SAN ANTONIO — Dallas-based Westmount Realty Capital has sold Joule Apartment Homes, a 300-unit multifamily community in San Antonio. Westmount acquired and rebranded the community, which was built on 9.5 acres in 1974, in early 2019. Units come in one- and two-bedroom floor plans and average 682 square feet. Amenities include two pools, a 24-hour fitness center, resident clubhouse with a full kitchen, laundry facility and a dog park. Joule Apartment Homes was 96 percent occupied at the time of sale. Brandon Baksh and Brian Yee of New York City-based Dwight Capital provided a $24.4 million acquisition loan for the undisclosed buyer. Patrick Short of Walker and Dunlop arranged the debt.
AMHERST AND ORCHARD PARK, N.Y. — Excelsior Orthopaedics has refinanced a portfolio of four healthcare properties totaling 114,250 square feet near Buffalo with a $35.2 million loan. Specifically, the portfolio comprises three medical office buildings in Amherst and a surgery center in Orchard Park. The buildings were constructed between 2008 and 2016 and are 100 percent owner-occupied. Daniel Turley, Anthony Sardo and Brannan Knott of JLL arranged the seven-year, fixed-rate loan through Northwest Savings Bank.
ROMULUS, MICH. — Bernard Financial Group (BFG) has arranged a $57 million loan for the refinancing of a three-building industrial property totaling 1.8 million square feet in Romulus. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Voya Investment Management LLC. An entity doing business as Ashley Romulus LLC was the borrower. Further details were not provided.
INDIANAPOLIS — Berkadia has provided a $40.2 million Fannie Mae loan for the refinancing of Pickwick Farms, a 516-unit, garden-style apartment complex in Indianapolis. Located at 1540 Handball Lane, the property features a mix of studio, one-, two- and three-bedroom floorplans. Amenities include a pool, fitness center, dog park, playground, picnic area, basketball court and volleyball court. Jason Brown and Austin Katai of Berkadia Indianapolis originated the 10-year loan, which features an interest rate of 3.7 percent and a 30-year amortization schedule. Indiana-based Zidan Management Group Inc. was the borrower.
WILTON, CONN. — Marcus & Millichap Capital Corp. has arranged a $3.4 million acquisition loan for Sun Plaza, an office and retail property in Wilton, located in Connecticut’s Fairfield County. The property was built in 2009 and houses a dental practice and a dance conservatory, among other tenants. The loan carried a seven-year term, 25-year amortization schedule and a 70 percent loan-to-value ratio. The borrower was not disclosed.
ALSIP, ILL. — American Street Capital (ASC) has arranged an $11.4 million loan for the refinancing of a 144-unit multifamily property in Alsip, a southwest suburb of Chicago. Built in 1974, the property consists of 12 buildings across nearly six acres. The complex was 94 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate and a 30-year amortization schedule. A bank provided the loan. The borrower acquired the asset in the first quarter of 2020 and immediately began implementing a value-add strategy. The property received new roofs, common areas, siding, unit flooring and kitchens.
LITTLE ROCK, ARK. — Ready Capital has closed a $17.9 million loan for the acquisition, renovation and stabilization of a 165-unit multifamily property in Little Rock. The name of the property was not disclosed. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common area upgrades. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.
NEW YORK CITY — Direct lender MF1 Capital has provided a $100 million loan for the refinancing of a portfolio of eight affordable housing properties totaling 317 units in various areas of Brooklyn. Abe Katz and Jon Kushner of Walker & Dunlop arranged the financing on behalf of the borrower, Iris Holdings Group, a national developer of affordable housing. A portion of the proceeds will be used to fund capital improvements.
JERSEY CITY, N.J. — JLL has arranged a $65 million construction loan for 49 Fisk Street, a 337-unit multifamily project in Jersey City. The six-story community will be a redevelopment of an industrial building and will include 143 parking spaces. Units will come in studio, one- and two-bedroom floor plans, average 612 square feet and feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, game room, an 18,000-square-foot rooftop deck with grilling stations, community garden, coworking spaces, a 14,000-square-foot green park, a speakeasy-style bar and shuttle service to a nearby public transit station. Mike Tepedino, Michael Gigliotti, Thomas Didio Jr., Max Custer and Carlos Silva of JLL arranged the four-year, floating-rate loan through Bank OZK on behalf of the borrower, Halpern Real Estate Ventures. Completion is slated for late 2023.
FEDERAL HEIGHTS, COLO. — JLL Capital Markets has secured $60 million in financing for the acquisition of Lodge on 84th, a garden-style multifamily community in Federal Heights, approximately 13 miles north of Denver. The borrower is Carroll. Tony Nargi, Matt Steffen and Kevin Barron of JLL Capital arranged the four-year, floating-rate bridge loan with a one-year extension option through a large insurance company. Located at 1327 W. 84th Ave., Lodge on 84th features 300 apartments.