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.
ROCKLIN, CALIF. — Greystone has provided a $37 million Fannie Mae adjustable-rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only payments. “Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” says Cary Tremper, head of Greystone’s seniors housing finance team.
WINCHESTER, CALIF. — Parkview Financial has provided a $19.8 million loan to Temecula, Calif.-based W Development Partners for construction of the first phase of French Valley Commons, a 14.1-acre mixed-use project in Winchester. The initial phase will include a nine-building development situated at the northwest corner of Leon and Benton roads in Winchester’s French Valley area. Totaling 87,231 square feet, the first phase will feature 36,524 square feet of retail space spanning six buildings and 50,532 square feet of flex/light industrial space spread across three buildings. Three of the planned retail buildings are pre-leased to O’Reilly Auto Parts, Dollar Tree and Jiffy Lube. With the closing of this loan, construction has commenced on the three pre-leased retail parcels and the largest light industrial building, which will total 22,925 square feet. Completion of the four buildings is slated for early to mid-2021. The construction timeline for the remaining five buildings has not been released. The second phase of French Valley Commons is entitled for 52,000 square feet of retail and industrial space, with construction timing based on interest and lease-up from the first phase.
MIAMI GARDENS, FLA. — 3650 REIT has provided a $50 million construction loan for the development of the Center at Miami Gardens, a 259-unit multifamily property to be located at 19279 NW 27th Ave. in Miami Gardens. Located 18 miles northwest of Miami and less than three miles from Interstate 95, the Center at Miami Gardens will feature three residential buildings and a clubhouse. Los Angeles-based multifamily developer The Latigo Group LLC broke ground in October 2019 and plans to deliver the first apartments in late 2020, with completion scheduled for spring of 2021. The complex will be situated on approximately 10 acres of land along with parks and ponds.
SAN ANTONIO — Hunt Real Estate Capital has provided a $45 million bridge loan for the refinancing of a portfolio of 645 multifamily units in San Antonio and nearby Universal City. The sponsor was LYND Co., a locally based investment and development firm. The portfolio includes the 224-unit Auburn Creek in San Antonio; the 205-unit Fairways 5 in San Antonio; and the 216-unit Meadows Apartments in Universal City, all of which were built in the mid-1970s. LYND will use a portion of the proceeds to renovate the properties and upgrade countertops, backsplashes, cabinetry, plumbing fixtures, flooring and appliance packages.
CHANDLER, ARIZ. — The San Diego office of NorthMarq has arranged a $185 million loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler. A life insurance company funded the fixed-rate loan, which amortizes over 23 years. Eric Flyckt, Wyatt Campbell and Casey Allred of NorthMarq secured the loan for Northrop Grumman, an aerospace and defense technologies designer and manufacturer. The campus comprises a three-story, Class A office building totaling 352,545 square feet and a 269,852-square-foot manufacturing facility. The property serves as Northrop Grumman Innovation Systems’ Launch Vehicle Division Headquarters. Designed and manufactured at the campus, the launch vehicles transport cargo to the International Space Station, launch satellites and are used for military functions. The campus is located within San Diego-based Douglas Allred Co.’s Park Place, a 200-acre business park situated at the intersection of Loop 101 and 202 freeways.
SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan. The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space. Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor. Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.