ALBUQUERQUE, N.M. — Hunt Capital Partners (HCP), in partnership with Palindrome Properties, has provided $19.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Trailhead at Chamizal, a 204-unit multifamily community in Albuquerque. Total development cost for Trailhead at Chamizal is $58.6 million. Situated on six acres, Trailhead at Chamizal will feature 116 one-bedroom/one-bath units, 36 two-bedroom/one-bath units, 32 two-bedroom/two-bath units and 20 three-bedroom/two-bath units. The residences are designated for families earning up to 60 percent of area median income. Each unit will feature modern amenities, including balconies/patios, central air conditioning, dishwashers, disposals, exterior storage, hardwood flooring, microwaves, walk-in closets and washers/dryers. Palindrome’s development team includes PacifiCap Construction as general contractor and Dekker Perich Sabathi as architect. PacifiCap Management will manage the new development, which is slated for completion in late 2024. HCP facilitated the federal LIHTCs through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 48. Lenders include Bank of the West, which is providing a taxable $9.8 million construction loan, and Boston Capital, which is providing a $29.5 million tax-exempt construction loan as well as a $25.3 million tax-exempt permanent loan. An additional $8 million soft loan is bring provided by the …
JACKSONVILLE, FLA. — Northmarq has arranged a $56 million loan for Fountainhead, a 360-unit apartment community located at 7237 Corklan Drive in Jacksonville. The unnamed borrower will use the 10-year, fixed-rate loan to refinance a construction loan for the community, which is currently under construction and in lease-up. Ryan Whitaker of Northmarq arranged the interest-only loan through an unnamed life insurance company. Upon completion, amenities at Fountainhead will include a business center, clubhouse, lounge, 24-hour fitness center, resort-style swimming pool, playground, car care center, EV charging stations, fire pit, dog agility park, sundeck, grill, picnic area and onsite garages.
GARLAND, TEXAS — JLL has arranged a $61 million construction loan for The Preserve at Spring Creek, a 230-unit seniors housing project that will be located in the northeastern Dallas suburb of Garland. The country club-style facility will be situated on 35.5 acres and will offer assisted living, independent living and memory care services. Amenities will include a clubhouse, theater/chapel, salon, bistro, arts and craft room, billiards room, fitness centers and multiple dining venues and gathering spaces. Alanna Ellis and Allison Holland of JLL arranged the financing through a regional bank on behalf of the borrower, a joint venture between JAMP Enterprises LLC and Frontier Management LLC. The floating-rate loan carried a 15-year term with five-years of interest-only payments and a 75 percent loan-to-cost ratio. A construction timeline was not disclosed.
SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …
LAS VEGAS — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway. Situated at 7101-7181 W. Craig Road, the property was built in 2002.
LYNNWOOD, WASH. — Chicago-based Pearlmark has received a $7 million mezzanine debt investment as part of its purchase of Northview Center, an office property in Lynnwood. The 182,009-square-foot building is close to a new light rail station that will provide easy access to downtown Seattle. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V LP. Prime Finance provided the senior loan. Nitze-Stagen is the manager for the borrower. Bill Swackahmer of Pearlmark arranged the transaction.
ATLANTA — Lightstone Capital has provided a $27 million loan for the refinancing of 2000 Riveredge Parkway, a 12-story, 240,000-square-foot office building in Atlanta’s Cumberland-Galleria submarket. The Florida-based borrower, Mainstreet Capital Partners, will use the financing to refinance existing debt and fund future leasing costs. Ed Coco and Matt Casey of JLL arranged the financing on behalf of Mainstreet. Situated near the Chattahoochee Nature Center, the property was about 50 percent occupied at the time of the financing to 20 tenants, including Aetna, Atlas Roofing, VITAS Healthcare and Diamond Crystal Brands. The building has 24/7 security, a recently added fitness center with showers and lockers, conferencing facilities, a renovated deli, private balconies, attached structured deck parking and a tenant lounge. Mainstreet Capital plans to use the loan proceeds to upgrade the parking deck terrace, complete multiple spec suites, update the restrooms and make minor mechanical updates.
HOUSTON — Northmarq has arranged a $10.5 million loan for the refinancing of West Little York Trade Park, a 120,900-square-foot industrial property in Houston. The property was built in 2020 and consists of 15 single-tenant buildings ranging in size from 7,000 to 11,875 square feet. Matt Franke of Northmarq arranged the nonrecourse, fixed-rate loan, which was structured with 18 months of interest-only payments, through an undisclosed regional bank. The borrower was also not disclosed.
MESA, ARIZ. — JLL Capital Markets has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial project in Mesa. Totaling 828,718 square feet, the first phase will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25 to 41 dock-high doors, 50-foot by 52-foot column spacing and 32-foot clear heights throughout. Sossaman Park will be built in two phases with the second phase expected to include three additional buildings that will collectively total 722,000 square feet. A portion of the loan proceeds were used to fund the sponsor’s acquisition of the Phase II land site. The development is located on 108.9 acres at the southwest corner of Sossaman and Warner roads in the Chandler North/Gilbert submarket. Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos of JLL Capital Markets arranged a four-year, floating-rate loan for the borrower, a joint venture led by Contour. Pacific Western Bank provided the loan.
REVERE, MASS. — Ullico, a Washington, D.C.-based insurance company, has provided a $150 million construction loan for Amaya, a 475-unit multifamily project that will be located in the northeastern Boston suburb of Revere. Designed by ICON Architecture, the project is part of the 16.2 million-square-foot redevelopment of the former Suffolk Downs racetrack and will house 24,000 square feet of ground-floor retail space. Amenities will include a pool, landscaped courtyards, an outdoor kitchen with grilling stations, fitness center and a game room with an arcade. Completion is slated for the second quarter of 2024. The borrower was a partnership between National Real Estate Advisors, Cathexis and The HYM Investment Group.