NEW YORK CITY — Houlihan-Parnes Realtors LLC has arranged a $3.5 million refinancing loan for a 10,302-square-foot medical office building in The Bronx. Located a 3440-3448 Boston Road, the single-tenant building is leased to a provider of dialysis services. An undisclosed lender provided the nonrecourse loan, which carries a 3.9 percent fixed interest rate for seven years and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes arranged the loan for the undisclosed borrower.
ELMHURST, ILL. — Bellwether Enterprise Real Estate Capital LLC has provided a $28.8 million Freddie Mac loan for the acquisition, rehabilitation and preservation of Elmhurst Terrace, a 315-unit affordable housing property in Elmhurst. Phil Melton of Bellwether Enterprise’s Dallas office originated the 10-year, fixed-rate loan. Developer Cohen-Esrey was the borrower. In addition, Bellwether’s parent company, Enterprise Community Investment Inc., along with BMO Harris Bank and Cohen-Esrey, have invested $17 million for the rehabilitation and preservation. Located about 20 miles south of downtown Chicago, Elmhurst Terrace was originally constructed in 1947. Monthly rents range from $975 to $1,400. Unit renovations will include new kitchen appliances and finishes, flooring and light fixtures. Plans also call for exterior improvements as well as the addition of a pet park and barbecue stations. The renovations are scheduled for completion in the next one to two years.
MARION, OHIO — Greystone has provided a $6.5 million Fannie Mae loan for the refinancing of Professional Park Apartments in Marion, about 50 miles north of Columbus. The 100-unit multifamily property is situated on seven acres and features a mix of garden- and townhome-style units. Jason Yuen of Greystone originated the 10-year loan, which features a 30-year amortization. The West 5 Group was the borrower.
COSTA MESA, CALIF. — NorthMarq has arranged $75 million in permanent refinancing for Mediterranean Village, a 508-unit, garden-style multifamily property located at 2400 Harbor Blvd. in Costa Mesa. The borrower was an affiliate of E&S Ring Management Corp. Nathan Prouty and Andy Slaton of NorthMarq’s San Francisco office arranged the 10-year loan, which features interest-only payments and a fixed rate. The borrower used loan proceeds to fund a variety of capital improvements at the property.
PEMBROKE PINES, FLA. — NorthMarq has arranged a $14 million refinancing for Village Square Shopping Center, an 88,529-square-foot property in Pembroke Pines. The property features a Publix and two outparcels leased to Bank of America and McDonald’s. Village Square is situated at 1601-1697 N. Hiatus Road, 25 miles north of downtown Miami. An undisclosed life insurance company provided the loan, which features one year of interest-only payments followed by a 20-year amortization schedule. Michael Balan of NorthMarq represented the undisclosed borrower in the transaction.
WOODMERE, N.Y. — Houlihan-Parnes LLC has arranged a $10 million construction loan for a retail project that will deliver an 80,000-square-foot Stop & Shop grocery store in Woodmere, a city located on the western part of Long Island. An undisclosed national lender provided the loan, which carries a fixed interest rate of 2.78 percent. The grocery store will be constructed in the Five Towns Shopping Center, an approximately 500,000-square-foot retail center located at 253-01 Rockaway Blvd., just east of JFK International Airport. The tenant roster includes Lowe’s Home Center, TJ Maxx, Walmart, T-Mobile and Chick-fil-A. Jim Houlihan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes originated the loan.
PORTLAND, ORE. — JLL Capital Markets has secured construction financing on behalf of Alamo Manhattan for the development of Block 40, a multifamily property in Portland’s South Waterfront neighborhood. Situated on a 1.6-acre site at 3838 S.W. Macadam Ave., Block 40 will consist of a seven- and eight-story, podium-style building offering 232 apartments. Units will be a mix of studio, one- and two-bedroom layouts averaging 724 square feet. The property will also feature 6,500 square feet of ground-floor retail space and 174 parking spaces. Community amenities will include a rooftop terrace with firepit, seating areas and televisions; courtyard with water fountain, fire pit, grilling area and seating areas; fitness center with Technogym; and a dog wash and dog park. Completion is slated for late 2021. Matt Benson and Charlie Watson of JLL Capital Markets arranged the financing for the developer, Alamo Manhattan. The financing amount was not released.
LACEY, WASH. — Seattle-based Thayer Manca Residential (TMR) has closed on a $26.8 million Fannie Mae refinancing for Callen Apartments in Lacey. The 10-year loan includes full-term, interest-only debt service and a fixed rate of 2.99 percent. Through a sponsored partnership, TMR acquired the 189-unit Callen Apartments in February 2018 and has since implemented the majority of a comprehensive, $3.7 million, value-add renovation. Designed to reposition the property, the upgrades include a renovated clubhouse, modern 24-hour fitness center, various amenity additions and apartment interior renovations.
Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina
LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.
LOGAN, W.VA. — Uber Capital Group has arranged an $11 million acquisition loan for Fountain Place Shopping Center, a 226,096-square-foot retail property in Logan. The five-year loan features a fixed 4.5 percent interest rate and a 20-year amortization schedule. Fountain Place was built in 1997 at 1103 George Kostas Drive, four miles west of downtown Logan. At the time of sale, the property was leased to tenants including anchors Lowe’s Home Improvement and Walmart Supercenter, as well as Rue 21, Burkes Outlet, Shoe Show Mega Store, Dollar Tree, Southern West Virginia Health System, Appalachian Regional Healthcare and McCoy Dental. A regional lender based in Virginia provided the loan to the undisclosed borrower, a private investor based in New York.