Loans

Fox-Ridge-Apartments-Lebanon-Pennsylvania

Walker & Dunlop Provides $20.4M Fannie Mae Loan for Fox Ridge Apartments in Lebanon, Pennsylvania

by Taylor Williams November 16, 2020

LEBANON, PA. — Walker & Dunlop has provided $20.4 million in Fannie Mae permanent financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, located in between Harrisburg and Reading. The property features one- and two-bedroom units and amenities such as a clubhouse, fitness center and common outdoor green space. John Banas, Kris Wood. John Wilson, Rhett Saltiel, and Erik DiGirolamo of Walker & Dunlop provided the 10-year, fixed-rate loan to the borrower, multifamily owner-operator Boyd/Wilson.

November 16, 2020

Loans Multifamily Southeast Virginia

NorthMarq Provides $41.8M Refinancing Loan for Apartment Portfolio in Southern Virginia

by Alex Tostado November 13, 2020

NEWPORT NEWS AND PRINCE GEORGE, VA. — NorthMarq has provided a $41.8 million refinancing loan for a three-property apartment portfolio in Newport News and Prince George. The 10-year Freddie Mac loan features a fixed interest rate below 3 percent, five years of interest-only payments and a 30-year amortization schedule. The 724-unit portfolio comprises the 232-unit Reserve at Deer Run Apartments and the 272-unit Newport Commons Apartments in Newport News, as well as the 220-unit Jefferson Pointe Apartments in Prince George. Bob Harrington and Paul Whalen of NorthMarq originated the loan on behalf of the undisclosed borrower.

November 13, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Structures $31M in Financing for Renovation of Affordable Seniors Housing Property in Cleveland

by Kristin Harlow November 13, 2020

CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have structured $31 million in financing for the renovation of Carnegie Tower at Fairfax in Cleveland. Built in 1976, the affordable seniors housing property rises 12 stories and features 171 units. It is a project-based Section 8 building and is situated on two acres next to Cleveland Clinic. Units come in one- and two-bedroom floor plans and are reserved for residents age 62 and older. KBREC provided a $14 million HUD construction-to-permanent loan while KBCM sold $17 million of tax-exempt bonds. Additionally, KeyBank Community Development Corp. provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project. Robbie Lynn, Kelly Frank, Ryan Olman and Sam Adams of KeyBank structured the financing on behalf of the borrower, Columbus-based National Church Residences. The project will preserve the building as affordable housing and ensure the long-term viability of the development, according to KeyBank.

November 13, 2020

Illinois Loans Midwest Multifamily

Associated Bank Provides $9.4M in Tax Credit Equity for Rehabilitation of Two Chicago Apartment Buildings

by Kristin Harlow November 13, 2020

CHICAGO — Associated Bank has provided an equity investment totaling $9.4 million of low-income housing tax credits and federal historic tax credits for the rehabilitation of Major Jenkins Apartments in Chicago’s Uptown neighborhood. The two apartment buildings, originally constructed in 1928, are connected and each rise four stories. Upon completion of the renovations, there will be 156 units designated for individuals who are homeless, at risk of homelessness, physically disabled or have chronic or mental illnesses. The units will be further broken down by resident income. There will be 40 units designated for residents earning up to 30 percent of the area median income (AMI), 54 units for those earning up to 50 percent of AMI and 62 units for those earning up to 60 percent of AMI. Completion is slated for the first quarter of 2022. Teresa Rubio of Associated Community Development LLC managed the equity investment on behalf of the borrower, nonprofit developer Mercy Housing Lakefront. Associated Bank partnered with RBC Community Investments for the financing.

November 13, 2020

Georgia Loans Retail Southeast

Red Oak Financial Provides $9.7M Refinancing Loan for Shopping Center in Metro Atlanta

by Alex Tostado November 12, 2020

ROSWELL, GA. — Red Oak Financial has provided a $9.7 million refinancing loan for Village Festival Shopping Center, a 56,921-square-foot retail center in Roswell. Proceeds from the two-year bridge loan will be used to renovate the property, which sits on seven acres at 10930 Crabapple Road, 25 miles north of downtown Atlanta. The borrower and owner, Phoenix Ten Properties LLC, will introduce shopping, dining and event options at the property. A timeline for renovations was not disclosed. Gary Bechtel of Red Oak Financial originated the loan on behalf of the borrower.

