COLORADO SPRINGS, COLO. — FM Capital has secured a $5.4 million bridge loan for an office complex located in Colorado Springs. The undisclosed borrower purchased the asset through the Ten-X platform. FM Capital originated the loan within seven days of acquisition. At the time of sale, the 280,000-square-foot asset was home to two Fortune 500 company call centers.
DETROIT — Citi Real Estate Funding has arranged an $80 million CMBS loan for the refinancing of a five-property multifamily portfolio in metro Detroit. National real estate investor and developer Lightstone was the borrower. The properties total 1,179 units and are located in cities such as Royal Oak, Canton and Livonia. The garden-style communities include a mix of one-, two- and three-bedroom units. Amenities include clubhouses, fitness centers, yoga studios, outdoor pools, business centers and game rooms. Property names were not disclosed.
JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged a $53.6 million bridge loan for the acquisition of a five-property multifamily portfolio in Jacksonville. Alex Inman of Walker & Dunlop arranged the cross-collateralized financing on behalf of the borrower, S2 Capital LLC. The Walker & Dunlop team also negotiated special release provisions that allow the borrower to sell individual properties if desired. The 1,104-unit portfolio includes Eagle Pointe I & II, Arlington Eagle, Eagle Court, Jacksonville Village and Eagle Ridge. The properties were originally constructed in the 1960s. S2 Capital plans to complete a value-add program for each property, including improvements to common amenities, interior upgrades and rebranding. Community amenities across the portfolio include pools, outdoor space, laundry facilities, fitness centers and leasing offices.
VIENNA, VA. — Avison Young has arranged a $32 million acquisition loan for Maple Avenue Shopping Center, a 111,810-square-foot retail property in Vienna, roughly 17 miles west of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the loan through PGIM Real Estate Finance on behalf of the borrower, GRI Maple Avenue LLC. Giant Food and CVS/pharmacy anchor Maple Avenue Shopping Center, which was fully leased at the time of sale. The retail center is also home to Michaels and other smaller stores.
NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St. The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied. Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield arranged the loan. The property comprises two towers with 218 market-rate units and 62 affordable housing units. A courtyard garden and glass-enclosed walkway bridge connect the two towers. Floor plans include a mix of studios, one- and two-bedroom units. More than 28,000 square feet of amenity space includes two rooftop gardens, a fitness center and yoga area, game room, media room, club lounge, communal kitchen and children’s playroom. Hell’s Kitchen, which has historically consisted of old warehouses and small multifamily properties, has experienced an influx of development in recent years. The activity has largely been led by the rezoning of the Hudson Rail Yards. Upon completion, the Hudson Yards redevelopment project will feature more than 18 million square feet of commercial and …
BOSTON — Cornerstone Realty Capital has secured a $7.5 million refinancing for a four-building, 64-unit multifamily community in Boston. The properties are located on Pleasant Street in Melrose, approximately 8 miles north of Boston. Cornerstone secured a fixed-rate loan through a correspondent lender with 24 months of interest-only payments followed by a 30-year amortization. The borrower was undisclosed.
INDIANOLA, IOWA — NorthMarq Capital has arranged a $4.5 million loan for the refinancing of Linden West Apartments in Indianola, about 20 miles south of Des Moines. The 96-unit apartment property is located at 1203 W. 2nd Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.
SHELTON, CONN. — Marcus & Millichap Capital Corp. has secured a $7.6 million cash-out refinancing for Bridge Street Commons, a mixed-use property located at 50 Bridge St. in Shelton. The building consists of 43 residential units and 7,000 square feet of commercial space. Robert Bhat of Marcus & Millichap Capital Corp. secured a 15-year loan with a fixed rate of 5 percent for the undisclosed borrower. The lender was Fannie Mae.
MINNEAPOLIS — Dougherty Funding LLC has provided a $58.1 million loan for the construction of Prospect Park Senior Living in Minneapolis. The 283-unit seniors housing property will be located in the Prospect Park neighborhood near the light rail transit station and the University of Minnesota campus. The project will include 130 independent living units, plus 98 assisted living and 54 memory care units and one guest suite. The 10-story building will feature an underground parking garage, child daycare services and one retail unit. Terms of the loan were not disclosed. Oppidan Investment Co. is the developer for the project, which is slated for completion in early 2020, according to the Minneapolis/St. Paul Business Journal.
HOUSTON — Birmingham, Ala.-based Regions Bank has provided a $41 million construction loan for an undisclosed, 327-unit multifamily community in Houston. The Class A project will be located near Houston’s central business district and the Washington Corridor areas. The property will feature one- and two-bedroom units and amenities such as a pool, outdoor common areas, a fitness center, a rooftop deck and a business center. The borrower was Phoenix-based Alliance Residential Co. A timeline for construction was not released.
