MIAMI — A joint venture between Mast Capital and AEW Capital Management LP has secured a $59.7 million construction loan for its Miami River Walk project. The 688-unit multifamily development will be built in two phases on 6.3 acres of land, situated less than two miles from downtown Miami. The first phase is expected to break ground in the first quarter of this year and will comprise 346 residential units. Corwil Architects is the designer. PNC Bank provided the construction loan.
BOSTON — CBRE has arranged a $68 million loan to refinance Hub 25, a 278-unit apartment community in Boston. Located at 25 Morrissey Blvd, Hub 25 features a resort-style outdoor pool, city views, a 24-hour gym, theater and garage parking. John Kelly of CBRE secured the financing on behalf of the owner, Qianlong Morrissey LLC, through an undisclosed lender. Terms of the financing were not disclosed.
JERSEY CITY, N.J. — Progress Capital has secured a $21 million loan to refinance an 11-property multifamily portfolio in Jersey City. The 11 properties are located across the city. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower. The non-recourse loan includes a 20-year term with a 30-year amortization schedule. The lender was undisclosed.
KILGORE AND NACOGDOCHES, TEXAS — Amesbury Cos., a Louisiana-based development and investment firm, has refinanced a portfolio of three multifamily properties totaling 452 units in East Texas. The properties include the 124-unit Glen Hollow Apartments in Kilgore; and the 120-unit Stone Creek Apartments and the 208-unit Sunridge Apartments in Nacogdoches. All properties feature pools and community rooms. New York-based Greystone provided the FHA and Fannie Mae loans, which total approximately $19 million, to Amesbury.
KYLE, TEXAS — Chicago-based NXT Capital has provided a $28 million loan for the acquisition of a 264-unit apartment community in Kyle, located about 20 miles southwest of Austin. Amenities at the undisclosed property include a pool, fitness center, outdoor gazebo with a TV and a business center. Casey Knust of CBRE placed the loan with NXT Capital on behalf of the undisclosed borrower.
HOUSTON — Hunt Capital Partners has arranged a $7.2 million loan for the acquisition and rehabilitation of Anna Dupree Terrace, a 151-unit seniors housing community in Houston. The development serves elderly households whose tenants are 62 years or older or who have disabilities. Upon completion of the renovation, which is scheduled for May 2020, the property will feature amenities such as a computer lab, beauty salon and outdoor picnic areas. The borrower was not disclosed.
GRAND RAPIDS, MICH. — Arbor Realty Trust Inc. has provided a $14 million Fannie Mae loan for the permanent financing of The Gateway at Belknap Apartments in Grand Rapids. Built in 2017, the apartment property features 88 units and ground-floor retail space. Michael Jehle of Arbor originated the 15-year, fixed-rate loan, which features a 30-year amortization schedule.
BROCKTON, MASS. — Fantini & Gorga has arranged a $2.4 million acquisition loan for Eastway Plaza, a two-building retail plaza in in Brockton. Located at 587 Centre St., the property was built in 1982 and includes 11 retail units. The first building is leased to tenant roster that includes a liquor store, bakery and chiropractic office. The second building is currently leased to home improvement store Grossman’s Bargain Outlet. Casimir Groblewski and Jon Garcia of Fantini & Gorga secured the financing on behalf of a long-standing client through a Massachusetts-based credit union. Terms of the financing were undisclosed.
COLORADO SPRINGS, COLO. — Crescent Real Estate LLC has received $102.5 million in acquisition financing for a suburban office portfolio in Colorado Springs. Trey Morsbach, Jim Curtin and Leon McBroom of HFF secured the five-year, floating-rate acquisition loan through Bank of America Merrill Lynch. The 13-building portfolio features more than 1 million square feet of office space. At the time of acquisition, the portfolio was 75 percent occupied by a variety of industry sectors, including aerospace, government and military/defense contractors, technology and healthcare. Major tenants include Northrop Grumman, Army National Guard, GSA, The Spectranetics Corp., Booz Allen Hamilton and United Healthcare.
SUMNER, WASH. — Arbor Realty Trust has funded $7.5 million in Freddie Mac SBL financing for Cavalla Apartment Homes in Sumner. Built in 2005, Cavalla Apartment Homes features 72 two-story residences with gourmet kitchens, washer/dryer units, personal garages, tiled fireplaces, private balconies and a shared gazebo. Jonathan Chaim of Arbor’s New York City office originated the loan, which features a 10-year hybrid term.