November 12, 2020

Loans Multifamily Texas

JLL Provides Agency Acquisition Loan for 324-Unit Apartment Community in West Dallas

by Taylor Williams November 12, 2020

DALLAS — JLL has provided an undisclosed amount of Fannie Mae acquisition financing for Los Altos Trinity Green, a 324-unit apartment community in West Dallas. Built in 2019 as Alta Trinity Green, the property is part of the 24.8-acre Trinity Green residential district that features proximity to multiple office hubs and retail options. Units come in studio, one-, two- and three-bedroom formats. Amenities include a pool, outdoor lounge, rooftop deck, clubhouse and game room, fitness center and a dog washing station. Susan Hill and Cortney Cole of JLL originated the financing, which was structured with a 10-year term, a fixed interest rate of 2.62 percent and five years of interest-only payments, on behalf of the borrower, Houston-based investment firm Barvin. The seller was Wood Partners.

November 12, 2020

Loans Midwest Missouri Multifamily

NorthMarq Arranges $13M Loan for Refinancing of Multifamily Portfolio in St. Louis

by Kristin Harlow November 12, 2020

ST. LOUIS — NorthMarq has arranged a $13 million loan for the refinancing of Trinity Park Apartments, a 490-unit multifamily portfolio in St. Louis. The properties are located at 11043 Mollerus Drive and 11065 Dunklin Drive. Noah Juran of NorthMarq’s Cincinnati office worked alongside David Garfinkel of NorthMarq’s St. Louis office to structure the three-year loan with two years of interest-only payments followed by a 25-year amortization schedule. A regional bank provided the loan, which lowers the interest rate and provides additional time for the portfolio to stabilize, according to Juran.

November 12, 2020

Indiana Loans Midwest Multifamily

Merchants Capital Provides $10M Construction Loan for Affordable, Supportive Housing Community in Plainfield, Indiana

by Kristin Harlow November 12, 2020

PLAINFIELD, IND. — Merchants Capital has provided a $10 million loan for the construction of Haven Homes, a 52-unit affordable and supportive housing community in Plainfield. The borrower, RealAmerica Cos., has partnered with Sheltering Wings, a nonprofit that provides emergency housing for survivors escaping abuse, to ensure 25 percent of the units are allocated for project-based vouchers specifically for survivors of domestic violence. Additionally, all residents will have access to supportive services in the community resource center and clubhouse. Cummins Behavioral Health Systems Inc. will provide mental health services while Sheltering Wings will provide domestic abuse support. Construction has commenced with completion slated for fall 2021.

November 12, 2020

Loans Multifamily New Jersey Northeast

NorthMarq Arranges $45.5M Loan for Refinancing of Multifamily Asset in Sayreville, New Jersey

by Taylor Williams November 12, 2020

SAYREVILLE, N.J. — NorthMarq has arranged a $45.5 million loan for the refinancing of Camelot at La Mer V, a 273-unit multifamily asset located in the Northern New Jersey town of Sayreville. Gary Cohen and Marc Nevins of NorthMarq arranged the financing, which was structured with a fixed interest rate and a 35-year term, through a correspondent life insurance company. The borrower and developer was New Jersey-based Kaplan Cos.

November 12, 2020

Acquisitions Loans Multifamily North Carolina Southeast

KeyBank Provides $145.2M Acquisition Financing for 12-Property Multifamily Portfolio in North Carolina

by Alex Tostado November 11, 2020

CLEVELAND — KeyBank Real Estate Capital has provided $145.2 million in Freddie Mac financing for the purchase of 12 multifamily communities in North Carolina. Brian Caudel and Andrew Nathenson of Cleveland-based KeyBank originated the loans, which offer 10-year terms with five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower and buyer, Peak Capital Partners. The portfolio comprises garden-style apartments totaling 1,859 units with lot sizes averaging 11 acres. The assets were built between 1985 and 2005. The seller(s) was not disclosed. The properties included in the sale are: 96-unit Arbor Glen in Eden, built in 2004; 128-unit Autumn Park in Oxford, built in 2005; 298-unit Brookwood in Archdale, built in 1987; 108-unit Crossroads Station in Charlotte, built in 2002; 226-unit Crestview in Concord, built in 1985; 156-unit Davidson in Concord, built in 1994; 144-unit Huntington in Concord, built in 1998; 88-unit Lexington Station in Lexington, built in 2002; 120-unit Crown Ridge in Shelby, built in 2003; 148-unit Marion Ridge in Shelby, built in 1999; 279-unit Mooresville Station (I & II) in Mooresville, built in 2000; and 68-unit Stonewood in Mooresville, built in 1987.

November 11, 2020

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