KALAMAZOO, MICH. — Hunt Mortgage Group has provided a $13.6 million loan for the refinancing of Lakeview Apartments in Kalamazoo. The 280-unit multifamily property was built in 1967. Amenities include a fitness center and health club discount, laundry facilities, package service and a clubhouse. The property is currently 93 percent occupied. The borrower, PR Lakeview LLC, acquired the property in March 2011 and invested $2 million in renovations. The 10-year loan features a 30-year amortization schedule.
NEW RIVER, ARIZ. — KeyBank Real Estate Capital has provided $31.2 million in Fannie Mae financing for the 354-unit Bela Rosa Apartment Homes in New River, northeast of Peoria. The Class A community is located at 3825 W. Anthem Way in the master-planned community of Anthem. Bela Rosa was built in 2007. It contains 37 townhome-style apartment buildings. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the financing with a 10-year term and 30-year amortization schedule. The first-mortgage loan was used to refinance existing debt.
DALLAS — CBRE has arranged $120.2 million in acquisition financing for a portfolio of six seniors housing properties totaling 1,104 units in the Dallas area. About 37 percent of the portfolio comprises skilled nursing units, 28 percent independent units, 24 percent assisted living units and 11 percent memory care units. The properties range in size from 153 to 267 units and are approximately 35 years old. Aron Will of CBRE secured the financing, which included $39.2 million through Freddie Mac and $81 million through a pair of undisclosed national banks. Lisa Widmier and Imran Ahmed of CBRE represented the buyer, a joint venture between Iowa-based seniors housing operator Life Care Services and Aspect Investment Partners, an investment advisory firm based in Dubai.
ARLINGTON AND FORT WORTH, TEXAS — KeyBank Real Estate Capital has closed $34.9 million in Fannie Mae financing for the acquisition of two multifamily assets located in the Dallas-Fort Worth (DFW) area. The company originated $18.9 million for Bardin Greene Apartments, a 285-unit property in Arlington that was built in 2001; and $16 million for Lost Spurs Ranch Apartments, a 280-unit community in Fort Worth. Chris Black and Caleb Marten of KeyBank originated the loans, which feature 10-year terms, five years of interest-only payments and 30-year amortization schedules. The borrowers were not disclosed.
AUSTIN, TEXAS — Ready Capital Structured Finance, a New York-based bridge and mezzanine lender, has closed an $11.9 million loan for the acquisition, renovation and stabilization of a 200-unit multifamily property in Austin’s Far North Central submarket. The non-recourse, floating-rate loan features a 24-month term with two extension options and a facility to provide for capital expenditures. The name of the property and the borrower were not disclosed.
PENNSYLVANIA — Capital Funding Group, a Baltimore-based lender, has provided a $23 million HUD loan for a 324-bed skilled nursing facility in Pennsylvania. The name and location of the facility were not disclosed. Capital Funding is the sole lender, and also provided the initial bridge acquisition loan in 2014. The new loan converts the existing debt into HUD financing.
NEW YORK CITY — HFF has arranged $12.5 million in refinancing for 135 Bowery, a boutique creative office building in Manhattan’s Midtown South technology corridor. The borrower is a joint venture between Caspi Development and RWN Real Estate Partners. Steven Klein and Alex Staikos of HFF secured the five-year, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used to refinance a construction loan on the property. Originally built in 1900 and redeveloped in 2016, the eight-story, 21,308-square-foot building features a ground-floor retail space occupied by a high-end restaurant, and full-floor loft office units above. The office spaces feature collaborative open floor plates, 10-foot ceilings, reclaimed wood details, custom kitchenettes, conference rooms and two suites that offer private terraces with city views. The property is fully occupied by tenants, including lola/VFX, Bullish, Tradewind, breather, Martin Lui & Associates, Minds+Assembly and RTS Ventures.
CLEVELAND — KeyBank Real Estate Capital has provided a $237.1 million bridge loan for the acquisition of a 12-property office portfolio located throughout eight states. The Class A and B properties are located in Arizona, Illinois, Georgia, Florida, Maryland, Massachusetts, Michigan and Tennessee. The portfolio, which is 71 percent leased, includes nine multi-tenant buildings and three single-tenant buildings totaling more than 2.2 million square feet. Alex Buecking, Devin Jolley and Josh Berde of Key arranged the loan on behalf of the borrower, Bridge Investment Group Partners.
IOWA CITY, IOWA — Berkadia has arranged a $46.5 million loan for the refinancing of The Quarters at Iowa City, an 892-bed student housing property. The development is located at 2401 Highway 6 East near the University of Iowa. The community features studio, two- and three-bedroom floor plans and amenities such as a resort-style pool, outdoor sand volleyball court, fitness center, game lounge, outdoor grill area and private shuttle to campus. Peter Benedetto and Aaron Moll of Berkadia arranged the two-year loan, which features a 75 percent loan-to-value ratio. Voya Investment Management provided the loan for the borrower, The Tailwind Group.
WASHINGTON, D.C. — PCCP LLC has provided a $44.9 million loan for the acquisition of Embassy Suites at Chevy Chase Pavilion, a 198-room hotel in Washington D.C.’s Friendship Heights neighborhood. Arden Group acquired the asset from Clarion Partners. The hotel is located at 4300 Military Road N.W., on the border of northwest Washington, D.C. and Chevy Chase, Md., and within Chevy Chase Pavilion, a mixed-use complex. In addition to the hotel, the development includes a 205,000-square-foot office building and 155,000 square feet of retail. The hotel features an indoor swimming pool, health club and four meeting rooms. In addition, the hotel has access to Chevy Chase Pavilion’s 675-space underground parking garage and direct underground access to the Red Line Metro Station.