Loans

NKF Provides Freddie Mac Loan for Refinancing of 498-Unit Sedona Apartments in Abilene

by Taylor Williams July 6, 2020

ABILENE, TEXAS — Newmark Knight Frank (NKF) has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Sedona, a 498-unit apartment community located in the West Texas city of Abilene. The garden-style property was built in phases in the mid-1970s. Units feature stainless steel appliances, hardwood flooring, walk-in closets and patios or balconies. Amenities include two pools, a playground, fitness center, sports court, dog park and onsite laundry facilities. Braden Harmon and Hank Glasgow of NKF originated the loan on behalf of the borrower, CapX Ventures LLC.

July 6, 2020

Loans Midwest Multifamily Office Ohio

Grandbridge Arranges $4.7M in Refinancing for Two-Property Portfolio in Lorain, Ohio

by Kristin Harlow July 6, 2020

LORAIN, OHIO — Grandbridge Real Estate Capital has arranged two loans totaling $4.7 million for the refinancing of a two-property portfolio in Lorain, about 30 miles west of Cleveland. The first property is Fairway East Apartments, a recently renovated apartment community totaling 80 units across five buildings. The second asset is City Center, a 56,384-square-foot office building housing tenants such as Spectrum Consulting Services, Lorain County Community College and United Property Management. Craig Kegg of Grandbridge arranged the 15-year, fixed-rate loans with insurance company correspondents. United Property Management was the borrower.

July 6, 2020

Loans Multifamily Texas

UC Funds Provides $18.2M Loan for Adaptive Reuse Project in San Antonio

by Taylor Williams July 2, 2020

SAN ANTONIO — Boston-based lender UC Funds has provided an $18.2 million loan for the adaptive reuse of The Travis Building, a high-rise office building in San Antonio that was originally built in 1920. The undisclosed borrower will convert the building in a mixed-use property with 63 Class A apartments and 20,000 square feet of ground-floor retail space.

July 2, 2020

California Loans Multifamily Western

NKF Provides $208.1M in Freddie Mac Financing for Two Multifamily Communities in California

by Amy Works July 2, 2020

ALAMEDA AND MONTEREY PARK, CALIF. — The Newmark Knight Frank (NKF) Multifamily Capital Markets team has arranged a total of $208.1 million in Freddie Mac loans to refinance two multifamily properties in California. The refinancing includes a $167.8 million loan for Summer House Apartments, a 615-unit property on Alameda Island, and a $40.3 million loan for Emerald Hills, a 184-unit complex located at 855 W. E1 Repetto Drive in Monterey Park. Emerald Hills features a mix of studio, one-, two- and three-bedroom layouts, two swimming pools, laundry facilities and a fitness center. Mitch Clarfield, Stephen Gianoplus, Ramsey Daya and Josh Braceros of NKF arranged the refinancing for Summer House Apartments, while Clarfield and Ryan Greer, also of NKF, secured the 10-year refinancing of Emerald Hills on behalf of a Los Angeles-based private owner.

July 2, 2020

California Colorado Loans Montana Multifamily North Carolina Western Wyoming

Bellwether Enterprise Closes $294.2M in Financing for 22 Manufactured Housing Communities Nationwide

by Amy Works July 2, 2020

DENVER — Bellwether Enterprise Real Estate Capital has closed four transactions totaling $294.2 million in Fannie Mae loans for manufactured housing communities across the United States. MJ Vukovich of Bellwether’s Denver office, along with Ghazy Grijalva of the firm’s Chicago office, arranged the deals. In total the financing covers 5,554 pad sites across the five transactions. The deals include: A $28 million loan for two manufactured housing assets located in Montana on behalf of a Utah-based operator. A $23.2 million loan for a community located in Wyoming on behalf of an operator based in California and Colorado A $193.3 million loan for a portfolio of 13 properties located in the Rocky Mountain and Southern regions on behalf of a Colorado-based operator. A $46 million loan for five communities located in various states on behalf of a Utah-based operator. A $3.7 million Fannie Mae loan for a property located in North Carolina on behalf of a North Carolina-based operator. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 2, 2020

