LITTLE ROCK, ARK. — Grandbridge Real Estate Capital has provided a $26.1 million construction loan for The Residences at Harbor Town Apartments, a planned 175-unit community in Little Rock. Alan Tapie of Grandbridge’s Atlanta office originated the loan through HUD’s 221(d)(4) program, which is the agency’s flagship loan product for the construction of new market-rate apartments and affordable housing projects. The loan will feature a 40-year term, fixed interest rate and a 40-year amortization schedule. Situated along the Arkansas River, The Residences at Harbor Town will be within walking distance of the Clinton Library and downtown Little Rock. The property will be situated behind the planned Rock City Yacht Club and will add 80 more boat slips to the marina, according to development plans on the yacht club’s website. The borrower/developer and construction timeline were not disclosed.
AUSTIN, TEXAS — HFF has arranged a loan of an undisclosed amount for the refinancing of the 278-room Aloft Austin Downtown and the 144-room Element Austin Downtown, the first dual-branded hotel in Austin that opened in July 2017. The property is located near the Sixth Street Entertainment District, the University of Texas at Austin and the State Capitol Building. Danny Kaufman, Christopher Carroll, Jeff Bucaro, Nicole Aguiar and Doug Opalka of HFF placed the debt through PGIM Real Estate Finance on behalf of the borrower, Indiana-based White Lodging. Proceeds from the loan, which carried a 10-year term and a fixed interest rate, will be used to retire the existing construction loan, repatriate a portion of sponsor equity and cover closing costs.
SAN ANTONIO — California-based direct lender Money360 has closed a $4.4 million bridge loan for the refinancing of an undisclosed office property in San Antonio. The loan featured a 24-month term, a fixed interest rate of approximately 7.8 percent and a loan-to-value structure of 69.8 percent. The borrower was not disclosed.
NORWALK, CONN. — Los Angeles-based Thorofare Capital has provided a $53.5 million loan for the refinancing of a 198-unit apartment community in Norwalk, located between Stamford and Bridgeport in coastal Connecticut. The name of the property, which includes 10,350 square feet of retail space and a 228-space parking garage, was not disclosed. The nonrecourse loan carries a five-year term and a floating interest rate. The borrower was also undisclosed.
CHICAGO — Knighthead Funding LLC has provided a $14.3 million construction loan for Roselle Apartments, a multifamily development in the Chicago submarket of Glendale Heights/Lombard. Noah Properties Chicago is the developer. Completion is slated for the first quarter of 2020. Roselle will feature 72 two-bedroom townhomes. The nonrecourse loan has an 18-month term. Knighthead Funding originates loans for its managed real estate debt funds and Knighthead Annuity & Life Assurance Co.
DAYTON, OHIO — NorthMarq Capital has arranged a $4.4 million loan for the acquisition of Northwest Plaza in Dayton. The 220,000-square-foot retail property is located at 3295 W. Siebenthaler Ave. Citi Trends is one of the tenants. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule. A regional bank provided the loan.
NORFOLK, VA. — HJ Sims has arranged $201.1 million in financing for the construction of a new residential tower at Harbor’s Edge, a continuing care retirement community (CCRC) in Norfolk. The property was originally developed in 2002 in cooperation with the City of Norfolk as part of a master development plan called “Fort Norfolk Neighborhood.” HJ Sims has partnered with Harbor’s Edge since the early 2000s, structuring, placing and underwriting the initial seed capital transaction, first phase of development financing, a refinancing in 2014 that contained predevelopment capital for the River Tower Phase II construction and the development financing for the River Tower. HJ Sims coordinated with two commercial banks, including SunTrust Bank and TD Bank, with the former providing $65 million in financing.
ORLANDO, FLA. AND SAVANNAH, GA. — HFF has originated two separate Freddie Mac loans totaling $37.9 million on behalf of the borrower, Beachwold Residential. The New York-based multifamily investment firm will use the proceeds of the two loans to refinance The Place at Alafaya, a 400-unit multifamily community in Orlando, and to acquire Litchfield Place, a 76-unit apartment community in Savannah. Mona Carlton, Elliott Throne and Jesse Wright of HFF led the debt placement effort for both loans, which featured 10-year terms and fixed interest rates. The Place at Alafaya in east Orlando offers one- and two-bedroom units and amenities such as a pool, tennis courts, basketball court, fitness center and a resident clubhouse. Completed in two phases between 2008 and 2014, Litchfield Place in southwest Savannah features units averaging 1,119 square feet. The seller and sales price of Litchfield Place were not disclosed.
WHITTIER, RIVERSIDE AND EMERYVILLE, CALIF. — SunTrust Banks Inc. (NYSE: STI) has provided $69.5 million in financing to support Watermark Retirement Communities and Kayne Anderson’s acquisition of three senior living communities in California. Two of the communities, Whittier Place at 12315 Burgess Ave. in Whittier and Raincross at Riverside at 5232 Central Ave. in Riverside, are Class A properties located near Los Angeles. Both of the communities provide assisted living and memory care services. The third, The Watermark by the Bay at 1140 40th St. in Emeryville, formerly known as Bayside Park, provides assisted living and memory care services for residents in Emeryville, Oakland and Berkeley. Watermark currently manages 63 communities in 21 states including seven under development/redevelopment. Kayne Anderson Capital Advisors, founded in 1984, is an alternative investment management firm focused on niche investing in upstream oil and gas companies; energy and infrastructure; specialized real estate; growth equity; and both private credit and diversified liquid credit. Kayne Anderson manages $30 billion in assets.
WEST COVINA, CALIF. — Arbor Realty Trust has provided a Fannie Mae Streamlined Rate Lock (SRL) deal for a multifamily property in West Covina. An undisclosed borrower received the $19 million loan to refinance Tuscany Villas, a garden-style apartment community. Greg Gillam of Arbor’s Manhattan Beach Office originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule. Built in 1966 and recently renovated, Tuscany Villas features 166 apartments in a mix of studio and one-bedroom layouts with upgraded interiors, including hardwood flooring, custom cabinets and granite countertops. Community amenities includes swimming pools, charcoal grilling areas and a fitness center.