Loans

Berkadia Provides $15.1M Fannie Mae Loan for Apartment Community in Grand Rapids

by Kristin Harlow April 16, 2020

GRAND RAPIDS, MICH. — Berkadia has provided a $15.1 million Fannie Mae loan for Lofts on Alabama in Grand Rapids. Aaron Moll of Berkadia secured the permanent financing on behalf of the undisclosed borrower. The new loan lowered the borrower’s rate by over 100 basis points, extended the amortization and interest-only period and removed recourse, according to Moll. Lofts on Alabama, located on Alabama Avenue, is a 100-unit apartment community situated in the West Side neighborhood of Grand Rapids. It features a rooftop patio, outdoor area and community gathering space.

April 16, 2020

Development Loans Mixed-Use Multifamily Office Utah Western

CBRE Provides $19.3M in Financing for Lincoln Station Mixed-Use Project in Park City, Utah

by Amy Works April 15, 2020

PARK CITY, UTAH — CBRE Capital Markets’ Debt & Structured Finance has provided $19.3 million in construction and permanent financing for the development of Lincoln Station, a mixed-use community in Kimball Junction area of Park City. Mollie Means of CBRE’s Debt & Structured Finance team in Seattle partnered with Doug Birrell, Bruce Francis, Bob Ybarra, Dana Summers and Shaun Moothart, also of CBRE Debt & Structured Finance, to originate the loan through CBRE’s FHA lending platform on behalf of the borrower, Lincoln Station. The loan is funded through the HUD Section 221(d)4 new construction mortgage insurance program, providing an interest-only construction period of 20 months with a 40-year, non-recourse, fully amortizing permanent loan. Lincoln Station will feature 68 apartments spread across four three-story residential buildings, eight three-story townhomes and one two-story commercial/office building. The non-residential building will contain three office suites with approximately 4,686 square feet of rentable space and 164 square feet reserved for the leasing office. The property’s 76 units will consist of a mix of one- and two-bedroom apartments and three-bedroom townhomes. A total of 52 units will be designated for residents earning 50 percent to 120 percent of the area median income. The remaining units will …

April 15, 2020

Acquisitions Loans Multifamily ORIX Southeast Tennessee

Hunt Real Estate Provides $27.4M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado April 15, 2020

CHATTANOOGA, TENN. — Hunt Real Estate Capital has provided a $27.4 million acquisition and renovation loan for Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga. The property spans 42.9 acres and comprises 19 two- and three-story buildings that were built in 1986. The community features one- and two-bedroom floor plans and communal amenities such as a pool clubhouse, dog park, fitness center storage space and a business center. The buyer and borrower, Birmingham, Ala.-based StoneRiver Co. LLC, plans to invest an additional $2 million in the property’s exteriors, amenity spaces and landscaping. The upgrades are scheduled to start this month. and the buyer expects the renovations to last for six to nine months. Hunt provided the non-recourse loan, which features interest-only payments and a 30-month term with three extension options. Rise at Signal Mountain is situated at 1185 Mountain Creek Road, six miles north of downtown Chattanooga. The seller was not disclosed.

April 15, 2020

Loans Multifamily Texas

Dougherty Provides $7.7M Loan for Refinancing of Denton Apartment Complex

by Taylor Williams April 15, 2020

DENTON, TEXAS — Dougherty Mortgage LLC has provided a $7.7 million Fannie Mae loan for the refinancing of Hollyhills, a 100-unit apartment complex in Denton. The property features a dog park, pool, grilling area and covered parking. Dougherty originated the loan, which was structured with a 12-year term and a 30-year amortization schedule, on behalf of the borrower, Holly Hills 76205 LLC.

April 15, 2020

California Loans Multifamily Western

MMCC Arranges $34.5M Construction Loan for Condo Development in Pasadena, California

by Amy Works April 15, 2020

PASADENA, CALIF. — Marcus & Millichap Capital Corp. (MMCC), the financing subsidiary of Marcus & Millichap, has secured a $34.5 million construction loan for a 48-unit condominium development in Pasadena. Stefen Chraghchian and Sharone Sabar of MMCC’s Encino, Calif., office arranged the loan for the undisclosed developer of the property. The 30-month loan was structured with a 5 percent adjustable interest rate and 40 percent loan-to-value ratio. Slated for completion in 2021, the six-story project will total 62,075 square feet, with the for-sale residential units averaging 1,243 square feet each. The property will also feature an amenity deck with a swimming pool, hot tub and outdoor entertainment area.

