Loans

KeyBank Provides $17.1M in Financing for Renovation of Affordable Housing Community in Indianapolis

by Kristin Harlow March 20, 2018

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.

March 20, 2018

Loans Multifamily Utah Western

Tower Commercial Arranges $2.9M in Financing for Multifamily Property in Salt Lake City

by Amy Works March 20, 2018

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.

March 20, 2018

California Loans Multifamily Western

Quantum Capital Secures $25 Million Refinancing for Apartment Community Near USC

by Amy Works March 19, 2018

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.

March 19, 2018

Illinois Loans Midwest Retail

MidCap Financial Provides $18M Loan for 362,000 SF Retail Center in Aurora, Illinois

by Kristin Harlow March 19, 2018

AURORA, ILL. — MidCap Financial has provided an $18 million senior loan for the acquisition and refinancing of a 362,000-square-foot retail center in Aurora. Chicago-based Windfall Group was the borrower. Best Buy, Value City Furniture and Pier 1 Imports anchor the center, which is located north of Fox Valley Mall. Windfall plans to rename the center Pacific Square and remodel it with new restaurants and shops. Jessica Ke of Cushman & Wakefield and John Leslie of Eastern Consolidated arranged the loan.

March 19, 2018

Loans Northeast Pennsylvania

Pillar Originates $20M Refinancing for Manufactured Housing Portfolio in Pennsylvania

by David Cohen March 16, 2018

PENNSYLVANIA AND MARYLAND — Pillar Financial has originated more than $20 million in fixed-rate, full interest-only 10-year terms through Fannie Mae for the refinancing of a manufactured housing community portfolio. The portfolio consists of three properties in Pennsylvania and one in Maryland. Cullen O’Grady of Pillar sourced the portfolio through Michael Cordes of Columbia National Real Estate Finance. The three Pennsylvania-based properties, The Chesapeake Estates at Grantville, Chesapeake Estates at New Oxford and Walnut Grove, include a total of 689 pads. All three are located 15 miles northeast of Harrisburg, Pa. The Maryland property, called Darlington Mobile Homes Estates, is located 35 miles northeast of Baltimore and has 67 pads.

March 16, 2018

Connecticut Loans Multifamily Northeast Seniors Housing

Grandbridge Provides $35M Freddie Mac Refinancing for Community in Connecticut

by David Cohen March 16, 2018

NEW CANAAN, CONN. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has provided a $35 million Freddie Mac refinancing for Brightview on New Canaan. The 90-unit seniors housing community is located in New Canaan, a suburb of Norwalk approximately 35 miles northeast of New York City. The permanent, fixed-rate financing features a 10-year term and 30-year amortization. Richard Thomas and Meredith Davis originated the loan.

March 16, 2018

Loans Multifamily Texas

CBRE Arranges $10M Acquisition Loan for 192-Unit Apartment Community in Houston

by Taylor Williams March 16, 2018

HOUSTON — CBRE has arranged a $10 million acquisition loan for North Park Apartments, a 192-unit multifamily community in Houston. The property offers one- and two-bedroom units and amenities such as a pool, laundry services and playground. Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan on behalf of Clear Sky Capital, a Phoenix-based private equity firm. Goldman Sachs originated the funds.

March 16, 2018

California Loans Mixed-Use Multifamily Retail Western

Fremont Hills Development Receives $65M Construction Loan for Mixed-Use Project in Fremont, California

by Amy Works March 15, 2018

FREMONT, CALIF. — Fremont Hills Development Corp. has received a $65 million construction loan for the development of a mixed-use project in Fremont. Parkview Financial provided the loan. Designed by Hoover Associates Architects and situated on 12.9 acres, the development will feature 158 multifamily units and 53,900 square feet of retail space. Community amenities will include a private second-floor courtyard, and a landscaped playground and park area with trails. Each unit will feature central air, in-unit laundry facilities, stainless appliances, quartz countertops, engineered hardwood floors and a private deck.

March 15, 2018

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $26.4M Acquisition Financing for 138-Unit Seniors Housing Community in Washington

by Amy Works March 15, 2018

KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state. A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.

March 15, 2018

Affordable Housing Loans Multifamily Oklahoma Texas

Greystone Closes $38.5M in Financing for Affordable Housing Portfolio in Oklahoma

by Taylor Williams March 15, 2018

RALEIGH, N.C. — Raleigh-based Greystone Affordable Development has closed $38.5 million in financing for the rehabilitation and development of a portfolio of affordable housing properties in Oklahoma. The multifamily portfolio consists of 13 properties totaling 294 units and serving low-income households across eight counties in Oklahoma. The financing was secured on behalf of Oklahoma-based Green Cos. Development Group Inc., which owns and operates the properties. Most of the funds were placed through USDA’s Rural Housing Services and the Oklahoma Housing Finance Agency.

March 15, 2018

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