SAN ANTONIO — Colliers Mortgage has provided a $6.2 million Fannie Mae acquisition loan for Bellevue at Windcrest, a 124-unit apartment community in San Antonio. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Colliers originated the loan, which carried a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending for borrower Boardwalk at Windcrest LLC.
JACKSONVILLE, FLA. — NorthMarq has provided a $270.5 million Freddie Mac refinancing loan package for a portfolio of five multifamily communities in Jacksonville. The 10-year loans feature fixed 2.72 percent interest rates, five years of interest-only payments and 30-year amortization schedules. The borrower, Jacksonville-based Fort Family Investments, has owned the 1,604-unit portfolio since 1972 and manages it under affiliate Perimeter Realty Inc. Jeffrey Lethig of NorthMarq originated the loans on behalf of the borrower. The largest loan was for Luxor Club, which comprises 464 units and was built in early 2019. The fully occupied asset received an $82.3 million loan. Communal amenities include a pool, outdoor cross-fit area, dog park and a pool for dogs. Palm Bay Club, which has 416 units, received a $68.6 million loan. The asset was built in 2017 and features two pools, outdoor lounge spaces, grilling areas, a 24-hour fitness center, playground, tennis court and a business center. Cabana Club, built in 2012 as Phase I of a two-phase development with Galleria Club, received $42 million in financing. Amenities at the 252-unit community include a pool, semi-private cabanas, 24-hour fitness center and a clubroom. The adjacent Galleria Club, which was delivered in 2015, received a …
MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization schedule.
NEW YORK CITY — Black Bear Capital Partners has arranged a $25.5 million agency loan for the refinancing of three apartment buildings totaling 146 units in The Bronx. The properties are located at 2320 Aqueduct Ave., 2828 Valentine Ave. and 2885 Valentine Ave. PGIM Real Estate provided the loan through Fannie Mae’s Green Rewards program. The borrower was an undisclosed private investor. Bryan Manz, Emil DePasquale, Phil Bowman, and Jack Cohen of BBCP arranged the financing package. The loan was structured with a fixed interest rate of 3.14 percent for 12 years with five years of interest-only payments followed by a 30-year amortization schedule.
NEW HAVEN, CONN. — Greystone has provided $18.6 million in Fannie Mae acquisition financing for two multifamily properties in New Haven. In the first transaction, Greystone provided a $5.3 million loan for a 57-unit complex at 511 Main St. that was built in 1926. That loan was structured with a 10-year term, a 30-year amortization schedule and five years of interest-only payments. In the second deal, Greystone provided a $13.3 million loan for Hemingway Place, a property built in 1962 that features one- and two-bedroom units. That loan carried a 12-year term, a 30-year amortization schedule and six years of interest-only payments. Dan Sacks of Greystone originated both loans. Russ Drebin and Jake Weinstein of Meridian Capital Group placed the debt. The borrower was CSRE Group.
WILMINGTON, N.C. — Dwight Capital LLC has provided a $35 million HUD 221 (d)(4) loan for the construction of Renaissance Apartments, a 198-unit multifamily community in Wilmington’s Wayfaire neighborhood. The property will comprise two four-story buildings offering 2,530 square feet of ground-floor retail space. Communal amenities will include a courtyard, clubhouse, fitness center and a pool. The lender says the community will be built in compliance with the National Green Building Standard’s Bronze Level, which resulted in a 25 basis-point reduction in the loan interest rate through the Green Mortgage Insurance Premium. Brandon Baksh of Dwight Capital originated the 40-year term loan on behalf of the undisclosed borrower.
BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club has received a $35 million refinancing loan for its Emory Sports Medicine Clinic in Brookhaven. The new National Black Bank Foundation organized the syndicate loan, with Carver State Bank serving as lead arranger. All contributing banks of the syndicate loan are Black-owned banks, which are classified as financial institutions where either 51 percent or more of the voting stock is owned by minority individuals or a majority of the board or directors and the community it serves are predominantly minority, according to Investopedia. The Hawks are the first professional sports organization to have a “significant” loan underwritten exclusively by Black-owned banks, according to the team. The Atlanta Journal-Constitution reports that the other member banks in the deal are Citizens Savings Bank, Citizens Trust Bank, Commonwealth National Bank, Industrial Bank, Liberty Bank & Trust, M&F Bank and Optus Bank. The new loan replaces the original construction loan for the center, which was delivered in fall 2017. The 90,000-square-foot property contains the official training and practice facility of the Hawks, the hub of Emory Healthcare’s Sports Medicine program and Sports Science and Research division and the Peak Performance Project (P3). Emory Sports Medicine Clinic …
Patterson Real Estate Arranges Construction Financing for Phase II of Lee + White Project in Atlanta
ATLANTA — Patterson Real Estate Advisors has arranged construction financing for Phase II of Lee + White, a 423,000-square-foot mixed-use development along the Atlanta BeltLine. MetLife Investment Management provided the financing. The borrower and developer, a partnership between Ackerman & Co. and MDH Partners, will use the undisclosed financing to build office space, a food hall, retail outlets and a multifamily community. The co-developers expect the project to cost $85 million to build. A timeline for completion was not disclosed. Existing tenants at Lee + White include Wild Haven Beer, Monday Night Brewing ASW Distillery, Honeysuckle Gelato and HopCity. The developers acquired the former industrial property in fall 2019.
GARLAND, TEXAS — Greystone has provided a $22.9 million HUD loan for the refinancing of Carriage Homes on the Lake, a 147-unit multifamily asset located in the northeastern Dallas suburb of Garland. Built in 2015, the property consists of 15 three-story buildings housing one- and two-bedroom units. Amenities include a pool, fitness center, business center, clubhouse and outdoor picnic areas. Eric Rosenstock, Paul Smyth and Cary Williams of Greystone originated the loan, which carries a fixed interest rate and a 39-year term and amortization schedule, through HUD’s 223(a)(7) program. The borrower was Bridgeview Multifamily.
MARICOPA, ARIZ. — ACRES Capital has originated a $28 million loan for the construction and stabilization of Bungalows on Bowlin, a single-story multifamily property located at Bowlin Road and John Wayne Parkway in Maricopa. Cavan Cos., a Scottsdale, Arizona-based real estate developer, is the borrower and has developed multiple Bungalow-branded projects across the Phoenix area. Bungalows on Bowlin will feature 196 apartments, a resort-style swimming pool and spa, a farmhouse-style clubhouse and 426 on-site parking spaces. Once completed, the 16-acre property will be one of the only single-story rental communities in the Maricopa submarket. Jeremy Korer of Cushman & Wakefield arranged the loan.