DAYTON, OHIO — SunTrust Banks Inc. has arranged a $20.3 million Fannie Mae loan for the refinancing of a 300-unit multifamily property in Dayton. Built in 1988, the Class B property is located 11 miles southwest of Dayton’s central business district. Joe Markech of SunTrust originated the 12-year loan, which features a 30-year amortization schedule. Markech sourced the transaction through Michael Dury of PR Mortgage & Investments.
RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $16.9 million preferred equity investment to Kane Realty Corp. for the development of Vine North Hills, a 326-unit apartment community in Raleigh’s North Hills submarket. Located on four acres along St. Albans Drive, Vine North Hills is the first phase of the 33-acre, multi-phased North Hills East Expansion. The community will feature a mix of studio to three-bedroom apartment units with quartz countertops, stainless steel appliances, glass walk-in showers and private balconies. Community amenities will include a clubhouse with hospitality kitchen, lounge and game rooms, fitness center, saltwater pool, grills, fire pits, dog washing facility, a bike center and storage units. A construction timeline was not disclosed.
LACEY, WASH. — HFF has secured an undisclosed amount of financing for The MARQ on Martin, a multifamily community located at 8545 Litt Drive SE in Lacey. Security Properties, the borrower, used the loan to acquire the property, which was completed earlier this year. Charles Halladay, Scott Gilson and Robert Bova of HFF arranged a 10-year, fixed-rate loan with five years of interest-only payments through Freddie Mac for the borrower. HFF will service the securitized loan. The MARQ on Martin features 248 units in a mix of studio, one- and two-bedroom layouts offering stainless steel appliances, in-unit washers/dryers, and walk-in closets. Community amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong table, an outdoor grilling and dining area, a 24-hour fitness center, and a clubhouse with fireplace, billiards and entertainment kitchen.
BALTIMORE AND ATLANTA — Armada Hoffler Properties Inc. (NYSE: AHH), a commercial real estate developer and investor based in Virginia Beach, is participating in two new mixed-use projects in Baltimore and Atlanta. The REIT’s wholly owned subsidiary, Armada Hoffler Construction Co., will serve as general contractor for both developments. In Baltimore’s Inner Harbor East district, Armada Hoffler is developing Wills Wharf, a 12-story mixed-use building that will anchor the 27-acre Harbor Point development. Armada Hoffler co-developed the other components of Harbor Point with Beatty Development Group, including the 500,000-square-foot Exelon mixed-use tower, the 260,000-square-foot Thames Street Wharf office building and Point Street Apartments. Situated on the waterfront of the Inner Harbor, the $117 million Wills Wharf project will span 325,000 square feet of office and retail space and will feature a 156-room Canopy by Hilton hotel on the top four floors. Armada Hoffler expects to deliver the building in the first quarter of 2020. “Wills Wharf represents the latest evolution of a relationship with the principals of Beatty Development Group that has spanned over two decades,” says Louis Haddad, president and CEO of Armada Hoffler Properties. “We are excited to continue our relationship with Beatty Development Group in leading Baltimore’s …
NEW YORK CITY — Madison Realty Capital has provided a $38 million construction loan for the development of a new hotel in Midtown, Manhattan. The borrower, McSam Hotel Group led by New York developer Sam Chang, is currently constructing a 106,827-square-foot, 28-story building that will feature a 320-key Radisson hotel upon completion. Loan proceeds will be used to finalize construction of the building. The ground-up development is slated for completion in the next 12 months. Terms of the loan were not disclosed.
KINGSVILLE, TEXAS — Dougherty Mortgage has provided a $1.5 million Fannie Mae loan for the acquisition of South Park Estates Apartments in Kingsville. The borrower, AK Apartments LLC, has rebranded the 40-unit, market-rate multifamily community as Aviator Kingsville. Dougherty Mortgage and partner Old Capital provided the 12-year loan with a 30-year amortization schedule. AK Apartments has retained 3CM Multifamily to manage the property.
ATLANTA — The Allen Morris Co. has received a $90 million construction loan for Star Metals Residences, the residential component of Star Metals Atlanta, the company’s planned mixed-use community in Atlanta’s West Midtown district. Square Mile Capital Management LLC and Pacific Western Bank provided the loan for the 409-unit community, which will also feature 16,300 square feet of ground-floor retail. Located at 1050 Howell Mill Road, Star Metals Residences will feature a private outdoor dog run, interior dog wash area, Uber drop-off room for residents, package delivery to the resident’s door and a library with fireplace. The rooftop area will feature lounge/meeting rooms; a bar and lounge; game room area with a pool table; gaming systems and arcade games; outdoor ping-pong and bocce ball; a glass-box fitness center; swimming pool; grilling area; movie projection area and fire pits. At full build-out, Star Metals Atlanta will also include a 14-story office tower with 35,000 square feet of retail and restaurants. Construction has begun on the residential portion of the project, which is scheduled for a spring 2020 completion. Oppenheim Architecture, Dwell Design Studio and Square Feet Studio are designing the community, and Juneau Construction is the general contractor. Brasfield & Gorrie …
LINTHICUM HEIGHTS, MD. — Alliant Credit Union has provided a 10-year, $12.5 million loan to refinance a remote airport parking facility at Baltimore-Washington International Airport. The 850,852-square-foot site includes 2,156 parking spaces and is located less than one mile from the main terminal building at the airport. The facility is privately owned and managed. The name of the borrower was not disclosed.
GOODYEAR, ARIZ. — KeyBank Real Estate Capital has provided a $35.3 million CMBS first-mortgage loan for Market at Estrella Falls, a retail center in Goodyear. The name of borrower was not released. Jacob Proctor of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, two-year interest-only period and a 30-year amortization schedule. The borrower used the loan to acquire the property, as well as an adjacent vacant lot for future development. Burlington, T.J. Maxx/HomeGoods and C-A-L Ranch Stores anchor the 292,034-square-foot shopping center.
MINNEAPOLIS — Dougherty Funding LLC has provided a $41.4 million loan for the construction of Second & Second Apartments in Minneapolis. The name stems from the property’s location at the southeast corner of 2nd Avenue and 2nd Street. Plans call for 158 apartment units and 22,716 square feet of retail space. Dougherty provided the loan on behalf of the borrower, 128 2nd Street North LLC.
