NEW YORK CITY — Bank OZK has provided a $95 million construction loan for an 85,000-square-foot, 15-story mixed-use condominium development on the Upper East Side of Manhattan. Located at 150 E. 78th St., the project will include 25 condominium units as well as several thousand square feet of ground-floor retail space. Bank OZK provided the financing to Midwood Investment & Development and EJS Real Estate. Terms of the financing were not disclosed. The developer plans to break ground on the project this summer.
BOSTON — Cornerstone Realty Capital has arranged a $3 million loan for the refinancing of a multifamily portfolio in Boston. The nine-unit portfolio includes a six one-bedroom, one two-bedroom, one three-bedroom and one five-bedroom unit. All units feature open floor plans, hardwood floors, stainless steel appliances and onsite laundry. Andrew Saccone of Cornerstone secured the financing on behalf of the undisclosed borrower. The lender was not disclosed. Terms of the financing included a fixed interest rate with a 30-year amortization schedule.
Hunt Real Estate Capital Provides $15.7M Green Acquisition Loan for Apartment Community in Baltimore
BALTIMORE — Hunt Real Estate Capital has provided a $15.7 million Fannie Mae acquisition loan for Park Raven Apartments, a 253-unit community in Baltimore. The 15-year loan includes eight years of interest-only payments and a 30-year amortization schedule. The asset was built in 1949 and renovated in 2006. The property comprises 23 two-story, garden-style buildings. The borrower, Park Raven DNB LLC, plans to implement on-site water and energy conservation measures as part of Fannie Mae’s Green Reward program. The goal is to save more than 30 percent of the combined water and energy usage, including a minimum of 15 percent energy savings. The seller was Park Raven Holdings LLC.
NORFOLK, VA. — HFF has arranged a $13.4 million acquisition loan for The Gates at West Bay Apartments, a 202-unit community in Norfolk. The 10-year, fixed-rate Freddie Mac loan includes five years of interest-only payments. The borrower was a partnership between Brick Lane and Enterprise Community Investment Inc. The Gates at West Bay Apartments comprises 10 two-story buildings and was 95 percent occupied at the time of the sale. Of the 202 units, 99 percent are affordable to low-income units.
SAN ANTONIO — SunTrust Bank (NYSE: STI) has provided a $12.9 million Fannie Mae acquisition loan for Marbach Park, a 304-unit multifamily community in San Antonio. The property, which was built in 1984 and was more than 95 percent occupied at the time of the loan closing, offers one- and two-bedroom units. Amenities include a pool, fitness center, coffee bar and a playground. Evan Hom of SunTrust originated the 15-year loan, which carries a 30-year amortization schedule and eight years of interest-only payments, on behalf of two undisclosed sponsors based in California and Dallas.
BROOKLYN CENTER, MINN. — Dougherty Mortgage has provided a $12.8 million HUD 221(d)(4) loan for the acquisition and rehabilitation of Unity Place in Brooklyn Center. The multifamily property consists of 11 two-story buildings. The property will undergo $5.2 million in renovations, including the construction of a new clubhouse building with a new management office, community room, fitness center, conference room and patio. In addition to the 40-year loan, the borrower, Unity Limited Partnership, utilized 4 percent low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC underwrote the bonds.
CAMPBELL, CALIF. — Sonnenblick-Eichner Co. has secured $36.3 million in first mortgage financing for the acquisition of DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room full-service hotel in downtown Campbell. The undisclosed borrower used the long-term, fixed-rate loan to facilitate the purchase of the hotel and provide funds for a $5.8 million renovation. The 12-year loan, which a life insurance company provided, features a 4.5 percent interest rate with four years of interest-only payments and a 30-year amortization schedule.
LEOMINSTER, MASS. — KeyBank Real Estate Capital has originated a $12.2 million Fannie Mae, first mortgage loan for Sunrise of Leominster in Leominster, approximately 40 miles west of Boston. Built in 1996, the three-story property features 70 units on a five-acre plot. The property originally comprised 48 assisted living units, with 23 memory care units added in 1999. In 2013, 10 existing assisted living units were converted into nine memory care units. During that renovation, a new common room and dining room were added. Carolyn Nazdin of KeyBank’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with a 10-year interest-only term. The loan was used to refinance existing debt.
CAMDEN, N.J. — TD Bank has provided a $6.9 million construction loan for Cooper Plaza Townhomes, an affordable housing community in the Cooper Plaza historic district of Camden. All 64 townhomes will remain affordable, serving households earning less than 80 percent of the area median income. The loan will fund part of a $14 million renovation that will modernize the interiors and exteriors of the homes including new HVAC and mechanical systems, replacement of roofs, new windows and porch improvements.Additional funding includes a $3.1 million permanent mortgage provided by Berkadia. TD Bank provided the financing to borrower, The Michaels Organization. Terms of the financing were not disclosed.
STONE MOUNTAIN, GA. — Arbor Realty Trust Inc. has provided a $47 million refinancing loan for 13Ten Apartment Homes, a 977-unit multifamily complex in Stone Mountain. The 12-year, fixed-rate Fannie Mae loan includes six years of interest-only payments. Stephen York of Arbor originated the loan on behalf of the undisclosed borrower. The asset, which is situated about 15 miles east of downtown Atlanta, was built in 1988 and renovated earlier this year. Community amenities include a fitness center, indoor and outdoor pools, business center, dog park, car-care center and a gazebo with a fishing pier. Local media outlets reported in April 2018 that there was a fire that destroyed 12 units within the apartment community. No details were provided if the refinancing is connected with the fire damage.