Loans

HFF Closes Two Freddie Mac Loans Totaling $37.9M for Apartment Properties in Orlando, Savannah

by Alex Tostado April 24, 2019

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.

April 24, 2019

California Loans Multifamily Seniors Housing Western

SunTrust Provides $69.5M Acquisition Financing for Seniors Housing Portfolio in California

by Amy Works April 24, 2019

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.

April 24, 2019

California Loans Multifamily Western

Arbor Funds $19M Refinancing for 166-Unit Tuscany Villas in Southern California

by Amy Works April 24, 2019

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.

April 24, 2019

Loans Michigan Midwest Multifamily

Bernard Financial Group Originates $8.7M Refinancing for Multifamily Property in Mid-Michigan

by Kristin Harlow April 24, 2019

SAGINAW, MICH. — Bernard Financial Group has originated an $8.7 million Freddie Mac loan for the refinancing of South Colony Place I in Saginaw. The 201-unit multifamily property is located at 180 S. Colony Drive in central Michigan. Dennis Bernard originated the loan on behalf of the borrower, South Colony Limited Dividend Housing Association LLC.

April 24, 2019

Indiana Loans Midwest Multifamily

NorthMarq Arranges $8M Refinancing for Apartment Community in Jeffersonville, Indiana

by Kristin Harlow April 24, 2019

JEFFERSONVILLE, IND. — NorthMarq Capital has arranged an $8 million loan for the refinancing of Beech Grove Apartments in Jeffersonville. Built in 1972 and renovated in 2006, the 182-unit apartment property is located at 3014 Beech Grove Court. Noah Juran of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule and a fixed rate. A life insurance company provided the loan.

April 24, 2019

Loans Multifamily Texas

NXT Capital Provides $61M Loan for Refinancing of Dallas Apartments

by Taylor Williams April 23, 2019

DALLAS — Chicago-based NXT Capital has provided a $61 million loan for the refinancing of an undisclosed, 400-unit multifamily property in Dallas. The community is located in the Dallas Design District and offers amenities such as two pools, a fitness center, resident lounge, business center, game room and bike storage. The borrower and specific loan terms were not disclosed.

April 23, 2019

Loans Multifamily New York Northeast

Madison Realty Capital Provides $27M for Brooklyn Multifamily Project

by Taylor Williams April 23, 2019

NEW YORK CITY —Madison Realty Capital has provided a $27 million first mortgage loan for the development of 93 Linden Street, a 68-unit multifamily project in the Bushwick neighborhood of Brooklyn. The undisclosed borrower has completed 35 percent of the project and expects the full completion to occur during the first quarter of 2020. Upon completion, 93 Linden Street will offer studio, one- and two-bedroom units, 70 percent of which will be priced at market rates. The remaining 30 percent will be affordable housing units.

April 23, 2019

Loans Multifamily New York Northeast

Juniper Capital Arranges $14M Acquisition Loan for Syracuse Apartments

by Taylor Williams April 23, 2019

SYRACUSE, N.Y. — New York City-based Juniper Capital has arranged a $14 million bridge loan for the acquisition of Orchard Estates, a 300-unit apartment complex in Syracuse. The property, which was 85 percent occupied at the time of the loan application, offers units in a variety of formats and amenities such as a pool, picnic area and onsite laundry facilities. Arbor Realty Trust Inc. originated the loan, which carries a three-year term and an 85 percent loan-to-cost structure. The borrower, New Jersey-based Vintage Management, will use a portion of the proceeds to fund capital improvements to unit interiors and add new amenities.

April 23, 2019

Loans Michigan Midwest Multifamily

Greystone Provides $17.7M in HUD-Insured Construction Financing for Michigan Apartment Property

by Kristin Harlow April 22, 2019

FERNDALE, MICH. — Greystone has provided a $17.7 million HUD-insured loan to finance the new construction of 409 on Nine, a 127-unit apartment property on Nine Mile Road in Ferndale. Lisa Fischman of Greystone originated the loan on behalf of the borrower, Wolf River Development Co. The construction loan will convert to a 40-year permanent loan after completion and stabilization. The four-story project will include 5,000 square feet of ground-floor retail space, covered parking, a rooftop terrace, dog run, picnic area and fitness center. A timeline for completion was not disclosed.

April 22, 2019

Iowa Loans Midwest Multifamily

Arbor Provides $4.6M Refinancing for Multifamily Property in Bettendorf, Iowa

by Kristin Harlow April 22, 2019

BETTENDORF, IOWA — Arbor Realty Trust Inc. has provided a $4.6 million Fannie Mae loan for the refinancing of Townhomes at Highland Pointe in Bettendorf. Built in 2018, the 24-unit multifamily property features three-bedroom units. Michael Noll of Arbor originated the 30-year, fixed-rate loan, which features an 80 percent loan-to-value ratio.

April 22, 2019

Newer Posts

Older Posts