FORT WORTH, TEXAS — Hunt Capital Partners has closed an $11.9 million in LIHTC equity financing for the construction of The Vineyard on Lancaster, a 104-unit apartment project in Fort Worth. The property, which is expected to be complete by late 2019, will include commercial space for a medical clinic. The sponsor was Union Gospel Mission of Tarrant County, a Christian nonprofit organization.
CHARLOTTE, N.C. — Trez Forman Capital Group has provided $4.8 million in financing for a 390-unit, mixed-use community planned for development near the University of North Carolina at Charlotte campus. The borrower and developer of the planned multifamily property, Sanctuary Holdings NC, will use the loan proceeds to pay off existing debt on the property and to help fund the purchase of an additional 1.5 acres from Charlotte’s transportation department. The site — located at 7600 University City Blvd. — has already been approved for 390 multifamily or student housing units.
WALTHAM, MASS. — New York Life Real Estate Investors has provided a $96 million refinancing for The Merc at Moody & Main, a 269-unit multifamily complex with street-level retail in Waltham. Located at 45 Moody St., a Roche Brothers’ Brothers Marketplace anchors the property. NYLREI provided a 12-year, fixed-rate loan to the borrower, Northland Investment Corp.
REVERE, MASS. — KeyBank has provided a $63 million refinancing for Beach House, a 234-unit apartment community in Revere. The Fannie Mae loan was used to refinance an existing KeyBank construction loan. The borrower, Baystone Development, built the seven-story property in 2018. The financing includes a 10-year term with a five-year interest-only period on a 30-year amortization schedule.
NEW YORK CITY — NKF Capital Markets has arranged a $57 million construction loan for the Walker Hotel Tribeca, a 171-room hotel in the Tribeca neighborhood of Manhattan. The borrower, Bridgeton Holdings, is converting the 10-story former office building into a hotel. The lender was BoI Federal. The property will be Bridgeton’s second Walker Hotel in New York City, with the first in Greenwich Village. The hotel will include a Blue Bottle Coffee on the ground floor as well as a speakeasy bar in the cellar.
DALLAS — Hunt Real Estate Capital has provided a $35 million bridge loan for the acquisition of Park Ninety Six 90, a 506-unit multifamily community in Dallas. The property offers studio, one-, two- and three-bedroom units and amenities such as three pools, a resident lounge, fitness center, playgrounds, dog parks and outdoor grilling areas. A portion of the proceeds will be used to renovate select unit interiors and to make exterior upgrades. The borrower was a joint venture between California-based Concord Real Estate and New York-based Sun Equity Partners.
ARLINGTON, WASH. — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $10.2 million loan for an industrial building in Arlington, approximately 45 miles north of Seattle. The borrower group plans to use the proceeds to fund the value-add component of the property. The 244,590-square-foot property, which features 16,108 square feet of office space, was 84 percent leased at the time of financing.
HANOVER PARK, ILL. — American Street Capital (ASC) has arranged a $3.8 million acquisition loan for a 64-unit multifamily complex in Hanover Park, a suburb of Chicago. Built in 1962, the property features four 16-unit buildings. Floor plans are all two-bedroom units. Igor Zhizhin of ASC arranged a 20-year, non-recourse loan that features a 30-year amortization schedule. A correspondent agency lender provided the loan.
NEW YORK CITY — NKF Capital Markets has arranged a $66 million mezzanine loan for 1 Seaport, a 60-story, 98-unit luxury condominium tower in the Financial District of Manhattan. Dustin Stolly, Jordan Roeschlaub and Nick Scribani of NKF Capital Markets secured financing on behalf of borrower Fortis Property Group through lender Mack Real Estate. The property features two floors of amenities, including a hydrotherapy area and pool that spans the entire 30th floor, as well as a Spa with 360-degree views of Manhattan. The anticipated sellout of the building exceeds $275 million.
NASHVILLE, TENN. — Goldman Sachs and Lionheart Strategic Management have provided senior and mezzanine financing totaling $133 million for the ground-up construction of a W-branded hotel in Nashville’s Gulch neighborhood. Magellan Development, Corner Partnership and Hospitality Gaming Advisors are developing the 346-room hotel. The senior and mezzanine financing will have co-terminus initial terms of three years. The financing closed in mid-September.