DANIA BEACH, FLA. — Aztec Group has arranged a $60.3 million construction loan for Oasis Pointe, a planned 301-unit apartment community in Dania Beach. Cymbal Development received the non-recourse loan from 3650 REIT. The 42-month loan features a fixed interest rate at an 80 percent loan-to-cost ratio. The waterfront community will span 2.4 acres and include structured parking, a 19-slip boat club, waterfront boardwalk, butterfly and meditation gardens and a lap pool. The community will also include COVID-19 protocols, including fresh-air intake throughout the property to sterilize and purify the air. A timeline for completion was not disclosed. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan on behalf of the Miami-based developer. Michael Fleischer and Will Pierce of 3650 REIT originated the financing.
BROOKFIELD, WIS. — NorthMarq has arranged $26.2 million in permanent debt for the recapitalization of Poplar Creek Club, a recently stabilized, 138-unit apartment property in Brookfield near Milwaukee. Brett Hood of NorthMarq arranged the Freddie Mac loan, which features a 10-year, fixed-rate term with five years of interest-only payments followed by a 30-year amortization schedule. Loan proceeds retired a $22.6 million construction loan. The borrower was undisclosed. The four-story property features a 143-space parking garage as well as a separate 4,544-square-foot retail building. Amenities include a clubhouse, fitness center, yoga studio, outdoor pool and sundeck.
SHAKER HEIGHTS, OHIO — Pembrook Capital Management LLC has provided a $17.7 million loan for the acquisition and renovation of a 275-unit multifamily portfolio in Shaker Heights, an inner-ring suburb of Cleveland. The properties include Colton House, Golfview, Fairway-Marchmont Terrace, Aristocrat and Moreland Manor. The borrower, Significan Lifestyle Communities, is known for its unique property management method whereby tenants enter into membership agreements as opposed to leases and pay membership fees instead of rent. Members are invited to personalize their homes through a selection of custom paint colors and other upgrade choices. The seller was undisclosed.
MARINETTE, WIS. — Mortgage banking company Merchants Capital has secured $6.5 million in financing for Trolley Station Terrace, a 45-unit affordable housing property under construction in Northeast Wisconsin’s Marinette. Of the total financing, $1.8 million is a rural development loan and $4.7 million is a low-income housing tax credit bridge loan. Nonprofit developer Newcap Inc. is developing the project. Of the property’s 45 units, 38 will be reserved for renters who earn up to 60 percent of area median income. There will also be units designated as supportive housing for local veterans. Construction began in August and is scheduled for completion in August 2021. The three-story project will be situated on 2.5 acres at 153 Main St.
SAN ANTONIO — Colliers Mortgage has provided a $6.2 million Fannie Mae acquisition loan for Bellevue at Windcrest, a 124-unit apartment community in San Antonio. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Colliers originated the loan, which carried a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending for borrower Boardwalk at Windcrest LLC.
JACKSONVILLE, FLA. — NorthMarq has provided a $270.5 million Freddie Mac refinancing loan package for a portfolio of five multifamily communities in Jacksonville. The 10-year loans feature fixed 2.72 percent interest rates, five years of interest-only payments and 30-year amortization schedules. The borrower, Jacksonville-based Fort Family Investments, has owned the 1,604-unit portfolio since 1972 and manages it under affiliate Perimeter Realty Inc. Jeffrey Lethig of NorthMarq originated the loans on behalf of the borrower. The largest loan was for Luxor Club, which comprises 464 units and was built in early 2019. The fully occupied asset received an $82.3 million loan. Communal amenities include a pool, outdoor cross-fit area, dog park and a pool for dogs. Palm Bay Club, which has 416 units, received a $68.6 million loan. The asset was built in 2017 and features two pools, outdoor lounge spaces, grilling areas, a 24-hour fitness center, playground, tennis court and a business center. Cabana Club, built in 2012 as Phase I of a two-phase development with Galleria Club, received $42 million in financing. Amenities at the 252-unit community include a pool, semi-private cabanas, 24-hour fitness center and a clubroom. The adjacent Galleria Club, which was delivered in 2015, received a …
MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization schedule.
NEW YORK CITY — Black Bear Capital Partners has arranged a $25.5 million agency loan for the refinancing of three apartment buildings totaling 146 units in The Bronx. The properties are located at 2320 Aqueduct Ave., 2828 Valentine Ave. and 2885 Valentine Ave. PGIM Real Estate provided the loan through Fannie Mae’s Green Rewards program. The borrower was an undisclosed private investor. Bryan Manz, Emil DePasquale, Phil Bowman, and Jack Cohen of BBCP arranged the financing package. The loan was structured with a fixed interest rate of 3.14 percent for 12 years with five years of interest-only payments followed by a 30-year amortization schedule.
NEW HAVEN, CONN. — Greystone has provided $18.6 million in Fannie Mae acquisition financing for two multifamily properties in New Haven. In the first transaction, Greystone provided a $5.3 million loan for a 57-unit complex at 511 Main St. that was built in 1926. That loan was structured with a 10-year term, a 30-year amortization schedule and five years of interest-only payments. In the second deal, Greystone provided a $13.3 million loan for Hemingway Place, a property built in 1962 that features one- and two-bedroom units. That loan carried a 12-year term, a 30-year amortization schedule and six years of interest-only payments. Dan Sacks of Greystone originated both loans. Russ Drebin and Jake Weinstein of Meridian Capital Group placed the debt. The borrower was CSRE Group.
WILMINGTON, N.C. — Dwight Capital LLC has provided a $35 million HUD 221 (d)(4) loan for the construction of Renaissance Apartments, a 198-unit multifamily community in Wilmington’s Wayfaire neighborhood. The property will comprise two four-story buildings offering 2,530 square feet of ground-floor retail space. Communal amenities will include a courtyard, clubhouse, fitness center and a pool. The lender says the community will be built in compliance with the National Green Building Standard’s Bronze Level, which resulted in a 25 basis-point reduction in the loan interest rate through the Green Mortgage Insurance Premium. Brandon Baksh of Dwight Capital originated the 40-year term loan on behalf of the undisclosed borrower.