Loans

Hunt Capital Partners Arranges LIHTC Financing for $34.4M Seniors Housing Development in Wisconsin

by Kristin Harlow May 6, 2019

FITCHBURG, WIS. — Hunt Capital Partners, in collaboration with Plesko Properties LLC, has arranged federal and state low-income housing tax credit (LIHTC) equity financing for the construction of Fitchburg Senior Apartments. Located in the Madison suburb of Fitchburg, the community will feature 160 affordable housing units for seniors who are age 55 and older. Units will be restricted to households who earn up to 80 percent of the area median income. The development team broke ground on Fitchburg Senior Apartments in March. The four-story community will provide 80 one-bedroom units and 80 two-bedroom units upon completion, which is slated for July 2020. The total development cost for Fitchburg Senior Apartments is $34.4 million. The development team was awarded $15 million in federal and state LIHTCs. Hunt Capital Partners facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Advantage Capital purchased the state LIHTC credits through Fund 27 as well. The Wisconsin Housing and Economic Development Authority (WHEDA) provided $23 million in taxable and tax-exempt construction and permanent financing and $1.5 million in soft financing. Plesko Properties, the project developer, selected Baker Tilly Virchow Krause LLP as the project consultant. Stevens Construction Corp. is …

May 6, 2019

Loans Multifamily Southeast Tennessee

KeyBank Provides $79.9M Refinancing Loan for Apartment Complex in Metro Nashville

by Alex Tostado May 3, 2019

MURFREESBORO, TENN. — KeyBank Real Estate Capital has provided a $79.9 million refinancing loan for LC Murfreesboro, a 580-unit apartment community in Murfreesboro, about 34 miles southwest of Nashville. The Freddie Mac loan features a fixed interest rate with an 11-year term, five years of interest-only payments and a 30-year amortization schedule. Built in phases between 2015 and 2018, LC Murfreesboro comprises19 three-story buildings offering one- and two-bedroom floor plans. Amenities include green spaces, a fitness center and a swimming pool. Jon Reible of KeyBank originated the loan on behalf of the borrower, Columbus, Ohio-based Lifestyle Communities to refinance existing debt.

May 3, 2019

Industrial Loans New Jersey Northeast Self-Storage

JLL Arranges $31.5M Loan for Refinancing of Self-Storage Facility in Belleville, New Jersey

by Taylor Williams May 3, 2019

BELLEVILLE, N.J. — JLL has arranged a $31.5 million loan for the refinancing of Storage Rentals of America, a self-storage facility located in Belleville, located due north of Newark. The facility, which was approximately 85 percent occupied at the time of sale, comprises 2,064 units totaling approximately 400,000 gross square feet. The property also houses 83,464 square feet of light industrial space. Griffin Guthneck and Wes Wallace of JLL arranged the nonrecourse loan, which includes a seven-year term and a fixed interest rate, through an undisclosed life insurance company. The borrower is Florida-based SROA Capital.

May 3, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Arbor Realty Trust Provides $7.5M Fannie Mae Loan for Community in Connecticut

by Taylor Williams May 3, 2019

HAMDEN, CONN. — Arbor Realty Trust Inc. has provided $7.5 million in Fannie Mae DUS financing for Meadow Mills Assisted Living & Memory Care in Connecticut. Located on two acres in Hamden, just north of New Haven near Long Island Sound, the property offers 60 units of assisted living and memory care. The loan includes a 10-year, fixed-rate term on a 30-year amortization schedule and will be used to refinance existing debt. Ari Short of Arbor’s New York City office originated the loan.

May 3, 2019

Loans Michigan Midwest Multifamily

Berkadia Originates $23M Refinancing for Apartment Property in Shelby, Michigan

by Kristin Harlow May 3, 2019

SHELBY, MICH. — Berkadia has originated a $23 million Fannie Mae loan for the refinancing of Ashford Apartments in Shelby, about 30 miles north of Detroit. Located at 48377 Commonview Drive, the apartment property features two-bedroom floor plans. Amenities include a resort-style pool, sundeck and various health and fitness clubs. Colin Callaghan and Peter Benedetto of Berkadia originated the 15-year loan, which features a 30-year amortization schedule and a loan-to-value ratio of 75 percent. Michigan-based Ashford 180 LLC, an affiliate of MJC Cos., was the borrower.

May 3, 2019

Illinois Industrial Loans Midwest

Associated Bank Provides $5.5M Bridge Loan for Acquisition of Industrial Facility in McHenry, Illinois

by Kristin Harlow May 3, 2019

MCHENRY, ILL. — Associated Bank has provided a $5.5 million bridge loan for the acquisition of a 218,000-square-foot industrial facility located at 1301 Ridgeview Drive in McHenry. Built in 1995, the air-conditioned building is located on almost 20 acres. Features include 20 exterior loading docks and parking for 519 cars and 40 trailers. Disk.com, which provides printing, manufacturing and fulfillment solutions, leases approximately 50 percent of the space. Krista Casper of Associated Bank originated the loan on behalf of the borrower, Midwest Industrial Funds.

May 3, 2019

Loans Maine Massachusetts Multifamily New Hampshire Northeast Seniors Housing

HFF Provides Financing for 565-Unit Seniors Housing Portfolio in New England

by Taylor Williams May 2, 2019

MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine. The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.

May 2, 2019

Industrial Loans New Jersey Northeast

Axiom Capital Arranges $52M in Permanent Financing for Warehouse in Wayne, New Jersey

by Taylor Williams May 2, 2019

WAYNE, N.J. — Axiom Capital Corp., a real estate finance and advisory firm with offices in New York and New Jersey, has arranged $52 million in permanent financing for a 473,670-square-foot warehouse in Wayne, located northwest of Newark. Situated on 31 acres, the property features 40-foot clear heights, 42 dock doors and proximity to I-80 and U.S. Route 46. A life insurance company provided the loan, which features a 10-year term, a fixed interest rate and a 30-year amortization schedule. The borrower was Peykar Family Properties of Wayne.

May 2, 2019

Loans Midwest Multifamily Ohio

Hunt Real Estate Capital Provides $33.2M Refinancing for Apartment Complex in Dayton

by Kristin Harlow May 1, 2019

DAYTON, OHIO — Hunt Real Estate Capital has provided a $33.2 million Freddie Mac loan for the refinancing of Water Street Residential in Dayton. The newly constructed apartment complex is located at 427 Water St. and consists of 269 units housed within seven buildings. There are 21 different floor plans and the unit mix includes 161 one-bedroom units, 93 two-bedroom units and 15 three-bedroom units. Amenities at the property, built in two phases in 2015 and 2018, include a clubhouse, movie theater room, business center and pool. Chad Kiner and A.J. Mangan of MSF Real Estate Capital Inc. arranged the 15-year, permanent loan, which replaced a short-term bridge loan that the borrower put in place in October. Water Street Residential I LLC was the borrower.

May 1, 2019

Arizona Loans Multifamily Western

Thorofare Capital Funds $11.4M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works May 1, 2019

PHOENIX — Thorofare Capital has provided a $11.4 million loan for the acquisition of a multifamily property in Phoenix. The name of the borrower was not released. The Class B property features 158 apartments and was 67 percent occupied at closing. The non-recourse loan features a five-year floating rate with interest-only payments. Additionally, the financing features 75 percent loan-to-cost ratio and funding for future capital expenditures. Kevin Miller, Felix Gutnikov and Daniel Pavlinik of Thorofare Capital handled the financing.

May 1, 2019

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