MALDEN, MASS. — Cornerstone Realty Capital has arranged the $3.4 million refinancing for a two-property portfolio in Malden. The two properties include a nine-unit apartment building and a two-story industrial building on Maplewood Street. The industrial facility was renovated in 2004 and includes seven commercial units. Andrew Saccone of Cornerstone secured the fixed-rate financing on behalf of an undisclosed borrower. Terms of the financing included an interest-only payment period followed by a 25-year amortization schedule. The lender was undisclosed.
NOVI AND WEST BLOOMFIELD TOWNSHIP, MICH. — Greystone has provided a total of $46.5 million for the refinancing of two multifamily properties in suburban Detroit. Fred Levine of Greystone originated both Fannie Mae loans on behalf of the borrower, Singh Development Co. A $27 million, 10-year loan will be used to refinance Main Street Village Phase II in Novi. Built in 2003, the community features 148 garden-style units as well as a pool, spa, fitness center, playground, clubhouse and business center. A $19.5 million loan will be used to refinance Brandywine Apartments in West Bloomfield Township. Built in 2002, the 121-unit community features the same amenities as Main Street Village. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.
GREEN BAY, WIS. — Mag Mile Capital has arranged a $1.6 million loan for the refinancing of a 12,900-square-foot retail property at 2066 Central Drive in Green Bay. Aveda Salon is one of the tenants. Mac Dobson of Mag Mile Capital arranged the five-year loan on behalf of the private borrower, Michael Nass. The loan features a 5.45 percent rate and a 25-year amortization schedule. The borrower plans to use the funds to refinance a maturing loan and buy out a partner in the property. The lender was not disclosed.
TORONTO — Starlight Investments, a Toronto-based investment and asset management firm, has received $800.4 million in refinancing for 23 of its multifamily properties in the United States. The portfolio of Class A assets totals 7,289 units across eight states. Specific markets in which the properties are located include Atlanta, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa. The average year of construction for the portfolio is 2012 and the average overall occupancy rate is 93 percent. The names of the properties were not disclosed. The financing package was originated as a Freddie Mac structured pool transaction, with five-, six- and seven-year loan terms and a mix of fixed and floating interest rates. Approximately half the units were financed under Freddie Mac’s Green Advantage program, which is available to borrowers that implement energy- and water-saving features to their multifamily properties. Matt Kafka, Campbell Roche and Matthew Williamson, Tolu Akindele and Wilson Bauer of HFF placed and serviced the financing on behalf of Starlight Investments and its closed-end fund, Starlight U.S. Multi-Family (No. 5) Core Fund. “Given the high-performing nature of the assets and diversity of the income stream, Freddie Mac’s Structured Solutions Group was able …
CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided a $105.8 million HUD loan for 16 skilled nursing facilities located throughout Texas. The financing was used to fund the acquisition of 12 properties and to refinance four other properties. The portfolio totals 1,924 beds. Grant Saunders and Peter Trazzera of KeyBank originated the loan on behalf of the borrower, a joint venture between Capital Senior Ventures and BlueMountain Capital Management.
SAN ANTONIO — Chicago-based Pearlmark Real Estate Partners has originated a $4.5 million mezzanine loan for McAllister Plaza, a 190,511-square-foot office building in San Antonio. The proceeds will be used to finance tenant improvements and leasing commissions. The 12-story property is located near San Antonio International Airport and the Loop 410/Highway 281 interchange. The borrower was not disclosed.
NEW YORK CITY — Greystone has provided an $8.2 million Fannie Mae loan to refinance a three-property multifamily portfolio in Queens. The portfolio consists of three, rent-stabilized properties totaling 52 units. The properties are located at 177-50 South Conduit Ave., 176-20 and 177-16 South Conduit Ave. Amenities at the properties include on-site laundry, covered parking and community rooms as well as video security. Terms of the financing included a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.
PLYMOUTH, MASS. — Fantini & Gorga has arranged a $3 million loan for the purchase of a gas station ground lease in Plymouth. Located at 7 Home Depot Drive, the property is currently occupied by a Shell gas station. The property also includes a car wash and convenience store. Casimir Groblewski and Jon Garcia of Fantini & Gorga secured the financing for the borrower, 7 Home Depot Drive LLC, through a Massachusetts based financial institution. Terms of the loan were undisclosed. The seller was Balder LLC.
CICERO, ILL. — Associated Bank has provided a $3.8 million loan for the acquisition of two industrial buildings in Cicero. The borrower, JSM Venture Inc., plans to convert a 115,379-square-foot building into a 693-unit self-storage facility. The property, located at 1309 S. Cicero Ave., was formerly home to Brad Foote Gear Works. The self-storage facility will be climate-controlled and span 63,587 net rentable square feet. JSM’s acquisition also includes a 28,000-square-foot building that will either be demolished and paved for parking or improved and leased at a market rate. JSM is a Northfield, Ill.-based self-storage development company headed by John S. Mengel. Daniel Barrins of Associated Bank originated the loan, terms of which were not disclosed.
EL SEGUNDO, CALIF. — Meridian Capital Group has arranged $16 million in financing to refinance The Hub – El Segundo, a retail property located at 600-630 N. Sepulveda Blvd. in El Segundo. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian Capital Group negotiated the seven-year loan, provided by a life insurance company, that features an extended period of interest-only payments followed by a 30-year amortization schedule. In-N-Out Burger, El Pollo Loco, Anytime Fitness and FedEx are tenants at the 37,000-square-foot property, which was built in 1990 and renovated in 2016.