ST. LOUIS — NorthMarq has arranged a $3 million loan for the acquisition of the Fort Dearborn Co. building in St. Louis. The manufacturing facility spans 87,507 square feet and is located on 5.8 acres at 6880 Heege Road. Fort Dearborn Co. is a label manufacturer for food and household products. Jeffrey Chaney of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. A life insurance company provided the loan. White Co. was the borrower.
MT. JULIET, TENN. — KeyBank Real Estate Capital has provided a $48 million Freddie Mac acquisition loan to Bluerock Real Estate for Providence Trail Apartments in Mt. Juliet. Providence Trail Apartments was built in 2008 and underwent a $1.6 million renovation in 2016. The property offers 24 three-story buildings comprising 334 units. Communal amenities include a bark park, saltwater swimming pool, poolside grilling station, clubhouse, courtyard and a community kitchen. The seller was not disclosed.
SALEM, N.H. — KeyBank Real Estate Capital has provided $50 million in permanent Freddie Mac financing for a 256-unit mid-rise apartment complex in Salem, New Hampshire. The property, Tuscan Village North, was originally financed using a $38 million construction loan, and is projected to reach stabilized occupancy by October 2019. The loan is structured with an 11-year term, and subsequent to a 6-year interest only period. It amortizes on a 30-year schedule. Dirk Falardeau of KeyBank’s Commercial Mortgage group arranged the financing.
MONTCLAIR, N.J. — PMZ Realty Capital LLC. has arranged a $37.5 million bridge loan to finance a new MC Hotel in Montclair, New Jersey. The 159-unit property is part of the Autograph Collection by Marriott, an independently owned portfolio of upscale hotels. The hotel is scheduled to open August 2019, and includes a rooftop bar, over 8,500 square feet of event space, a restaurant and a lobby library. A public mortgage REIT funded the loan, which carries a three-year term with a floating rate based on LIBOR.
LAFAYETTE, LA. — Uber Capital Group LLC has provided a $33 million acquisition loan for Acadiana Mall in Lafayette. The 15-year loan features a fixed 5.4 percent interest rate, 70 percent loan-to-value and partial recourse for the borrower. Acadiana Mall spans 1.6 million square feet and is situated six miles south of downtown Lafayette. The anchor tenants are Macy’s, Dillard’s and JC Penney. Additional tenants include Aeropostale, Victoria’s Secret, Forever 21, The Children’s Place, Zumiez, Kay Jewelers, Jimmy Jazz, Men’s Wearhouse, Chick-fil-A, Thai Max and T-65 Café restaurants. Namdar Realty Group acquired the mall.
AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …
IOWA — Eastern Union has arranged $17.9 million in acquisition financing for the Magna International portfolio, a collection of four automobile parts manufacturing facilities spanning 600,000 square feet throughout Iowa. Toronto-based Granite REIT America sold the portfolio to New York-based Beau Pere Real Estate LLC. Abe Kolman of Eastern Union arranged two loans with Bank of the West. The loan-to-value ratio was 75 percent.
CINCINNATI — NorthMarq has arranged an $8.1 million loan for the acquisition of an 11-property multifamily portfolio located in metro Cincinnati. The properties range in size from eight to 58 units with a total unit count of 337. Noah Juran of NorthMarq arranged the loan with a local bank on behalf of the undisclosed borrower. The 10-year, fixed-rate loan has a 30-year amortization schedule.
DALLAS — JLL has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Trinity Village Apartments, a 256-unit multifamily community in North Dallas. The property offers one- and two-bedroom units and amenities such as a pool, dog park and onsite laundry facilities. Mark Brandenburg of JLL originated the loan on behalf of the borrower, Frontline Holdings.
CHICAGO — KeyBank Real Estate Capital has provided a $43 million Fannie Mae loan for the refinancing of a portfolio of nine multifamily buildings in Chicago known as Maynard at Elaine. The portfolio includes two adjacent parking lots comprising 101 spaces. The borrower, CLK Properties, purchased the portfolio in 2015 and completed a $9 million capital improvement plan. CLK’s management company manages the buildings. Erik Storz of KeyBank originated the loan. CLK is participating in the Fannie Green Rewards program, which provides financial incentives for owners that make water or energy conservation improvements to their properties within 12 months of the loan closing.