California Loans Multifamily Western

Gantry Arranges $19M Refinancing for Three Southern California Apartment Properties

by Amy Works July 2, 2020

BUENA PARK, LA HABRA AND SAN BERNARDINO, CALIF. — Gantry has secured $19 million in financing for three multifamily communities in Southern California. The company arranged a $10.3 million loan for La Palma Apartments in Buena Park; $3.1 million in financing for La Habra Apartments in La Habra; and a $5.6 million loan for Lark Apartments in San Bernardino. The 10-year loans feature a 25-year amortization schedule. Jordan Simmonds of Gantry’s Newport Beach, California, office arranged the refinancing. The name of the borrower was not released.

July 2, 2020

California Life Sciences Loans Office Western

NKF Arranges $165M in Financing for BioMed Life Sciences Building in Emeryville, California

by Amy Works July 1, 2020

EMERYVILLE, CALIF. — Newmark Knight Frank (NKF), on behalf of property owner BioMed Realty, has arranged $165 million in financing for an asset located at 5300 Chiron Way in Emeryville. The Class A life sciences building, which totals 303,509 rentable square feet, is located within Emeryville Center of Innovation. Zymergen, a science and material innovation company, fully occupies the property. BioMed will use the loan to transform the asset into a specialized and innovative high-tech environment for the tenant’s new headquarters location. Ramsey Daya and Chris Moritz of NKF’s Debt & Structured Finance office in San Francisco secured the financing for the owner, which is a provider of real estate solutions to the life science and technology industries.

July 1, 2020

Arizona Development Loans Multifamily Western

PCCP Provides $39.4M Loan for Development of Acero Glendale Apartment Community in Arizona

by Amy Works June 30, 2020

GLENDALE, ARIZ. — PCCP has provided a $39.4 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Glendale. The Class A, garden-style multifamily property will be located at the northwest corner of 95th and Missouri avenues in Glendale. Situated on 15 acres, the project will feature 352 units in a mix of one-, two- and three-bedroom floor plans, averaging 986 square feet, across 18 residential buildings. Units will offer hard-surface countertops, vinyl-plank flooring, carpeted bedrooms, air conditioning, in-unit washers/dryers, stainless steel appliances and private patios or balconies. Community amenities will include two swimming pools, a fitness center, leasing office, community room and lounge with a kitchen and outdoor common areas. The first units are scheduled for delivery in mid-2021, with completion of the entire project in 2022. Adam Deermount, Steve Sims and John Meek of RanchHarbor, along with David Kidder of Landmark Real Estate, arranged the financing.

June 30, 2020

Loans Midwest Multifamily South Dakota

JLL Provides $27.5M in Fannie Mae Loans for Refinancing of Two Apartment Communities in South Dakota

by Kristin Harlow June 30, 2020

RAPID CITY, S.D. — JLL Capital Markets has provided $27.5 million for the refinancing of Harmony Heights Apartments and Stoney Creek Apartments in Rapid City in western South Dakota. The two garden-style communities total 533 units. The two Fannie Mae loans feature 10-year terms and fixed rates. Brock Yaffe of JLL originated the financing on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP. Built in 2003, Harmony Heights consists of 15 buildings housing 255 units. Developed in 2008, Stoney Creek consists of 16 buildings totaling 278 units.

June 30, 2020

Development Georgia Loans Multifamily Southeast

Truist Provides $93.8M Construction Loan for Multifamily Community in Atlanta

by Alex Tostado June 29, 2020

ATLANTA — Truist Financial Corp. has provided a $93.8 million construction loan for Phase II of Modera Prominence, a 395-unit multifamily community underway in Atlanta’s Buckhead district. Renasant Bank and Trustmark National Bank were part of the syndicate loan provided to developer, Mill Creek Residential. Phase II will comprise the multifamily portion of the project. Phase I, which comprises 21,000 square feet of retail and restaurant space, is nearing completion. Communal amenities will include a fitness facility, saunas, dog park, dog spa, clubroom, lounges and concierge services. The property is located at 3699 Lenox Road at the corner of Lenox and Piedmont roads, nine miles north of downtown Atlanta. A timeline for completion was not disclosed.

June 29, 2020

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