Loans

Marcus & Millichap Capital Corp. Arranges $13.5M Loan for Refinancing of Iowa Apartment Building

by Kristin Harlow September 26, 2022

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.

September 26, 2022

Loans Multifamily Texas

Three Pillars Receives $46M Loan for Refinancing of Two Houston Apartment Communities

by Taylor Williams September 23, 2022

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.

September 23, 2022

Loans Midwest Nebraska Retail

Grandbridge Arranges $3.3M Loan for Refinancing of Omaha Retail Center

by Kristin Harlow September 23, 2022

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.

September 23, 2022

Development Loans Multifamily Southeast Tennessee

Square Mile Capital Provides $162M Construction Loan for Society Nashville Apartment Tower

by John Nelson September 22, 2022

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.

September 22, 2022

Loans Multifamily Northeast Pennsylvania

Natixis Provides $150M Loan for Refinancing of Philadelphia Apartment Community

by Taylor Williams September 22, 2022

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.

September 22, 2022

Acquisitions Loans Midwest Minnesota Multifamily

CBRE Negotiates Sale of 121-Unit Apartment Complex in Ramsey, Minnesota

by Kristin Harlow September 22, 2022

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.

September 22, 2022

Acquisitions Development Loans Multifamily Nevada Western

LDK Ventures Receives $59.3M Acquisition Loan for Integra Peaks at Damonte Ranch Multifamily Development in Reno

by Amy Works September 22, 2022

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.

September 22, 2022

Affordable Housing Development Loans Multifamily New Mexico Western

Hunt Capital Partners Provides $19.1M in Financing for 204-Unit Trailhead at Chamizal Apartments in Albuquerque

by Amy Works September 22, 2022

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 …

September 22, 2022

Florida Loans Multifamily Northmarq Southeast

Northmarq Arranges $56M Loan for Fountainhead Apartments Under Construction in Jacksonville

by John Nelson September 21, 2022

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.

September 21, 2022

Development Loans Multifamily Seniors Housing Texas

JLL Arranges $61M Construction Loan for Seniors Housing Project in Garland, Texas

by Taylor Williams September 21, 2022

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.

September 21, 2022

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