FORT WORTH, TEXAS — Mason Joseph Co. Inc., a San Antonio-based lender, has arranged a $6.6 million loan for the refinancing of Pennsylvania Place Apartments, a 152-unit multifamily complex located at 250 E. Pennsylvania Ave. in Fort Worth’s Medical District. The U.S. Department of Housing and Urban Development provided the 35-year, non-recourse loan to the borrower, Fort Worth Housing Solutions.
DES MOINES, IOWA — Dougherty Mortgage LLC has arranged an $11 million loan for the acquisition of Willow Park Apartments in Des Moines. The apartment property, which consists of 300 units, was built in 1976 and renovated in 2000. The 10-year Fannie Mae loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Willow Park Partners LLC.
LOS ANGELES — Quantum Capital Partners has secured secured $33.5 million in permanent and construction financing for a 60,000-square-foot medical office building and parking structure in downtown Los Angeles. DaVita Healthcare Partners will lease the new space. The facility is being built on a 2.9-acre site at 1120 W. Washington Blvd., near the US 10 and CA 110 interchange. The borrower is Robhana Group, which acquired the development site in 2012. The permanent loan portion of the financing is secured by the fully occupied, 50,000-square-foot building that sits adjacent to the new development.
WACO, TEXAS — Dougherty Mortgage LLC, a Minnesota-based mortgage broker, has arranged an $11.1 million Fannie Mae loan for the acquisition of Blair’s Cove Apartments, a 256-unit multifamily property in Waco. The loan, which was arranged on behalf of Upper Level Acquisitions II LLC, features a 10-year term, 30-year amortization schedule and one year of interest-only payments. The property is located at 2425 S. 21st St., approximately two miles from Baylor University.
WASHINGTON, D.C. — Walker & Dunlop has arranged two loans totaling $183.1 million for Park Chelsea and 2M, two LEED-certified multifamily properties in Washington, D.C. Brendan Coleman, Keith Melton and David Strange led the Walker & Dunlop origination team, which arranged the transactions through Fannie Mae’s Green certification execution for Park Chelsea and the U.S. Department of Housing and Urban Development’s (HUD) refinance program for 2M on behalf of WC Smith, a developer and owner of affordable housing in the Mid-Atlantic region. Situated in Washington, D.C.’s NoMa district, 2M is a LEED Gold-certified property with 93 percent of its units reserved for low-income tenants, including renters using Section 8 vouchers. Community amenities include a rooftop pool, grilling area, indoor fitness center and basketball court and 24-hour concierge services. The property was 99 percent occupied at closing. WC Smith, which closed a HUD development loan for 2M two years ago, will use the $63.8 million loan to refinance existing debt. Park Chelsea is the first of three properties that will be known as The Collective, a rental community located in Washington, D.C.’s Capitol Riverfront. As a LEED Silver-certified building, the property qualified for Fannie Mae’s Green Building Certification financing, which totaled …
PAWTUCKET, R.I. — Webster Bank has secured a $7.2 million portfolio financing deal for Isle Brewers Guild, a craft beer cooperative in Pawtucket co-founded by Devin Kelly and Jeremy Duffy. The Guild is designed to deliver additional capacity, efficiency and control to local brewers. Webster Bank provided $4 million of financing to the Rhode Island Industrial Facilities Corp. in conjunction with a guarantee from the Rhode Island Industrial Recreational Building Authority by purchasing two bonds: one 25-year series and real estate for about $1.4 million plus a 15-year series of $2.6 million for machinery and equipment to establish a brewing operation. Webster also provided $3.1 million under the U. S. Small Business Administration’s 504 program. This portion of the financing consists of $2.8 million of bridge financing and a $350,000 working capital line of credit. Anthony Capuano Jr. of Webster Bank led the transaction.
SAN DIEGO — Gemini Rosemont has received a $33 million loan to refinance a 177,400-square-foot office tower in San Diego’s Little Italy submarket. The 19-story tower is located at 610 West Ash St. It is 97 percent occupied with 13 tenants that include an international cyber security firm and the General Services Administration. A10 Capital is refinancing a short-term loan that funded the building’s acquisition in 2016. A10 structured its financing with a 10-year maturity that included a $2 million rollover reserve for tenant improvements.
GLEN BURNIE, MD. — MidCap Financial has provided a three-year, $20 million acquisition loan for Quarterfield Crossing, a 200-unit, garden-style multifamily community located in Glen Burnie, about 13 miles south of Baltimore. MidCap Financial provided the financing to Blackfin Real Estate Investors and limited partner Capital Solutions. Dan Martin of Walker & Dunlop arranged the financing.
MIAMI — Grandbridge Real Estate Capital has closed a $17.3 million loan for a 375,000-square-foot industrial facility in Miami. The three-building complex was 98 percent leased at the time of financing. Philip Carroll of Grandbridge’s Miami office arranged the seven-year loan with a sub-4 percent fixed interest rate and a 30-year amortization schedule through an unnamed life insurance company.
SAN ANTONIO — Dougherty Mortgage LLC, a Minnesota-based mortgage broker, has secured a $16.5 million Fannie Mae loan for the acquisition of Parc 410 Apartment Homes, a 344-unit multifamily property located at 5927 N.W. Loop 410 on San Antonio’s northwestern side. Property amenities include two pools, tennis and basketball courts, fitness center and a gated dog park. The 12-year loan, which features a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending on behalf of the borrower, 5827 Loop 410 LLC.
