DUNCANVILLE, TEXAS — Lument has provided a $34.7 million Fannie Mae acquisition loan for Wexford Townhomes, a 122-unit multifamily property in Duncanville, a southern suburb of Dallas. The 17-building property was built on nine acres in 1984 and renovated in 2016. Michael Curland of Lument originated the 10-year loan, which carries a fixed interest rate, 30-year amortization schedule and five years of interest-only payments, through Fannie Mae’s Green Rewards program on behalf of the undisclosed borrower.
QUAKERTOWN, PA. — New Jersey-based Cronheim Mortgage has arranged $9 million in permanent financing for a 210,000-square-foot shopping center in Quakertown, located north of Philadelphia in Bucks County. Anchored by grocer Giant, the unnamed center also houses tenants such as Rite Aid, Buffalo Wild Wings, H&R Block and Panera Bread. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of New York City-based ADCO Group. An undisclosed life insurance company provided the loan.
MILWAUKEE — Associated Bank has structured a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the renovation of Townhomes at Carver in Milwaukee. The affordable housing community consists of 35 buildings. The Housing Authority of the City of Milwaukee originally developed the 122-unit property in 2001. Of the 122 units, 102 are restricted to households earning 30 to 60 percent of the area median income and 20 units are market rate. Additionally, 51 units benefit from a project-based Section 8 contract. Improvements will include new flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot water heaters; and window, siding and roofing updates. Completion is slated for 2023. Stefanie Bachrach and Teresa Rubio of Associated Community Development LLC, the bank’s community development corporation, managed the current loan and equity closings.
WATERLOO, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.5 million loan for the refinancing of Art Bloc in Waterloo, a city in northeast Iowa. The newly built, six-story building features 67 apartment units and 7,400 square feet of commercial space that is fully leased to an architecture firm. Robert Bhat of MMCC arranged the senior debt financing. The Fannie Mae loan features a 75 percent loan-to-value ratio, a fixed interest rate of 4.75 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.
HOUSTON — Locally based investment firm Three Pillars Capital Group has received a $46 million loan for the cash-out refinancing of Mainridge Point and Westridge Gardens, two apartment communities totaling 520 units in Houston. Three Pillars purchased the properties, which offer one- and two-bedroom units, in October 2020 then implemented a series of capital improvements. Upgrades included new countertops, cabinetry, flooring and kitchen and bath fixtures. An undisclosed, California-based bank provided the loan.
OMAHA, NEB. — Grandbridge has arranged a $3.3 million loan for the refinancing of Brentwood Village shopping center in Omaha. The property is fully leased. Brett Olson and Jeff Witt of Grandbridge arranged the fixed-rate, seven-year loan. A local bank provided the loan to the borrower, City+Ventures.
NASHVILLE, TENN. — Square Mile Capital has provided a $162 million construction loan for Society Nashville, a 16-story apartment tower located at 915 Division St. in the city’s Gulch district. The borrower is a development partnership between PMG, New Valley and RMWC. The developers also received $35 million in equity through CrowdStreet. Designed by Baker Barrios Architects, Society Nashville will rise 16 stories and include 502 residential units (both traditional and co-living), approximately 8,400 square feet of retail space and 485 parking spaces. Planned amenities include a pool with a pool deck, fitness center and coworking spaces. The developers plan to deliver Society Nashville in 2024.
PHILADELPHIA — French investment bank Natixis has provided a $150 million loan for the refinancing of LVL North, a 410-unit apartment community located just north of downtown Philadelphia at 510 Broad St. The property includes 108,000 square feet of commercial space that is anchored by grocer Giant. Kelly Gaines, Chad Orcutt and Blaine Fleming of JLL arranged the five-year, floating-rate loan on behalf of the borrower, Philadelphia-based Alterra Property Group.
RAMSEY, MINN. — CBRE has negotiated the sale of ParkView East in Ramsey, about 22 miles northwest of downtown Minneapolis. The sales price was undisclosed. The 121-unit apartment complex is located at 14450 Rhinestone St. near a Northstar Commuter rail station. Completed in 2017, the property features a clubhouse, fitness center, dog park and dog wash. Ted Abramson, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. Partner Apartments was the buyer. Dan Trebil of Northmarq originated a $19.9 million Freddie Mac loan for the acquisition. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule.
RENO, NEV. — LDK Ventures has received a $59.3 million senior loan for the purchase of Integra Peaks at Damonte Ranch, a partially complete apartment property in Reno. PCCP provided the loan. Located at 875 Damonte Ranch Parkway, the community is approximately 75 percent complete, with final delivery slated for late March 2023. Totaling 300 units, Integra Peaks consists of five four-story, elevator-served residential buildings and 10 two-story, carriage-style buildings. The unit interiors feature vinyl plank flooring, vaulted ceilings on fourth-floor units, island kitchens, high-end energy efficient appliances, tiled showers and baths, LED lighting and private balconies with mountain views. Community amenities include a standalone clubhouse offering a fitness facility with separate yoga and spin rooms, a cybercafé, resort-style pool, cabanas, outdoor firepits and a dog park.