TAMPA, FLA. — Related Development LLC, an affiliate of Miami-based The Related Group, has secured $52 million in construction financing through SunTrust Bank for a 396-unit apartment community in Tampa’s Westshore neighborhood. Town Westshore will include 396 units situated on approximately eight acres of land. The four-story development will feature fitness and yoga studios, saunas, massage treatment rooms, dining rooms and concierge services.
NOVI, UTICA AND SUPERIOR TOWNSHIP, MICH. — Love Funding has secured $97 million in FHA financing for five multifamily properties in Michigan and Illinois. The five loans will be used for the construction, rehabilitation or refinancing of the properties. Bruce Gerhart of Love Funding secured a $33.3 million FHA 221(d)(4) new construction loan for Manchester, a market-rate apartment community in the Detroit suburb of Novi adding 172 units. A $22.5 million FHA 221(d)(4) new construction loan will be used for Encore Townhomes, a market-rate townhouse community being developed in Utica, Mich. An $11.2 million FHA (223)(f) loan will refinance Danbury Park Manor, an existing 151-unit Section 8 multifamily community in Superior Township, Mich. The two remaining FHA (223)(f) loans will be used for the refinancing of two seniors housing Section 8 communities in Illinois. The borrower was not disclosed.
MADISON, WIS. — KeyBank Real Estate Capital has provided $23.8 million in Fannie Mae loans for the acquisition of Hanover Square Apartments and Prairie Park Senior Apartments in Madison. Hanover Square is an affordable housing property built in 2002. Of its 65 units, 57 are set aside for households earning from 30 to 60 percent of the area median income. Prairie Park is a seniors housing property constructed in 2003. Of its 96 units, 90 are set aside for seniors earning 30 to 60 percent of the area median income. KeyBank also refinanced Hollow Creek in Conroe, Texas. John Gilmore of KeyBank arranged the financing for the borrower, Harmony Housing.
LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, qualified for Fannie Mae’s Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae’s Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improvements allowed the borrower to secure competitive loan terms while ensuring more sustainable operations and cost savings for years to come. Walker & Dunlop closed the four interest-only loans.
LOS ANGELES — Business Finance Capital (BFC) has serviced more than $148 million in SBA 504 funds in Los Angeles so far in 2017. The certified development company has completed a total of 106 SBA loans, which are designed to assist businesses seeking finance mechanisms such as real estate and machinery. The program works by distributing the loan across three parties: a conventional lender (50 percent), a nonprofit certified development company such as BFC (40 percent) and the buyer (10 percent). BFC also services the 504 Refinance Program. BFC services a range of industries, including wholesalers and distributors, manufacturers, assisted living facilities, hotels, law practices, medical and dental offices, car washes, construction companies and more.
NEW YORK CITY — HFF has secured $80 million in construction financing for the ground-up development of a boutique condominium property located at 17 Jane St. in Manhattan’s West Village. Christopher Peck and Scott Aiese of HFF arranged the first mortgage and mezzanine loans for the borrower, Edward J. Minsoff Equities Inc. Designed by London-based David Chipperfield Architects, the property will feature a three-, four- and five-bedroom condominiums. Completion is slated for third quarter 2018.
RYE, N.H. — National Health Investors Inc. (NYSE: NHI) has financed the acquisition of a 40-unit memory care community in Rye, located along the coast near the Maine border. The investment totaled $10 million. The borrower is Evolve Senior Living, a first-time partner for NHI. The property was built in 2013. The loan is secured with a first mortgage with an initial term of five years, renewal options and an interest rate of 8 percent. NHI funded the investment through its revolving credit facility. NHI has an option to purchase the property after 24 months if certain performance goals are achieved.
FORT WORTH, TEXAS — Hunt Mortgage Group has secured $27.6 million in refinancing for eight skilled nursing facilities located throughout Texas. HUD’s Fort Worth office provided the funds to the borrower, Senior Living Properties LLC, which owns and operates 31 skilled nursing facilities in Texas. Proceeds from the loans will also be used for capital repairs and improvements.
CARROLLTON, TEXAS — Walker & Dunlop has arranged $18.4 million in refinancing for The Flats at Frankford Station, a 185-unit apartment complex located at 1652 W. Frankford Road in Carrollton. Property amenities include a putting green, pet spa, pool and an outdoor kitchen. Stuart Wernick and Matt Newton of Walker & Dunlop arranged the 10-year Fannie Mae loan on behalf of Frankfurt Properties LLC. A portion of the funds will be used to pay off existing construction debt.
NEW YORK CITY — Equicap has closed a $16 million bridge loan for two retail properties located in the Bay Ridge section of Brooklyn for an undisclosed borrower. The loan was used to acquire two Santander locations that were owned by Santander Bank. Both locations included accompanying retail space, some of which was occupied and vacant. Daniel Hilpert of Equicap arranged the financing for the borrower.