LAKEWOOD, COLO. — Bellwether Enterprise Real Estate Capital has arranged $47.6 million in bond financing for the construction of The Notable, an affordable multifamily property in Lakewood. Anthea Martin of Bellwether Enterprise’s Denver office originated the loan on behalf of the borrower, Zocalo Development. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise’s New York office led the private placement. Located at 730 Simms St., The Notable is a proposed five-story, 218-unit adaptive reuse multifamily community situated on more than six acres. Currently, the site consists of a four-story commercial office building, which has been fully gutted in anticipation of the rehabilitation. Once complete, The Notable will feature 10 studio units, 165 one-bedroom units and 43 two-bedroom units. The majority of the apartments — 208 units — will be available to residents earning up to 60 percent of the area median income (AMI). The remaining 10 units will be available at or below 50 percent AMI. Community amenities will include on-site laundry facilities, a fitness center, art studio, performance studio, rooftop deck, dog washing station, central courtyard, bike storage and leasing office. RBC Community was the equity syndicator and Colorado Housing and Finance Authority was the bond issuer for the deal.
SHERMAN, TEXAS — Colliers Mortgage has provided a $6.4 million Fannie Mae acquisition loan for Northridge Villas, a 101-unit multifamily asset located in the North Texas city of Sherman. The property was built in 1969 and renovated in 2019. Amenities include a pool, playground, pet park and onsite laundry facilities. Colliers originated the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 3013 Northridge Villas LLC.
BEAVERCREEK, OHIO — NorthMarq has arranged a $13.5 million loan for the acquisition of The Acropolis at Fairfield Commons in Beavercreek near Dayton. The 211,576-square-foot office property is located at 2611-2689 Commons Blvd. Susan Branscome of NorthMarq arranged the fixed-rate, 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.
SHEBOYGAN, WIS. — George Smith Partners has secured a $31.5 million loan for the construction of The Oscar, a 240-unit workforce housing project in Sheboygan. Green Street Real Estate Ventures was the borrower. Kyle Howerton of George Smith Partners sourced the debt through Colliers Funding. BMO Harris is the equity partner for the project. Construction is slated for completion in the third quarter of 2021.
NEW YORK CITY — JLL has arranged $105 million in predevelopment financing for Bronx Logistics Center, a 1.2 million-square-foot last-mile distribution center that will be situated on a 14.2-acre site at 980 E. 149th St. Building features will include 1,400 parking spaces, 28-foot clear heights and proximity to Interstate 278. Christopher Peck, Peter Rotchford and Kristin Knapp of JLL arranged the debt through JPMorgan on behalf of the borrower, Turnbridge Equities. In addition, Andrew Scandalios, Tyler Peck and Thomas Pryor of JLL secured Dune Real Estate Partners as a joint venture equity partner. The development team expects to break ground some time in early 2021.
PORTLAND, ORE. — NorthMarq has arranged the $5.6 million refinance of Willamette Wharf, an office property located at 4640 S.W. Macadam Ave. in Portland. Bob Spiro and Scott Moline of NorthMarq’s Seattle office secured the financing for the undisclosed borrower. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged the financing through its correspondent relationship with a life insurance company. The two-story building features 51,716 square feet of multi-tenant office space.
NEW YORK CITY — Developer SL Green Realty Corp. has completed the $600 million refinancing of 410 Tenth Avenue, an office redevelopment project that will add 636,000 square feet of office space to the local supply. Amazon and First Republic Bank will anchor the 20-story property, which was originally built in 1927 as the Master Printers Building. The loan takes out $465 million in construction financing that SL Green received in 2019 and will fund all future development costs. Completion of 410 Tenth Avenue is slated for the third quarter of 2021.
COLUMBUS AND MACON, GA. — Trillium Capital Resources has provided three loans totaling $10.5 million for two multifamily properties and a self-storage facility in Georgia. In Macon, Trillium provided a $1.6 million refinancing loan to a Valdosta, Ga.-based developer for an undisclosed 50-unit multifamily property. In Columbus, the locally based lender provided a $3.65 million refinancing loan for an undisclosed 80-unit community to a Phenix City, Ala.-based investor. The 10-year term loans featured fixed interest rates ranging from 3.14 percent to 3.57 percent. Also in Columbus, an undisclosed developer is building a 100,000-square-foot self-storage facility that is expected to deliver in summer 2021. Trillium provided the developer, which will own and manage the property upon completion, with a $5.26 million construction loan, featuring a fixed 3.77 percent interest rate.
CLAYTON, MO. — NorthMarq has arranged a $50.6 million loan for the acquisition of The Barton Apartments in the St. Louis suburb of Clayton. The 228-unit apartment community, built in 2018, is located on Maryland Avenue. It features a clubroom, business center, fitness center, pet spa and personal wine storage. David Garfinkel of NorthMarq arranged the 10-year loan with Fannie Mae. The borrower was undisclosed.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) is funding the construction of The Residences at Kenilworth Park, an affordable assisted living community in Washington, D.C.’s Ward 7. DCHFA issued $58 million in bond financing and underwrote $20 million in 4 percent Low Income Housing Tax Credit (LIHTC) financing for the 157-unit development. Apartments at The Residences at Kenilworth Park will be reserved for seniors age 60 and above who require assistance with two or more activities of daily living. Residents must earn 60 percent or less of the annual median income (AMI), and includes Medicaid recipients. National Foundation for Affordable Housing Solutions Inc., Gragg Cardona Partners, The Carding Group and HallBridge Partners make up the development team constructing the five-story building. Total development costs are estimated at $85 million. A timeline for construction was not disclosed.