HOUSTON AND KATY, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has placed two loans totaling $17 million for the refinancing of two multifamily properties in the Houston area. In the first transaction, Jamie Safier of LMI Capital arranged a $9.6 million agency loan for a 145-unit community in the Spring Branch submarket. The loan featured a fixed interest rate and five years of interest-only payments. In the second deal, Kurt Dennis of LMI Capital placed a $7.4 million loan for a 115-unit property in the western suburb of Katy. The loan carried a 10-year term. The names of the properties and the borrowers were not disclosed.
OKLAHOMA CITY — BMC Capital, a commercial lender with seven offices around the country, has arranged a $4.1 million bridge loan for the acquisition of an undisclosed apartment property in Oklahoma City. The loan, proceeds of which will be used to fund capital improvements at the Class C property, featured a fixed interest rate of 6.67 percent and a loan-to-cost ratio of 80 percent. The borrower was not disclosed.
SCARSDALE, N.Y. —Houlihan-Parnes Realtors has arranged a $1.7 million loan to refinance an 8,500-square-foot retail property in Westchester. Located at 58-72 Garth Road, the asset is nearby the Scarsdale Metro-North train station. Richard Hendey and Mike O’Neill ofHoulihan-Parnes secured a seven-year, non-recourse loan on behalf of the undisclosed borrower. Terms of the financing included a 4.87 percent fixed rate on a 30-year amortization schedule. The lender was a local bank.
CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $19 million loan for the refinancing of 70 E. Walton, a 50,000-square-foot building in Chicago’s Gold Coast neighborhood. The property includes 25 apartment units and 15,000 square feet of retail space on the first through third floors. Michael Hart of Cohen arranged the fixed-rate, seven-year loan on behalf of the borrower, a private investor.
CHICAGO — American Street Capital (ASC) has arranged $15.4 million in permanent loans for the refinancing of a seven-building multifamily portfolio located in Chicago’s Bronzeville and Kenwood neighborhoods. The recent acquisitions required significant amenity upgrades. The portfolio was approximately 90 percent occupied at closing. Igor Zhizhin and Alexander Rek of ASC arranged seven non-recourse loans on behalf of the Chicago-based borrower.
SUFFOLK, VA. — Capital One has provided a $51.3 million HUD 221 (d)(4) loan to BECO Cos. for a mixed-use development in Suffolk. The loan will fund the development of 3800 Acqua, a project that includes 288 apartments and 69,000 square feet of retail and commercial space. The project is the first phase of Bridgeport, which will comprise 150,000 square feet of office space and more than 700 apartment units. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities.
NEW YORK CITY — Cushman & Wakefield has secured a $15 million acquisition loan for a mixed-use development site in the Jamaica neighborhood of Queens. Located at 90-02 168th St., the parcel allows for 738,000 buildable square feet. Preston Flammang and Anthony D’Amelio of Cushman & Wakefield represented the borrower, BRP Cos., in the transaction. Turnbridge Real Estate Credit Strategies provided the interest-only financing.
REVERE, MASS. — Colliers International has arranged a $115 million bridge loan for a former NECCO candy manufacturing facility in Revere. The loan replaces the acquisition financing also arranged by Colliers. Located at 135 American Legion Highway, the 49-acre property includes a single-story, high-bay warehouse and a two-story manufacturing and distribution space. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins secured the financing on behalf of the borrower, Atlantic Management and VMD Companies. The lender was LoanCore Capital.
BIRMINGHAM, ALA. — Barings Multifamily Capital has provided a $10.9 million Fannie Mae refinancing loan for Flats on 4th, an 86-unit mid-rise apartment complex in downtown Birmingham that was built in 2017. The 10-year term loan comes with a 30-year amortization schedule and three years of interest-only payments. The complex is 97.7 percent occupied. The borrower was not disclosed.
ATHENS, GA. — NorthMarq Capital has arranged $9.3 million in acquisition financing for Arbor Ridge Apartments, a 212-unit multifamily community situated at 150 Chateau Terrace in Athens. Andrew Slaton and Griffin Whitlock of NorthMarq arranged the Freddie Mac, seven-year, floating-rate loan on behalf of the borrower, Asia Capital Real Estate (ACRE). Arbor Ridge Apartments was built in 1969 and renovated in 2008 by the undisclosed seller. ACRE plans to further renovate the common areas and amenities over the next couple of years. Amenities include a clubhouse, fitness center, laundry facility, playground, pool, courtyard, tennis court and a business center. The complex is situated about five miles from downtown Athens and about three miles from the University of Georgia.