BURLINGTON, MASS. — HFF has secured a $30 million refinancing for Blanchard Woods, a three-building office portfolio in Burlington. HFF represented the borrower, Duffy Properties, in securing an 11-year, fixed-rate loan through Nationwide Life Insurance Co. Blanchard Woods is located at 76, 78 and 80 Blanchard Road, approximately 13 miles north of Boston. The portfolio spans 194,421 square feet and is 91 percent leased to 19 tenants, including anchor tenant Cambridge Trust.
COLLEGE PARK, GA. — Trinity Street Capital Partners (TSCP) has provided a $28.5 million construction loan for the development of a 222-room AC Marriott hotel in College Park, roughly 10 miles south of downtown Atlanta . The three-year loan featured a 75 percent loan-to-cost ratio, with two, one-year extension options. The hotel will be located along Roosevelt Highway within walking distance to the Georgia International Convention Center and the ATL Skytrain, with a two-minute ride to Hartsfield-Jackson Atlanta International Airport. AC Hotels by Marriott, part of Marriott International, owns and operates a chain of hotels worldwide. Amenities include onsite dining, corporate programs, meeting and conference rooms and facilities for weddings.
MUSCLE SHOALS, ALA. — Berkadia has arranged the $13.9 million sale of Arbor Village Apartments, a garden-style multifamily community in Muscle Shoals, a city in northern Alabama. David Oakley and David Wilson of Berkadia arranged the transaction on behalf of the seller, Engel Realty Co. In addition, Josh Finley of Berkadia secured a 10-year, $10.5 million acquisition loan on behalf of the buyer, Arbor Village Apartments LLC. The Fannie Mae loan features a fixed interest rate of 4.91 percent and a 30-amortization schedule. Arbor Village Apartments includes a mix of one- and two-bedroom units and features a fitness center, pool and an outdoor grilling area.
CORPUS CHRISTI, TEXAS — Lending and advisory firm Greystone has provided $14.9 million in Fannie Mae green financing for the acquisition of a trio of multifamily assets in Corpus Christi. The properties total 295 units and feature pools and onsite laundry facilities. Gill Dolan, D.J. Elefant and Dan Gillard of Greystone originated the financing, which features a 4.92 percent interest rate and a 10-year term, on behalf of the borrower, The Boterra Group. The names of the properties and sellers were not disclosed.
PORTLAND, ORE. — KeyBank Real Estate Capital has arranged a $63.2 million Freddie Mac first mortgage loan for the acquisition of Courtyard at Mt. Tabor, a seniors housing community in Portland. The borrower and buyer is Strategic Student & Senior Housing Trust, a non-traded REIT sponsored by SmartStop Asset Management. Built between 1992 and 2009, the community is comprised of two three-story buildings on 7 acres of land. The property features 201 independent living units, 73 assisted living units and 12 memory care units. The borrower plans to expand the community to include an additional 23 memory care units. Charlie Shoop of KeyBank’s Commercial Mortgage Group secured the non-recourse, fixed-rate financing with a 10-year term, four-year interest-only period and 30-year amortization schedule.
NORTH HOLLYWOOD, CALIF. — Bellwether Enterprise has secured a $7.7 million permanent loan and construction loan refinancing for Trevi Villas Apartments, a luxury apartment building located on Hartsook Street in North Hollywood. The newly built property features 27 units in a mix of two-bedroom/two-bath and three-bedroom/two-bath layouts. Mack Mower of Bellwether Enterprise’s Los Angeles office arranged the loan through Nationwide for the undisclosed borrower. The 10-year loan features one year of interest-only payments followed by a 30-year amortization period. Additionally, the financing included approximately a $500,000 cash-out to the borrower after the construction debt and closing costs were paid.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two multifamily loans totaling $49 million in Houston. In the first transaction, Brandon Brown of LMI Capital arranged a $26 million acquisition loan for a 460-unit asset in the Briar Forest/Westchase area. The loan features a 4.82 percent fixed interest rate and seven years of interest-only payments. In the second deal, Jamie Mullin of LMI Capital arranged a $23 million loan for the refinancing a 360-unit property in the Woodlake/Briar Meadow submarket. That loan includes a 4.85 percent fixed interest rate and a four-year interest-only period. The names of the properties were not disclosed.
KIHEI, HAWAII — Hunt Capital Partners, in partnership with Urban Housing Communities (UHC), has closed $26 million in federal low-income housing tax credit (LIHTC) equity and $12.9 million in Hawaii state tax credit equity financing for the construction of Kaiwahine Village in Kihei. This is the fourth partnership in Hawaii for Hunt Capital Partners and UHC. Located on the island of Maui, Kaiwahine Village will feature 118 affordable housing units for families earning up to 30, 40 and 60 percent of the area median income. The property will provide two- and three-bedroom units, as well as two employee units. On-site amenities include central laundry facilities, recreation areas, a clubhouse, courtyard and par course. Additionally, Ikaika Ohana, a non-profit managing general partner, will sponsor social and education programs at the community or at surrounding schools and community centers. The $62.8 million project is slated for completion in early 2020. Urban Housing Communities is developing the property, Moss & Associates is serving as the master contractor, Design Partners Inc. is the architect, and Big Island Housing Foundation is the property management agent. Hunt Capital Partners committed a total of $31.5 million in federal and state LIHTC equity. Additional funding includes a $33.2 …
WINDSOR LOCKS, CONN. — Greystone has secured a $14.1 million Fannie Mae DUS loan to refinance Bradley Court, a garden-style apartment community in Windsor Locks. The 146-unit community was built in the 1960s and is spread over 14 acres. Avrom Forman of Greystone’s New York office originated the loan. The 12-year Fannie Mae financing includes six years of interest-only payments and a 30-year amortization at 75 percent loan-to-value.
WEST BRIDGEWATER, MASS. — EagleBridge Capital has arranged $14 million in permanent financing for One United Drive, a 315,000-square-foot industrial facility in West Bridgewater. The property is currently leased to Cheer Pack North America, a developer and manufacturer of packaging equipment for the food and beverage industry. Brian Sheehan and Ted Sidel of EagleBridge Capital arranged the financing on behalf of an undisclosed borrower through a Massachusetts-based financial institution. One United Drive includes 30,000 square feet of office space and 285,000 square feet of manufacturing and distribution space on a 29-acre site. The facility features 40 loading docks.