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.
STAFFORD, TEXAS — Mission Capital Advisors has arranged $10.5 million in first mortgage financing for Avera Commerce Center, a 16-building industrial complex in Stafford, a southwestern suburb of Houston. Situated on 14.5 acres at 3928-4012 Bluebonnet Drive, the property measures 249,823 square feet. Ari Hirt, Steven Buchwald, Eugene Shevaldin, Lexington Henn and Will Sledge of Mission Capital arranged the loan on behalf of the borrower, Raith Capital Partners. Raith will use a portion of the non-recourse loan to make capital improvements to Avera Commerce Center.
NORTHFIELD, MINN. — Dougherty Mortgage LLC has provided a $4.6 million HUD loan for the refinancing of Summerfield Apartments in Northfield, about 40 miles south of Minneapolis. Per a land use restriction agreement, 20 percent of the 112 units at the property are designated for affordable housing. The property was built in 1980 and renovated in 2003. Dougherty’s Minneapolis office arranged the 35-year loan for the borrower, Summerfield Investments LLC.
LOXLEY AND BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has arranged three loans totaling $37.4 million for industrial facilities in Alabama. The financing includes a $13.1 million loan for I-10 Business Park, a 977,520-square-foot industrial/bulk warehouse complex in the Mobile suburb of Loxley; a $12.8 million loan for Oxmoor South, a 528,428-square-foot warehouse in Birmingham; and a $11.5 million loan for a 515,000-square-foot distribution center in Birmingham. William Silsbee of Grandbridge arranged all three loans through unnamed life insurance companies.
GREER, S.C. — Love Funding has provided a $10.8 million loan to convert a former textile mill into Lofts by the Lake at Apache Mill, a proposed 97-unit apartment community in Greer. The development team is led by real estate veteran Dale Goodrich. Tammy Tate of Love Funding arranged the loan through HUD’s 221(d)(4) loan insurance program, which provides low-rate financing during construction and for a subsequent 40-year term. The transaction also makes use of federal and state historic tax credits, as well as state textile mill credits. Since the majority of the tax credits aren’t available until final completion, Tate also helped arrange a bridge loan for the borrower through Love Funding’s parent company, Midland States Bank. The 7.2-acre property was originally developed in the mid-1830s, and the first modern mill was constructed as a brick facility in 1988. The proposed apartment community will feature two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units and communal resources including lake access and kayak shoots. The project team includes architect Joe W. Hiller Jr. and general contractor Triangle Construction Co. Blue Ridge Property Management will manage Lofts by the Lake at Apache Mill upon completion.
RICHMOND HEIGHTS, MO. — Associated Bank has provided an $8 million loan for the redevelopment of the former Manhasset Village apartment complex in Richmond Heights, a suburb of St. Louis. The four-building property is located at 1351 McCutcheon Ave. The project, the second phase of redevelopment at the community, will update a total of 46 apartments including a mix of one-, two- and three-bedroom floor plans ranging in size from 762 to 1,465 square feet. Residents moved into the first phase of the project, EVO, in fall 2016. Phase II is slated for completion in late 2017 or early 2018. Edward Notz of Associated Bank managed the loan for the borrower, Draper and Kramer Inc./MV Two LLC.
DALY CITY, CALIF. — CBRE has arranged an undisclosed amount of financing for a large private equity fund. The borrower will use the funds to refinance debt on Peninsula Del Ray, a 207-unit independent living and assisted living community in Daly City. The property totals 304,350 square feet and is situated 9.5 miles south of downtown San Francisco. Aron Will of CBRE National Senior Housing arranged the four-year, floating-rate loan. A regional bank provided the capital.
SAN JOSE, CALIF. — Greystone, a real estate lending, investment and advisory company, has provided a $27.5 million loan for Oakmont of San Jose, a 66-unit assisted living and memory care community in San Jose. The Freddie Mac loan provides permanent financing to help with lease-up following the recent completion of the community. The loan has an 11-year term with a fixed rate and 30-year amortization schedule. The new financing replaces the remaining balance on the community’s construction loan. Scott Kavel, Neal Raburn and Cary Tremper of Greystone originated the financing.
