ALBANY, N.Y. — KeyBank Community Development Lending & Investment has partnered with Riverside Capital to provide a $12.7 million Low Income Housing Tax Credit (LIHTC) equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments, an affordable housing development in Albany, NY. The project will be financed with a combination of LIHTC equity and tax-exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a House NY Mitchell Lama subsidy loan and existing reserves. The property features 188 LIHTC-regulated units serving families that earn up to 60 percent of the area median income. Of these units, 131 will be covered by a 20-year Housing Assistance Payments contract allowing families who are eligible for the HAP subsidized units to pay no more than 30 percent of their income toward rent. Skyline Gardens Apartments was originally built in 1973. It was last renovated more than 20 years ago. Tori O’Brien of of KeyBank Community Development Lending arranged the financing.
COLUMBUS, OHIO — PGIM has provided a $33 million, two-year bridge loan for the Graceland Retail Center in Columbus. The shopping center spans 320,000 square feet. Anchor tenants include Kroger, LA Fitness and Michaels. The center was originally constructed in 1954 and redeveloped in 2005. Christy Lockridge and Craig Foreman of PGIM led the loan transaction on behalf of PGIM. Unnamed institutional investors were the borrowers. “This loan on a grocery-anchored retail center will help the sponsor make improvements at the property to achieve its business plans,” says Marcia Diaz, global head of originations at PGIM Real Estate Finance. “This financing represents the first of many we would like to realize in the core-plus space. Our expansion will continue through identifying both stabilized and transitional properties that meet our financing criteria.”
IRONTON, OHIO — KeyBank Real Estate Capital has arranged a $6.9 million FHA loan for the renovation of Sherman Thompson Towers Apartments in Ironton, located in southernmost Ohio along the Ohio River. The affordable seniors housing property consists of 151 units, each of which are designated for residents earning 30 to 60 percent of the area median income. The Ohio Housing Finance Agency provided tax credits for the project. Jeff Rodman of KeyBank arranged the loan for the borrower, Millennia Housing Development Ltd.
NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Trinity Wall Street in arranging $400 million of acquisition financing secured by 375 Hudson Street in Manhattan. The senior mortgage financing was provided by affiliates of Goldman Sachs Mortgage Company. The 19-story Class A office and retail property was constructed in 1987; it contains nearly 1.1 million square feet of rentable area including 17 floors of office space, prime ground-floor retail space, a gym and rooftop outdoor running track, 46,000 square feet of storage space as well as a two-level, 100-space parking garage. The property’s office space is fully leased, anchored by Saatchi & Saatchi, which occupies more than 62 percent of the space. Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented Trinity Wall Street.
MALVERN, PA. — KeyBank has provided a $49.3 million CMBS first-mortgage loan for the acquisition of Great Valley Commerce Center, a Class A office property in Malvern. The two-building property totals 356,223 square feet. The buildings were constructed in 1968 and 1975 and were renovated in 2010 and 2011. Current tenants include DaVita, Unisys Corp. and HERE Holding. John Christen of KeyBank arranged the 10-year loan, which has an amortization schedule of 30 years. KeyBank will also originate a $5 million mezzanine loan with a 10-year interest-only period.
MINNEAPOLIS — Deering Commercial Mortgage LLC has arranged a $16.5 million loan for the refinancing of a student housing property in Minneapolis. The 92-unit property, called 1301 University, is located near the University of Minnesota. The building features studio, one-, two-, three- and four-bedroom units. Amenities include a fitness center and underground parking. Len Deering of Deering Commercial Mortgage arranged the 10-year loan. Goldman Sachs provided the loan.
SOUTH DARTMOUTH, MASS. — Claremont Cos. has received $17.6 million in affordable housing financing from MassHousing for the refinancing of Solemar at South Dartmouth. The refinancing of the mixed-income seniors housing community preserves the affordability of the property’s 100 affordable units through 2034. Claremont Cos. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. Built in 1977, Solemar at South Dartmouth features 200 mixed-income rental units across 25 buildings. Fifty of the affordable units are rented to residents earning at or below 50 percent of the area median income (AMI), and 50 are rented to residents earning at or below 80 percent of AMI. The remaining 100 units are rented at market rate.
LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, AvalonBay Communities (NYSE: AVB). New York Life was the lender. AvalonBay Communities is a real estate investment trust that owns and manages apartment properties concentrated in the Northeast and Western regions. Bellwether Enterprise is a subsidiary of Enterprise Community Investment. — Kristin Hiller
SAN FRANCISCO — Grandbridge Real Estate Capital has arranged a $90 million refinancing for the 414-unit South Beach Marina Apartments in San Francisco. The community is located at 2 Townsend St. in the South of Market (SOMA) neighborhood. South Beach was built in 1989. It features 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Community amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool and spa and fitness center. The permanent, fixed-rate loan was funded through one of Grandbridge’s insurance company correspondents and structured with a 12-year, interest-only term. The borrower is a state pension fund advised by L&B Realty.
LOS ANGELES — Red Stone Tax-Exempt Funding LLC recently provided $18.8 million in bond financing to BlueGreen Preservation and Development. The tax-exempt bonds will be used to acquire and rehabilitate a 90-unit portfolio of affordable seniors housing properties in the Los Angeles metro area. The properties acquired are Pacific Rim Apartments, Rancho Del Valle and Maple Park Apartments. The properties all benefit from Section 8 rental subsidies that were extended for 20 years to ensure the long-term affordability of the communities for low-income seniors. The rehabilitation budget for the properties is more than $35,000 per unit. BlueGreen is a California-based company that develops and preserves affordable housing.