MICHIGAN — Greystone has provided 13 HUD-insured loans totaling $79 million for the refinancing of The Altman Cos.’ multifamily portfolio in Michigan. The loans feature long-term, fixed-rate financing. The 13 properties are a blend of market rate and Section 8 housing units. The buildings are located throughout the state, from the Upper Peninsula to Roseville, about 18 miles north of Detroit. In addition to The Altman Cos.-owned properties, the refinanced portfolio includes one property owned by a private real estate group and two affordable housing communities, Charter Square and Green Hill apartments, which are owned by The Boys & Girls Club Non-Profit Housing Corp., with the proceeds going to The Boys & Girls Club of Lansing.
LOS ANGELES — The Yucaipa Companies has received a $93 million loan for the 384-room Line Hotel in Los Angeles. The newly renovated lifestyle hotel is located in the Koreatown neighborhood. The 12-story, full-service boutique hotel opened in 2014. The Line is a new lifestyle hotel brand owned by Ron Burkle’s Yucaipa Companies and managed by Sydell Group, a hotel management company co-founded by Burkle and Andrew Zobler. The funds were used to refinance an existing renovation loan after recent multi-million-dollar improvements at the property. The new loan will also provide additional funding for minor ongoing property renovations. The sponsors plan to reposition the first-floor lobby and restaurant areas, as well as upgrade the grand ballroom. Natixis provided the loan.
LOS ANGELES — Square Mile Capital Management has originated a $70.5 million loan that is secured by a 415,000-square-foot office building in the Koreatown neighborhood of Los Angeles. The 22-story building is located at 3600 Wilshire Blvd. The property spans a full city block from Wilshire to 7th Street. It also includes an 825-space parking deck behind the office building. Jamison Services acquired the building in 1999 and is refinancing the existing debt. Square Mile’s loan also includes proceeds to fund future capital expenditures and leasing costs.
FAIRVIEW, TEXAS — Meridian Capital Group has arranged $32 million loan for the acquisition for Sorrel Fairview, a 267-unit, Class A multifamily community located at 351 Sugarloaf Trail in the Dallas metro of Fairview. The property features a clubhouse with lounge areas, game room, resort-style pool, fitness center and an on-site car washing service. Abe Hirsch, Moshe Majeski and Zec Karpel of Meridian Capital arranged the five-year loan with a 4 percent fixed interest rate and three years of interest-only payments, on behalf of New York-based Azure Partners LLC.
NEW YORK CITY — M&T Realty Capital has provided a $10 million Freddie Mac loan for the permanent financing of Carmel Place, a micro-unit building located at 335 E. 27th St. in New York City. Monadnock Development developed the 55-unit building that features studio apartments, 40 percent of which are affordable units. At the time of financing, the property was 100 percent leased. Michael Chavkin, Joe Pizzutelli and Douglas Tilley of M&T Realty Capital arranged the transaction. M&T Bank provided construction financing for the project.
BUTLER, N.J. — Cronheim Mortgage has arranged $8.5 million in financing for two garden apartment developments in Butler. Provided by Southern Farm Bureau Life Insurance, the 10-year loan features a 25-year amortization schedule and a fixed interest rate. Butler Ridge features 188 units in a mix of studio, one- and two-bedroom units, and Butler Arms features 30 one-bedroom units. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and closed the loans.
MIDDLE RIVER, MD. — Walker & Dunlop has arranged a $72.6 million construction loan for The Berkleigh, a Class A apartment community in Middle River, roughly 10 miles east of Baltimore. Dee McClure of Walker & Dunlop structured the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing. The financing included a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed-rate loan with a debt service coverage ratio of 1.176x. The Berkleigh is part of the Baltimore @ 95, a master-planned, mixed-use development that will contain office, flex and retail space, as well as hotels, single-family homes, townhouses and apartment communities.
SALT LAKE CITY — NorthMarq Capital has acquired Western Capital Realty Advisors, a commercial mortgage banking firm in Salt Lake City. Western Realty Capital’s founder, John Bradshaw, joins the company as a managing director. The acquisition includes a $400 million loan servicing portfolio. Principals Nate Barnson, Larry Pinnock and Dale Christiansen will join NorthMarq, along with Tara Jewkes and Tom Bradshaw. The firm’s principals have completed more than $4 billion in commercial real estate debt and equity transactions and have relationships with many Utah-based developers. The office will begin operating as NorthMarq Capital immediately.
Harborview Arranges $20.7M Acquisition Loan, Line of Credit for Skilled Nursing Facility in New York
WESTCHESTER, N.Y. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $19.2 million bridge-to-HUD acquisition loan and $1.5 million line of credit for a skilled nursing facility in the New York City suburb of Westchester. A national lender provided the capital. The financing features a LIBOR-based rate, three-year term, interest-only payments for the full term and an 80 percent loan-to-cost ratio. Eli Kutner and Jonathan Kutner of Harborview negotiated the financing.
LANSING, MICH. — Arbor Realty Trust Inc. has provided a $16.5 million loan for the refinancing of Towne Square Apartments in Lansing. Formerly known as College Towne West, the property features 532 units. The property is located near Michigan State University and includes amenities such as a sauna and tanning bed. Michael Jehle of Arbor originated the loan, which features a 29-year amortization schedule.