TERRE HAUTE, IND. — Dwight Capital has provided a $38.8 million HUD 223(f) loan for the refinancing of Cobblestone Crossings Apartments in Terre Haute. The 448-unit apartment property was built in multiple phases between 2006 and 2014. The Energy Star-certified property qualified for HUD’s green program and a reduced interest rate. Josh Hoffman and Kevin Lifshitz of Dwight originated the loan on behalf of the borrower, an investment company based in Terre Haute.
SAN ANTONIO — CBRE has secured $28.9 million in HUD construction financing for Abacus Alamo Ranch, a multifamily project in San Antonio that will deliver 320 market-rate units. Amenities will include two resort-style pools, a clubhouse with a fitness center, volleyball court, coffee bar, business center and a dog park. Casey Knust and Chad Ricks of CBRE secured the nonrecourse loan, which features interest-only payments for the 18-month construction period, through HUD’s 221(d)(4) program on behalf of the borrower, Heiser Development Corp.
IRVING, TEXAS — Hunt Real Estate Capital has provided a $6.1 million acquisition loan for The Village on West Irving, a 91-unit multifamily asset in Irving. The garden-style property is situated on 4.6 acres, consists of six two-story buildings and offers a pool, playground and onsite laundry services. Hunt provided the funds through Freddie Mac’s Small Balance Loan (SBL) program on behalf of the borrower, a partnership between four limited liability companies. The seller was Elmstone Group TV LLC. The loan carries a 10-year term, fixed interest rate, 30-year amortization schedule and 36 months of interest-only payments.
ATLANTA — Loudermilk Cos. has partnered with Knox | Redan to restore 309 Paces Ferry, a 12-story office building in Atlanta’s Buckhead district. Loudermilk also closed on the refinancing of the 103,000-square-foot building with assistance from Patterson Real Estate Advisory Group. Built in the 1960s, 309 Paces Ferry was 90 percent leased at the time of the closing to tenants including Chicago-based coworking firm Industrious. Aegon USA Realty Advisors provided the refinancing loan.
SANFORD, FLA. — Love Funding has secured a $47.6 million loan for the construction and permanent financing of Allure on the Parkway, a 290-unit multifamily community in Sanford. Situated about 25 miles north of downtown Orlando, Allure on the Parkway will feature one- and two-bedroom floor plans. Amenities will include walking trails, a dog park, clubhouse, fitness center and a pool. Peter Wessel of Love Funding secured the loan through U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program. The borrower was not disclosed. The loan will cover the construction period and subsequent 40-year term.
PORTLAND, ORE. — HFF has arranged $96.5 million in financing for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Alamo Manhattan, the developer, received a four-year construction loan through PCCP for the project. Situated on a 0.9-acre site, 100 Columbia will feature 348 apartments in a mix of studio, one- and two-bedroom layouts, averaging 817 square feet. The 20-story development will include premium interior finishes and community amenities, including a 15,000-square-foot sixth-floor amenity terrace and a 20th-floor rooftop resident lounge with an observation deck with views of the downtown skyline, Mount Hood and the Willamette River. Slated for completion in 2020, the community will also feature a 16th-floor terrace and 15,000 square feet of ground-floor retail space. GBD Architects is providing architectural services for the development. Mark Erland, Matt Benson and Charlie Watson of HFF secured the financing for the borrower.
SAN ANTONIO — Dwight Capital has provided a $18 million HUD 223(f) loan for the refinancing of Cadillac Lofts, a Class A apartment community located at 317 Lexington Ave. in San Antonio’s central business district. Originally built in 1922 and substantially rehabilitated in 1998, the property features 152 loft apartment residences. The undisclosed borrower renovated unit interiors in 2015 and 2016 and added a rooftop pool, terrace and fitness area. Cadillac Lofts is listed on the National Register of Historic Places as the former Goad Motor Company Building.
PARK RIDGE, ILL. — Capital One has provided a $15.1 million HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, a suburb of Chicago. Since purchasing Avantara in 2014, the undisclosed borrowers have extensively renovated the facility. Joshua Rosen of Capital One arranged the fixed-rate loan, which includes a 35-year amortization schedule.
NEW YORK CITY — HFF has secured a $32 million loan to refinance Caesura, a newly completed, 123-unit apartment building in Brooklyn’s cultural district. Located at 280 Ashland Place, the 12-story property comprises a mix of 74 market-rate and 49 affordable units. Amenities at Caesura include walk-in closets, in-unit washers and dryers, and a fitness center. Steven Klein and Geoff Goldstein of HFF secured the 10-year, fixed-rate financing on behalf of the borrower, Jonathan Rose Companies through lender Allegiant Real Estate Capital LP. Loan proceeds were used to replace the existing construction loan.
LOWELL, MASS. — Cherrytree Group has arranged an $825,000 bridge loan for the preservation of the Lowell Legacy Hotel, a registered historic landmark in Lowell. The five-story building, built between 1896 and 1905, was recently declared eligible to receive Federal tax credits for historic preservation. Warren Kirshenbaum of Cherrytree arranged the pre-development funding on behalf of the borrower, Madison Security Group. Hampton Financial Partners provided the loan, which will serve as a bridge leading to long-term financing by the Small Business Administration. The new Lowell Legacy Hotel will contain 52 guest rooms as well as banquet facilities.