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Hovley-Gardens-Palm-Desert-CA
AcquisitionsAffordable HousingCaliforniaLoansMultifamilyWestern

Hunt Capital Closes $8.5M Loan for Acquisition, Rehabilitation of Affordable Housing in Palm Desert, California

by Amy Works

PALM DESERT, CALIF. — Hunt Capital Partners and developer D.L. Horn & Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credits equity financing for the acquisition and rehabilitation of an affordable multifamily project in Palm Desert. The Hovley Gardens project consists of 16 two-story, walk-up residential buildings offering a total of 163 units, as well as a community building. The unit mix includes 72 two-bedroom units, 72 three-bedroom units, 18 four-bedroom units and one three-bedroom manager’s unit. Eighteen of the units will be restricted to households earning up to 30 percent of area median income (AMI), 55 units will be restricted to households earning up to 45 percent of AMI, 82 units will be for households earning up to 50 percent of AMI and seven units will be for households earning up to 60 percent of AMI. Units renovations will include upgraded cabinets, countertops, sinks, faucets and flooring. Twelve units will be converted to fully accessible and the five existing accessible units will be modified to be compliant with current regulations. Community upgrades will include improvements to the building systems, commons areas and community spaces. The project team includes ConAm Management Corp., Multi-Family Builders, …

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Lake-Muir-Cedar-Park-Texas
AcquisitionsLoansMultifamilyTexas

Sterling Real Estate Sells 332-Unit Multifamily Property in Cedar Park, Texas

by Taylor Williams

CEDAR PARK, TEXAS — Arizona-based investment firm Sterling Real Estate Partners has sold Muir Lake, a 332-unit luxury multifamily property in Cedar Park, a northwestern suburb of Austin. Built in 2014 by developer Larry Peel, the waterfront community is located within the 189-acre Lakeline Park master-planned community, which includes walking trails, sport fields, water activities and festival/event areas. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances, full-sized washers and dryers and private balconies/patios. Amenities include a pool, outdoor lounge, business center, billiards room, fitness center, dog park and a boat and canoe dock. Matt Pohl, Forrest Bass and Spencer Roy of Walker & Dunlop brokered the deal. An affiliate of Chicago-based Walton Street Capital provided a $61.4 million acquisition loan to the buyer, a partnership between Old Three Hundred Capital and ArrowMark Partners. Marko Kazanjian, Chris McColpin and Andrew Cohen of JLL placed the debt. Muir Lake was 96 percent occupied at the time of sale.

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Clifton-Medical-Office
HealthcareLoansNew JerseyNortheastOffice

Progress Capital Arranges $35.2M Loan for Refinancing of Medical Office Building in Clifton, New Jersey

by Taylor Williams

CLIFTON, N.J. — New Jersey-based mortgage banking firm Progress Capital has arranged a $35.2 million loan for the refinancing of a 203,000-square-foot medical office building in the Northern New Jersey city of Clifton. Tenants at the property include Summit Medical Group, AECOM and SSB Realty, and building amenities include a cafeteria, fitness center and a conference room. Natixis Real Estate Capital provided the nonrecourse, interest-only loan. The borrower was ERCT Capital Group. Brad Domenico of Progress Capital placed the debt.

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LoansMassachusettsMultifamilyNortheast

KeyBank Closes $25M Agency Acquisition Loan for Apartment Complex in Lawrence, Massachusetts

by Taylor Williams

LAWRENCE, MASS. — KeyBank Real Estate Capital has closed a $25 million Freddie Mac acquisition loan for Saunders Crossing, a 222-unit apartment community in Lawrence, located north of Boston near the Massachusetts-New Hampshire border. The eight-acre, garden-style property was built in phases between 1972 and 2005 and offers studio, one- and two-bedroom floor plans. Amenities include a pool and a business center. Dirk Falardeau and Matt Purtell of KeyBank originated the 10-year, interest-only loan on behalf of the borrower, locally based multifamily investment and management firm Dolben.

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AcquisitionsCaliforniaIndustrialLife SciencesLoansOfficeWestern

Newmark Arranges $99.2M Acquisition Loan for Six-Building Bay Area Life Sciences Complex

by Amy Works

ALAMEDA, CALIF. — Newmark has arranged $99.2 million in financing to Invesco Advisers for the acquisition and conversion of a newly developed, six-building portfolio in Alameda. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team arranged the financing for the buyer. PGIM Real Estate placed the loan. Located at 1410-1430 Harbor Bay Road and 1955-2115 N. Loop Road, the six buildings feature 24- to 28-foot clear heights, dock-high and at-grade doors and ample power. Invesco plans to convert the 335,000-square-foot property into a state-of-the-art life sciences complex, including lab research, development and domestic good manufacturing practice (GMP) manufacturing.

