INDIANAPOLIS — CBRE has arranged a $1.6 million loan for the refinancing of Monon Station Apartments in Indianapolis. Dan Gable and Jason Brown of CBRE arranged the 10-year Freddie Mac Small Business Loan, which features a 30-year amortization schedule. Barratt Asset Management was the borrower. The 28-unit apartment property underwent a renovation in 2016.
SAN MARCOS AND LUBBOCK, TEXAS — KeyBank Real Estate Capital has provided $23.7 million in financing for the acquisition of two affordable housing properties in Texas. The financing for the 220-unit Villas at Willow Springs in San Marcos and the 144-unit Cantibury Pointe in Lubbock was secured on behalf of nonprofit Harmony Housing. Both properties were developed in the early 2000s. John Gilmore IV and Jeff Rodman of KeyBank structured the loans through Fannie Mae.
QUINCY, MASS. — Square Mile Capital Management and JPMorgan Chase have provided $75 million in financing to Columbia Sussex Corp. for the acquisition and renovation of the 466-room Boston Marriott Quincy in Quincy. The hotel is located in South Boston’s Quincy market, 12 miles from downtown Boston and sits atop a hill overlooking the city skyline and Massachusetts coastline. Amenities at the hotel include a fitness center, indoor swimming pool, business center and 16,000 square feet of renovated meeting space. Lawrence Britvasn and Matt Jacobs of Hodges Ward Elliot in New York arranged the financing. The Columbia Sussex Corp. is a privately owned hotel owner and operator based in Crestview Hills, Ky., with a portfolio of more than 13,000 rooms.
TRUMBULL, CONN. — Washington Trust’s Commercial Real Estate Group has provided $6.6 million to refinance and make tenant improvements to an 83,193-square-foot multi-tenant office and industrial property in Trumbull. The 14-acre property located at 60 Commerce Drive is the former headquarters of the Pilot Pen Corp. and consists of two interconnected buildings. The front building is three levels totaling 15,505 square feet of office space while the rear building contains 67,688 square feet of office and industrial space. 60 Commerce Drive is owned by CH Commerce Drive Associates and City Park Commerce Drive.
ORLANDO, FLA. — Berkadia has provided a $40.5 million acquisition loan for Art Avenue Apartment Homes, a 300-unit multifamily community located at 10201 Lee Vista Blvd. in Orlando. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 10-year, Freddie Mac loan with five years of interest-only payments on behalf of the borrower, Robbins Property Associates. Colony NorthStar Inc. sold the property to Robbins for an undisclosed price. Art Avenue includes studio to three-bedroom apartment units with granite-look countertops, stainless steel appliances, faux-wood flooring and patios or terraces. Community amenities include an internet lounge, coffee bar, fitness center, children’s art room, resort-style pool and an outdoor fire pit.
ST. PETERSBURG, FLA. — Hall Structured Finance (HSF) has provided a $35.5 million construction loan for the development of The Vantage, a 211-unit apartment community in St. Petersburg. Mike Lemon and Matt Shane of Q10 Lutz Financial Services arranged the loan on behalf of the project developer, Michigan-based DevMar Development. The 11-story apartment community will feature a rooftop pool, terrace and veranda, fitness center and a yoga room. The property is located one mile from downtown St. Petersburg within the EDGE district, a walkable community that houses retail, restaurants, nightlife and art galleries. DevMar Development expects to deliver The Vantage in September 2019.
MIAMI BEACH, FLA. — HFF has arranged a $23 million loan for the refinancing of Fifth and Lenox, a 43,500-square-foot office building located at 429 Lenox Ave. in Miami Beach. Paul Stasaitis and Maxx Carney of HFF arranged the floating-rate loan through Granite Point Mortgage Trust Inc. on behalf of the borrower, an affiliate of Goddard Investment Group. The five-story building is fully leased to WeWork on a triple-net basis through 2031. Fifth and Lenox features common lounge areas, soundproof phone booths, conference rooms, printing stations, a coffee bar with baristas and a dog-friendly workspace.
INDIANAPOLIS — KeyBank Community Development Lending & Investment has provided $17.1 million in financing for the renovation of Lakes at Crossridge, an affordable housing community in Indianapolis. Victoria O’Brien and Al Beaumariage of KeyBank originated the financing, which included a $10.2 million Freddie Mac tax-exempt loan and a $6.9 million LIHTC (Low-Income Housing Tax Credit) equity investment. Formerly known as Farmington Lake Apartments, the property features 252 units across 21 buildings. All of the one- and two-bedroom units are reserved for residents earning at or below 60 percent of the area median income. The renovation plan includes replacement of all HVAC systems, water heaters, doors and windows, and the installation of energy-efficient fixtures. Planned community improvements include a new computer lab, a key fob building entry system, new playground, bike racks, outdoor entertainment areas and a camera security system.
SALT LAKE CITY — Tower Commercial Mortgage has arranged $2.9 million in Freddie Mac permanent financing for Brickyard Apartments, a multifamily property in Salt Lake City. The loan features a 10-year term with a 10-year floating-rate extension and a 30-year amortization schedule. The undisclosed sponsor completed the 24-unit property in August 2017, and the property was stabilized in December 2017. Mike Del Carlo of Tower Commercial Mortgage arranged the financing for the borrower.
LOS ANGELES — Quantum Capital Partners has secured a $25 million refinancing on behalf of Park City LLC for City Park Apartments, a 130-unit community located near the University of Southern California in downtown Los Angeles. The property consists of two four-story buildings offering two- and three-bedroom units. Shared amenities include on-site parking, a fitness center and a recreation room. Although the property is not operated as traditional student housing, the community’s proximity to USC has made it an option for students. The community was 99 percent occupied at the time of financing.
