HOUSTON — LMI Capital a Real Estate Capital Alliance (RECA) member, has arranged two loans totaling $12.9 million for apartment complexes in Houston. In the first transaction, Jamie Safier of LMI Capital placed an $8.1 million acquisition loan for a 110-unit property in the city’s Briar Forest neighborhood. The loan carried a fixed 4.6 percent interest rate and three years of interest-only payments. In the second deal, Jamie Mullin of LMI Capital arranged a $4.8 million, floating-rate bridge loan for the acquisition of a 75-unit property in west Houston. The property names and borrowers were not disclosed.
CHICAGO — JLL Capital Markets has arranged an $84 million loan for the refinancing of 210 N. Carpenter, a new 12-story office building in Chicago’s Fulton Market district. Keith Largay, Brian Walsh and Patrick Healy of JLL arranged the financing on behalf of the borrower, Sterling Bay and institutional investors advised by J.P. Morgan Asset Management. Bank of America provided the loan. Sterling Bay developed the 206,000-square-foot property and Solomon Cordwell Buenz led the design. Leopardo, one of the building’s first tenants, completed construction of the building earlier this year. Google will begin moving workers to the property this fall. Amenities at the building include a rooftop lap pool, tenant lounge, gaming area, fitness center, yoga room and conference facilities.
NANUET, N.Y. — Cronheim Mortgage has secured $7 million in financing for a 51,815-square-foot self-storage facility in Nanuet, about 30 miles north of Manhattan. Self-storage REIT CubeSmart operates the facility, which was built in 1980 as a retail property and converted into self-storage in 2015. An undisclosed New Jersey bank provided the loan, which included a 4.74 percent interest rate, six months of interest-only payments and a 30-year amortization schedule. The borrower and owner of the facility is self-storage developer DealPoint Merrill. The facility has 685 climate-controlled units and was 83 percent occupied at the time of sale.
BRANDON, FLA. — Regions Bank has provided a $54 million construction loan to Arlington Properties for Tapestry Town Center, a planned 287-unit apartment community in Brandon. The project is situated 11 miles east of downtown Tampa and will offer one-, two- and three-bedroom floor plans. The community will be located within walking distance of the Westfield Brandon Mall, which houses more than 190 retailers. A timeline for delivery was not disclosed.
CINCINNATI, COLUMBUS AND HILLIARD, OHIO — Merchants Capital has secured $49 million in bridge financing for three assisted living communities in Ohio. The borrower, Wallick Communities, develops affordable assisted living and memory care communities. The properties include the 108-unit The Ashford at Mt. Washington in Cincinnati, the 131-unit The Ashford on Broad in Columbus, and the 124-unit The Ashford on Sturbridge in Hilliard. All three communities are designed to serve working- and middle-class seniors, offering rents at 15 to 30 percent below rents in similar communities. Merchants Capital secured the bridge loans through its parent company, Merchants Bank. Wallick will use the loans to refinance underlying debt and allow more time to meet the requirements for HUD.
WALNUT CREEK, CALIF. — CBRE has arranged $91.8 million in financing for DiNapoli Capital Partners (DCP), an investor based in Walnut Creek. The funds will refinance existing debt on a five-property, 560-unit seniors housing portfolio located in California. Integral Senior Living manages three of the communities, located in Los Angeles area, and Westmont Senior Living manages the remaining two communities, located in the Sacramento area. DCP bought each of the assets within the portfolio separately as value-add acquisitions. The financing package comes at the end of the company’s repositioning plan for the properties. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year Fannie Mae loan includes five years of interest-only payments.
ROUND ROCK, TEXAS — A division of insurance giant New York Life has provided a $42 million first mortgage loan for the acquisition of Bexley Round Rock, a 330-unit multifamily community located on the northern outskirts of Austin. The loan carried a 20-year term and a fixed interest rate. The borrower was Virginia-based Weinstein Properties.
HOUSTON — Los Angeles-based PCCP has originated a $36.5 million senior loan for the refinancing of Bayou on the Bend, a 241-unit apartment community located in the River Oaks submarket of Houston. Built on 3.6 acres, the property offers studio, one- two- and three-bedroom units averaging 1,161 square feet. Amenities include two pools, a fitness center, business center, game room and outdoor grilling areas. Adam Allen and Ben Johnson of Newmark Knight Frank placed the debt with PCCP on behalf of the borrower, Arel Capital, which acquired the asset in 2017. Bayou on the Bend was 87 percent occupied at the time of the loan closing.
NEW YORK CITY — PGIM Real Estate Finance, the commercial mortgage banking arm of Prudential, has provided a $72 million Fannie Mae loan for the refinancing of Olympia House, a 240-unit apartment complex located in Manhattan’s Turtle Bay neighborhood. The 21-story property, which is within two blocks of Grand Central Station, includes ground-floor commercial space and offers studio, one-, two- and three-bedroom units. The loan features a 10-year term and an unspecified period of interest-only payments. The borrowers in the transaction were real estate investors Isaac Hakim, Steven Elghanayan and Michael-Henry Krayem.
LOUISVILLE, KY. — NorthMarq Capital has arranged a $10 million refinancing loan for Crossings Center Nine, a 500,000-square-foot distribution facility in Louisville. Crossings Center Nine is situated within Commerce Crossings Business Park, 14 miles south of downtown Louisville and 10 miles south of Louisville International Airport. A life insurance company provided the 15-year, fixed-rate loan with a 20-year amortization schedule. The borrower was not disclosed.