HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two multifamily loans totaling $49 million in Houston. In the first transaction, Brandon Brown of LMI Capital arranged a $26 million acquisition loan for a 460-unit asset in the Briar Forest/Westchase area. The loan features a 4.82 percent fixed interest rate and seven years of interest-only payments. In the second deal, Jamie Mullin of LMI Capital arranged a $23 million loan for the refinancing a 360-unit property in the Woodlake/Briar Meadow submarket. That loan includes a 4.85 percent fixed interest rate and a four-year interest-only period. The names of the properties were not disclosed.
KIHEI, HAWAII — Hunt Capital Partners, in partnership with Urban Housing Communities (UHC), has closed $26 million in federal low-income housing tax credit (LIHTC) equity and $12.9 million in Hawaii state tax credit equity financing for the construction of Kaiwahine Village in Kihei. This is the fourth partnership in Hawaii for Hunt Capital Partners and UHC. Located on the island of Maui, Kaiwahine Village will feature 118 affordable housing units for families earning up to 30, 40 and 60 percent of the area median income. The property will provide two- and three-bedroom units, as well as two employee units. On-site amenities include central laundry facilities, recreation areas, a clubhouse, courtyard and par course. Additionally, Ikaika Ohana, a non-profit managing general partner, will sponsor social and education programs at the community or at surrounding schools and community centers. The $62.8 million project is slated for completion in early 2020. Urban Housing Communities is developing the property, Moss & Associates is serving as the master contractor, Design Partners Inc. is the architect, and Big Island Housing Foundation is the property management agent. Hunt Capital Partners committed a total of $31.5 million in federal and state LIHTC equity. Additional funding includes a $33.2 …
WINDSOR LOCKS, CONN. — Greystone has secured a $14.1 million Fannie Mae DUS loan to refinance Bradley Court, a garden-style apartment community in Windsor Locks. The 146-unit community was built in the 1960s and is spread over 14 acres. Avrom Forman of Greystone’s New York office originated the loan. The 12-year Fannie Mae financing includes six years of interest-only payments and a 30-year amortization at 75 percent loan-to-value.
WEST BRIDGEWATER, MASS. — EagleBridge Capital has arranged $14 million in permanent financing for One United Drive, a 315,000-square-foot industrial facility in West Bridgewater. The property is currently leased to Cheer Pack North America, a developer and manufacturer of packaging equipment for the food and beverage industry. Brian Sheehan and Ted Sidel of EagleBridge Capital arranged the financing on behalf of an undisclosed borrower through a Massachusetts-based financial institution. One United Drive includes 30,000 square feet of office space and 285,000 square feet of manufacturing and distribution space on a 29-acre site. The facility features 40 loading docks.
LOS ANGELES — Quantum Capital Partners has secured $16 million in long-term first mortgage financing for the recapitalization of a retail center in downtown Los Angeles’ Arts District. Third Art Holdings, a local investment group, is the sponsor. Located at 833 E. Third St., the 27,000-square-foot retail center is the $5 million adaptive reuse of a 1930s-era bowstring truss warehouse building. Completed in 2017, the property is currently 100 percent leased to a variety of tenants, including Over the Influence, H. Lorenzo, Shinola, Salt and Straw, Salt Bae and Inko Nito. Proceeds from the 10-year CMBS loan originated by Deutsche Bank were used to take out the construction loan and return equity to the sponsor. Jonathan Hakakha and Mike Yim of Quantum Capital Partners arranged the financing for the borrower.
ATLANTA — Square Mile Capital LLC has provided a $60 million loan for the refinancing of 1355 Peachtree, a 20-story office building in Atlanta’s Midtown district. Chris Campbell and Daniel Allman of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Oaktree Capital Management LP and Banyan Street Capital LLC affiliates. The 345,254-square-foot building is located within walking distance to the Arts Center MARTA station, Colony Square and other retail and cultural destinations. On-site amenities include a conference facility, concierge services, fitness center and an underground parking facility.
SANDY SPRINGS, GA. — NorthMarq Capital has arranged a $23.5 million loan for the acquisition of The Celebration at Sandy Springs, a 250-unit apartment community located at 7000 Roswell Road in Sandy Springs, roughly 16 miles north of downtown Atlanta. Brett Hood and Jeff Frankel of NorthMarq arranged the 10-year, floating-rate loan with five years of interest-only payments and a 30-year amortization schedule. A Chicago-based multifamily operator acquired the property. The Celebration at Sandy Springs features a fitness center, swimming pool, dog park, laundry facilities, business center, clubhouse and a playground.
MIAMI — Property Markets Group has received a $106 million refinancing for X Miami, a 464-unit multifamily community in downtown Miami. Pacific Western Bank provided the financing, which will pay off an existing $80 million construction loan from Centennial Bank. The 31-story tower that recently opened features units with floor-to-ceiling windows, large balconies, built-in closets, Nest thermostats and Alexa smart controls. X Miami also offers a Rent-By-Bedroom program for a private bedroom and bathroom with roommates starting at $1,300. X Miami, which is located at 230 NE 4th St., is the first South Florida project to launch under PMG’s new multifamily housing division called X Social Communities. The division aims to bring community-driven, tech savvy projects to market with attainable rents. X Social Communities specializes in shared spaces designed to connect residents and promote a community environment. PMG is planning more than 10,000 units for the X Social Communities portfolio across the United States over the next five years. X Chicago, X Las Olas (Fort Lauderdale) and X Denver were all recently announced. Luis Flores, Rebecca Abrams Sarelson and Louis P. Archambault of Saul Ewing Arnstein & Lehr Attorneys represented PMG in the transaction. “X Miami is the second project we have closed for PMG …
NEWTON, MASS. — HFF has secured a $30.1 million construction loan for the 28 Austin Street Apartments, a mixed-use development in Newton. The property will consist of 68 one- and two-bedroom apartment homes, 5,000 square feet of ground-floor retail space, a new public plaza and a 124-space municipal parking lot. Amenities will include a common roof terrace and garden as well as a private 90-car underground parking garage. HFF worked on behalf of the borrower, a joint venture between Dinosaur Capital Partners and Oaktree Development, to secure financing through Eastern Bank. The project is scheduled for completion in spring 2019.
CHICAGO — CBRE U.S. Healthcare Capital Markets has arranged a $96 million permanent loan to finance the acquisition of an eight-building medical office portfolio in the Chicago suburbs. The Class A buildings total 490,000 square feet. The 10-year loan features a fixed rate of 1.15 percent over 10-year Treasury. Shane Seitz, James Millon and Thomas Traynor of CBRE served as advisors for the loan transaction. A commercial bank provided the loan. The borrower was not disclosed.