FERNDALE, MICH. — Greystone has provided a $17.7 million HUD-insured loan to finance the new construction of 409 on Nine, a 127-unit apartment property on Nine Mile Road in Ferndale. Lisa Fischman of Greystone originated the loan on behalf of the borrower, Wolf River Development Co. The construction loan will convert to a 40-year permanent loan after completion and stabilization. The four-story project will include 5,000 square feet of ground-floor retail space, covered parking, a rooftop terrace, dog run, picnic area and fitness center. A timeline for completion was not disclosed.
BETTENDORF, IOWA — Arbor Realty Trust Inc. has provided a $4.6 million Fannie Mae loan for the refinancing of Townhomes at Highland Pointe in Bettendorf. Built in 2018, the 24-unit multifamily property features three-bedroom units. Michael Noll of Arbor originated the 30-year, fixed-rate loan, which features an 80 percent loan-to-value ratio.
JACKSONVILLE, FLA. — SunTrust Bank’s commercial real estate division has originated $40 million in acquisition financing for Gramercy Woods Southside, an office complex in Jacksonville. Anchored by Aetna Life Insurance Co., the property comprises 420,000 square feet of rentable space and two structured parking garages. The borrower was Atlanta-based Glenfield Capital. Specific loan terms were not disclosed.
DULUTH AND FAYETTEVILLE, GA. — Charlotte-based Grandbridge Real Estate Capital has provided a pair of acquisition loans totaling approximately $20 million for two retail assets in metro Atlanta. In the first deal, the company provided a $9.8 million loan for Reynolds Crossing, a 148,809-square-foot center located in the northeastern Atlanta suburb of Duluth. That loan carried a seven-year term, fixed interest rate and a 25-year amortization schedule. In the second transaction, Grandbridge closed a $10.2 million loan for Togwotee Village, a 109,680-square-foot center in Fayetteville, located about 22 miles south of Atlanta. That loan was structured with a 10-year term and a 25-year amortization schedule. Alan Tapie of Grandbridge closed the loans on behalf of the undisclosed borrower.
BOSTON — PGIM Real Estate Finance has provided a $30.4 million Freddie Mac loan for the refinancing of Barclay on Beacon, a high-rise apartment complex located in the Brookline neighborhood of Boston. The property consists of 111 units and offers amenities such as a pool, fitness center and onsite laundry facilities. The loan carries a 15-year term and a fixed interest rate. The borrower was not disclosed.
NUTLEY, N.J. — NorthMarq Capital has arranged a $16 million Freddie Mac loan for the refinancing of Village Manor, a 227-unit multifamily community in the western Manhattan suburb of Nutley, N.J. The garden-style property features one- and two-bedroom units and is located near a variety of retail and restaurant establishments, as well as public transportation lines. Robert Ranieri of NorthMarq arranged the loan, which was structured with a 10-year term and 30-year amortization schedule, on behalf of an undisclosed borrower.
SAN FRANCISCO — HFF has secured joint venture equity for the development of 1629 Market Street, a fully entitled multifamily project in San Francisco. Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the $320 million project. 1629 Market Street will feature 420 apartments, averaging 732 square feet, and nearly 9,000 square feet of retail space situated within three mid-rise buildings that will share a sub-grade parking garage. Situated on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub, the project is slated for completion in mid-2021. Scott Bales, Charles Halladay, Jordan Angel, Peter Yorck, Eric Bet and Nolan Moore of HFF represented the developer in the equity placement transaction.
MESA, ARIZ. — Hunt Real Estate Capital has provided $9 million in Freddie Mac financing for the refinancing of Rancho Palos Verde Apartments, a multifamily property located in Mesa. The undisclosed borrower now owns all 152 units of the condominium community and plans to operate the asset as a garden-style apartment complex. The borrower acquired the property from various owners between September 2018 and February 2019. The property comprises 13 two-story residential buildings, which feature 48 one-bedroom/one-bath units, 56 two-bedroom/two-bath units and 48 two-bedroom/two-bath townhouse-style units. Community amenities include a leasing office, fitness center, swimming pool with spa, covering parking, and pedestrian and vehicle access gates.
HOUSTON — Arbor Realty Trust Inc. (NYSE: ABR) has provided a $10.8 million Fannie Mae loan for the refinancing of Capewood Apartments, a 176-unit multifamily community in Houston. The property was built in 1976 and offers amenities such as a pool, playground and onsite laundry facilities. Brian Scharf of Arbor Realty Trust originated the loan, which carries a seven-year term and a fixed interest rate, on behalf of the undisclosed borrower.
LOMA LINDA AND RIVERSIDE, CALIF. — Capital One has funded a total of $56.7 million in Fannie Mae fixed-rate loans for the refinancing of two age-restricted apartments communities in Southern California. The transactions consist of a $36.7 million loan for Loma Linda Springs, a 444-unit community in Loma Linda, and a $20 million loan for Victoria Springs, a 240-unit property in Riverside. Spruce Grove, the sponsor, was founded in 1964 and has built and managed a diversified commercial real estate portfolio. Chuck Christensen of Capital One Multifamily Finance’s office in Newport Beach, Calif., originated the interest-only loans, which both have a term of 15 years. Both communities feature fitness centers and swimming pools. A portion of the residents at the communities have Section 8 vouchers. Additionally, 17 furnished units at Loma Linda Springs are rented on the short-term leases to cancer patients being treated at nearby Proton Therapy Treatment and Research, part of Loma Linda University Medical Center.