MILWAUKEE — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 112-unit multifamily property in Milwaukee. Located in the Timmerman West neighborhood, the property consists of seven two-story buildings with a retail component. Amenities include a pool, running paths, underground parking, laundry facilities and on-site property management. The complex was built in 1984. Igor Zhizhin of ASC arranged the non-recourse loan through a Fannie Mae DUS lender.
NEW YORK CITY — Ceruzzi Holdings and SMI USA have received $200 million in pre-development financing for 520 Fifth Avenue, a to-be-built, mixed-use property in Manhattan. Christopher Peck and David Nackoul of HFF arranged the floating-rate loan through Mack Real Estate Credit Strategies for the joint venture borrowers. Proceeds of the loan will be used to repay existing debt, conclude design and move forward with pre-development work. Situated at the corner of 43rd Street and Fifth Avenue, the development will comprise approximately 425,000 square feet, including luxury condominiums, a five-star hotel and more than 33,000 square feet of Fifth Avenue retail space.
MIAMI — Miami-based development firm Terra, in partnership with Mayfair Real Estate Advisors, has secured a $32 million construction loan from BB&T Bank for the development of Mary Street, a Class A office and retail complex in Miami’s Coconut Grove neighborhood. Designed by Touzet Studio, the project will transform a parking garage into 78,000 square feet of office space with 18,000 square feet of ground-level retail space. The building will feature 24-hour security, above ground public and office parking, electric car charging stations, bicycle stations and bicycle storage. Construction is expected to begin next month, with completion slated for late 2018.
OMAHA, NEB. — Capital One has arranged a $14.6 million Fannie Mae loan for the acquisition of Maplewood Estates in Omaha. The 397-unit manufactured housing community was built in 1973. The 10-year loan features a 30-year amortization schedule. Damon Reed of Capital One arranged the loan. The purchase was part of a 1031 exchange. Capital One also provided financing for the acquisition of Country Acres Village, a manufactured housing community in Kalamazoo, Michigan.
NEW YORK CITY — JLL has secured a total of $88 million in refinancing for Pine Hills South and Medford Pond, a pair of gated apartment communities in Long Island. The borrower was Heatherwood Luxury Rentals. JLL originated a 10-year, $57 million loan for Pine Hills South and a 10-year, $31 million loan for Medford Pond. Financing was provided by Freddie Mac. Aaron Appel and Jonathan Schwartz of JLL arranged the refinancing. Pine Hills South features 700 units and Medford Place features 200 units.
OLIVE BRANCH, MISS. — KeyBank Real Estate Capital has arranged $21.4 million in financing for Annandale Gardens, a 400-unit apartment community in Olive Branch, roughly 25 miles south of Memphis, Tenn. Caleb Marten of KeyBank arranged the seven-year financing through Fannie Mae with a one-year interest-only period and 30-year amortization schedule. The garden-style property was built in 1998 with Phase II constructed in 2001, and features a fitness center, two swimming pools, playground area and onsite car wash.
HOLLYWOOD, CALIF. — George Smith Partners has arranged $26.5 million in refinancing for Gershwin Apartments, a mixed-use property located on Hollywood Boulevard in Hollywood. The borrowers, which acquired the property in 2015, are Massie Capital and Glenn & Shannon Dellimore. The property features 163 apartments and 10,500 square feet of ground-floor retail space. Shahin Yazdi of George Smith Partners secured the financing for the borrowers.
AUSTIN, TEXAS — Hunt Mortgage Group has arranged $27.7 million in refinancing for a pair of retail centers in Austin. The company arranged $11.2 million for The Linc, a 178,743-square-foot center situated on 15.6 acres at 6406 N. Interstate 35 Frontage Road and $16.5 million for The Crescent, an 117,980-square-foot property situated on 12.3 acres at 6929 and 6903 Airport Blvd. Both loans, which were arranged on behalf of California-based development firm Misuma Holdings, are structured as 36-month, floating-rate deals.
NOVI, MICH. — Love Funding has provided a $33.3 million loan for the construction of Manchester, a 172-unit apartment community in Novi, a suburb of Detroit. The 23-building property will feature two- and three-bedroom townhome units. Fairview Construction is building the development, while Alexander V. Bogaerts & Associates provided design services. KMG Prestige will manage the property. Bruce Gerhart of Love Funding originated the 40-year loan through the HUD 221(d)(4) loan insurance program. Real estate developers Michael and Carolina Furnari and James George were the borrowers.
NEW YORK CITY — Meridian Capital Group has arranged $19 million in ground-up construction financing for the development of Element88, a residential condominium project located in Brooklyn’s Williamsburg neighborhood. The borrowers are RYBAK Development and BK Developers. The 24-month loan, provided by two regional banks, features a floating rate and one six-month extension option. Sean Robertson of Meridian negotiated the loan. Located at 88 Withers St., the eight-story, 50,000-square-foot building will feature 33 units, 5,000 square feet of retail space and 25 covered parking spaces. Sales at Element88 will begin in first quarter 2018, with unit delivery by summer 2018.
