SAN ANTONIO — HFF has arranged an undisclosed amount of financing for the acquisition of Legacy Heights, a 306-unit multifamily community in San Antonio. Built on 13.6 acres in 2009, the property offers one-, two- and three-bedroom units ranging in size from 610 to 1,400 square feet. Amenities include a pool, fitness center, clubhouse with a game room and outdoor grilling areas. Robert Wooten of HFF arranged the funds through Annaly Commercial Real Estate Group on behalf of the borrower, Regional Investment & Management. The asset was 95 percent occupied at the time of sale.
WASHINGTON, D.C. — Led by surges in financing for healthcare, multifamily and industrial transactions, commercial real estate loan originations increased by 14 percent year-over-year in the fourth quarter of 2018, according to the Mortgage Bankers Association (MBA). The Washington, D.C.-based firm released the preliminary findings in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, which was showcased at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes tomorrow. The fourth quarter saw a 61 percent year-over-year increase in the dollar volume of loans for healthcare properties, 32 percent jump for multifamily properties, 28 percent hike for industrial properties and a slight increase (1 percent) for retail properties. Originations decreased for hotel property loans by 4 percent and office property loans by 3 percent. With the fourth-quarter estimates, the MBA predicts that origination volumes in 2018 were 3 percent higher than 2017. By property type, originations rose 22 percent for multifamily properties, 12 percent for industrial assets and 5 percent for hotels. Office property originations were down 7 percent, retail properties declined 13 percent and healthcare properties decreased by 16 percent. In late March, MBA will release its …
YORK, PA. — KeyBank has provided a total of $17.8 million to refinance two healthcare facilities in York. The properties are Autumn House East, a five-building, 141-bed healthcare facility; and Autumn House West, a three-building, 132-bed assisted living and memory care facility. The properties were built in 1958 with renovations each decade. Patrick Shearer of KeyBank’s Commercial Mortgage Group arranged the fixed-rate loans with 30-year amortization schedules on behalf of borrower Persimmon Ventures LLC and Big Bay Ventures LLC. The facilities operate as licensed personal care homes and are leased and operated by Cardinal Senior Management LLC.
HUDSON, MASS. — Cornerstone Realty Capital has secured a $2.2 million loan to refinance a 32-unit mixed-use property in Hudson. Located on Main Street, the property consists of 28 residential and four commercial units. Patrick Brady of Cornerstone secured the fixed-rate financing with 12 months of interest-only payments on behalf of the undisclosed borrower. An agency lender provided the financing.
LINCOLN, NEB. — NorthMarq Capital has arranged a $7.1 million Fannie Mae loan for the refinancing of Trenridge Apartments in Lincoln. The 126-unit apartment property is located at 6101 Vine St. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
SAN ANTONIO — Local multifamily lender Mason Joseph Co. Inc. has provided a $29.2 million loan for the construction and permanent financing of Potranco Apartments, a 244-unit apartment project in San Antonio. Mason Joseph originated the loan, which features a fixed interest rate for the 18-month construction period and subsequent 40-year term, through the HUD’s 221(d)(4) program. The developer of the project is Lev Investments, which has offices in California and Dallas.
NEW YORK CITY — HFF has secured a $165 million construction loan for One Boerum Place, a 21-story, mixed-use condominium development in Brooklyn. Located in Brooklyn’s Borough Hall district, the 122-unit project will include a two-story fitness center, entertainment lounge, children’s playroom, landscaped rooftop, 24/7 doorman and concierge service, as well as a fully automated parking garage. The project is slated for completion in the first quarter of 2021. Christopher Peck, Graham Stephens, Peter Rotchford and Alex Staikos of HFF secured the floating-rate construction loan on behalf of One Boerum Development Partners LLC. The lender was a foreign pension fund.
PHILADELPHIA — Pembrook Capital Management has provided a $9.1 million loan for the construction of a 70-unit multifamily project in the Kensington neighborhood of Philadelphia. Located at 1427 Germantown Ave., the 53,575-square-foot property will also include ground-floor retail. Pembrook provided the financing to the undisclosed borrower, who plans to build smaller, more affordable rental housing at the project than is common in the nearby Northern Liberties and Fishtown neighborhoods.
JACKSONVILLE, FLA. — Hunt Real Estate Capital has provided a $35.6 million loan to an affiliate of EBSCO Income Properties LLC for the purchase of Integra River Run, a 300-unit apartment complex in Jacksonville. The non-recourse Fannie Mae loan has a 10-year term with five years of interest-only payments, as well as a 30-year amortization schedule. The garden-style community comprises 12 two- and four-story buildings. Amenities include a fitness studio, spin bikes with virtual trails, cyber café, valet trash pickup, clubhouse, coffee bar, gaming room, resort-style outdoor lounge, fire pit, outdoor grills, swimming pool and a dog park. Integra River Run LLC was the seller.
NEW YORK CITY — Madison Realty Capital has provided a $52.5 construction loan for a mixed-use development in the Washington Heights neighborhood of Manhattan. Located at 4452 Broadway, the seven-story, 134,475-square-foot project will include 129 residential units and 11,000 square feet of retail space. The project is being built under the Affordable New York program and will include a mix of 70 percent market-rate units and 30 percent reserved for those making a certain percentage of area median income. The property site consists of two adjacent lots totaling 24,280 square feet with 75 feet of frontage on Broadway and 303 feet on Fairview Avenue. The borrower, HAP Investment Developers, acquired the property in 2013.