COLLEGE STATION, TEXAS — Berkadia has provided a $33.3 million construction loan for Midtown Station Apartments, a 264-unit multifamily project in College Station. Midtown Station will feature 178 one-bedroom, one-bathroom units and 86 two-bedroom, two-bathroom units. Amenities will include a clubhouse, pool and deck, dog parks, dog wash station and a mail kiosk. The borrower was a partnership between Cross Development and StoneCreek Real Estate Partners. Construction is slated for a spring 2023 completion.
MAUMELLE, ARK. — Colliers Mortgage has provided two separate Fannie Mae Loans for the refinancing of Bay Pointe Apartments and Millwood Apartments, two multifamily communities located about 16.6 miles north of Little Rock in Maumelle. Together, the two loans totaled $2.4 million. The borrower(s) for the two refinancing transactions was not disclosed. Built in 1986, Bay Pointe Apartments includes 65 units located throughout four two-story apartment buildings, as well as a one-story residential building. Bay Pointe is located at 400 Valencia Drive and has one- or two-bedroom options. Community amenities include a business center, pool, parking and community room. Located at 200 Millwood Circle, Millwood Apartments was constructed in 1980 and includes 96 units located throughout eight two-story apartment buildings. The apartments include one-, two- and three-bedroom unit options. Community amenities include parking, a business center, community room and a pool. The Fannie Mae loan provided for Bay Pointe Apartments was a little more than $1 million and carries a 15-year term and 30-year amortization schedule. The loan provided for Millwood Apartments totaled $1.4 million. The refinancing loan carried a 15-year term and 30-year amortization schedule.
TULSA, OKLA. — Berkadia has arranged a $5.6 million HUD-insured loan for the refinancing of a 54-unit, 111-bed skilled nursing facility in Muskogee County, located southeast of Tulsa. The property was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent. Jay Healy of Berkadia originated the loan on behalf of the undisclosed borrower through HUD’s 232/223(f) program. The name and address of the property were not disclosed.
PLAINFIELD, IND. — Parkview Financial has provided a $34 million bridge loan for the refinancing and repositioning of Shops at Perry Crossing in Plainfield, a southwest suburb of Indianapolis. Built in 2006 and located at 2499 Futura Parkway, the lifestyle center spans 600,000 square feet. It is home to 40 tenants, including JC Penney, Dick’s Sporting Goods, AMC Theaters, H&M, DSW and Old Navy. The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, Poag Shopping Centers was able to regain ownership and plans to embark on a marketing program in order to lease up the 20 percent vacancy. Ownership plans to list the asset for sale once it is stabilized. The bridge loan has a term of 18 months.
WEST ALLIS, WIS. — JLL Capital Markets has arranged a $21.2 million loan for the acquisition of Six Points Apartments in West Allis, just west of Milwaukee. Built in phases between 2007 and 2010, the property features 178 units averaging 1,038 square feet. Amenities include a clubhouse, rooftop deck, business center, fitness center and heated underground parking. Brian Walsh of JLL led the team that represented the borrower, Spaulding Group. Prime Finance provided the three-year, floating-rate loan.
PHOENIX — Ready Capital has closed $28.1 million in financing for the acquisition, renovation and stabilization of an apartment in the South West Valley submarket of Phoenix. Upon purchase, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors and improve landscaping that will help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged a $22.6 million Fannie Mae loan for the refinancing of two multifamily assets totaling 140 units in The Bronx. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which featured a fixed interest rate of 3.37 percent for 12 years with five years of interest-only payments and a 30-year amortization schedule, through PGIM Real Estate. The borrower was Finkelstein Timberger East Real Estate.
FAIRFIELD, N.J. — New Jersey-based investment firm Denholtz Properties has received a loan of an undisclosed amount for the refinancing of a 90,000-square-foot industrial facility in the Northern New Jersey community of Fairfield. The two-building property was built on six acres in 1970 and features a clear height of 19 feet and 20,700 square feet of office space. Jon Mikula, Michael Klein and Gerard Quinn of JLL placed the 10-year, fixed-rate loan through Principal Real Estate Investors on behalf of Denholtz Properties.
EAST ORANGE, N.J. — Progress Capital has arranged a $53 million loan for the refinancing of LOTUS 315, a 180-unit multifamily building located in the Northern New Jersey community of East Orange. The property also houses 33,151 square feet of ground-floor commercial space. The borrower, locally based developer Blackstone 360, delivered the eight-story building in 2019. Units feature stainless steel appliances and individual washers and dryers, and amenities include an outdoor garden with a lounge, private garden terraces, a fitness center and shuttle service to Newark Penn Station. Brad Domenico of Progress Capital arranged the nonrecourse loan through Arbor Commercial Mortgage.
MIAMI — Berkadia has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit apartment community along Miami River. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the sponsor, Neology Life Development Group, a Miami-based residential and commercial real estate firm. LoanCore Capital originated the two-year, floating-rate loan with three 12-month extension options at a 72 percent loan-to-value ratio. Suzanne Amaducci-Adams and Alexandra Lehson of Bilzin Sumberg were the legal team representing the venture in the refinancing and initial financing. Located at 1951 NW S River Drive, Pier 19 Residences & Marina is located 3.8 miles from downtown Miami and 4.9 miles from Miami International Airport. The property was originally built in 2011 as condominiums. In 2018, Neology purchased the 21-story property and invested more than $2 million to transform the property into a lifestyle-driven residential community. Pier 19 offers one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Individual units feature granite countertops, marble and ceramic flooring, stainless steel kitchen appliances, walk-in closets, in-unit washer/dryer and balconies. Community amenities include a marina with 10 slips, a pool deck with pool and hot tub, a dog …