AUSTIN, TEXAS — New York-based Meridian Capital has arranged a $23 million loan for the recapitalization of a 344-unit apartment community in Austin. The community is located north of downtown on Cameron Road and features a pool, spa, on-site laundry and playground. Dov Jeremias and Brian Flax of Meridian arranged the loan, which featured an interest rate that was 200 basis points above the 30-day LIBOR rate, through KeyBank. The sponsor was not disclosed.
MINNEAPOLIS — TH Real Estate has provided an $83.2 million loan for the refinancing of The Marshall near the University of Minnesota in Minneapolis. The Class A student housing community features 994 beds within 316 units. The property was developed in 2004 and was 98.9 percent occupied as of March 31. A joint venture between Schenk Realty Group and EdR owns the property. The fixed-rate loan features a 10-year term.
SANTA MARIA, CALIF. — KeyBank Real Estate Capital has provided a $26.8 million CMBS first-mortgage loan for Enos Ranch Retail, a shopping center in Santa Maria. Built in 2017, 10 tenants occupy the 119,760-square-foot property. Dick’s Sporting Goods is the anchor tenant. John Loshbaugh of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and a 30-year amortization scheduled. The undisclosed borrower used the loan to refinance existing debt.
SEATTLE — Newmark has arranged $62 million in fixed-rate financing for 624 Yale Apartment Building in Seattle. Located in Seattle’s South Lake Union district, the two-building high-rise community features 204 studio, one-bedroom and two-bedroom units. Additionally, the property features ground-floor retail space and parking. Brian Bonipart and Abby Kemp of Newmark’s Seattle office arranged the financing on behalf of the undisclosed borrower. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders and was funded at receipt of Certificate of Occupancy.
M&T Realty Capital Provides $31.1M HUD Construction Loan for Multifamily Community in Tampa Bay Area
BRADENTON, FLA. — M&T Realty Capital Corp. has provided a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay community of Bradenton. Paula Quigley and Brian Benzel of M&T Realty originated the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Cedarwood Development Inc. Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios. Community amenities will include a clubhouse and entertainment deck, as well as cross-access to additional amenities at its sister community, Blue Heron Creek. A construction timeline for the development was not disclosed.
CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.
TARRYTOWN, N.Y. — Greystone has provided $14.5 million HUD-insured loan for the refinancing of Tarrytown Hall Care Center, a skilled nursing facility in Tarrytown. The 120-bed facility is located 25 miles north of Manhattan. The transaction was originated by Fred Levine of Greystone. The borrower was undisclosed. The permanent loan carries a 35-year term and amortization period with a fixed rate.Tarrytown Hall offers a variety of specialized services, including short-term rehabilitation, physical therapy, cardiac therapy, stroke recovery and long-term care.
DETROIT — Bernard Financial Group has arranged a $17 million CMBS loan for the refinancing of River Place Apartments in Detroit. The 301-unit apartment complex, originally built from 1891 to 1908, features lofts and townhomes. River Place GP LLC was the borrower. Dennis Bernard of Bernard Financial originated the loan.
ORLANDO, FLA. — HFF has secured the $19.8 million sale of Alafaya Commons, a 130,811-square-foot retail center located at 11792-11970 E. Colonial Drive in Orlando. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the seller, Regency Centers. Rebecca Van Reken and Gregg Shapiro of HFF secured a $13.7 million acquisition loan through First Florida Integrity Bank on behalf of the buyer, LBX Investments. The five-year loan features a fixed interest rate. Alafaya Commons was constructed in 1987 and renovated in 2015. The center was 89.7 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Youfit Health Clubs, H&R Block, GNC, Goodfellas Pizza, Orange County Health & Family, Sunset Christian Preparatory and Junior Colombian Burger. The center also includes outparcels that house Taco Bell, Amscot and Chuan Lu Garden.
ROCHESTER, N.Y. — KeyBank has provided $15.5 million in financing to Home Leasing LLC for the construction of Charlotte Square, a 50-unit affordable housing community in Rochester. KeyBank provided a $6.6 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. When completed, the project will have eight units set aside for individuals earning 30 percent of area median income (AMI); 26 units for individuals earning 60 percent of AMI; and 16 units for individuals earning 80 percent of AMI. Construction began in June. The New York State Division of Housing and Community Renewal and the City of Rochester provided additional funding.