MICHIGAN — KeyBank Real Estate Capital has provided an $18.8 million CMBS loan for the refinancing of an eight-property self-storage portfolio in Michigan. Known as Berger U-Store Portfolio, the assets total 3,176 units and 431,755 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the 10-year loan, which will be used to refinance existing debt on seven of the properties and acquire the remaining property.
ALEXANDRIA, VA. — HFF has arranged a $95.5 million loan for the acquisition of Meridian at Carlyle, a 403-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Steven Klein and Cary Abod of HFF secured the five-year, floating-rate loan through MetLife Investment Management on behalf of the buyer, a joint venture led by Lincoln Property Co. (LPC). The new ownership will renovate unit interiors, update common area amenities and rename the community Lincoln at Old Town. Located at 401 Holland Lane, the property is adjacent to a Whole Foods Market and within walking distance to the King Street Metro Station. Community amenities include a resort-style pool, barbecue area, putting green, fitness center, clubroom with billiards, concierge services and on-site dry cleaning service.
EDMOND, OKLA. AND CANYON, TEXAS — New York-based Harborview Capital has closed agency financing for two multifamily properties in Texas and Oklahoma. The company arranged a $4.9 million Freddie Mac loan for the refinancing of a 98-unit community in Edmond, a northern suburb of Oklahoma City, and a roughly $1 million Fannie Mae loan for the refinancing of a 23-unit community in the West Texas city of Canyon. Jeffrey Fuchs of Harborview arranged the non-recourse loans, which feature fixed interest rates and 30-year amortization schedules. The names of the properties and borrowers were not disclosed.
HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”
WESTMINSTER, COLO. — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment and a $10.8 million Fannie Mae permanent loan. Beth Palmer and Sarah Geis of KeyBank’s CDLI team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, arranged the financing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund. Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond issuance. The property will feature 118 apartment units and 22,000 square feet of ground-floor retail space. A portion of the units, 99 in total, will be reserved for households earning 60 percent or less of area median income (AMI), and eight units will be reserved for households earning 50 percent …
NEW YORK CITY — NorthMarq Capital has arranged the $47 million refinancing of 64 West 48th Street, a 128,251-square-foot mixed-use building in Manhattan. The property is located one block south of New York City’s iconic Rockefeller Center. The refinancing was structured as a 15-year term with two years of interest-only payments followed by a 30-year amortization schedule. Charles Cotsalas and Bob Delitsky of NorthMarq arranged financing for the undisclosed borrower through a life insurance company.
NEW YORK CITY — Progress Capital has arranged $36 million in mortgage loans for two self-storage locations branded under the name Storage Fox in Queens and Yonkers. The two separate $18 million loans will go toward refinancing existing debt and recapturing equity in the two properties. Kathy Anderson of Progress Capital worked with Signature Bank to secure a seven-year, fixed-rate loan at 4 percent with a 25-year amortization. The combined loans represent a 66 percent loan-to-value for both properties. The proceeds of the loans represent a significant cash-out financings that Storage Fox plans to reinvest in future real estate acquisitions. Chris Read of the Amato Law Group represented Storage Fox in the transaction. Constructed in 2013, 30-46 Northern Boulevard in the Long Island City section of Queens is a 12-story 123,000-square-foot building with 70,000 square feet of self-storage space as well as the Davita Dialysis Center. The second property, located in Yonkers at 280 Fullerton Avenue, is a five-story, 190,000-square-foot self-storage facility constructed in 2012.
CORPUS CHRISTI, TEXAS — New York-based Meridian Capital Group has arranged a $40 million loan for the refinancing of The Retreat by Watermark, a 324-unit apartment community in Corpus Christi. The property consists of one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, movie room, game room and a pet park. Peter Martz, Akiva Friend and Israel Schubert of Meridian Capital arranged the 10-year, non-recourse loan, which features an 80 percent loan-to-value (LTV) ratio and a fixed interest rate, on behalf of Watermark Residential, an Indiana-based multifamily developer.
BEAUMONT, TEXAS — Madison Realty Capital, a New York-based private equity firm, has closed a $6.5 million loan for the acquisition of a non-performing first mortgage note secured by The Edge, 96-unit student housing complex located at 5230 S. Martin Luther King Parkway in Beaumont. The five-building property serves Lamar University and includes amenities such as a pool, fitness center, tanning salon, volleyball court, business center and a coffee bar. The borrower was not disclosed.
ORLANDO, FLA. — Berkadia has arranged a $41.9 million loan for the acquisition of Alexan Crossroads, a 314-unit apartment community in Orlando. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan with three years of interest-only payments and two one-year extension options on behalf of the borrower, Harbor Group International. A life insurance company provided the fixed-rate loan. Virginia-based Harbor Group acquired the property, constructed in 2016, for $64 million. Alexan Crossroads includes one-, two- and three-bedroom units and features a saltwater pool, grilling stations, yoga and spin room, two-story fitness center and a clubhouse.