ORANGE, N.J. — Lee & Associates has arranged a $12.5 million construction loan for The Legacy, a 51-unit multifamily project that will be located in the Newark suburb of Orange. The property will offer one- and two-bedroom units and a fitness center and rooftop deck. Gary Sopko and Jerry Joseph of Lee & Associates arranged the loan on behalf of the private developer, former NFL player Kimble Wright. Construction is scheduled to begin this month and to be complete in spring 2022. Parkview Financial provided the loan.
DAVENPORT, IOWA AND KANSAS CITY, MO. — NorthMarq has provided $89 million in FHA financing for the recapitalization of five multifamily properties located in Davenport and Kansas City. All of the communities were encumbered with existing FHA debt and eligible for HUD’s 223(a)(7) refinance program. The refinance enabled the undisclosed borrower to capitalize on lower interest rates, extend amortization and improve property cash flow with the reduced cost of debt service, according to NorthMarq. Loan amounts ranged from $8.8 million to $21.7 million. Brett Hood of NorthMarq’s Chicago office originated the loans. Two of the properties, Bennington Ridge Apartments and Bennington Park Townhomes, are located in Kansas City. Bennington Ridge was constructed in 2000 and features 288 units while Bennington Park was built in 1988 and includes 164 units. The three remaining properties are located in Davenport. Jersey Meadows, built in 1985, features 288 units. Ashford, constructed in 2004, is home to 140 units. Built in 2004, Alexis at Perry Pointe features 192 units.
CHICAGO — Maverick Commercial Mortgage has arranged two Fannie Mae loans in the amounts of $3.3 million and $1.9 million for the refinancing of a six-building multifamily portfolio located on Chicago’s North Side. The portfolio totals 36 units in the Lakeview, Wrigleyville and Wicker Park neighborhoods. The 10-year, fixed-rate loans have loan-to-value ratios of 55 percent. Loan proceeds paid off the existing lender, returned equity to the borrowing entity and paid for closing costs. Matthew Cohen of Maverick arranged the loans with an undisclosed national lender.
SAN FRANCISCO — An affiliate of Mirae Asset Global Investments has received a $150 million loan for the refinancing of the historic Fairmont San Francisco, located at 950 Mason St. in San Francisco. JLL Hotels & Hospitality arranged the five-year, non-recourse loan through United Overseas Bank for the borrower. The 606-key hotel first opened in 1907 and has undergone $16 million in renovations to public areas, guest rooms and infrastructure since 2015. The hotel features 62 suites; more than 45,000 square feet of meeting and event space including a ballroom; retail outlets; fitness center; business center; in-room dining; and restaurants such as Laurel Court Restaurant & Bar and Tonga Room & Hurricane Bar. The hotel reopened in September after suspending operations in April due to the COVID-19 pandemic.
TACOMA, WASH. — McBride Capital has secured $19 million in bridge financing for the purchase of The Tacoma Rhodes Center, an office complex in Tacoma. The two-building property features 160,000 leasable square feet and a 538-stall parking garage. The three-year, non-recourse, floating-rate debt facility includes future funding for tenant improvements, leasing commissions and capital expenditures. Danny Natsch of McBride Capital placed the loan on behalf of an undisclosed buyer with a national bridge lender.
ANNAPOLIS JUNCTION, MD. — Walker & Dunlop has provided an $84.4 million Freddie Mac refinancing loan for The Residences at Annapolis Junction. Armada Hoffler, which delivered the asset in 2017, received the 10-year, non-recourse loan with three years of interest-only payments. Proceeds will replace existing construction debt that Walker & Dunlop also provided in 2018. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a saltwater pool, sundeck, fitness center, movie theater, 24-hour business center and car charging stations. The complex is situated at 10125 Junction Drive in Annapolis Junction, 18 miles southwest of downtown Baltimore. Dee McClure and Katie Runyan of Walker & Dunlop originated the loan on behalf of the Virginia Beach, Va.-based borrower.
NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged $186.4 million for the refinancing of a portfolio of 16 multifamily properties totaling 1,126 units in The Bronx. Bryan Manz, Emil DePasquale, Phil Bowman and Jack Cohen of BBCP arranged 16 separate loans through Fannie Mae’s Green Rewards program, which provides savings to apartment owners that commit to reducing annual water and/or energy usage by at least 30 percent. The borrower was locally based owner-operator Finkelstein Timberger East Real Estate. The loans were structured with an averaged fixed interest rate of 2.98 percent for 12 years with partial interest-only payments, followed by 30-year amortization schedules.
ARLINGTON, VA. — Phillips Realty Capital has arranged a $141.8 million refinancing loan for The Sur, a 360-unit apartment community in Arlington’s National Landing district. Erkiletian Development Co. delivered the property earlier this year and will use the funding to recapitalize the construction loan, with reserves funding additional lease-up costs. KKR provided the three-year, non-recourse loan, which features interest-only payments and extension options. The Sur offers studio to three-bedroom floor plans. According to Apartments.com, unit interiors range from 507 to 1,419 square feet and rents range from $1,989 to $7,728 per month. Communal amenities include 16,503 square feet of retail space, a fitness center, firepits, Zen garden, pet spa, conference center, pool and a clubhouse. The Sur is located at 3400 Potomac Ave., five miles south of downtown Washington, D.C., and one mile south of Amazon’s HQ2 campus. Adam Bieber, Malcolm Shaw and Bill Wrench or Phillips Realty represented the borrower in the loan transaction.
MARIETTA, GA. — Capital One Commercial Banking has provided a $43.7 million Freddie Mac refinancing loan for Stratford Ridge, a 446-unit apartment complex in Marietta. FCP is the owner and borrower. Thomas Reynolds of Capital One originated the 10-year term loan, which features a fixed interest rate below 3 percent and five years of interest-only payments followed by a 30-year amortization schedule. The loan utilizes the Secured Overnight Financing Rate (SOFR) in the United States, avoiding the need to switch from LIBOR when it comes to an end at the end of 2021. Stratford Ridge offers one- to four-bedroom floor plans. Communal amenities include a pool, fitness center, package lockers and a dog park. The community is situated at 2560 Delk Road, 15 miles northwest of downtown Atlanta.
MANCHESTER, CONN. — Cornerstone Realty Capital has arranged a $21.5 million loan for the refinancing of Bob’s Discount Furniture’s headquarters office building in Manchester. The borrower, Waterstone Properties Group, developed the 103,500-square-foot building on a nine-acre tract in 2017. Amenities include a café with a lounge, break rooms, conference facilities and 416 parking spaces. The loan was structured with a fixed interest rate, 25-year amortization schedule and a 75 percent loan-to-value ratio.