Loans

JLL Arranges Refinancing for 216-Unit Apartment Community in Grapevine, Texas

by Taylor Williams October 20, 2021

GRAPEVINE, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of Vine on North Park, a 216-unit apartment community located near Dallas-Fort Worth International Airport in Grapevine. The property was built on 12 acres in 1985 and renovated in 2018 to feature granite countertops, stainless steel appliances and brushed nickel hardware. Units also offer private balconies/patios, and amenities include a pool, fitness center, business center, dog park, package locker system, basketball court and a playground. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through NexBank on behalf of the undisclosed borrower.

October 20, 2021

Indiana Loans Midwest Retail

Ariel Property Advisors Arranges $2.8M Loan for Refinancing of Walgreens-Occupied Property in Decatur, Indiana

by Kristin Harlow October 20, 2021

DECATUR, IND. — Ariel Property Advisors has arranged a $2.8 million loan for the refinancing of a 15,000-square-foot retail property occupied by Walgreens in Decatur, about 20 miles southeast of Fort Wayne. The property is located at 123 N. 13th St. Matt Dzbanek and Matt Swerdlow of Ariel arranged the five-year loan, which features a fixed interest rate of 3.99 percent. A national credit union provided the loan on behalf of the undisclosed borrower.

October 20, 2021

Acquisitions California Loans Multifamily Seniors Housing Western

Contour Receives $31.6M in Acquisition Financing for Estancia Senior Living in Southern California

by Amy Works October 20, 2021

FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.

October 20, 2021

Acquisitions Affordable Housing Loans Multifamily Washington Western

Bellwether Housing Acquires Two Multifamily Communities for Affordable Housing Conversion in Washington

by Amy Works October 20, 2021

KENT AND DES MOINES, WASH. — Bellwether Housing has received $24.8 million financing for the acquisition and rehabilitation of The BLVD and Marina Club Apartments, two garden-style multifamily communities in Kent and Des Moines. Both municipalities are just south of the Seattle-Tacoma International Airport. Bellwether plans to convert the 213 units into affordable housing for households earning 60 to 80 percent of the area median income. JLL Capital Markets and JLL Public Institutions worked with Amazon to secure the $15.5 million and $9.2 million, 20-year, fixed-rate loans for the owner. Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing. Located at 2136 S. 272nd St. in Kent, The BLVD features 136 units in a mix of studio, one- and two-bedroom units, averaging 786 square feet. Marina Club Apartments, located at 2445 S. 222nd St. in Des Moines, offers 77 units in a mix of one-, two- and three-bedroom layouts, ranging from 580 square feet to 1,013 square feet. Units feature dishwashers, garbage disposals, fireplaces, window coverings, in-unit washers/dryers and private patios or balconies. The communities each feature a swimming pool, spa, sundeck, clubhouse, fitness center, playground, business center and covered paring. C.W. Early of JLL Capital Markets Debt …

October 20, 2021

Florida Loans Multifamily Southeast

Berkadia Secures Acquisition Financing Totaling $28.3M for Two Multifamily Communities in Brandon, Florida

by Julia Sanders October 19, 2021

BRANDON, FLA. — Berkadia has secured $28.3 million in acquisition financing for two multifamily communities in Brandon. Mitch Sinberg and Brad Williamson of Berkadia secured a $15.7 million loan for Avenue at Creekbridge, a 112-unit apartment community, and a $12.6 million loan for Westwood at 60, an 88-unit apartment community. Berkadia is providing two Freddie Mac loans with seven-year terms, interest-only payment periods and fixed interest rates. Bayshore Investment Partners, a Miami-based private equity firm, acquired Avenue at Creekbridge for $22.5 million and Westwood at 60 for $18.1 million. The seller(s) was not disclosed. Built in 1987, Avenue at Creekbridge offers two- and three-bedroom apartments ranging from 950 to 1,175 square feet. Units feature vaulted ceilings, wood-plank vinyl flooring, stainless steel appliances, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a fitness center, bark park, swimming pool, business center, poolside grilling areas, a tennis court and a private fishing dock. Located at 1002 Creekbridge Road, the property is situated 3.7 miles from downtown Brandon and about 13.3 miles from Tampa. Avenue at Creekbridge was rebranded to Creekbridge Crossing Apartments. Built in 1986, Westwood at 60 offers one-, two- and three-bedroom apartments ranging from 1,120 …

