AUSTIN, TEXAS — Hunt Capital Partners has provided $14.1 million in Low-Income Housing Tax Credit (LIHTC) equity for Saison North, a 116-unit affordable housing project in Austin. The complex will consist of eight one-bedroom, 44 two-bedroom and 24 three-bedroom units that will be reserved for households earning up to 30, 50 and 60 percent of the area median income, as well as 34 market-rate units. Amenities will include a fitness center, business center, leasing office and a clubhouse. The developer of the project is O-SDA Industries. Bank OZK has provided a $19.5 million construction loan for Saison North, with J.P. Morgan Chase providing a $12.9 million permanent loan. Other pieces of financing were originated by the Austin Housing Finance Corp. ($6.2 million), Travis County ($2.4 million) and the Texas State Affordable Housing Corp. ($375,000). Completion is slated for May 2024.
NEW YORK CITY — CBRE has provided a $12.3 million Freddie Mac loan for the refinancing of River View Towers, a 385-unit residential complex located on Manhattan’s Upper West Side. The 24-story building is a housing cooperative, meaning residents own their respective units, but can only sell to qualified applicants at prices based on the existing occupant’s equity in the unit. Mark Fisher and Alex Furnary of CBRE originated the 30-year, fixed-rate loan, which was part of a larger $33.3 million financing package. The New York State Housing Finance Agency also provided a $20.4 million loan to allow the undisclosed borrower to pay off existing debt and fund capital improvements.
SHELBY TOWNSHIP, MICH. — Greystone has provided a $22.6 million HUD-insured 223(f) loan for the refinancing of Aria of Shelby in Michigan. The 96-unit multifamily property is located in Shelby Township, a northern suburb of Detroit. The newly built townhome community features two- and three-bedroom floor units across 18 buildings. Lisa Fischman of Greystone originated the loan on behalf of the borrower, an entity doing business as Aria of Shelby LLC. The fixed-rate loan features a 35-year term and a 35-year amortization. The borrower was also able to secure green certification through the National Green Building Standard, leading to a heavily reduced mortgage insurance premium. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of the equity in the property.
PLAINFIELD, IND. — Indiana-based First Internet Bank has provided a $59 million construction loan for Hobbs Station, a $300 million mixed-use project in the Indianapolis suburb of Plainfield. Phase I calls for 293 apartment units, 30,000 square feet of retail space and 400 parking spaces. Crossroads Realty Advisors arranged the loan on behalf of the borrower, Indianapolis-based New City Development. The project was first announced earlier this year.
BROOKLYN PARK AND DAYTON, MINN. — Northmarq has arranged a $33.9 million loan for the construction of two industrial properties in suburban Minneapolis. In Brooklyn Park, 169 Logistics Center will include two buildings totaling 147,250 square feet. Dayton Logistics Center in Dayton will consist of a single building totaling 248,000 square feet. Completion of both properties is slated for spring 2023. Bill Mork of Northmarq arranged the four-year, fixed-rate loan. The borrower was a joint venture partnership between Capital Partners and Eagle Realty Group. The lender was undisclosed.
PITTSBURGH — JLL has arranged a $74 million loan for the refinancing of Southside Works, a 471,939-square-foot office and retail development in Pittsburgh. Built in phases between 2002 and 2004 and renovated in 2021, Southside Works comprises 245,570 square feet of office space and 226,369 square feet of retail space. The development also features multiple pocket parks, open green spaces, sport courts and a dog park. Nick Unkovic and Jeremy Bernstein of JLL arranged the six-year, floating-rate loan through Dollar Bank on behalf of the borrower, SomeraRoad.
VACAVILLE, CALIF. — Gantry has arranged a $23 million permanent loan to refinance debt on Vacaville Commons, a power retail center in Vacaville. Tenants at the 400,000-square-foot property include Safeway, Ross Dress for Less, Big 5, Chase Bank, Chick-fil-A and Chili’s. Tom Dao and Erinn Cooke of Gantry’s San Francisco office arranged the financing on behalf of a private real estate investment partnership. The 10-year, fixed-rate loan, features an interest-only period transitioning to 30-year amortization. A correspondent life company lender provided the capital.
ORANGE, CALIF. — PSRS has arranged $15 million in financing for Galleria L’Orange, a multi-tenant retail center in Orange. Michael Tanner and Tony Messiah of PSRS secured the non-recourse loan that features a 10-year term and 30-year amortization. A correspondent life insurance company provided the capital. Situated on 3.1 acres, the three-building asset offers 40,323 square feet of retail space and 180 parking spaces. Tenants include Starbucks Coffee, Supercuts, U.S. Bank, H&R Block and T-Mobile.
FORT COLLINS, COLO. — Walker & Dunlop has arranged the sale of Trails at Timberline, an apartment community located in Fort Collins. Terms of the transaction were not released. Trails at Timberline features 314 apartments, with an average unit size of 897 square feet. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop represented the undisclosed seller in the deal. Mark Grace and Trevor Fase of Walker & Dunlop structured the debt financing on behalf of the undisclosed buyer.
ATLANTA — PMG and Canadian private equity firm Greybrook have obtained a $182 million construction loan for Society Atlanta, a 31-story mixed-use tower underway at 811 Peachtree St. in Midtown Atlanta. JLL arranged the financing through a major U.S. life insurance company and Related Fund Management. Designed by architecture firm Cooper Carry, Society Atlanta will feature 460 apartments, 82,000 square feet of Class A office space and 15,500 square feet of ground-floor retail space. Planned amenities include a pool deck with grilling and lounge areas, a large coworking lab with private conference rooms and a gym with a fitness studio. Cushman & Wakefield is leasing the office space, and Bridger Properties is leasing the retail space. Juneau Construction Co. is the general contractor for Society Atlanta, which broke ground in May 2022 and is slated for completion in late 2024. PMG has over 8,500 units planned for its Society Living brand in markets such as Miami, Fort Lauderdale, Orlando, Nashville, Denver and Brooklyn, with more to be announced soon.