ORLANDO, FLA. — Berkadia has arranged $140 million in combined financing for four extended-stay hotels totaling nearly 1,000 rooms that will be part of Flamingo Crossings, a master-planned development located at the western entrance to the Walt Disney World Resort in Orlando. Justin Ownby of Berkadia’s Tampa office together with Adrienne Kautzman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality team arranged the financing on behalf of the borrower and developer, Huntsville, Ala.-based Doradus Partners. The Berkadia team secured the four-year, adjustable-rate, non-recourse construction loan through a private lender. The properties include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn & Suites by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. The four properties, which will be managed by Yedla Management Co. Inc., are slated for completion in the fall of this year. The complex will have a structured parking garage, pools and a sports facility to include a soccer field, basketball court and batting cages. Flamingo Crossings will also feature a 200,000-square-foot retail hub with over 50 stores.
FORT LAUDERDALE, FLA. — TD Bank has provided $28.6 million in funding for the Housing Authority of the City of Fort Lauderdale (HACFL) to redevelop Suncrest Court, a 66-unit public housing community, by replacing it with 116 modern and affordable apartment units. TD Bank has provided a $16 million construction loan and its subsidiary Community Capital Group has provided $12.6 million in low income housing tax credits (LIHTCs). HACFL also received a State Apartment Incentive Loan (SAIL) from the Florida Housing Finance Corp. for the project, which involves the demolition of the existing buildings that were built in 1962. The new Suncrest Court will include seven buildings with 12 units reserved for residents who earn less than 30 percent of the area’s median income (AMI). The remaining 104 units will be reserved for residents making up to 60 percent of AMI. During construction, current Suncrest Court residents were offered vouchers to nearby affordable housing communities. Upon completion in 2021, existing residents will have the right to return to the community.
SUGAR LAND, TEXAS — CBRE has arranged a $28.2 million bridge loan for the refinancing of Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The community opened in 2017 and features a coffee bar and bistro, pool, yoga studio and access to nature trails. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the nonrecourse, floating-rate loan with 18 months of interest-only payments on behalf of the borrower, Greystar. The lender was MF1 Capital, an alliance between Limekiln Real Estate, Berkshire Group and CBRE Capital Markets.
SIOUX FALLS, S.D. — NorthMarq has arranged $35.4 million in acquisition financing for seven multifamily properties in Sioux Falls. The affordable communities comprise 525 units. The seven Freddie Mac loans range from $1.9 million to $9.3 million. Brett Hood of NorthMarq arranged each of the 15-year loans, which feature 30-year amortization schedules.
NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $145 million loan for the acquisition of 111 Wall Street, formerly known as the Citibank Building, in Manhattan. SL Green and an undisclosed lending partner provided the fixed-rate loan to the buyer, a partnership of Nightingale Properties and Wafra Capital Partners. The 24-story building comprises 1.1 million square feet of office space and was built in 1968 as the headquarters of First National City Bank. Dustin Stolly and Jordan Roeschlaub led an NKF team that secured the loan, and Jimmy Kuhn of NKF represented the seller, Zurich Insurance.
CHARLESTON, S.C. — Phillips Realty Capital Corp. (PRC) has structured $27.8 million in joint venture equity financing on behalf of Woodfield Development for the construction of Morrison Yard in Charleston. The 380-unit multifamily community will be built in Charleston’s North of Morrison (NoMo) neighborhood within a qualified opportunity zone. PRC’s Adam Bieber structured the equity financing through investor Argosy Real Estate Partners. PCCP recently provided a $100.6 million construction loan to a joint venture between Woodfield and Argosy to finance the development of Morrison Yard. Construction has commenced on the site, which will consist of a 10-story, concrete building and a six-story, wood-framed building, each featuring studio, one-, two- and three-bedroom floor plans. The complex will offer ground-floor retail, a two-story parking structure, clubhouse, courtyard spaces and water features. Woodfield plans to have Morrison Yards’ first units delivered in the fourth quarter of 2021, with the entire project slated for delivery in late 2022.
WORCESTER, MASS. — CBRE has arranged a $63 million loan for the refinancing of 145 Front at City Square, a 365-unit multifamily property in Worcester, located approximately 50 miles west of Boston. MUFG Union Bank provided the floating-rate loan, which will stabilize the original construction loan for the project. The property offers studio, one- and two-bedroom floor plans as well as 10,000 square feet of amenity space and 10,405 square feet of street-level retail space. Michael Sherman and Irene Lu of CBRE arranged the loan on behalf of the borrower, Roseland Residential Trust.
MCKINNEY, TEXAS — Multifamily developer JPI has secured an undisclosed amount of construction financing for Jefferson Rockhill, a 354-unit apartment project that will be built on 16 acres in McKinney. Units will feature 10-foot ceilings, full-size washers and dryers and private patios and balconies. Amenities will include a pool, fitness center, putting green, dog park, beer garden, coffee bar and concierge service. The opening is slated for summer 2021. First United Bank provided the financing, specific terms of which were not disclosed.
HOUSTON — PGIM Real Estate Finance has provided $48 million in Freddie Mac permanent financing for Red Line Station, a 300-unit affordable housing project in Houston. The borrower, San Antonio-based The NRP Group, will use a majority of the funds to retire construction debt. The loan was structured with a 10-year term and a 35-year amortization schedule. At least 50 percent of the units will be reserved for renters earning up to or less than 80 percent of the area median income.
WOODBURY, MINN. — Dougherty Mortgage LLC has provided a $53.5 million HUD 221(d)(4) loan for the construction of Sundance at Settler’s Ridge, a 218-unit rental townhome project in Woodbury. Situated on a 23.2-acre site, the project will encompass 23 two-story buildings. Plans also call for a 4,300-square-foot clubhouse with a kitchen, coffee bar and fitness center. Additional amenities will include a pool, fire pit, dog park, dog spa and community garden. Dougherty originated the 40-year loan on behalf of the borrower, SD Woodbury Property LLC. A timeline for completion was not disclosed.