April 15, 2020

Loans Multifamily Seniors Housing Washington Western

M&T Provides $16.8M in Financing for Seniors Housing Community Near Seattle

by Amy Works April 14, 2020

ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.

April 14, 2020

Loans Multifamily New Mexico ORIX Western

Hunt Real Estate Funds $7.7M Acquisition Loan for Sage Canyon Apartments in Albuquerque

by Amy Works April 14, 2020

ALBUQUERQUE, N.M. — Hunt Real Estate Capital has funded a $7.7 million Fannie Mae conventional multifamily loan for the acquisition of Sage Canyon Apartments, a multifamily community located at 6134 Fourth St. NW in Albuquerque. The borrower is Engel Sage Canyon LLC, an Alabama-based, single-asset entity. The loan features a 12-year term, 30-year amortization schedule and 48 months of interest-only payments. Chad Hagwood of Hunt Real Estate Capital handled the financing for the borrower. Built in 1985 on four acres, Sage Canyon Apartments features 105 garden-style units spread across eight two-story residential buildings. The community also features an amenity building that includes the leasing office, fitness center and laundry facilities. Additionally, the gated property features 113 parking spaces. Since 2019, 48 of the apartments have been renovated, including new flooring, paint, lighting, plumbing fixtures, appliances and stackable laundry machines. During 2018, additional property improvements were completed including asphalt repairs, new pool gazebos, installation of new signage, exterior lighting improvements, solar screens, private balconies and exterior paint. The borrower plans to continue the renovation process.

April 14, 2020

Development Florida Hospitality Loans Mixed-Use Multifamily Southeast

Eyzenberg & Co. Arranges $21.3M Construction Loan for Mixed-Use Development in Miami

by Alex Tostado April 14, 2020

MIAMI — Eyzenberg & Co. has arranged a $21.3 million construction loan for the Towers at Blue Lagoon, a planned mixed-use development featuring a multifamily community and hotel space. The borrower and developer, the Weiss Group of Cos., will build Phase I of the project to include 428 multifamily units across two buildings. The property will offer studio to three-bedroom floor plans. The master plan also includes two hotels. The site is located at 4865 NW 7th St., seven miles west of downtown Miami. Kobi Karp is designing the property’s multifamily component. Robert Ginsberg and David Eyzenberg of Eyzenberg & Co. arranged the loan on behalf of Weiss, which has owned the land since the 1970s.

April 14, 2020

Florida Loans Office Southeast

Prime Finance Provides $20.1M Refinancing Loan for Office Building in Jacksonville

by Alex Tostado April 14, 2020

JACKSONVILLE, FLA. — Prime Finance has provided a $20.1 million refinancing loan for One Deerwood, a 161,167-square-foot office building in Jacksonville. The three-year loan features a floating interest rate. The property is situated at 10201 Centurion Parkway, 11 miles southeast of downtown Jacksonville. The six-story asset was 88 percent leased at the time of the financing. Porter Terry and Tarik Bateh of JLL arranged the loan on behalf of the borrower, Boston-based Taurus Investment Holdings LLC. San Francisco-based Prime Finance was founded in 2008 and provides loans for property types including office, multifamily, industrial, hospitality, retail and student housing.

April 14, 2020

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $20M Refinancing Loan for Affordable Housing Community in Fort Pierce, Florida

by Alex Tostado April 14, 2020

FORT PIERCE, FLA. — KeyBank Real Estate Capital has provided a $20 million Fannie Mae refinancing loan for Sabal Chase, a 340-unit affordable housing community in Fort Pierce. The property comprises 20 three-story building spanning 29 acres. Sabal Chase offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, business center, fitness center and a car care center. The borrower, Harmony Housing, acquired the property in 2014. The community was built in 2001 and offers units reserved for residents earning 50 percent and 60 percent of the area median income (AMI). Al Beaumariage and Kyle Kolesar of KeyBank originated the loan on behalf of the borrower.

April 14, 2020

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