SAGINAW, TEXAS — San Francisco-based mortgage banking firm Gantry has arranged a $19 million bridge loan for the acquisition of Ashton Apartment Homes, a 152-unit multifamily property located in the northern Fort Worth suburb of Saginaw. Built in 1984, the property consists of 14 two-story buildings on a 7.6-acre site. The undisclosed borrower plans to implement a value-add program focused on unit interiors that is a continuation of the previous owner’s renovations to common areas and amenity spaces.
DUNWOODY, GA. — Cushman & Wakefield has secured a loan of an undisclosed amount for the refinancing of Crown Pointe, a 509,792-square-foot office campus in Dunwoody, about 15.3 miles from downtown Atlanta. Brian Linnihan, Mike Ryan, J.P. Cordeiro and Taylor Mathis of Cushman & Wakefield secured the refinancing through Wells Fargo. Crown Pointe includes two office towers that were each built in the 1980s. The buildings’ features include flexible floorplans, more than 1,500 parking spaces onsite and direct access to the Sandy Springs MARTA station via a covered walkway. Located at 1040 and 1050 Crown Pointe Parkway, the property is situated in Atlanta’s Central Perimeter office submarket. The office campus is also located 25.9 miles from Hartsfield-Jackson Atlanta International Airport.
SAN ANTONIO — New York City-based Dwight Capital has provided a $22.7 million HUD-insured loan for the refinancing of Stablewood Farms, a 252-unit affordable housing community in San Antonio. Built in 2002, the property comprises 16 two- and three-story buildings, five garages, a leasing office and a community center on a 22-acre site. The majority (75 percent) of the units are restricted to households earning 80 percent or less of the area median income (AMI), while 20 percent are reserved for renters earning up to 50 percent of AMI. Josh Sasouness of Dwight Capital originated the loan through HUD’s 223(f) program on behalf of the borrower, locally based nonprofit organization Merced Housing Texas.
Red Oak Provides $10M Loan for Refinancing of Industrial, Office Property in Bloomfield, Connecticut
BLOOMFIELD, CONN. — Michigan-based lender Red Oak Capital Holdings has provided a $10 million loan for the refinancing of an industrial and office property located in the northern Hartford suburb of Bloomfield. South Campus at Gillette Ridge comprises a 435,853-square-foot office building, a 101,652-square-foot warehouse and a 40,688-square-foot flex building on a 50.8-acre site. Amenities include a fitness center, conference center, full-service kitchen and a cafeteria. The undisclosed sponsor plans to use a portion of the proceeds to fund capital improvements.
RIVERSIDE, CALIF. — PSRS has arranged the $3.5 million cash-out refinancing of Riverside Apartments, a multifamily property located in Riverside. David Sarnoff of PSRS secured the 10-year, fixed-rate loan with a flexible prepayment structure. The name of the borrower was not released. Built in 1990, the wood-frame property features 32 garden-style apartments.
ATLANTA — New York-based Eastern Union has secured an $83.3 million bridge loan for The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta. Michael Muller of Eastern Union arranged the non-recourse, two-year loan, which has three 12-month extension options. The loan was underwritten with interest-only payments for a period of up to three years. The borrower was not disclosed. Formerly known as Stone Ridge at Vinings, The Halsten offers studio, one-, two- and three-bedroom floorplans. Completed in 1973, the property spans 452,385 square feet. The new owner plans to upgrade the property’s exteriors and modernize and renovate the interiors. Unit features include walk-in closets, patios and balconies and washer and dryer hookups. Community amenities include a business center, clubhouse, playground, tennis court, grill, picnic area, fitness center, laundry facilities and a pet play area. Located at 3000 Cumberland Club Drive, the property is situated two miles from The Battery Atlanta and 15.7 miles from downtown Atlanta.
WEST PALM BEACH, FLA. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community located in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Located in Palm Beach County, Christian Manor includes four, three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income, which is classified as below 60 percent of area median income, and “extremely low-income” seniors (below 28 percent AMI) over 62 years of age. The project team worked with HUD and the West Palm Beach Housing Authority to obtain project-based rental assistance for over half of the residents who, although eligible, were previously not receiving this support. The expected construction cost for the redevelopment of the property is $38.7 million. Along with the funding from Greystone, the project also received 4 percent Low-Income Tax Credit (LIHTC) equity, and secondary debt consisting of a Florida State Apartment Incentive Loan and Florida Extremely Low-Income funds. The non-recourse loan carries a 40-year term at a low, fixed interest rate. Paul Ponte of Phase Housing Corp. Inc., Jason …
JERSEY CITY, N.J. — Locally based financial advisory firm Progress Capital has arranged a $14 million loan for the refinancing of a 79-unit apartment building located at 253 Academy St. in the Journal Square neighborhood of Jersey City. The newly built property offers 77 studios and two larger units that were built as standalone modular residences. Amenities include a rooftop deck and grilling area, fitness center and concierge service. Kathy Anderson of Progress Capital arranged the loan, which carried a fixed interest rate and 12 months of interest-only payments, on behalf of the borrower, Pointe Developers LLC. The direct lender was not disclosed.
PISMO BEACH, CALIF. — Sonnenblick-Eichner Co. has arranged $30 million in long-term, fixed-rate financing for Inn at the Pier, a full-service boutique hotel located half a block from the Pacific Ocean in Pismo Beach. Inn at the Pier features 104 guest rooms, a full-service restaurant, pool, spa and the only rooftop bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a fitness center and approximately 2,650 square feet of street-level retail space. Additionally, the hotel offers valet parking for up to 128 cars. The nonrecourse loan was funded by a life company and priced in the low four percent range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the undisclosed borrower.
MERIDIAN, IDAHO — PSRS has secured a $4.6 million refinancing for Gramercy and Mason Creek Retail, two retail assets in Meridian. Kostas Kavayiotidis and Jacob Lee of PSRS arranged the 65 percent loan-to-value, nonrecourse loan with a 10-year term and 30-year amortization for the undisclosed borrower. The properties consist of a total of four retail buildings featuring 14 units and 27,022 square feet. All buildings are fully occupied with a diverse mix of restaurants, local and national businesses.