ORLANDO, FLA. — Berkadia has arranged a $32 million loan for the acquisition of Courtney at Lake Shadow, a Class A, 244-unit apartment community located at 545 S. Keller Road in Orlando. Berkadia’s Charles Foschini and Christopher Apone arranged the seven-year, floating-rate loan with three years of interest-only payments through Freddie Mac on behalf of the borrower, Harbor Group International. Built in 2016, the lakefront community features one-, two-, and three-bedroom units, a fitness center, game room, pet washing station, internet cafe and on-site management offices.
ATLANTA — KeyBank Real Estate Capital has provided a $20.8 million Freddie Mac acquisition loan for Village on the Green, a 216-unit multifamily property located at 2975 Continental Colony Parkway in Atlanta. KeyBank’s Timothy Weldon and Irena Edwards structured the fixed-rate financing with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Property amenities include a fitness center, resort-style pool, playground and a tennis court.
HOUSTON — JLL has arranged a $163.5 million loan for the refinancing of 717 Texas Avenue, a 696,000-square-foot, 33-story office tower in downtown Houston. Developed in 2003, the property was fully leased until recently, when a major tenant vacated, bringing the occupancy rate down to 50 percent. Tom Melody and John Ream of JLL arranged the financing through Goldman Sachs on behalf of a partnership between Hines and California-based Prime Asset Management.
HOUSTON — Pioneer Realty Capital has closed a $3.2 million loan for the acquisition of USA Wheel & Tire Outlet, a 48,000-square-foot flex property located at 6628 Gulf Freeway in Houston. Pioneer Realty Capital arranged the loan on behalf of Aslam Property Inc., which will use the space for warehousing purposes. The transaction marks the third collaboration between Aslam and Pioneer Realty Capital within the last year.
INDIANAPOLIS — CBRE has arranged a $6.6 million loan for the refinancing of Beech Grove Village Apartments in Indianapolis. The 10-year loan includes a 20-year amortization schedule. Jason Brown and Dan Gable of CBRE arranged the Freddie Mac loan on behalf of Community Reinvestment Foundation Inc., an Indianapolis-based non-profit group that focuses on providing affordable housing options.
MORRISTOWN, PA. — NorthMarq Capital has arranged $2.5 million in supplemental financing for Castle Club Apartments in Morristown. The property features 158 multifamily units. Robert Ranieri of NorthMarq secured the six-year loan, which features a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.
KALAMAZOO, MICH. — Capital One has provided a $15.3 million Fannie Mae loan for the acquisition of Country Acres Village in Kalamazoo. The 320-space manufactured housing community (MHC) is restricted to residents 55 years of age and older. Built in three separate phases between 1976 and 1990, the community features amenities such as an indoor pool and spa, fitness center and community building. Damon Reed of Capital One originated the 10-year loan, which includes a 30-year amortization schedule. The sponsor is an investor that operates 10 MHC communities in Washington and Oregon.
HOUSTON — Whitestone REIT has landed an $80 million loan for the acquisition of BLVD Place, a 216,692-square-foot mixed-use asset located at 1700 Post Oak Blvd. in the Galleria area of Houston. Anchored by Whole Foods Market, the property was 99 percent occupied at the time of loan closing to tenants such as Frost Bank, Verizon Wireless and True Food. Matt Kafka and Kelly Layne of HFF arranged the 10-year, fixed-rate loan. Whitestone acquired the property for approximately $158 million from a partnership between San Francisco-based asset management firm Bailiard Inc. and local developer Wulfe & Co.
CYPRESS, TEXAS — KeyBank Real Estate Capital has provided a $33.2 million first mortgage loan for North Haven Apartments, a 310-unit multifamily community located at 17802 Mound Road in Cypress. Trevor Ritter of KeyBank arranged the 10-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the undisclosed borrower.
HOUSTON — Hunt Mortgage Group has provided a $11.6 million Fannie Mae loan for the refinancing of Northland Woods Apartments, a 280-unit, garden-style multifamily community located at 15165 Vickery Drive in Houston. Built in 2005, the 21-building property features two pools, a business center, on-site laundry facilities and a fitness center.