CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $19 million loan for the refinancing of 70 E. Walton, a 50,000-square-foot building in Chicago’s Gold Coast neighborhood. The property includes 25 apartment units and 15,000 square feet of retail space on the first through third floors. Michael Hart of Cohen arranged the fixed-rate, seven-year loan on behalf of the borrower, a private investor.
CHICAGO — American Street Capital (ASC) has arranged $15.4 million in permanent loans for the refinancing of a seven-building multifamily portfolio located in Chicago’s Bronzeville and Kenwood neighborhoods. The recent acquisitions required significant amenity upgrades. The portfolio was approximately 90 percent occupied at closing. Igor Zhizhin and Alexander Rek of ASC arranged seven non-recourse loans on behalf of the Chicago-based borrower.
SUFFOLK, VA. — Capital One has provided a $51.3 million HUD 221 (d)(4) loan to BECO Cos. for a mixed-use development in Suffolk. The loan will fund the development of 3800 Acqua, a project that includes 288 apartments and 69,000 square feet of retail and commercial space. The project is the first phase of Bridgeport, which will comprise 150,000 square feet of office space and more than 700 apartment units. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities.
NEW YORK CITY — Cushman & Wakefield has secured a $15 million acquisition loan for a mixed-use development site in the Jamaica neighborhood of Queens. Located at 90-02 168th St., the parcel allows for 738,000 buildable square feet. Preston Flammang and Anthony D’Amelio of Cushman & Wakefield represented the borrower, BRP Cos., in the transaction. Turnbridge Real Estate Credit Strategies provided the interest-only financing.
REVERE, MASS. — Colliers International has arranged a $115 million bridge loan for a former NECCO candy manufacturing facility in Revere. The loan replaces the acquisition financing also arranged by Colliers. Located at 135 American Legion Highway, the 49-acre property includes a single-story, high-bay warehouse and a two-story manufacturing and distribution space. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins secured the financing on behalf of the borrower, Atlantic Management and VMD Companies. The lender was LoanCore Capital.
BIRMINGHAM, ALA. — Barings Multifamily Capital has provided a $10.9 million Fannie Mae refinancing loan for Flats on 4th, an 86-unit mid-rise apartment complex in downtown Birmingham that was built in 2017. The 10-year term loan comes with a 30-year amortization schedule and three years of interest-only payments. The complex is 97.7 percent occupied. The borrower was not disclosed.
ATHENS, GA. — NorthMarq Capital has arranged $9.3 million in acquisition financing for Arbor Ridge Apartments, a 212-unit multifamily community situated at 150 Chateau Terrace in Athens. Andrew Slaton and Griffin Whitlock of NorthMarq arranged the Freddie Mac, seven-year, floating-rate loan on behalf of the borrower, Asia Capital Real Estate (ACRE). Arbor Ridge Apartments was built in 1969 and renovated in 2008 by the undisclosed seller. ACRE plans to further renovate the common areas and amenities over the next couple of years. Amenities include a clubhouse, fitness center, laundry facility, playground, pool, courtyard, tennis court and a business center. The complex is situated about five miles from downtown Athens and about three miles from the University of Georgia.
WALNUT CREEK, CALIF. — Lancaster Pollard Mortgage Co. has arranged $22.5 million in financing for the construction of a skilled nursing facility in the Bay Area city of Walnut Creek. The borrower is Plum Healthcare Group LLC. Founded in 1999 and headquartered in San Marcos, Plum currently operates 55 skilled nursing facilities in California and Nevada. Grant Goodman led the transaction for Lancaster Pollard, along with Joe Munhall who leads the firm’s debt syndications group. A local bank provided the funds.
SAN ANTONIO — KeyBank Real Estate Capital has provided a $28.4 million Fannie Mae loan for the refinancing of White Rock Apartment Homes, a 336-unit multifamily community located at 3110 Thousand Oaks Drive in San Antonio. Proceeds will be used to fund capital improvements for the property, which provides affordable housing to the city. Robbie Lynn and Tiffany Durr of KeyBank led the financing effort on behalf of the borrower, Commonwealth Multifamily Housing Corp.
KANSAS CITY, MO. — Berkadia has arranged $30 million in acquisition financing for 909 Walnut, a high-rise apartment building in Kansas City. Located at 909 Walnut St., the property includes 152 apartment units. The bottom four floors consist of office space. Amenities include a rooftop garden and fitness center. The purchase included both the office and apartment portions of the property as well as the parking garage. John Schorgl of Berkadia arranged the financing on behalf of the borrower, Worcester Investments. Fannie Mae provided the 12-year permanent financing, which features an interest-only period and a 30-year amortization schedule. Daniel Burkons, Michael Barron, Joshua Wintermute and Max Helgeson of Marcus & Millichap’s Institutional Property Advisors represented the seller, a Dallas-based private investor.
