UNION, N.J. — JLL has arranged an undisclosed amount of permanent financing for Centurion Union, a newly built, 80-unit apartment building in Union, located southwest of Newark. Residents have access to amenities including a fitness center, game room, lounge, coworking space, dog run and a children’s playroom. Michael Klein and Max Custer of JLL arranged the fixed-rate loan through Provident Bank on behalf of the borrower, American Landmark Development.
MINNEAPOLIS — Colliers Mortgage has provided a $40 million Fannie Mae loan for the refinancing of Stevens Community Apartments in Minneapolis. The 618-unit multifamily property consists of 23 buildings. The asset was constructed in phases from 1913 to 1964 and has been renovated several times. The loan features a 12-year term and a 30-year amortization schedule. Stevens Community Associates LP was the borrower.
DENVER — Parkview Financial has provided a $26 million construction loan to CRE Development Investments for the development of Art District Lofts, an apartment community located at 1275 Santa Fe Drive in Denver. With this financing, construction has now commenced with completion slated for December 2021. Situated in Denver’s Art District, the eight-story project will feature 115 apartments and 2,622 square feet of ground-floor retail space. Art District Lofts will offer 51 studios, 55 one-bedroom units and nine two-bedroom units with an average unit size of 548 square feet. Community amenities will include private balconies, a fitness center, rooftop deck and secure bike parking. The property will also offer 48 garage and surface parking spaces.
SAN JOSE, CALIF. — Greystone has provided a $52.2 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 434-unit manufactured housing community in San Jose. Tim Thompson of Greystone originated the transaction for the borrower, Chateau La Salle LLC. The financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. The loan enables the borrower to refinance its existing Greystone loan and monetize its existing equity in the property. Built in 1980, Chateau La Salle consists of 434 pads across 58 acres. Property amenities include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts.
PORTLAND, ORE. — ScanlanKemperBard Cos. (SKB) has received $19.1 million in financing for the acquisition of Mason Ehrman Building, an office building in Portland’s Old Town District. JLL Capital Markets secured the four-year, floating-rate loan through a debt fund for SKB Cos. In addition to the acquisition, loan proceeds will be used to transform the annex roof into tenant amenity space and assist in lease-up of the building. Zachary Kersten and Tom Wilson of JLL Capital markets represented the borrower in the financing. Located at 222 NW Fifth Ave., Mason Ehrman Building totals 96,985 square feet. The property was originally built in 1907 and most recently renovated in 2017. At the time of sale, the building was 38 percent leased to two tenants.
HOUSTON — Associated Bank has provided a $34.3 million loan for the rehabilitation of Pinewood Apartments, a 240-unit affordable housing community in Houston that was built in 2001. The borrower, Minnesota-based Dominium Management Services LLC, acquired the property earlier this year. Renovations will preserve the affordability of all units for renters earning 60 percent or less of the area median income and will include new lighting, appliances and countertops, as well as the addition of in-unit washers and dryers. In addition, Dominium will upgrade amenity spaces, including the dog park, outdoor grilling area and pavilion. Renovations are expected to be complete in the second quarter of next year.
LEWISVILLE, TEXAS — A joint venture between real estate services firm BRES and New York-based investment firm Advalurem Group has received a $60.5 million Freddie Mac loan for the refinancing of Bella Madera, a 612-unit apartment community in the northern Dallas suburb of Lewisville. Bella Madera features one- and two-bedroom units and amenities such as a pool, fitness center, two dog parks, a volleyball court and a tanning studio. The Class A property was 97 percent occupied at the time of the loan closing. The loan was structured with a 10-year term and a sub-3 percent fixed interest rate. The lender was not disclosed.
BOSTON — MassHousing has provided $78.8 million in financing for the third phase of the redevelopment of Old Colony, a federal housing development originally built in 1940 in South Boston. The borrower, Beacon Communities LLC, in partnership with the Boston Housing Authority, will demolish 135 older public housing units at the Anne M. Lynch Homes and construct 170 new affordable homes for lower-income families and senior citizens. The project is part of the larger redevelopment of Old Colony, which has thus far added 420 new apartments and townhomes to the local supply.
OAK CREEK, WIS. — Greystone has provided a $9.3 million Fannie Mae loan for the refinancing of Country Oaks Apartments in Oak Creek, just south of Milwaukee. The 300-unit multifamily community features a swimming pool and a stackable washer and dryer in each unit. Clint Darby of Greystone originated the fixed-rate, 10-year loan, which features a 30-year amortization. The borrower was undisclosed.
TUCSON, ARIZ., AND OKLAHOMA CITY, OKLA. — Gantry has secured $86.5 million in refinancing for a seven-property multifamily property in Arizona and Oklahoma. Patrick Barkley, Chad Metzger and Kevin Valenzuela of Gantry represented the borrower, BWL Properties, in the transaction. Wells Fargo arranged the 10-year Fannie Mae loans with five years of interest-only payments. Totaling 1,601 units, the seven apartment communities were built between 1972 and 1985.
