ATLANTA — Berkadia has arranged $87.8 million in acquisition financing for a 13-property affordable housing portfolio in Georgia and South Carolina. Jeff Lawrence of Berkadia’s Atlanta office arranged the two-year loan on behalf of the borrower, Georgia-based Infinity RE Impact. The portfolio comprises 12 Georgia properties, including Lake Forest Apartments in Gainesville; Forest Creek at Moultrie Apartments in Moultrie; Lakeview Apartments in Carrollton; Rolling Ridge Apartments in Athens; Shenandoah Forest Apartments in Newnan; Sunny Brook Apartments Road in Elberton; Briarwood Apartments in Jesup; Indian Oaks in Fort Valley; Shadowood in Augusta; The Cliffs in Dalton; Georgian Woods in Douglas; and Riverbend in Milledgeville. The lone South Carolina property in the portfolio is Crestview Village in Easley.
NEW YORK CITY — Barings has provided an $11.5 million permanent loan for Euclid Glenmore Apartments, a 135-unit affordable housing project in Brooklyn. Upon completion, a date for which was not disclosed, the eight-story building will house units for renters earning 60 percent or less of the area median income. More than half the units will be set aside for formerly homeless families or individuals, and the community will include a dedicated medical support area with childcare services. The borrower is a partnership between Lantern Organization and Mega Contracting Group.
VINELAND, N.J. — Cronheim Mortgage has arranged a $4.1 million permanent loan for Vineland Apartments, a 104-unit multifamily property in Southern New Jersey. The garden-style property comprises seven two-story buildings that house one- and two-bedroom units ranging in size from 680 to 868 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the financing on behalf of the borrower, New Jersey-based investment firm Marshall Weinerman Real Estate. The direct lender was not disclosed.
LOS ANGELES, CALIF. — George Smith Partners has secured $120.1 million in permanent financing for Da Vinci Apartments, a residential complex in downtown Los Angeles. Gary Tenzer and Dasha Savchenko of George Smith Partners advised the undisclosed borrower. The loan features a fixed rate for 10 years at 4.38 percent with interest-only payments for the first seven years. The five- and six-story multifamily community offers 526 units, a professional basketball court, conference room, business center, heated swimming pool, 24-hour fitness center, dry sauna and tanning beds. At the time of financing, the property was 98 percent occupied.
JOHNSTOWN, COLO. — ACRE has arranged a $52.7 million loan for a joint venture between Graycliff Capital Partners and Buligo Capital Partners to support the newly built Johnstown Plaza, an apartment community located at 5150 Ronald Reagan Blvd. in Johnstown. Issued through ACRE’s debt fund ACRE Credit I, the loan will facilitate the joint venture’s purchase of the 252-unit property. Executed in October, the two-year agreement includes options for three single-year extensions. Carson Development built and delivered Johnstown Plaza, which opened in second-quarter 2022. Since opening, the property is well into its initial lease-up, surpassing 35 percent physical occupancy in late August 2022. The garden-style community offers one-, two- and three-bedroom layouts with wood-style flooring, granite countertops, wood cabinetry, zebra blinds, stainless steel appliances, walk-in closets, central heat and air conditioning, washers/dryers and private patios or balconies with mountain range views. Community amenities include an outdoor swimming pool, fenced dog park, basketball courts, grilling stations, resident business center, 24-hour workout facility, controlled access, 24-hour mail room and courtesy package acceptance. The property also features an outparcel self-storage facility offering on-site, climate-controlled storage units.
Associated Bank Provides $30M Loan for Construction of Luxury Apartment Complex in Chaska, Minnesota
CHASKA, MINN. — Associated Bank has provided a $30 million loan for the construction of The Gallery of Chaska in suburban Twin Cities. The four-story luxury apartment complex will feature 175 units at 3200 Clover Ridge Drive. Amenities will include a courtyard and pool. Units will feature condo-style finishes, and residents will have access to an underground parking garage with 182 parking spaces. Completion is slated for February 2024. Randy Stille of Associated Bank managed the loan and closing on behalf of the borrower, Chase Real Estate.
SAGINAW TOWNSHIP, MICH. — Greystone has provided a $10.8 million HUD 223(f) loan for the refinancing of Lakeside Village Apartments in Saginaw Township within central Michigan. The 200-unit affordable housing community was constructed in 1980. Lisa Fischman of Greystone originated the 35-year loan, which features a fixed interest rate and a 35-year amortization schedule. The Altman Cos. was the borrower. The property qualifies for a lower annual mortgage insurance premium (MIP) of 0.25 percent because it is rent-restricted. In addition to the refinancing, loan proceeds will enable the borrower to continue with ongoing property improvements, according to Greystone.
SAN LEANDRO, CALIF. — JLL Capital Markets has arranged $69 million in construction financing for Centro Callan, a mixed-use apartment complex in San Leandro. The borrowers are The Martin Group, Sansome Pacific Properties and STARS REI. Brandon Roth, Spencer Bergthold and Elijah Lax of JLL Capital Markets secured the floating-rate construction loan through Principal Real Estate. The five-story Centro Callan will feature 196 apartments in a mix of studio, one-, two- and three-bedroom layouts with quartz countertops, backsplashes, stainless steel appliances, full-size washers/dryers, wide-plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. Community amenities include 31,000 square feet of ground-floor retail space anchored by Sprouts Farmers Market, 20,000 square feet of open space, a dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbecues and televisions, an outdoor game area and a secret garden.
WESTON, MASS. — Newmark has arranged financing for Riverside Labs, a 340,000-square-foot life sciences project in Weston, a western suburb of Boston. Riverside Labs will comprise three buildings, the first of which is slated for a summer 2023 delivery. David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the debt through Royal Bank of Canada on behalf of the borrower, a partnership between Greatland Realty Partners and Rockwood Capital. The loan, the amount of which was not disclosed, is part of Royal Bank of Canada’s $150 million total commitment to the development.
BILLINGS, MONT. — Dwight Capital has provided a $37.7 million HUD 221(d)(4) construction loan for InterUrban Apartment Homes Phase II, a proposed multifamily expansion project in Billings. The borrower is Montana-based Stock Development. Situated on more than 10 acres, the community will feature six three-story, garden-style buildings and a one-story clubhouse. The 216 units will offer patios, soundproofing, in-unit washers/dryers and smart home packages, which include remote access to HVAC, lighting and security. The buildings will be constructed to National Green Building Standard Bronze guidelines, which enabled the borrower to qualify for a Green Mortgage Insurance Premium Reduction set at 25 basis points. Brandon Baksh of Dwight Capital originated the transaction for the borrower. Dwight Capital also provided a $24.4 million HUD 223(a)(7) loan for the first phase of the property in April 2020.