DENVER — Crestone Partners has obtained $70.6 million in financing for Granite Place at Village Center, a 299,568-square-foot office tower in the Denver submarket of Greenwood Village. The 10-story building is located at 6165 S. Willow Drive. The property is fully leased to Charter Communications and CSG International. HFF secured the six-year, fixed-rate, interest-only loan through Principal Real Estate Investors. Loan proceeds were used to acquire the property. The borrower was not disclosed.
READING, PA. — Hunt Mortgage Group has provided a $28.4 million conventional Fannie Mae loan for the acquisition of Reed Farm Apartments, a multifamily property located in Reading. Loan terms include a 12-year term with a 30-year amortization period and an 11.5-year yield maintenance period. The Reading-based sponsor purchased the subject as part of a 1031 exchange. Reed Farm Apartments is a 242-unit garden-style apartment complex consisting of 35 two-story residential structures, including a farm house that was built pre-1930 and converted into an apartment unit in 2003. The property was built in two phases between 2003 and 2005. Jame Conley of HFF represented the undisclosed sponsor in the financing.
TROY, N.Y. — KeyBank Real Estate Capital has arranged an $11.6 million Freddie Mac first mortgage loan for Summit Apartments in Troy. Situated on 10 acres, the property comprises four three-story apartment buildings offering a total of 108 units. Hayley Suminski of Key’s Commercial Mortgage Group arranged the financing with a seven-year term, two-year interest-only period and 30-year amortization schedule. The undisclosed borrower used the loan to refinancing existing debt.
ORLANDO, FLA. — Trez Forman Capital Group has provided a $74.8 million construction loan for Church Street Plaza, a 26-story mixed-use development in downtown Orlando. Trez Forman is a joint venture between Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group. Plans for the new development include 200,000 square feet of Class A office space, a 180-room hotel, a ground-floor restaurant and a rooftop bar/lounge area. Kolter Hospitality will acquire the hotel portion of the project, which is located on the northeast corner of South Garland Avenue and West South Street. The building’s parking garage will connect to the Church Street Station SunRail stop.
COLUMBUS, OHIO — KeyBank Real Estate Capital has arranged a total of $28.2 million in first mortgage loans through Freddie Mac for two multifamily properties located in Columbus. KeyBank arranged a $14.6 million loan for College Park Apartments, a 28-building, 250-unit property. The buildings were constructed between 1999 and 2000 and renovated in 2017. KeyBank also arranged a $13.6 million loan for Gateway Lakes, a 17-building property constructed in 2000. Chris Black and Caleb Marten of KeyBank arranged the seven-year loans, which feature 30-year amortization schedules. The borrower was not disclosed.
GILBERT, ARIZ. — Greystone has arranged $25.8 million in financing for the construction of a seniors housing community in Gilbert. The borrower was Fort Worth, Texas-based developer Aspens Senior Living. A publicly traded bank provided the loan for the construction of The Aspens at Mariposa Point in the Phoenix suburb of Gilbert. The community is restricted to residents age 55 and older, and will feature 204 units. The project is a joint venture between Aspens Senior Living, McFarlin Group and Pennybacker Capital. Construction began on the community in May 2017.
WOODCLIFF, N.J. — Cushman & Wakefield has arranged $26.2 million in financing on behalf of Hudson Equities Management. The financing is secured by 300 Tice Boulevard, a 240,291-square-foot office property. Streamline Realty Funding provided the four-year, floating-rate financing. At the time of financing, the property was 78.5 percent occupied by a variety of tenants in the auto, pharmaceutical and financial services industries. John Alascio, Sridhar Vankayala and Andre Hass of Cushman & Wakefield represented the sponsor in the transaction.
SPRING, TEXAS — Greystone has provided a $36.4 million bridge loan for the acquisition of Parkside Place Apartments, a 384-unit multifamily community in Spring, about 45 minutes north of Houston. The property features amenities such as a pool, demonstration kitchen, complimentary coffee bar, fitness and business centers, a movie-screening room with an arcade and a game room. Donny Rosenberg of Greystone originated the loan, which carries a two-year term with two six-month extensions, on behalf of Houston-based Ilan Investments.
BIRMINGHAM, ALA. — KeyBank Real Estate Capital has closed a $35.2 million Freddie Mac loan for the refinancing of Retreat at Greystone, a 312-unit multifamily community in Birmingham. Caleb Marten and Chris Black of KeyBank originated the seven-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Constructed in three phases between 2015 and 2016, the property includes 26 two-story apartment buildings. Community amenities include grilling stations, a fitness center and a swimming pool.
NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.
