LAWRENCE, KAN. — NorthMarq Capital has arranged a $2.8 million loan for the refinancing of Jacksonville Apartments in Lawrence, about 40 miles west of Kansas City. The 88-unit apartment property is located at 700 Monterey Way. Brent Blake of NorthMarq arranged the 10-year loan through Freddie Mac’s small balance loan program.
TOMS RIVER, N.J. — Love Funding has closed an $8.1 million refinancing for Magnolia Gardens Assisted Living Facility, a 79-unit community in Toms River, located near the coast east of Philadelphia and south of New York City. Love Funding’s Laura Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term. Magnolia Gardens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program. The current refinancing, which locks in a lower interest rate for a 35-year term, will generate debt service savings. Magnolia Gardens was built in 2002 and will continue under the management of ML Healthcare Associates Inc.
BETHESDA, MD. — Capital One has provided $311 million in financing to recapitalize a 28-asset medical office building portfolio located across 11 states. The portfolio was 95 percent leased to 150 tenants at the time of sale, with eight of the buildings each occupied by a single tenant. The borrower was a joint venture between an institutional investor and another joint venture between Kayne Anderson Real Estate Advisors and MB Real Estate Healthcare, which previously owned the 1.5 million-square-foot portfolio. Six of the 28 buildings are located on or adjacent to a health system campus. In addition to the principal loan, the financing included a loan for one property that required separate financing due to ground-lease restrictions.
AUGUSTA, GA. — Grandbridge Real Estate Capital, a subsidiary of Branch Banking & Trust Co. (BB&T), has arranged a $38 million Freddie Mac loan for the refinancing of Grand Oaks at Crane Creek, a 300-unit multifamily community in Augusta. Bill Mattice and Phillip Cox of Grandbridge arranged the seven-year loan with a 30-year amortization schedule and a floating interest rate starting in the 3 percent range. The borrower was not disclosed. Grand Oaks at Crane Creek features a pet wash station, fitness center, spin room, yoga studio, shuffleboard and a resort-style saltwater pool with a sundeck.
DAYTON, OHIO — KeyBank Community Development Lending & Investment (CDLI) has provided $5.7 million in construction financing for Audubon Crossing, an affordable seniors housing property in Dayton. The 50-unit apartment community will be restricted to renters age 55 and older. The project will be restricted to households with incomes that are 35 to 60 percent of area median income (AMI). The property is part of a larger development known as Salem Crossing Hope IV. Kelly Frank of KeyBank arranged the loan for the borrower, The Woda Group Inc. The project utilizes multiple sources of funding, including an allocation of 4 percent Low Income Housing Tax Credits (LIHTC), City of Dayton HOME funds, a Replacement Housing Factor (RHF) loan from Greater Dayton Premier Management and a Housing Development Assistance Program (HDAP) loan.
SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …
BETHESDA, MD. — Capital One has provided a $51 million Fannie Mae loan for the acquisition of Rock Spring, a 386-unit multifamily community in Bethesda. Kristen Croxton and Greg Reed of Capital One originated the seven-year, fixed-rate loan with three years of interest-only payments and five years of yield maintenance on behalf of the borrower, Fairfield Residential. The property is subject to the Maryland Moderately Priced Dwelling Unit Program, which requires 70 units to be affordable to residents earning no more than 80 percent of the area median income. Rock Spring features a playground, pool, barbeque areas, two clubhouses, computer room and a fitness center.
DESOTO, TEXAS — Dougherty Mortgage LLC has arranged a $6.6 million Fannie Mae loan for the acquisition of Thorn Manor Apartments, a 113-unit multifamily property located at 300 W. Wintergreen Road in the Dallas metro of DeSoto. Dougherty secured the 12-year loan, which has a 30-year amortization schedule, through Old Capital Lending on behalf of the borrower, TM-DeSoto101 LLC.
RICHFIELD, MINN. — Grandbridge Real Estate Capital has arranged $14.4 million in bond financing for the acquisition of Seven Hills Preparatory Academy in Richfield, a southern suburb of Minneapolis. BB&T Capital Markets closed a tax-exempt $13.3 million Series 2017A loan and a taxable $1.1 million Series 2017B loan for the borrower, SHPA ABC. Proceeds from the Series 2017 bonds will be used to acquire the 60,000-square-foot facility, as well as expand the property with the construction of a gymnasium. Interior and exterior renovations will also be made. The school serves students in grades K-8.
TACOMA, WASH. — Berkeley Point Capital has provided a $9.3 million FHA 232/223(f) refinancing for Spring Ridge Assisted Living & Memory Care, a 63-unit seniors housing community in the Seattle suburb of Tacoma. The loan replaces the existing debt on the property, which was for the acquisition, renovation and expansion of the property. Tom White led the transaction out of Berkeley Point’s Bethesda, Md., office. The loan features a 3.45 percent interest rate and an 80 percent loan-to-value ratio.
