HOUSTON — KeyBank Real Estate Capital has secured a $59.4 million acquisition loan for The Westmore at Bellaire, a 580-unit apartment complex in Houston. Built in 1990, the Class A property comprises 19 three-story buildings. Caleb Marten of KeyBank secured the non-recourse, fixed-rate loan through Fannie Mae’s Green Rewards program. The 10-year loan also includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.
ORANGE, TEXAS — Hunt Real Estate Capital has provided a $5.1 million Freddie Mac loan for the refinancing of Terrace Vines Apartments, a 104-unit multifamily asset in Orange, a city in southeast Texas. The seven-year loan features a fixed interest rate and a 30-year amortization schedule. The borrower is QRH Prop One LLC, which purchased the asset in early 2016. The property, which includes amenities such as a pool, playground, business center and dog park, was 99 percent occupied at the time of loan closing.
JACKSONVILLE, FLA. — Berkadia has arranged a $25 million loan for the acquisition of Summit at Southpoint, a 260,664-square-foot office complex located at 6410 Southpoint Parkway in Jacksonville. Charles Foschini and Christopher Apone of Berkadia arranged the three-year loan through NXT Capital on behalf of the borrower, Rose & Berg Realty Group. Transwestern arranged the acquisition on behalf of the seller, Blue Rock Real Estate LLC, which sold the complex for $29.6 million. Summit at Southpoint includes four, three-story office buildings constructed between 1988 and 1998. The complex was 82 percent leased at the time of sale to tenants such as U.S. Bank/FSV Payment Systems, Chicago Title Insurance Co., BB&T, Windstream, Occenture and Keiser University.
SEATTLE — KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in financing to Community House Mental Health Agency for the construction of two affordable housing properties located at the corner of 23rd and Jackson streets in Seattle. KeyBank funded a $13.6 million construction loan for the development of Judkins Junction, a 74-unit multifamily property. Additional funding was provided by the City of Seattle and King County. The tax credit investor is the National Development Council. KeyBank will also provide the borrower with a $5.6 million private placement permanent loan. Additionally, KeyBank provided a $11.7 million construction loan for the development of Patricia A. Apartments. The property will offer 52 units of permanent supportive housing for individuals with mental illnesses. The City of Seattle, King County and Washington State Housing Trust Fund provided additional funding. Victoria Quinn of KeyBank’s CDLI group arranged the financing for both properties.
PEORIA, ARIZ. — Ready Capital Structured Finance has secured $21.5 million for the refinancing and recapitalization of a multifamily property located in the South Peoria submarket of metro Phoenix. The loan will be used to repay current construction debt, return equity to the undisclosed sponsor and pay for closing costs. Additionally, an earnout is available to the sponsor should certain metrics be achieved. The non-recourse, interest-only, fixed-rate loan features a 36-month term with flexible pre-payment options. At the time of financing, the 153-unit property was 97 percent leased.
LANSING, MICH. — Greystone has provided a $17 million HUD-insured loan for the development of Metro Place Apartments in Lansing. The developer, Y SITE LLC, expects to complete construction of the 145-unit apartment community by the end of 2019. Located at 301 W. Lenawee St., the property will include a mix of studios, one- and two-bedroom units as well as 6,925 square feet of street-level retail space. Lisa Fischman of Greystone originated the loan under the 221(d)(4) construction program. The fixed-rate loan, which is fully amortized over 40 years, provided 80 percent of the project cost and is interest-only during construction. The loan will convert to permanent FHA financing upon completion of the project. Construction is expected to begin this month with the demolition of an existing six-story YMCA building, which has sat vacant since 2003.
NEWBURGH, N.Y. — Cronheim Mortgage has arranged a $27 million refinancing for a 504,875-square-foot industrial facility in Newburgh. The property is currently fully leased to wholesale grocery supply company C&S Corp. Features at the facility include ceiling heights of 40 feet, one drive-in dock and 89 tailgate loading docks. The building was constructed in 1990. The loan was placed with American General Life Insurance Co. and The United States Life Insurance Co. The borrower is an affiliate of Purchase, N.Y.-based National Realty & Development Corp.
MILFORD, CONN. — NorthMarq Capital has secured a $6.7 million refinancing for Robert Treat Apartments, a 124-unit multifamily community in Milford. The property is located at 30-60 Robert Treat Drive, eight miles northeast of Bridgeport. Robert Ranieri of NorthMarq arranged a fixed-rate loan with a 10-year, interest-only term on behalf of the borrower, Robert Treat Associates LLC. The lender was Freddie Mac.
NEW YORK — New York-based Ready Capital Structured Finance has arranged four loans totaling $29 million for properties located in Florida and North Carolina. The first loan, totaling $8.8 million, was for the acquisition, renovation and stabilization of an 86-unit multifamily property in Largo, Fla. The 36-month, floating-rate loan features interest-only payments and one 24-month extension option. The undisclosed borrower will initially acquire 61 units at the community, and will acquire the rest of the units over the next three years. The second loan was for the acquisition, renovation and lease-up of a 38,000-square-foot retail center in Belleair Bluffs, Fla., roughly 26 miles west of Tampa. The $7.1 million loan, 60-month loan features both a fixed interest rate and a floating rate. The name of the borrower was not disclosed. The third loan was a $6.5 million, floating-rate loan with a 24-month term that was used to fund the acquisition, renovation and lease-up of a 60,000-square-foot industrial/flex property in Hollywood, Fla. The name of the borrower was not released. The final loan was used to fund the acquisition, renovation and lease-up of a 41,000-square-foot shopping center in Charlotte. The $6.7 million, non-recourse loan featured a 48-month term with interest-only payments …
SCOTTSDALE, ARIZ. — Dallas-based HALL Structured Finance has closed a $53 million construction loan to finance the expansion, redevelopment, flagging and rebranding of CopperWynd Resort, located at 13225 N. Eagle Ridge Drive in Scottsdale. The existing 32-room property will be converted into the 177-room Marriott Autograph Scottsdale Resort. Bill Hinz is redeveloping the property, which is slated to open by fourth-quarter 2019. Located in the McDowell Mountains, the existing property features a full-service spa and 26,500 square feet of lobby and common areas, including a fitness center, two pools, a pool café, tennis facilities and Flourish Restaurant. As part of the renovation, the existing 32 rooms will be refreshed and 145 rooms and 12,000 square feet of meeting space will be added to the resort. Malcolm Davies of George Smith Partners sourced the financing for the project.
