178 units, 23 three-bedroom and 12 four-bedroom apartments will be restricted at 30 percent area median income (AMI). These units will remain affordable at 30 percent AMI for 30 years. The remaining 143 units will be restricted to individuals earning 60 percent AMI or lower, and will remain so for 40 years. Soul will be constructed on a redevelopment site of a current city infill location, with all construction completed as …

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OMAHA, NEB. — Northmarq has negotiated more than $67 million in Freddie Mac acquisition financing for two multifamily properties in metro Omaha. Northmarq arranged the floating-rate loan on behalf of the borrower, Hamilton Point Investments. The transactions were each structured with a seven-year term with three years of interest-only payments followed by a 30-year amortization schedule. Vantage at Coventry is a 294-unit class A property located at 5575 S. 206th Court in Elkhorn, Neb., at the western edge of Omaha. The community offers studio, one-, two- and three-bedroom floor plans. Construction on Vantage at Coventry was completed in 2019. The property is located two miles from the 180th Plaza shopping center and just under seven miles from Two Rivers State Recreation Area. Community amenities at Vantage at Coventry include a pool with tanning ledge seating and poolside grills, media lounge with internet café, urban clubhouse with tech center, business center, gated access, detached garages and onsite storage units, two dog parks and a package concierge. Individual units feature stainless-steel appliances, glass backsplashes, ceiling fans, in-unit washers and dryers, USB wall ports, balconies or patios and large fenced yards in select units. Northmarq arranged $31.6 million in acquisition financing for Vantage at …

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ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in the Chicago suburb of Arlington Heights. The Conor Group sold the asset for $131 million. Built in 1973, Stonebridge of Arlington Heights features a mix of one- and two-bedroom floor plans averaging 1,075 square feet. Amenities include a pool, fitness center, dog park, basketball courts and bike storage rooms. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks and Eric Rosenstock of Greystone originated a $94.4 million Fannie Mae loan for the acquisition. The fixed-rate loan features a 10-year term and amortization schedule.

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VALLEY COTTAGE, N.Y. — Walker & Dunlop has arranged a $37.7 million construction loan for Lincoln Logistics, a 220,000-square-foot industrial project in Valley Cottage, about 25 miles north of New York City. The property will feature a clear height of 36 feet, 55 dock doors and 123 parking spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler arranged the debt on behalf of the borrower, a partnership between Lincoln Equities Group and PCCP. The direct lender was not disclosed.

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ATLANTIC CITY, N.J. — Provident Bank has provided a $7.5 million loan for the refinancing of Renaissance Plaza, a 76,000-square-foot, grocery-anchored shopping center in Atlantic City. Tenants include Family Dollar, CVS and H&R Block. Daniel Fromm led a Newmark team that placed the debt with Provident Bank on behalf of the borrower, New York City-based investment firm Ashkenazy Acquisition Corp. The loan carried a seven-year term and a fixed interest rate.

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