SHERMAN, TEXAS — Colliers Mortgage has originated a Fannie Mae loan of an undisclosed amount for the refinancing of Heritage Row Townhomes, a 38-unit multifamily property located in the North Texas city of Sherman. The property was built in 2017 and consists of 19 two-story buildings. Colliers placed the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, M.L. Hampton Properties LLC.
GRAND ISLAND, NEB. — Colliers Mortgage has provided a $3.2 million HUD 223(f) loan for the refinancing of Old Walnut Apartments in Grand Island, about 90 miles west of Lincoln. The property was converted from an educational institution to multifamily housing in 2004. The apartment community features 89 units, 88 of which are restricted to residents who earn up to 41.6 percent of the area median income. Walnut Housing LLC was the borrower. The loan is fully amortized over 35 years.
HIALEAH, FLA. — Walker & Dunlop has provided a $67 million HUD construction loan for Shoma Village Apartments, a 304-unit multifamily community that will be located in Hialeah. The borrower was locally based developer Shoma Group. Shoma Village Apartments will include 11,625 square feet of retail space fronting Hialeah Drive, about 15 miles northwest of downtown Miami. The property will consist of two eight-story residential buildings offering studio, one-, two-and three-bedroom units. Amenities will include a resident clubhouse, pool, fitness center with yoga and spin studios, resident coffee bar, dog park and a private courtyard with grilling stations. The clubhouse spans 7,300 square feet and features a concierge package room, communal kitchen, pool table and terrace area. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop secured the loan through HUD’s 221(d)(4) program, which includes both construction and permanent financing for a project in a single loan. The financing was structured with a fixed interest rate for the two-year construction period and the 40-year amortization schedule. The financing also features a declining prepayment schedule for the initial 10 years post-construction. “The residential urbanization in cities like Hialeah is something we are seeing throughout Florida, and is very similar to …
MANOR, TEXAS — Colliers has arranged a $40.7 million HUD loan for the construction of The Grassdale at Manor, a 320-unit multifamily project that will be located in an opportunity zone in the eastern Austin suburb of Manor. The market-rate community will consist of 10 garden-style buildings and 579 parking spaces. Units will feature one-, two- and three-bedroom floor plans. Colliers arranged the loan through a partnership with Old Capital Lending on behalf of The Grassdale at Manor LLC.
JERSEY CITY, N.J. — JLL has provided a $20.5 million Freddie Mac loan for the refinancing of Garabrant, a multifamily asset located in the Bergen-Lafayette neighborhood of Jersey City. Built in 2019, the six-story, 80-unit property features studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, hardwood floors and island kitchens. Amenities include a fitness center, rooftop terrace, outdoor grilling areas, a sauna and bike storage space. Matthew Pizzolato of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Point Capital Development LLC.
CLEVELAND — KeyBank Real Estate Capital has provided a $163 million Fannie Mae refinancing loan for a six-property multifamily portfolio in Tennessee, Georgia and Alabama. Dirk Falardeau, Steven Hamm and Matt Purtell of Cleveland-based KeyBank structured the 15-year loan with 10 years of interest-only payments on behalf of the borrower, Boston-based Panther Residential Management (PRM). In Tennessee, the portfolio comprises the 278-unit Integra Hills Apartments and the 270-unit Integra Hills Preserve Apartments in Ooltewah, as well as the 238-unit Villas at Houston Levee East and the 226-unit Villas at Houston Levee West in Cordova. The portfolio also includes the 280-unit Panther Riverside Parc in Atlanta and the 276-unit Huntsville Parc Apartments in Huntsville, Ala. The six properties were all built between 2008 and 2015.
CINCINNATI — NorthMarq has arranged a $1.9 million Fannie Mae loan for the refinancing of Green Valley Apartments in Cincinnati. The 48-unit apartment property is located at 6708-6714 Harrison Ave. and features balconies and laundry facilities. Noah Juran of NorthMarq arranged the fixed-rate loan. The borrower was undisclosed.
PARKER, COLO. — Plymouth, Minn.-based Dominium has received $81 million in construction and permanent financing for the development of South Range Crossing Apartments, an affordable housing complex in Parker. KeyBank Real Estate Capital (KBREC) secured the financing, which includes a $50 million construction loan and a $31 million Freddie Mac Tax-Exempt Loan (TEL) forward commitment. Financing partners include CREA, which provided a 4 percent low-income housing tax credit equity investment, and the Colorado Housing Finance Agency, which issued bonds and allocated the credits. Al Beaumariage of KBREC’s Commercial Mortgage Group and Kelly Frank of KeyBank’s Community Development Lending and Investment team structured the financing. Situated on 11 acres, South Range Crossing will feature 204 units in a mix of one-, two- and three-bedroom layouts spread across eight three-story residential buildings. The property will also feature a clubhouse with a business center, pool, spa, playground and fitness center. All units will be affordable to residents earning up to 60 percent of the area median income. Completion is slated for 2021.
ROCKY FORD, PAONIA AND GLENWOOD SPRINGS, COLO. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado. The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs. Kevin Giusti led the origination team. The HUD loans will refinance existing debt. Renovated in 1964, Pioneer Health Care Center is the only Veterans Affairs-contracted facility within 80 miles. Paonia Health Care Center is a skilled nursing and memory care facility built in 1984. Glenwood Springs Health Care is the sole skilled nursing facility in its area, located less than a mile from its local medical center, Valley View Hospital.
PHOENIX, GLENDALE AND CHANDLER, ARIZ. — JLL Capital Markets has arranged $16.1 million in financing for a seven-building light industrial distribution and manufacturing portfolio in metro Phoenix. The borrower is a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital. Casey Wenzel, Aldon Cole, Jeremy Womack and Alastair Barnes of JLL Capital Markets secured the five-year, fixed-rate, non-recourse loan with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility. The portfolio is situated on 16.1 acres at 10950 W. Northview Ave. in Glendale, 235 E. Pima St. in Phoenix, and 481 N. Dean Ave., 5740 W. Oakland St. and 5753, 5763 5773 W. Erie St. in Chandler. At the time of financing, the portfolio was 54.6 percent leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.7 million across the portfolio.
