BLACKSBURG, VA. — Hunt Real Estate Capital has provided a $9 million first mortgage bridge loan for the acquisition and renovation of a student housing portfolio located near Virginia Polytechnic Institute and State University (Virginia Tech) in Blacksburg. The acquisition includes two garden-style student housing communities — Carlton Scott Apartments and Stonegate Apartments — totaling 196 beds on two non-contiguous parcels at 500 Broce Drive and 600 Appalachian Drive. The portfolio consists of 13 two- and three-story buildings offering one-, two- and three-bedroom units. The borrower, Willow Creek, plans to begin exterior renovations on both properties upon closing. Renovations are set for completion in May 2019.
DALLAS — Chicago-based NXT Capital has provided a $25 million acquisition loan for a 252-unit apartment community in Dallas. Located one mile north of Interstate 30 and three miles from downtown, the property features a clubhouse, grill area, fitness center, pool, dog park and access to the Santa Fe Trail. Tony Stein of CBRE placed the loan on behalf of an undisclosed borrower. The property name was also undisclosed.
ROSEBURG, ORE. — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $2 million in financing for Newton Creek Center, a retail property located in Roseburg. Ken Griggs, Paddy Ryan and Bryant Bushnell of NBS Financial arranged the fixed-rate, non-recourse funding for the undisclosed borrower. A correspondent life company of NBS Financial provided the funding. The perm loan financing was structured with a 15-year term and a 25-year amortization, with rate reset options every five years. Built in 2004, Newton Creek Center is a two-building, 13,717-square-foot retail property. At the time of financing, the property was 100 percent occupied. Tenants include Batteries Plus Bulbs and Edward Jones.
VIENNA, VA. — MetLife Investment Management has provided a $156.2 million loan for the refinancing of Modera Avenir Place, a grocery-anchored mixed-use development in Vienna. The development was completed in two phases in 2013 and 2015 and includes 628 residential units and is anchored by a ground-floor Harris Teeter supermarket. Additional retail tenants include Inova Care Center and Thai by Thai restaurant. Nicole Brickhouse, Jamie Leachman, Jennifer Keller, Mike Tepedino, Sue Carras, Walter Coker and Brian Crivella of HFF secured financing on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate loan, which provided the borrower with the most flexibility, according to HFF. Loan proceeds were used to retire existing construction financing. The residential units at the stabilized property include stainless steel appliances, quartz countertops and central heat and air conditioning as well as hardwood-style flooring. Community amenities include two swimming pools with sun decks, grilling stations, billiards, gaming consoles and business centers with cyber cafes.
PAWTUCKET, R.I. — Cornerstone Realty Capital has secured a $2 million refinancing for a mixed-use portfolio in Pawtucket. The portfolio includes a total of 29 apartments and two retail spaces across three properties. All three properties have undergone recent renovations. Patrick Brady of Cornerstone secured financing on behalf of the undisclosed borrower. The lender was undisclosed.
JOHNS ISLAND, S.C. — Grandbridge Real Estate Capital has closed a $31.5 million first-mortgage loan for Crowne at Live Oak Square, a multifamily community located at 3014 Reva Ridge Drive in Johns Island, an island 16 miles southwest of Charleston. The name of the borrower was not released. Funding for the permanent, fixed-rate refinance was originated through Freddie Mac’s Lease-Up loan program, which is designed for refinancing newly constructed properties. The 11-year, non-recourse loan was structured with an initial period of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 282-unit Crowne at Live Oak Square comprises 11 three- and four-story buildings across 18.9 acres. Units feature nine-foot ceilings, crown molding in living and dining areas, stainless steel appliances, European cabinets and granite countertops. Community amenities include a resort-style swimming pool, sun deck, grill area and cabana, interactive health and athletic center, lounge area with multiple TVs, media center, hiking trails and a pet spa and grooming station. The apartment community is situated within PUD, a mixed-use development that features a shopping center.
MELBOURNE, FLA. — NorthMarq Capital has secured the $24 million refinancing of an office and manufacturing property located at 100 N. Babcock St. in Melbourne. Leonardo DRS Inc. occupies the 311,287-square-foot facility. The company is a developer of mission-critical products and services that support military forces, intelligence agencies and prime contractors. Robert Hernandez and Lauren Hanley of NorthMarq’s Tampa office arranged the 11-year loan through an unnamed life insurance company.
NEW YORK CITY — ABS Altman Warwick has arranged the $51 million refinancing of the Pergament Enterprises Mall, a 360,000-square-foot grocery-anchored power center in Staten Island. Located adjacent to the 1.3 million-square-foot Staten Island Mall on Richmond Avenue, the center in anchored by Stop & Shop. ABS Altman Warwick arranged a 15-year, interest-only loan with a rate of 4 percent on behalf of the undisclosed borrower. The lender was a major life insurance company.
VERNON, CONN. — KeyBank has secured a $16 million first mortgage loan through Freddie Mac for Vernon Gardens Apartments in Vernon. Built in 1965, the property is comprised of 10, two-story buildings and has undergone a number renovations and upgrades since 2014. John Ward of KeyBank secured the non-recourse, floating-rate financing through Freddie Mac’s Green-Up Program on behalf of an undisclosed borrower. The loan is structured with five years of interest-only payments on a 30-year amortization schedule.
NEW YORK CITY — Greystone has provided a $45 million bridge loan for three Section 8 affordable housing properties in Manhattan. The properties are located in Washington Heights, Morningside Heights, and West Harlem. The borrower was undisclosed. The financing will go toward preserving affordability for residents across the three properties through a new 30-year regulatory agreement with New York City Department of Housing Preservation and Development and the extension of the Section 8 contract with HUD.