NEW YORK CITY — Ariel Property Advisors has arranged a $41 million loan to refinance a 23-property medical office portfolio across 15 states. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors’ capital services division in New York City secured the financing on behalf of the undisclosed borrower. The non-recourse, fixed-rate loan included a 10-year term with four years of interest-only payments. A national lender provided the financing.
BRIDGEPORT, CONN. — Marcus & Millichap has secured a $3.4 million loan for the refinancing of a three-property apartment portfolio in Bridgeport. The 62-unit portfolio includes the properties Park Avenue Apartments, Marble Edge Apartments and Main & Federal Apartments. Robert Noeldechen of Marcus & Millichap’s New Haven office represented the undisclosed borrower in the transaction. The lender was also undisclosed.
DENVER — CIT Group’s real estate finance business served as sole lead arranger of a $91 million senior secured loan. The funds will be used for the acquisition of the Sheraton Denver Hotel in downtown Denver. The borrower is a joint venture between High Street Real Estate Partners and Eagle Four Partners. Located on along the 16th Street pedestrian mall, the hotel features 1,231 guest rooms and 133,000 square feet of meeting space.
CLEVELAND — KeyBank Community Development Lending & Investment has provided $15.5 million for the development of Glenville Circle North in Cleveland. KeyBank provided $5 million in New Market Tax Credit (NMTC) equity in addition to a $10 million leverage loan and a $456,000 project loan. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation. Glenville Circle North will offer 63 mixed-income units as well as 13,950 square feet of retail and commercial space. Sixteen of the units will be set aside as affordable housing, while the remaining units will be rented at market rate. The Cleveland Citywide Development Corp. plans to lease approximately 4,275 square feet of the commercial space to minority-owned startups at little or no fixed rent to help spur additional investment in the surrounding community. The developer, The Finch Group, will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation. Kyle Kolesar and Ryan Olman of KeyBank originated the financing.
KOKOMO, IND. — Dougherty Mortgage has provided a $5 million Fannie Mae loan for the acquisition of First Flats in Kokomo. The multifamily property includes 121 units. Durham Hill Capital LLC served as a partner in arranging the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
DALLAS — California-based Thorofare Capital has provided a $36 million loan for the refinancing of Heritage Square I & II, an office complex totaling 368,214 square feet in Dallas. The Class A property is located at the corner of Interstate 635 and the North Dallas Tollway. Proceeds will be used to repay a maturing loan and fund tenant improvements, leasing commissions and other capital expenditures. The loan was provided to the borrower, Brookwood Heritage Square LLC, an entity sponsored by Brookwood Financial Partners LLC, which acquired the asset in 2013.
KEMP, TEXAS — Dougherty Mortgage LLC has closed a $12.6 million Fannie Mae acquisition loan for The Hamlins at Cedar Creek Lake, a 208-unit multifamily property in Kemp, about 50 miles southeast of Dallas. The community offers one- and two-bedroom units and amenities such as a resort-style pool, resident clubhouse, fitness center, business center and package handling service. The loan, which was arranged through a partnership with Old Capital Lending on behalf of the borrower, TFG Hamlins LLC, featured a 12-year term and 30-year amortization schedule.
TIGARD, ORE. — KeyBank Real Estate Capital has arranged $26.6 million Fannie Mae loan for the construction of The Fields Apartments, an affordable multifamily property in Tigard. The planned Low-Income Housing Tax Credits (LIHTC) property will consist of five four-story buildings offering a total of 264 affordable units, as well as a separate common area building. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the fixed-rate loan for 2.5 years, with two six-month extension options.
BATON ROUGE, LA. — Greystone & Co. Inc. has provided two bridge loans totaling $29.5 million for the acquisition of four apartment properties totaling 783 units in Baton Rouge. The first nonrecourse bridge loan totals $16.9 million, while the second totals $12.6 million. Leor Dimant of Greystone originated the short-term bridge loans on behalf of the undisclosed borrower, with plans for a permanent exit to long-term, low-rate HUD-insured financing.
NEW YORK CITY — Newmark Knight Frank has secured a $23.5 million loan to refinance a multifamily property in Manhattan. Located at 16 E. 18th St., the 10-story property includes eight full-floor units as well as ground-floor retail space occupied by Paragon Sports. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Josh Egert of NKF secured the financing on behalf of real estate investment firm Stone Street Properties. The lender was undisclosed.