IRVING, TEXAS — Hunt Capital Partners has provided $12.9 million in Low-Income Housing Tax Credit (LIHTC) equity for The Heights at MacArthur, a 76-unit affordable housing project in Irving. The property will offer one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, fitness center, business center and a community room. The borrower is a partnership between Hill Tide Ventures and Generation Housing Partners. Total project costs are $21.3 million..
NEW YORK CITY — Bank of America has provided a $53 million permanent loan for Kent House, a 96-unit apartment building in Brooklyn’s North Williamsburg area. The building, which houses one- and two-bedroom units, includes 140 parking spots and 31,000 square feet of retail space. Leah Paskus of Landstone Capital Group arranged the loan, which retires the property’s original construction debt, on behalf of the borrower, locally based developer CW Realty, which holds the leasehold interest in the property.
DALLAS — New York City-based Lightstone Capital has provided a $28.5 million loan for the refinancing of The Azul Apartments, a 362-unit multifamily community located in the Lake Highlands area of Dallas. Built on 9.3 acres in 1983, the property comprises 324 one-bedroom units and 34 two-bedroom units across 20 three-story buildings. About 35 percent (130) of the units have been recently renovated. Amenities include multiple pools, a business center, clubhouse and a dog park. Thomas Wayda, Dan Sacks and Harrison Drucker of Greystone arranged the loan. The borrower was an entity doing business as Azul Multifamily DE LLC.
LITTLE FERRY, N.J. — Northmarq has arranged an $11 million loan for the refinancing of Gilbert Manor Apartments, a 108-unit multifamily property located in the Northern New Jersey community of Little Ferry. Built in the 1960s, the garden-style property consists of seven two-story buildings on a 3.4-acre site. Robert Ranieri of Northmarq arranged the fixed-rate loan, which carried a five-year term with two years of interest-only payments followed by a 30-year amortization schedule, on behalf of the undisclosed borrower. The name of the direct lender, a regional bank, was also not disclosed.
CHICAGO — Lument has provided a $73.4 million Fannie Mae loan for the refinancing of a 47-building, 793-unit multifamily portfolio located on the South Side of Chicago. Nicholas Diamond of Lument originated the loan on behalf of the borrower, Chicago-based Icarus Investment Group. Jonathan Bodner of Two Bins Capital arranged the loan. The transaction utilized Fannie Mae’s Structured Adjustable-Rate Mortgage product, which enabled the borrower to consolidate six loans — several bank loans, a bridge loan and an agency loan — into a single Fannie Mae loan. The loan features a 10-year term, five years of which are interest-only payments, and a 35-year amortization schedule.
KISSIMMEE, FLA. — LV Lending has arranged an undisclosed amount of construction financing for Phase I of the expansion of Reunion Resort, a 2,226-acre resort community located in the Orlando suburb of Kissimmee. The borrower is Orlando Reunion Development LLC, a related company wholly owned by the same principle of Kingwood Orlando Reunion Resort LLC. The 31.6-acre expansion spans two contiguous parcels surrounding the property’s 10-acre Crystal Lagoon. The expansion will feature 1,800 vacation rental homes and townhomes and a hotel, as well as an amphitheater for events. The $1 billion expansion will take place over five phases and several years. Groundbreaking is slated to begin in 2024. Existing uses at Reunion Resort include thousands of luxury homes, villas and condominiums; three championship golf courses; seven food-and-beverage outlets; waterparks; 11 pools; a rooftop pool and private club faculty; and conference areas.
NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged a $5 million loan for the refinancing of a 13,300-square-foot retail property in Brooklyn’s Bushwick neighborhood. The property at 29 Wyckoff Ave. was originally built as a warehouse in 1931, but the undisclosed borrower recently converted the structure into a retail property with five spaces. Ryan Lewis and Mary Guarino of ERG Commercial originated the loan, which carried a 4 percent fixed interest rate and a 25-year amortization schedule.
ATLANTA — A joint venture between developers Middle Street Partners and AECOM-Canyon Partners has obtained $245 million in construction financing for its two-tower multifamily project situated a block from Piedmont Park in Midtown Atlanta. Eastdil Secured arranged the financing through Bank OZK and Related Fund Management on behalf of the developers. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia advised Middle Street in the transaction. The unnamed development will occupy a full city block on Juniper Street between 11th and 12th streets. The project will include a north tower and south tower totaling 487 apartments, and each tower will feature an undisclosed amount of ground-floor retail space. The developers plan to break ground immediately. The project team includes general contractor Brasfield & Gorrie, architect Brock Hudgins and interior designer CID Design Group.
PHILADELPHIA — JLL Capital Markets has arranged a $290 million construction loan for project partners Gattuso Development Partners and Vigilant Holdings of New York to build a new research facility and life sciences development in the heart of Philadelphia’s University City submarket. The development will be the largest life sciences research and lab facility in the city, according to JLL. Located at 3201 Cuthbert St., the 11-story development features 519,647 square feet of wet lab and dry space, 11,908 square feet of street-level retail space and 137 underground parking stalls. SmartLabs and Drexel University have preleased 45 percent of the lab space. This will be SmartLab’s first location in a market outside of San Francisco or Boston. Infrastructure will include lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best-practice chemical storage space and ph neutralization capability, and six enclosed loading docks. Robert A.M. Stern Architects designed the property to meet LEED Gold certification. University City spans 2.4 square miles and is home to one of the largest concentrations of health systems, teaching institutions, life sciences, biotech and pharmaceutical companies in the world. “We believe the project validates Philadelphia’s emergence as a global hub for …
MADISON, WIS. — Associated Bank has structured $14.1 million in construction financing for The Shield Apartments, a 44-unit affordable housing development in Madison. The financing includes a $6.9 million construction loan and $7.2 million in Low-Income Housing Tax Credit equity. The Salvation Army is the developer. The project will include 16 studio and 28 one-bedroom units for residents earning 30 to 60 percent of the area median income. Twenty-two of the units will be set aside for survivors of domestic violence and 11 will be designated for persons prone to homelessness. Amenities will include an onsite leasing office, community room and offices for supportive services. The project is part of the Salvation Army’s goal of transforming its existing Madison building from a standalone shelter for women and families into a multi-building campus that offers affordable housing and community support services. Teresa Rubio and Stefanie Bachrach of Associated Community Development LLC managed the loan and equity closings.