CRYSTAL LAKE, ILL. — Associated Bank has arranged a $36.8 million loan for the acquisition and expansion of Oakbrook Estates in Crystal Lake, about 45 miles northwest of Chicago. The age-restricted manufactured housing community includes 300 homes. The sale includes excess land on which another 114 homes will be built. Associated Bank served as lead arranger and administrative agent, working with Great Southern Bank. Edward Notz of Associated Bank handled the loan arrangements and closing. The borrower was a partnership between Marc Realty and Ravinia Communities.
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ORLANDO, FLA. — JLL Capital Markets has secured a $318.5 million acquisition loan for a six-property multifamily portfolio located across Maryland, Virginia and Alabama. There were multiple sellers for the properties. The 1,494-unit workforce housing portfolio includes the following: Park at Kingsview Village (326 units) in Germantown, Md.; Stonecreek Club (240 units) in Germantown; Hunt Club (336 units) in Gaithersburg, Md.; Springwoods at Lake Ridge (180 units) in Woodbridge, Va.; Windsor Park (220 units) in Woodbridge; and Oaks of St. Clair (192 units) in Moody, Ala. Melissa Marcolini Quinn, Lee Weaver, Drew Jennewein, Rob Rothaug, Emily Moallem and Cody Mizelle of JLL arranged the loan through J.P. Morgan Chase Bank on behalf of the borrower, Carter Multifamily. The floating-rate, non-recourse bridge loan will facilitate a Single Asset Single Borrower (SASB) securitization, which is a single loan large enough to create its own pool for securitization. “This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” says Quinn. “The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”
POMPANO BEACH, FLA. — Grover Corlew has received $78.2 million in financing for the first property under the Mayla Residences’ brand called Mayla Pompano, a 355-unit multifamily property in Pompano Beach. PNC Bank provided the construction financing. The project is slated to break ground in February with completion expected by July 2023. Mayla Pompano will be a two-building project and offer studio, one-, two- and three-bedroom layouts, ranging from 548 to 1,383 square feet. Unit features will include bathrooms with soaking tubs, frameless shower enclosures, back-lit vanity mirrors, quartz countertops, stainless steel appliances, built-in microwaves, glass cooktops, walk-in closets, private balconies, hurricane impact windows and in-unit washers and dryers. Community amenities will include a two-story clubroom, coworking spaces, TV lounge, fitness center, pools with cabanas, outdoor kitchens with seating at both buildings, pedestrian bridge between buildings, dog spa, bicycle storage and repair station, garage parking and interior mailrooms and package rooms. The property will also feature 60,000 square feet of retail space on the ground floor. Mayla Pompano will be situated on nearly three acres of underutilized parking lots behind Grover Corlew’s 2401 Atlantic and 2335 Atlantic office buildings. Located at 2335 and 2401 E. Atlantic Blvd., the property is …
SAN ANTONIO — New York City-based Lightstone Capital has provided an $11.8 million acquisition loan for Oak Hills Village, a 121-unit apartment complex in northwest San Antonio. The property, which is located less than a mile from South Texas Medical Center, was originally built in 1973 and offers a pool, clubhouse and a fitness center. The borrower, a partnership between investment firm The Brennan Pohle Group and San Diego-based Next Space Development, will use a portion of the proceeds to fund capital improvements. In addition, the new ownership will rebrand the property as The Oaks @ Medical Center.
NEW YORK CITY — Locally based private lender S3 Capital Partners has provided a $105 million construction loan for a 447-unit multifamily project that will be located in the Mott Haven neighborhood of The Bronx. The developer, JCS Realty, has entered into a ground lease with the owners of the site, Montgomery Street Partners, which contributed $55 million for the acquisition and improvements to the land. Completion of the 12-story building, which will also house ground-floor commercial space, is slated for late 2023. Zaro’s Family Baker sold the land on which the project will be developed. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors brokered the $35 million sale of the land.
STAFFORD, TEXAS — Natixis, a French multinational finance firm, has provided a $118 million floating-rate acquisition loan for a pair of multifamily properties in the southwestern Houston suburb of Stafford. The adjacent properties, which total 931 units, include 1879 at The Grid and Arc at The Grid. Both communities are located within The Grid, a $500 million mixed-use development located at the site of the former Texas Instruments campus. The borrower was an affiliate of Lone Star Funds.
LOS ANGELES — Gantry has secured $223 million in permanent financing for seven properties in California. The portfolio includes three multifamily properties totaling 1,140 units, one single-tenant retail property, one self-storage property, and two unique ground lease financing transactions for land holdings in Northern and Southern California. George Mitsanas of Gantry’s Los Angeles office identified and structured the financing package on behalf of the borrower, a private investor. The loans were placed through four of Gantry’s correspondent life insurance companies at very competitive interest rates with long-term maturities. Gantry will be the loan servicer for each of the seven loans. The portfolio includes: Park Regency Apartments, an 892-unit apartment complex in Walnut Creek Concord Square Apartments, a 167-unit apartment building in Reseda NMS Warner Center, an 81-unit apartment building in downtown Warner Center Sand Canyon Self Storage, a self-storage facility in Santa Clarita with 792 storage units and 129 RV vehicle storage spaces Gelson’s Laguna Beach, a retail property in Laguna Beach fully occupied by Gelson’s A ground lease for a 135,000-square-foot Lowe’s Home Improvement Warehouse, situated on 14.9 acres in Rancho Cucamonga Century City Cooling Plant, the collateral is the free interest of an L-shaped, 1.64-acre parcel of land …
HOUSTON — New York City-based Ariel Property Advisors has arranged a $21.7 million acquisition loan for a portfolio of five freestanding emergency rooms located throughout the Houston area totaling 34,587 square feet. Eli Weisblum and Paul McCormick of Ariel Property Advisors arranged the loan, which was structured with a five-year term, a 4.5 percent interest rate and a 75 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $103 million loan for the refinancing of a 428-unit apartment building in the Northern New Jersey community of Union. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the debt through life insurance company Thrivent Financial on behalf of the borrower, Russo Development. The loan carried an 18.5-year term, 30-year amortization schedule and an interest rate of approximately 2.5 percent.