APPLETON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.4 million loan for the refinancing of Urbane115 Apartments, a 46-unit apartment complex in Appleton. The newly built property, located adjacent to Fox Commons, features a mix of studio to two-bedroom units. Robert Bhat of MMCC arranged agency financing on behalf of the private borrower. The five-year, nonrecourse loan features a 65 percent loan-to-value ratio and an interest rate of 6.1 percent.
WICHITA FALLS, TEXAS — Red Oak Capital Holdings has provided a $9.7 million bridge loan for the refinancing of the Panda Biotech High Plains Hemp Gin facility in Wichita Falls, about 115 miles northwest of Fort Worth. Built in 1978 and renovated to the tune of $34 million over the years, the facility comprises seven buildings totaling 472,903 square feet on a 97-acre site. Grant Garlock and Miles Kallial of BMC Capital arranged the loan, which carries a two-year term and a fixed 10.5 percent interest rate, through Red Oak. The new financing allows the sponsor, Panda Biotech CEO Robert Carter, to continue operations at what is projected to be the largest industrial hemp processing facility in the world.
OSCEOLA COUNTY, FLA. — Green Mills Group has broken ground on a $26 million affordable seniors housing community in unincorporated Osceola County. Dubbed Poinciana Parc, the midrise property will comprise 86 units and amenities including a fitness center, business center, club/game room, laundry room and a swimming pool. The Florida Housing Finance Corp. awarded the project a 9 percent tax credit allocation in May 2023. Additional capital partners on Poinciana Parc include TD Bank, Raymond James Affordable Housing Investments and Neighborhood Lending Partners.
MIDDLE ISLAND, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million construction loan for The Villas at Oak Run, a 74-unit multifamily project on Long Island. The 23.5-acre site is located at the northeast corner of Birchwood Park Drive and Middle Country Road in Middle Island, and the development carries a $35 million price tag. The project will consist of 37 duplex buildings with age-restricted, two-bedroom units. The property will include an affordable housing component and amenities such as an indoor fitness center, walking path and pickleball courts. Bryan Manz and Emil DePasquale of BBCP arranged the loan, which carried a two-year term and a 70 percent loan-to-value ratio, through Kearny Bank on behalf of the developer, The Crest Group.
LIVERMORE, CALIF. — Gantry has secured a $15 million permanent loan for the purchase of North Canyons Business Center, located at 3025-3095 Independence Drive in Livermore. The six-building business offers 105,000 square feet of industrial and office space. Tony Kaufmann and Joe Foley of Gantry arranged the 10-year, fixed-rate loan for the borrower, a private real estate investor. The loan was structured with one of Gantry’s correspondent insurance company lenders with an interest-only period transitioning to 30-year amortization. Gantry will service the loan. The borrower plans to reposition the asset, including increasing industrial use ratios at the property and activating a leasing program.
FRISCO, TEXAS — Carbon Cos. and Greenway Investment Co. have received roughly $125 million in construction financing for The Links on PGA Parkway, an apartment community located about 30 miles north of Dallas in Frisco. The debt, which was arranged by the Carbon Cos. internal team, will be used to complete the construction of the final two phases of the four-phase, 38-acre development. The financing includes a syndicated bank loan facility and mezzanine loan. Origin Bank arranged the syndicated bank loan, with participant banks including Simmons Bank, North Dallas Bank & Trust CO, b1Bank and Century Bank. Once fully completed in 2027, The Links on PGA Parkway will total 1,310 residential units. The first two phases of the development, which opened in December 2021 and October 2023, delivered 690 apartments and a two-acre city park. Phases III and IV will add an additional 620 apartments, as well as 815 underground parking spots. Last fall, ownership secured a $138.3 million loan from MF1 Capital for the refinancing of Phase I of the development. Phases I and II of the development feature a mix of one, two, and three-bedroom floor plans. Community amenities include two pools with outdoor lounges, two clubhouses, two …
CHESAPEAKE, VA. — Fairstead has invested nearly $10 million for the renovation of Peaceful Village Apartments, a 65-unit affordable housing community located at 3000 Welcome Road in Chesapeake. Fairstead is partnering with the Chesapeake Redevelopment and Housing Authority, which manages the community, for the renovation through HUD’s Rental Assistance Demonstration (RAD) program. The overhaul will include new energy-efficient appliances, renovated kitchens, new exterior siding and the construction of a new community center. All renovations are expected to be complete by fall 2026. Built in 1995, Peaceful Village offers a mix of three- and four-bedroom townhomes reserved for households earning below $32,000 annually to $63,900 (60 percent of the area median income). Capital partners on the renovation include Berkadia, Freddie Mac, U.S. Bank and Woodforest Bank.
BOTHELL, WASH. — JLL Capital Markets has arranged a $19 million loan for MainStreet Property Group for the refinancing of The 104, an urban-style multifamily community in Bothell. Seth Heikkila and Bill Maloney of JLL Capital Markets Debt Advisory team secured the five-year, fixed-rate loan through Fannie Mae. JLL Real Estate Capital LLC will serve the loan. The 104 features 115 traditional and open one- and two-bedroom floor plans, averaging 773 square feet, with stainless steel appliances, walk-in closets and exposed concrete details. Community amenities include a lounge with kitchen, a community courtyard, bike storage and valet trash service. The property is located at 18414 104th Ave. NE.
BOSTON — Colliers has arranged a $34.3 million loan for the refinancing of the Custom House Block and Gardiner Building at Long Wharf, a pair of historic buildings totaling 83,824 square feet in Boston’s Seaport District. The Custom House Block was originally completed in 1848 and totals 74,783 square feet, while the 9,041-square-foot Gardiner Building was originally constructed in 1760 and once functioned as John Hancock’s counting house. Today, both buildings house office and retail uses and were 94 percent occupied at the time of the loan closing. Patrick Boyle and Kevin Phelan of Colliers arranged the fixed-rate loan through Grant Street Funding on behalf of the owner, Capital Street Properties, which completed the adaptive reuse of the buildings in 2021.
By Ann Atkinson, Regions Real Estate Capital Markets Finance options for owner/operators of multifamily properties are consistently available via Fannie Mae and Freddie Mac. Both government-sponsored entities (GSEs), are governed by the Federal Housing Finance Agency (FHFA) and share a clear mission to support the health of the country’s housing market and its existing multifamily supply by providing financing options to borrowers. Loans Accessible for Affordable, Workforce Properties The support provided by both Fannie Mae and Freddie Mac to multifamily housing notably extends beyond market-rate rental properties, with both agencies dedicated to the availability of affordable and workforce housing units to low-income renters. Thus, Fannie Mae and Freddie Mac offer good loan options to consider for owner/operators active in these multifamily subsets. Let’s compare their offerings specific to small balance loans, as these are often the appropriate solutions for this range of multifamily properties. Both Fannie Mae and Freddie Mac programs offer financing for the acquisition or refinance of stabilized multifamily properties. The properties must include five or more residential units and be stabilized. The agencies define stabilized as 90 percent occupancy for 90 days. In addition, both programs offer the following product features for small loans: Let’s now …
