LAS VEGAS — Pembrook Capital Management has provided a $27.6 million first mortgage bridge loan and a $10.6 million preferred equity investment for the acquisition and renovation of 127 apartment units located at 1455 E. Katie Ave. in Las Vegas. The name of the borrower was not released. The Valencia Apartments complex features 21 two-story buildings offering a total of 227 units spread across 10.5 acres. Pembrook’s financing allows for the purchase of 127 units (56 percent of the property), including 72 one-bedroom, 49 two-bedroom and six three-bedroom apartments. The financing also provides funds to acquire the additional units over the next 27 months. Upgrades to the units include new flooring, kitchen hardware, lighting and plumbing, as well as the installation of stainless steel kitchen appliances and in-unit washers/dryers. Common-area improvements include modernizing the clubhouse, sports facilities and pool, while providing new fitness equipment for the gym.
WESTMINSTER, COLO. — PSRS has arranged a $4.2 million refinancing for Church Ranch Self-Storage in Westminster. The property features 663 self-storage units, climate control, high ceilings, electronic gate access and individually alarmed units. Kostas Kavayiotidis and Nicholas Drohan of PSRS secured the long-term, non-recourse loan with a 30-year amortization and flexible prepayment through a correspondent life insurance company. The borrower was not disclosed.
LAWNDALE AND OCEANSIDE, CALIF. — iBorrow has provided a $17.4 million refinancing for two multifamily communities. The properties include a 76 percent-leased, 50-unit asset in Lawndale and a fully vacant, 18-unit property in Oceanside. Both assets are currently undergoing renovations. The bridge loan will be used to refinance the undisclosed borrower’s existing debt, while also providing the additional proceeds needed to complete full unit renovations, implement capital expenditures and lease up the property to stabilization.
MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.
ST. ROBERT, MO. — American Street Capital (ASC) has arranged a $5.9 million loan for the refinancing of a 152-unit multifamily portfolio in St. Robert, a city in central Missouri. The portfolio was more than 95 percent leased at the time of loan closing. Igor Zhizhin of ASC arranged the agency loan on behalf of the borrower, a seasoned owner-operator. The fixed-rate loan features a 10-year term and a 30-year amortization schedule.
HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 17,250-square-foot industrial flex property located at 850 E. Little York Road in Houston. According to LoopNet Inc., the property was built in 1975 and features 12-foot clear heights, two dock-high doors and six drive-in doors. Michael Borden of Northmarq arranged the nonrecourse loan, which carried a five-year term, fixed interest rate and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
NEW YORK CITY — Locally based investment firm Ashkenazy Acquisition Corp. has received a $20.6 million loan for the refinancing of a 25,673-square-foot retail property located along Third Avenue on Manhattan’s Upper East Side. The property was fully leased at the time of the loan closing. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the 10-year, fixed-rate acquisition loan through Bank of Montreal on behalf of ownership.
DALLAS — KeyBank Real Estate Capital has provided NexPoint Residential Trust (NYSE: NXRT) with an $807.5 million Freddie Mac loan to refinance debt on 19 garden-style, market-rate multifamily properties across Texas, Florida, Nevada, Georgia, Arizona and North Carolina. NexPoint is a publicly traded real estate investment trust based in Dallas. Various properties in the portfolio are equipped with smart home technology, as well as a variety of individual and community amenities. Creekside at Matthews, for instance, is a 240-unit complex located in the Matthews suburb of Charlotte, North Carolina. The property offers one-, two- and three-bedroom floor plans with features such as slate or stainless steel appliances, washers and dryers, patios and garden-style bathtubs. Community amenities at Creekside include a playground, business center, clubhouse, courtyard, nature trail, a swimming pool and Wi-Fi in common areas. Meanwhile, Silverbrook Apartments in Grand Prairie, Texas, comprises 642 one-, two- and three-bedroom units and includes community amenities such as a business center, fitness center, dog park, volleyball court, tennis court, picnic area and three swimming pools. Individual units feature washers and dryers, ceiling fans, fireplaces and private patios. Christopher Black, Brendan O’Keefe and Christopher Neil of KeyBank’s Commercial Mortgage Group originated and structured the …
HOUSTON — Northmarq has arranged a $5.5 million acquisition loan for a 72,649-square-foot industrial flex property in northeast Houston. Matt Franke of Northmarq arranged the loan, which carried a five-year term and a 25-year amortization schedule, through a national bank. The borrower was not disclosed. According to LoopNet Inc., the property at 6410 Cavalcade St. was built on 4.9 acres in 1976 and features 17- to 22-foot clear heights.
TROY, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged $3.8 million in construction and permanent financing for a mixed-use redevelopment project in Troy, a northern suburb of Albany. The project will convert a 21,235-square-foot historic building into a 14-unit multifamily complex with 6,048 square feet of commercial space. A local bank provided the loan to the borrower and developer, with both parties requesting anonymity. Construction is expected to last about 18 months.