October 19, 2021

Affordable Housing Loans Multifamily Northmarq Texas

NorthMarq Arranges $21M Refinancing for North Houston Workforce Housing Property

by Taylor Williams October 19, 2021

HOUSTON — NorthMarq has arranged a $21 million loan for the refinancing of Vista Apartments, a 300-unit workforce housing community in North Houston. The property was built in 1980 and renovated in 2019. Warren Hitchcock of NorthMarq arranged the loan, which carried a 10-year term with an initial interest-only period, a fixed 3.75 percent interest rate and a 30-year amortization schedule, on behalf of the Houston-based borrower. An undisclosed national balance sheet lender provided the debt.

October 19, 2021

Loans Multifamily Texas

Berkadia Arranges Acquisition Loan for 148-Unit Apartment Complex in San Antonio

by Taylor Williams October 18, 2021

SAN ANTONIO — Berkadia has arranged an acquisition loan of an undisclosed amount for Castle Hills Apartments, a 148-unit complex in San Antonio. Built in 1997, the property offers one-, two- and three-bedroom apartments ranging in size from 732 square feet to 1,224 square feet. Argentic Real Estate Investment LLC provided the three-year, floating-rate loan, which was also structured with three years of interest-only payments. Mitch Sinberg and Brad Williamson led the transaction for Berkadia on behalf of the borrower, Miami-based Rincon Real Estate Investments.

October 18, 2021

Loans Multifamily Oklahoma Seniors Housing Texas

Hudson Realty Capital Provides Loan for Refinancing of Seniors Housing Community in Tulsa

by Taylor Williams October 18, 2021

TULSA, OKLA. — New York City-based Hudson Realty Capital has provided a bridge loan for the refinancing of Stonehaven Square, a seniors housing community in Tulsa that provides assisted living and memory care services. The amount of the loan was not disclosed, but the financing was secured as part of $37.7 million package for Stonehaven Square and a Florida property, The Landing at Lake Worth. Eric Johnson of Ziegler arranged the financing on behalf of the borrower, Columbia Pacific Advisors.

October 18, 2021

Loans Midwest Missouri Multifamily

Merchants Capital Arranges $71M for Refinancing of Luxury Apartment Complex in Chesterfield, Missouri

by Kristin Harlow October 18, 2021

CHESTERFIELD, MO. — Merchants Capital has arranged $71 million for the refinancing of Wildhorse, a 188-unit luxury apartment complex in the St. Louis suburb of Chesterfield. Wildhorse also features a 15,000-square-foot Ruth’s Chris Steakhouse with a rooftop bar and 10,000 square feet of retail space. The borrower, Great Lakes Capital, completed construction in April and has since leased the property to full occupancy. Proceeds from the Merchants Bank of Indiana loan paid off an existing construction loan, bought out limited partners and secured additional interest-only payments.

October 18, 2021

Georgia Loans Multifamily Southeast

Berkadia Secures $49.7M Refinancing for Apartment Community in Metro Atlanta

by Julia Sanders October 18, 2021

NORCROSS, GA. — Berkadia has secured approximately $49.7 million in debt and equity for the refinancing of The Carter @ 4250, a 300-unit apartment community in Norcross. The financing includes a $33.1 million Freddie Mac loan that Mitch Sinberg and Brad Williamson of Berkadia arranged on behalf of the borrower, Miami-based One Real Estate Investment (OREI). The 10-year, floating-rate loan includes five years of interest-only payments. Addtionally, Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital secured $16.6 million in equity from MLG Capital to complete the capital stack for OREI. Built in 1985, The Carter @ 4250 offers one- and two-bedroom apartments ranging from 707 square feet to 1,052 square feet. Units feature hardwood-style flooring, stainless steel appliances, a gas range, carpeting, electronic thermostats, washer and dryer hookups and patio and balconies. Community amenities include a saltwater swimming pool, fitness center with free weights, playground, dog park, laundry center and a barbecue and picnic area. The property was 97.7 percent occupied at the time of financing. Located at 4250 Jimmy Carter Blvd., The Carter @ 4250 is situated near Interstate 85 and Jimmy Carter Boulevard. The property is also 21.8 miles from downtown Atlanta …

October 18, 2021

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