COON RAPIDS, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 223(f) loan for the acquisition and rehabilitation of Drake Apartments in Coon Rapids, a northern suburb of Minneapolis. The 48-unit affordable housing property was originally constructed in 1978 and underwent a partial renovation in 2001. As part of this acquisition, the property will undergo a rehabilitation of approximately $34,000 per unit. The loan is fully amortized over 35 years. Drake MDG LP was the borrower.
CHANDLER, ARIZ. — CBRE Capital Markets’ Debt & Structured Finance team has arranged an $18.3 million loan for the acquisition of Avilla at Chandler Heights, an apartment complex located at 255 E. Chandler Heights Road in Chandler. Brian Cruz, Scott Peterson and Bill Chiles of CBRE’s San Diego office secured the interest-only, fixed-rate loan through Fannie Mae for the borrower, San Diego-based The Certé Group. Constructed in 2017, the property consists of 116 single-story units, featuring private backyards, in 101 individual buildings. All two- and three-bedroom units are standalone buildings and the one-bedroom units are in duplex configurations. Situated on 9.5 acres, the community features a swimming pool, spa, central greenbelt, gated access and covered parking.
WASHINGTON, D.C. — Cushman & Wakefield has arranged a $95 million construction loan for 1050 17th Street, a 154,000-square-foot office building that will be located in Washington, D.C.’s central business district. Currently occupying the site is a 145,000-square-foot office building that was developed in the mid-1970s and will be demolished. The new property will be developed on a speculative basis, with construction slated to begin later this year. A timeline for completion was not released. The new property will also feature ground-floor retail space and below-grade parking, as well as proximity to nearby public transportation lines. The location also puts the building within walking distance of The White House and the U.S. Treasury Building. Maryland-based EagleBank provided the loan, specific terms of which were not disclosed. Philip Mudd and Brad Geiger of Cushman & Wakefield placed the debt on behalf of The Lenkin Company, a full-service construction and management firm that developed the existing building. “There were several lenders interested in financing this project,” says Mudd. “This was due to the quality, design, ownership and extraordinary location.” — Taylor Williams
HOUSTON — RED Mortgage Capital LLC, the debt banking arm of Columbus, Ohio-based RED Capital Group LLC, has provided $52.5 million in financing for Vista on Gessner, an 805-unit affordable housing community in Houston. The financing, which was arranged on behalf of Dallas-based Dalcor Holdings LLC, included a first lien $50 million Fannie Mae loan and a second lien $2.5 million co-terminus taxable loan. Vista on Gessner was built in 1977 and offers amenities such as a resident clubhouse, three pools, on-site laundry facilities and a library. Dalcor will implement a renovation project to upgrade the property’s unit interiors, parking, landscaping and utility systems, as well add fitness and business centers. Following the renovation, all units will be available to renters earning up to 60 percent of the area median income.
NEW YORK CITY — HKS Capital Partners has arranged a $19 million loan to refinance a three-building commercial portfolio in the Chinatown neighborhood of Manhattan. The loan included a seven-year term with a 4 percent fixed rate. The lender and borrower were not disclosed. The properties include an eight-story building with nine commercial condos; a three-story building with seven retail units and 14 office units and a four-story property with two retail units and five office units. The addresses of the properties were not disclosed. Refinancing proceeds will be used to replace the existing mortgage and term.
AUSTIN, TEXAS — Hunt Mortgage Group has provided a $12.6 million first mortgage bridge loan to enable the acquisition of an undisclosed, 160-unit multifamily community in Austin. The garden-style property was built in 1984 and consists of 10 three-story buildings and a leasing office. The 36-month loan was structured with floating-rate debt, part of which will be used to implement a capital improvement plan. The borrower was not disclosed.
WINDHAM, CONN. — Contemporary Healthcare Capital has arranged a $1.5 million mezzanine loan, part of a $6.2 million total acquisition financing for a skilled nursing facility in Windham. Located approximately midway between Hartford and Providence, R.I., Douglas Manor includes 90 licensed skilled nursing beds. The borrower, affiliates of Ryders Healthcare Management, is acquiring the property out of receivership. The new owner plans to use the financing package to implement $1.6 million in capital improvements to the property. The senior lender on the transaction was CoastalStates Bank.
WASHINGTON, D.C. — Cushman & Wakefield has arranged $174 million in financing for the acquisition of a 13-property multifamily portfolio located throughout Maryland and Virginia. Philip Mudd and Brad Geiger of Cushman & Wakefield’s Washington, D.C., office arranged 13 separate loans, each with 15-year terms, on behalf of the borrower, Kay Management. PGIM Real Estate Finance provided the fixed-rate loans through Fannie Mae. The portfolio totals 5,007 units and includes: Londonderry Apartments, Seneca Club, Wayne Manchester and White Oak Towers in Montgomery County, Md.; Deerfield Run, Gateway Square, Iverson Towers, Kenilworth Towers, Kirkwood Apartments, Lansdowne Village and Top of the Hill in Prince George’s County, Md.; Harbour Gates in Anne Arundel County, Md.; and London Park Tower in Alexandria, Va. The apartment mix includes mid-rise, high-rise, garden-style and townhomes.
MIAMI AND DAVIE, FLA. — NorthMarq Capital has arranged $93.7 million in acquisition financing for Sundance Village and The Gardens at Nova, two apartment communities located in Miami and the nearby suburb of Davie, respectively. The financing package included fixed- and floating-rate debt, as well as joint venture equity. Stephen Whitehead of NorthMarq secured the Fannie Mae financing on behalf of the undisclosed borrower, and a correspondent life company provided the joint venture equity. Both loans feature 10-year terms, five years of interest-only payments and 30-year amortization schedules. Sundance Village totals 304 units and features a resident clubhouse, pool and private balconies. The 140-unit Gardens at Nova features a business center, clubhouse, coffee bar, fitness center and a pool.
HOUSTON — PCCP LLC, a real estate finance firm with offices in New York and California, has provided a $72 million loan for the refinancing of Millennium High Street, a 340-unit apartment community in Houston. The Class A property features 26,000 square feet of ground-floor retail space and offers amenities such as a fitness center, yoga studio and a dog park, as well as a pool and spa. The borrower was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors.
