DUBUQUE, IOWA — NorthMarq has originated a $9 million Freddie Mac loan for the acquisition of Radford Place Apartments in Dubuque, a city in eastern Iowa along the Mississippi River. The 108-unit, three-story property was built in 2010. Dan Trebil and Bill Mork of NorthMarq’s Minneapolis office structured the 10-year loan, which features two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed.
NEW BRITAIN, MERIDEN AND MIDDLETOWN, CONN. — Greystone has provided multiple HUD-insured loans totaling $15.3 million for the refinancing of a portfolio of three multifamily properties totaling 278 units in Connecticut. The properties are located in New Britain, Meriden and Middletown. Each of the nonrecourse loans carries a fixed interest rate and 35-year terms and amortization schedules. Leor Dimant of Greystone originated the financing packages on behalf of the undisclosed borrower, which will use a portion of the proceeds to continue ongoing improvements.
MIAMI — Madison Realty Capital, a New York City-based private real estate equity firm, has provided a $105 million loan to Miami-based developer Fort Partners for the acquisition and renovation of the Four Seasons Hotel Miami located in the city’s Brickell district. Located at 1435 Brickell Ave., Four Seasons Hotel Miami is a 221-room hotel that anchors a 70-story, mixed-use tower. The tower also features Class A office space, residential condominiums, an Equinox health club, retail space and a parking garage. Fort Partners plans to renovate the property by enhancing room configurations, the pool deck and lobby, as well as upgrading the food and beverage options. Millennium Partners developed the property in 2003 and Handel Architects led the design. The acquisition marks the fourth Four Seasons property in Fort Partners’ South Florida portfolio alongside hotels located in Surfside, Fort Lauderdale and Palm Beach. In 2019, Madison Realty Capital provided a $210 million loan to Fort Partners for its construction of the Four Seasons Hotel and Private Residences Fort Lauderdale. Jim Dockerty, Kevin Davis and Mark Fisher of JLL arranged the financing on behalf of Fort Partners.
NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $27 million bridge loan for two multifamily buildings totaling 33 units in the SoHo area of Manhattan. The first building rises eight stories and houses 11 units, and the second property stands six stories and consists of 22 newly renovated apartments and two ground-floor retail units. Mike Cleaver of Emerald Creek Capital originated the financing on behalf of the undisclosed borrower.
GOODYEAR, ARIZ. — Tower Capital has secured $59 million in refinancing for a Class A multifamily community located in Goodyear. The name of the borrower was not released. Provided by a debt fund/life company, the loan features a 70 percent loan-to-value ratio and a 10-year fixed term with five years of interest-only payments followed by a 30-year amortization schedule. At the time of financing, the property was more than 96 percent occupied.
PHOENIX — Ready Capital has closed $36.7 million in financing for the acquisition, renovation and stabilization of a 240-unit apartment property located in Phoenix’s Deer Valley submarket. Upon purchase, the undisclosed borrower plans to fully renovate the remaining legacy units of the property and upgrade exteriors and common areas to help drive the property to stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
MOORHEAD, MINN. — Greystone has originated an $11.2 million HUD 223(f) loan for the refinancing of South Shore Landing Apartments in the western Minnesota town of Moorhead. Constructed in two phases in 2016 and 2019, the 93-unit property consists of four buildings. Amenities include a clubhouse, fitness center, game room, pet park, heated parking garage and barbecue areas. Dan Sacks and Ilan Bassali of Greystone structured the 35-year loan, which is fully amortizing and features a fixed interest rate. Northridge Group was the borrower.
AURORA, ILL. — Colliers Mortgage has provided a $7.9 million Fannie Mae loan for the refinancing of Marywood Apartments in Aurora. The 116-unit apartment complex, constructed from 1967 to 1971, includes 10 garden-style buildings. Amenities include onsite laundry facilities and a playground. The 10-year loan is fully amortizing. Marywood Housing LLC was the borrower.
PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.
CONROE, TEXAS — Colliers Mortgage has provided a $5.8 million Fannie Mae loan for the refinancing of Bellshire Apartments, a 311-unit affordable housing property located in the northern Houston suburb of Conroe. The community was originally built between 1974 and 1978 and renovated between 2017 and 2019. Colliers Mortgage originated the 10-year loan on behalf of the borrower, an entity doing business as Merced-Bellshire LLC.