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LoansMultifamilyNorth CarolinaSoutheast

Dwight Capital Provides $43.9M HUD Loan for Greystone at Widewaters Apartments in Knightdale, North Carolina

by Julia Sanders

KNIGHTDALE, N.C. — Dwight Capital has provided a $43.9 million HUD 223(f) cash-out loan for Greystone at Widewaters, a 332-unit apartment community located in Knightdale. Adam Sasouness and Josh Sasouness of Dwight Capital originated the refinancing. Built in 2006, Greystone at Widewaters includes 13 three-story residential buildings, a car wash station, clubhouse and recycle and storage buildings situated on 24.5 acres. Community amenities feature a business center, dog park, fitness center, media center, playground, swimming pool and cabana and outdoor fireplace with a built-in grilling station. The loan benefitted from HUD’s Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Greystone at Widewaters is Energy Star-certified.

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Briarwood Estates
AcquisitionsLoansMarylandMultifamilySoutheast

KeyBank Funds $18M Acquisition Loan for Manufactured Housing Community in Dundalk, Maryland

by Julia Sanders

DUNDALK, MD. — KeyBank Real Estate Capital has secured an $18 million Fannie Mae acquisition loan for a manufactured housing community in Dundalk known as Briarwood Estates. The borrower is a partnership between Dahn Corp., a Newport Beach, Calif.-based real estate investment and asset management company, and Orlando-based Elevation Capital Group. The property represents the first purchase for Elevation’s investment fund Elevation Fund 8 LLC, which focuses on self-storage and manufactured housing acquisitions. Paul Angle and Jason Weaver of KeyBank originated the financing. The 10-year loan is structured with a fixed interest rate, three years of interest-only payments and a 30-year amortization schedule. Originally built in 1949, renovated in the 1960s and expanded in the 1980s, Briarwood Estates is a 209-pad manufactured housing community situated on 34 acres approximately 48 miles north of Washington, D.C.

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DevelopmentLoansMontanaMultifamilyWestern

ACRES Capital Originates $29.2M Construction Loan for Babcock Apartments in Montana

by Amy Works

BOZEMAN, MONT. — ACRES Capital Corp. has originated a $29.2 million loan to fund the construction of Babcock Apartments, a multifamily property located at 1612 and 1624 W. Babcock St. in Bozeman. The borrower is Roundhouse Development, a fully integrated developer and operator of multifamily housing. Los Angeles-based George Smith Partners arranged the loan. Babcock Apartments will feature 95 apartments, 105 parking spaces and 2,300 square feet of ground-floor retail space. Units will include in-unit washers/dryers, stainless steel appliances, dishwashers, wood cabinets, marble countertops and private balconies in select units. Community amenities will include a fitness center, tenant lounge, open space areas, individual storage units and on-site parking. Jonathan Lee led the George Smith Partners team that arranged the loan, while Chris Hetzel of ACRES’ Los Angeles office originated the deal.

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LoansMidwestMissouriMultifamily

Associated Bank Funds $25.5M Acquisition Loan for Multifamily Asset in Metro St. Louis

by Kristin Harlow

WENTZVILLE, MO. — Associated Bank has provided a $25.5 million loan for the acquisition of Grand Central at the Junction in Wentzville, a northwestern suburb of St. Louis. The 180-unit apartment community, located at 6101 Grand Central Ave., features amenities such as a community lounge, fitness center, pool and grilling areas. Randy Stille of Associated Bank handled the loan closing on behalf of the borrower, Minneapolis-based Timberland Partners. The acquisition marks Timberland’s eighth multifamily property in the St. Louis market. The company owns and manages a portfolio of 83 communities in 15 states totaling more than 18,000 units.

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AcquisitionsColoradoLoansWestern

Money360 Provides $7.4M Acquisition Loan for Industrial Property in Littleton, Colorado

by Amy Works

LITTLETON, COLO. — Money360 has provided an undisclosed borrower with a $7.4 million loan for the acquisition of an industrial building in Littleton. Loan proceeds will be used to fund future leasing costs and a capital expenditure program to renovate add value to the property. The three-year loan features two 12-month extension options.

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