ALBANY, N.Y. — KeyBank has provided an $11.1 million Freddie Mac loan for the refinancing of Astro Apartments, a student housing complex located across the street from the primary campus of State University of New York in Albany. Built in 1998, Astro Apartments consists of two three-story buildings on a 2.4-acre site. According to Apartments.com, the property totals 100 units and offers amenities such as a fitness center, business center, package handling service and onsite laundry facilities. Residences come in studio, one- and two-bedroom floor plans. Dirk Falardeau and Mark Flanders of KeyBank structured the financing on behalf of the borrower, Redburn Development Partners.
IRVING, TEXAS — Newmark has arranged an undisclosed amount of construction debt for TriStar Business Park, a 173,680-square-foot industrial project in Irving. The development will comprise two buildings with 32-foot clear heights, 100-plus trailer parking stalls, eight-plus dock-high doors, 130- to 140.5-foot truck court depths and ESFR sprinkler systems. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and William Hairston of Newmark arranged the debt through an undisclosed regional bank on behalf of the developer, a joint venture between Hopewell Development and MBK Industrial Properties. Newmark also structured the joint venture between the two companies last fall. Colliers is the leasing agent for TriStar Business Park.
ALBANY, N.Y. — KeyBank Real Estate Capital has provided a $14.2 million Fannie Mae loan for the refinancing of 930 on Broadway, an 81-unit workforce housing community in Albany. The four-story building sits on a 1.5-acre site and houses one-, two- and three-bedroom units, as well as 12,155 square feet of commercial space. Half the residences are reserved for households earning 80 percent or less of the area median income. Dirk Falardeau and Mark Flanders of KeyBank arranged the debt on behalf of the borrower, Redburn Development Partners.
LAS VEGAS — Gantry has secured a $7 million permanent loan to retire construction financing for Epic Storage @ Ann Road, a self-storage facility in Las Vegas. Located at 10490 Hammer Lane, the property features 681 self-storage units and 46 RV parking spaces. The Class A property was delivered in third-quarter 2023. Chris Funai of Gantry’s Las Vegas office represented the borrower, a local real estate developer. The 10-year loan was procured from one of Gantry’s insurance company correspondents at a fixed rate and 30-year amortization period.
ANAHEIM, CALIF. — PSRS has arranged $3 million in financing for Summerdale Apartments, a multifamily property in Anaheim. Constructed in 1978, Summerdale Apartments features 34 units, a pool, on-site laundry, gated facility and HVAC. Grady Seldin and Thomas Rudinsky of PSRS secured a non-recourse loan, with a seven-year, interest-only term, for the undisclosed borrower through a correspondent life insurance company.
ILLINOIS AND WISCONSIN — Walker & Dunlop Inc. has arranged $65.7 million in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities in Illinois and Wisconsin over the course of four months. Joshua Rosen, Brad Annis and Johnny Rice of Walker & Dunlop arranged the construction loans and refinancings on behalf of five clients. The properties, which total 376 units, include Elevate Care Waukegan, Asbury of Kankakee, Allure of Galesburg, Allure of Moline, Crossroads Care Center of Sun Prairie, Aperion Care St. Elmo and Crossroads Care Center of Fond Du Lac.
MALIBU, CALIF. — JLL Capital Markets has arranged $135 million in first lien financing for Cross Creek Ranch, a 122,324-square-foot, Class AA, mixed-used property in Malibu. The property offers 71,605 square feet of retail space and 50,719 square feet of creative office space. John Marshall, Spencer Seibring, Allie Black and Tim Donald of JLL Capital Markets’ debt advisory team secured the five-year loan from Torchlight Investors for the borrower, Pacific Equity Partners. Located at 23465 Civic Center Way on 13 acres, Cross Creek Ranch is adjacent to a Whole Foods Market in the core of Malibu’s shopping district, which also includes Malibu Country Mart, Malibu Village and Malibu Lumber Yard. The center is approximately 13 miles from the Santa Monica pier and 21 miles northwest of Los Angeles International Airport.
PHOENIX — MDC Realty Advisors and Mancal Properties have received $12.5 million in acquisition financing for the purchase of 2632 E. Chambers St., an industrial warehouse in Phoenix. The 114,907-square-foot asset features 28-foot clear heights, six dock doors, six drive-in doors and 131 parking spaces. The current tenant inked a long-term lease as part of the transaction and will continue its longstanding history at the property, which is situated in the Sky Harbor Airport market. Will Haass and Eric Tupler of JLL Capital Markets secured the interest-only, fixed-rate loan from a correspondent insurance company for the borrower.
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Agency Initiatives Entice Traditional Multifamily Owners, Investors to Workforce Housing
A trio of social-impact lending programs is enticing enough to convince market-rate multifamily owners and investors to dip their toes into the affordable housing sector. These recently launched initiatives all promote the creation and preservation of workforce housing. Unlike low-income housing tax credits, Section 8 rent vouchers and other longstanding programs centered on helping families with low and very-low incomes to afford housing, the newest offerings primarily aim to assist missing middle renters — or those with modest-to-low incomes. That’s according to Ian Monk, deputy chief production officer for conventional multifamily at Lument — which is educating its borrowers about the competitive pricing, generous proceeds and potential for lengthy amortization periods available from Fannie Mae and Freddie Mac. “By charter, the government-sponsored enterprises (GSEs) have a duty to help provide housing that is affordable to all people, including families with only moderately low incomes,” Monk says. “In the multifamily arena, they may serve those families in fully dedicated affordable communities, but they can also serve them in conventional, market-rate properties that adopt some affordability initiatives using one of these social-impact loan structures.” The GSEs are making a strong push in 2024 to expand participation in the three social-impact loan products, …
BOSTON —MassDevelopment has provided $39.9 million in tax-exempt bond financing for a 115-unit affordable seniors housing project in the Brookline area of Boston. The property will feature one-bedroom units that will be reserved for renters earning 60 percent or less of the area median income and will replace 60 outdated existing public housing units. Bond proceeds will also be used to build 32 parking spaces. Construction began in January and is scheduled for completion in December 2025. The borrower, 32 Marion Apartments LLC, is a for-profit affiliate of the Brookline Housing Authority. Eastern Bank and Rockland Trust purchased the bond.