SALINAS, CALIF. — Hunt Real Estate Capital provided a $5 million loan for the refinancing of Gabilan Hills Townhomes, an affordable multifamily property in Salinas. The sponsor is Community Housing Improvement Systems and Planning Association, which developed the property with Low Income Housing Tax Credits. Built in 1996, the property features 100 units in a mix of 66 two-bedroom units and 34 three-bedroom units spread across 17 townhouse buildings. The gated community features four play structures and a basketball court, as well as open space for children in the community to play. Gabilan Hills has an in-place Low Income Housing Regulatory Agreement that mandates that 40 of the 100 units be rented to individuals and families whose income does not exceed 50 percent of the area median income (AMI). The remaining units are rented by families whose income does not exceed 60 percent AMI. The loan is a 10-year, fixed-rate facility that will amortize over 30 years. The property opened in 1996 and the initial tax credit period of 15 years has since expired. However, the asset is still within the 55-year extended use period, which does not expire until 2051.
SOUTHFIELD, MICH. — KeyBank Real Estate Capital has provided an $18.1 million Freddie Mac loan for the refinancing of Pebble Creek Apartment Homes in Southfield. The 256-unit affordable housing property is comprised of 17 two-story buildings on 15 acres. The property was developed in 1996 under the Low-Income Housing Tax Credit (LIHTC) program. All of the units are restricted to those earning up to 60 percent of the area median income. Tim Weldon of KeyBank originated the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.
MCLEAN, VA. — Virginia-based Capital One has provided $329.6 million in loans for the refinancing of two medical office portfolios totaling 56 properties in various markets around the country. The borrower in both deals was a joint venture between Kayne Anderson Real Estate and MB Real Estate Healthcare. In the first transaction, Capital One provided a $107 million adjustable-rate loan for the refinancing of a medical office portfolio comprising 20 properties totaling 789,000 square feet. The portfolio consists of eight on-campus facilities, 11 off-campus facilities, and one adjacent to a hospital campus. In the second transaction, Capital One provided a $222.6 million adjustable-rate loan for the refinancing of a 36-property medical office portfolio. Specific property types and names within this portfolio were not disclosed. Since 2012, Capital One has executed more than 40 transactions for the Kayne Anderson/MBRE Healthcare joint venture. “This deal is an extension of a long line of transactions we’ve closed for Kayne Anderson and MBRE Healthcare,” says Erik Tellefson, managing director of Capital One Healthcare Real Estate. “Our relationship and understanding of their goals were critical in developing a financing solution that aligns with the strategic plans for the portfolio.” Kayne Anderson Real Estate invests in …
NEW YORK CITY — Ariel Property Advisors has arranged a $41 million loan to refinance a 23-property medical office portfolio across 15 states. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors’ capital services division in New York City secured the financing on behalf of the undisclosed borrower. The non-recourse, fixed-rate loan included a 10-year term with four years of interest-only payments. A national lender provided the financing.
BRIDGEPORT, CONN. — Marcus & Millichap has secured a $3.4 million loan for the refinancing of a three-property apartment portfolio in Bridgeport. The 62-unit portfolio includes the properties Park Avenue Apartments, Marble Edge Apartments and Main & Federal Apartments. Robert Noeldechen of Marcus & Millichap’s New Haven office represented the undisclosed borrower in the transaction. The lender was also undisclosed.
DENVER — CIT Group’s real estate finance business served as sole lead arranger of a $91 million senior secured loan. The funds will be used for the acquisition of the Sheraton Denver Hotel in downtown Denver. The borrower is a joint venture between High Street Real Estate Partners and Eagle Four Partners. Located on along the 16th Street pedestrian mall, the hotel features 1,231 guest rooms and 133,000 square feet of meeting space.
CLEVELAND — KeyBank Community Development Lending & Investment has provided $15.5 million for the development of Glenville Circle North in Cleveland. KeyBank provided $5 million in New Market Tax Credit (NMTC) equity in addition to a $10 million leverage loan and a $456,000 project loan. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation. Glenville Circle North will offer 63 mixed-income units as well as 13,950 square feet of retail and commercial space. Sixteen of the units will be set aside as affordable housing, while the remaining units will be rented at market rate. The Cleveland Citywide Development Corp. plans to lease approximately 4,275 square feet of the commercial space to minority-owned startups at little or no fixed rent to help spur additional investment in the surrounding community. The developer, The Finch Group, will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation. Kyle Kolesar and Ryan Olman of KeyBank originated the financing.
KOKOMO, IND. — Dougherty Mortgage has provided a $5 million Fannie Mae loan for the acquisition of First Flats in Kokomo. The multifamily property includes 121 units. Durham Hill Capital LLC served as a partner in arranging the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
DALLAS — California-based Thorofare Capital has provided a $36 million loan for the refinancing of Heritage Square I & II, an office complex totaling 368,214 square feet in Dallas. The Class A property is located at the corner of Interstate 635 and the North Dallas Tollway. Proceeds will be used to repay a maturing loan and fund tenant improvements, leasing commissions and other capital expenditures. The loan was provided to the borrower, Brookwood Heritage Square LLC, an entity sponsored by Brookwood Financial Partners LLC, which acquired the asset in 2013.
KEMP, TEXAS — Dougherty Mortgage LLC has closed a $12.6 million Fannie Mae acquisition loan for The Hamlins at Cedar Creek Lake, a 208-unit multifamily property in Kemp, about 50 miles southeast of Dallas. The community offers one- and two-bedroom units and amenities such as a resort-style pool, resident clubhouse, fitness center, business center and package handling service. The loan, which was arranged through a partnership with Old Capital Lending on behalf of the borrower, TFG Hamlins LLC, featured a 12-year term and 30-year amortization schedule.