TUCSON, ARIZ. — Gantry has secured $27 million in refinancing for The Missions at Sentinel Peak Apartments and The Woods Apartments in Tucson. Adam Parker and Chad Metzger of Gantry’s Phoenix office arranged both loans for the undisclosed borrower through an agency lender. Located at 2410 S. Mission Road, The Missions at Sentinel Peak Apartments features 404 apartments in a mix of studio, one-, two- and three-bedroom layouts. Since 2018, the owner has extensively renovated the property with 80 percent of the units being upgraded at the time of financing. The $12 million loan was structured as a 10-year, fixed-rate loan, which allowed the owner to officially operate and rebrand the two adjacent properties, Mission Sierra 1 and 2, as one community. The Woods Apartments, located at 1970 W. Valencia Road, features 360 units in a mix of one- and two-bedroom floor plans. Gantry arranged $15 million in refinancing, structured as a 15-year, fixed-loan, for the asset.
JOLIET, ILL. — Mortgage banking company Merchants Capital has provided $25.9 million in Fannie Mae financing for Larkin Village, a 476-unit affordable housing property in Joliet. Merchants arranged the loan on behalf of the owners, Brinshore Development, The Richman Group and Eric Richelson. Located at 947 Lois Place, Larkin Village operates under a tax credit program through the Illinois Housing Development Authority (IHDA), which requires that the property reserves 256 of its units for residents earning at or below 60 percent of the area median income. The other 220 units are unrestricted. The 10-year loan will enable ownership to retire IHDA debt, make repairs to the property and redeploy the equity accumulated over the years. The equity will be used to invest in other affordable housing projects.
NEW YORK CITY — East West Bank has funded an $88 million construction loan for 1 Archer Avenue Apartments, a 315-unit multifamily and retail project currently under construction in the Jamaica neighborhood of Queens. A partnership between Shorewood Real Estate Group and Bridge Investment Group was the borrower. Located at 160-05 Archer Ave., the 320,000-square-foot building will include a coworking space, game room, fitness center, yoga room and multiple resident lounges. Hill West Architects designed the project. Construction of the project began in late 2019. An expected completion date was not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged a $57 million acquisition loan for a 183-unit multifamily property in Brooklyn. USAA Real Estate provided the fixed-rate loan to an undisclosed borrower. Located at 1 Flatbush Ave., the 19-story, Class A apartment building was constructed in 2018. Amenities include a fitness center, resident lounge and landscaped roof deck. Gideon Gil, Alex Lapidus and Maya Steinberger of Cushman & Wakefield arranged the loan. Adam Spies, Adam Doneger, Dan O’Brien and Avery Silverstein represented the seller, a partnership between Meadow Partners and Slate Property Group, in the transaction.
STAMFORD, CONN. — CIT Group Inc. has provided a $35.9 million construction loan for a 183-unit apartment building in Stamford. The borrower was a joint venture between New Jersey-based developer Fields Development Group and Alpine Residential. The project will be located on Canal Street near the Metro North railway station and will include ground-floor retail space. Chris Niederpruem of CIT Group originated the loan.
MARIETTA, GA. — Alliant Credit Union has provided a $20.8 million acquisition loan for Bentley at Marietta, a 222-unit multifamily community in Marietta. The five-year loan features two years of interest-only payments followed by a 30-year amortization schedule. The property was built in 1985 and offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool, fitness center, playground, outdoor grilling area, dog park and a private lake with a fishing dock. The asset is located at 880 S. Cobb Drive SE, 19 miles northwest of downtown Atlanta. Matthew Mense and Ari Schwartzbard of Newmark Knight Frank (NKF) originated the loan through Alliant Credit Union on behalf of the buyer, American Landmark Apartments. Jim Jarrell, Cory Caroline Sams, Chandler Brown, Walter Miller, Taylor Brown and Bo Brown of Greystone Brown Real Estate Advisors represented both the seller, Wilkinson Corp., and the buyer, Asset Development & Management Group LLC, in the transaction. The total sales price was $31.2 million.
TYLER, TEXAS — Grandbridge Real Estate Capital has provided a $10.8 million Freddie Mac loan for the refinancing of Chelsea Creek, a 180-unit apartment complex in Tyler, located about 100 miles east of Dallas. Units at the property, which was built in 1978, feature walk-in closets, individual washers and dryers and patios or balconies. Amenities include a pool, fitness center, business center and a resident clubhouse. Paul Harbor of Grandbridge originated the loan, which carries a 10-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower.
BROWNSTOWN TOWNSHIP, MICH. — Bernard Financial Group has arranged a $6 million loan for the refinancing of a two-building industrial property in Brownstown Township, about 25 miles southwest of Detroit. The 220,760-square-foot property is located at 18640-18650 Dix-Toledo Highway. Dennis Bernard and Joshua Bernard arranged the loan with Symetra Life Insurance Co. Ashley Brownstown North 4 & 5 LLC was the borrower.
TEMPE, ARIZ. — Truist Commercial Real Estate has originated a $52 million balance sheet loan for the Tides at South Tempe apartment community. The borrower is a joint venture between Tides Equities and FCP. The loan will allow Tides Equities and FCP to continue to implement the value-add business plan for the property. Once complete and stabilized, the owners expect to refinance the debt via an agency loan from Grandbridge Real Estate Capital, a division of Truist. Situated on 20.5 acres at 4130 S. Mill Ave. in Tempe, the garden-style community features 442 apartments, covered parking, guest parking, on-call maintenance, pre-installed WiFi, a spa, assigned parking, cable television, disability access, laundry facilities, a picnic area with barbecues, swimming pool and fitness center. Jonathan White of Truist Real Estate Capital’s Agency Bridge program, Scott Cook of Truist National Real Estate and Evan Hom of Grandbridge Real Estate Capital originated the loan transaction.
EL SEGUNDO, CALIF. — Thorofare Capital has funded a $26 million post-acquisition loan for two R&D and office buildings in El Segundo. A single tenant occupies the full 200,220 square feet of the portfolio. The short-term bridge loan features a 50 percent loan-to-cost ratio, pre-development financing and a two-year base loan term with extension options. Felix Gutnikov, David Perlman, Andrew Kim and Jeff Scappini of Thorofare closed the loan for the undisclosed borrower.