HOUSTON — New York City-based Ariel Property Advisors has arranged a $14 million acquisition loan for a 140,000-square-foot office building in the Clear Lake submarket of Houston. Eli Weisblum of Ariel Property Advisors placed the loan five-year loan, which was structured with a 4.25 percent interest rate and a 30-year amortization schedule, through an undisclosed lender. The property was fully leased at the time of the loan closing. The borrower was also not disclosed.
ALBUQUERQUE — NorthMarq has arranged the sale of a three-property apartment portfolio located in Northeast Albuquerque. Orange County, Calif.-based Laguna Point acquired the assets from Portland, Ore.-based PacifiCap Properties Group for an undisclosed price. Totaling 735 apartments, the portfolio includes Jefferson Crossing, Aztec Village and Arioso. The acquisition is the buyer’s seventh purchase in the market. Cynthia Meister of NorthMarq’s Albuquerque office and Trevor Koskovich, Bill Hahn, Jesse Hudson of NorthMarq’s Phoenix office brokered the sale. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix debt/equity team financed each acquisition for the buyer with Freddie Mac loans.
ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona. Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 percent, providing a value-add opportunity to reposition the space for new tenants. Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan for the buyer.
SAN DIEGO — JPI, a Texas-based multifamily investment and development firm, has received a $69.7 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed apartment community in San Diego’s Pacific Beach neighborhood. Located at 4275 Mission Bay Drive, Jefferson Pacific Beach features 169,571 square feet of residential space, including 172 apartments, and 14,000 square feet of commercial space. On-site amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. Additionally, the bayfront community is adjacent to Interstate 5 and less than three miles from the Pacific Beach Pier. Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux of CBRE’s debt and structured finance team in San Diego arranged the loan for the borrower.
DANIA BEACH, FLA. —The Estate Cos., a multifamily developer based in Miami, has secured $55.5 million in construction financing for Soleste Cityline. The eight-story property will be a Class A, mixed-use community with 340 rental units and 12,800 square feet of retail at 4 North Federal Highway in Dania Beach. Soleste Cityline will be located on the northeast corner of Federal Highway and Dania Beach Boulevard, around 25 miles from Miami. Synovus Financial Corp. arranged the financing. The developer plans to break ground this quarter. Fort Lauderdale-based Merrimac Ventures is a partner in the project and will own the retail portion of the property, along with Miami-based Tricera Capital. The project will offer units ranging from approximately 600 to 1,200 square feet. Studios, one-, two- and three-bedroom units include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer. Soleste Cityline will feature a pool deck, fitness center, outdoor grilling stations, clubroom and private event space.
ATLANTA — Dwight Capital has provided $40.5 million in HUD financing for Walton Westside, a 254-unit apartment community located at 790 Huff Road NW in Atlanta’s West Midtown. Built in 2014, Walton Westside has one residential building and one garage building. Community amenities include a rooftop patio with a gazebo, swimming pool, dog park, coffee shop and an outdoor fireplace. The property is located 15 miles from the Hartsfield-Jackson Atlanta International Airport. Walton Westside is Energy-Star-certified, thus qualifying for HUD’s Green Mortgage Insurance Premium (MIP) reduction, which was set at 25 basis points. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan on behalf of the undisclosed borrower. Dwight Capital LLC is a commercial real estate finance company based in New York.
HOUSTON — Los Angeles-based PCCP LLC has provided an $86.3 million loan for the acquisition and renovation of two apartment communities totaling 620 units that are located within the 37-acre CityCentre mixed-use development in Houston’s Memorial City district. The properties, both of which offer Class A amenities, are branded Domain at CityCentre and Lofts at CityCentre. Domain features 370 units averaging 975 square feet in one-, two- and three-bedroom floor plans. Lofts totals 250 units averaging 958 square feet with a similar unit mix. The borrower was Lubbock-based Madera Residential, which purchased the assets from J.P Morgan.
MINNEAPOLIS — Colliers Mortgage has provided a $32.5 million HUD 223(a)(7) loan for the refinancing of Third North Apartments in Minneapolis. The 204-unit apartment complex was built in 2014. The new loan features a 40-year amortization schedule, a lower interest rate and a lower mortgage insurance premium, resulting in annual cash flow savings, according to Colliers. Third North LLC was the borrower.
TACOMA, WASH. — NorthMarq has arranged $45 million in joint-venture equity between Trent Development and Bridge Investment Group for the development of Tacoma Plaza, an apartment community in Tacoma. Situated on 1.3 acres at 1502 Fawcett Ave., Tacoma Plaza will feature 368 apartments in a mix of studio, one- and two-bedroom units with private balconies and large windows. The community will offer two rooftop decks, two private courtyards and a dog spa. Completion is slated for 2023. Seattle-based Studio 19 Architects designed the project, while Gig Harbor-based Rush Commercial Construction is general contractor. Jake Leibsohn and Ron Peterson of NorthMarq secured the joint-venture equity.
LAKELAND, FLA. — Robert Hernandez of NorthMarq’s Tampa regional office has arranged the $38.2 million Fannie Mae Green Rewards loan for The Shore Apartments, a newly constructed, 300-unit multifamily property in Lakeland. The permanent, fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule. The loan includes five years of interest-only payments. Built in 2019-2020, The Shore features 15 three-story residential buildings spread across a 65-acre site. The lakeside property is located at 5680 Waterside Blvd., about 58 miles from Orlando. The Shore’s community amenities include a private lake, resort-style pool and spa, cabanas with outdoor kitchen, fire pit, gas grills, walking trail with fitness stations, playground, dog park, 54-detached garages for rent, two electric car charging stations, car care center, clubhouse, cyber café with coffee bar, theater room, business center, 24-hour fitness center and yoga and spin room. The Shore’s unit interiors feature nine-foot ceilings, walk-in closets, full-size washer and dryer and a private screened-in balcony and most units offering views of the lake and nature preserve. At loan closing, the property was 100 percent occupied.