NEW HAVEN, CONN. — Capital One has provided a $32.5 million fixed-rate loan under Fannie Mae’s near-stabilization program to Cooper Church LLC. The borrower used the funds to refinance The Union, a 137-unit apartment building in New Haven. Paul Kesicki of Capital One’s Commercial Real Estate Group originated the transaction. The 10-year loan has three years of interest-only payments followed by amortization on a 30-year schedule and 9.5 years of yield maintenance.
CANTON, TEXAS — Pioneer Realty Capital LLC, a Texas-based commercial real estate lender, has closed a $1 million refinancing loan for a 40-room Motel 6 located along North Trade Days Boulevard in Canton. The Pioneer Realty Capital team provided the owners of Sandy MJ LLC with an expedited closing that enabled the client to avoid pre-payment expenses.
HOUSTON — NorthMarq Capital’s Denver office has secured a $17.6 million acquisition loan for Maxey Village Apartments, a multifamily community located at 666 Maxey Road in Houston. Constructed in 1974, the property consists of 409 units across 10 two-story buildings. The one- and two-bedroom floor plans range from 580 to 986 square feet. Mark Jeffries of NorthMarq Capital arranged the financing on behalf of the borrower, Angelus Capital, a private equity firm headquartered in Austin.
BIRMINGHAM, ALA. — Sentinel Asset Management has provided a $32.4 million acquisition loan for Brookwood Office Center, a nine-story, 169,459-square-foot office building located at 569 Brookwood Village in Birmingham’s Mountain Brook/Midtown submarket. The office building is situated on 5.1 acres within the Brookwood Village mixed-use development. Built in 2007, the property is fully leased to tenants such as Kinder Morgan, Merrill Lynch and PricewaterhouseCoopers. Jos. A. Bank and O’Henry’s Coffees lease the office building’s ground-floor retail space. Ed Coco and Matt Casey of HFF led the debt placement team that represented the borrower, an indirect subsidiary of Preferred Apartment Communities Inc. The 15-year loan features a fixed 3.52 percent interest rate.
TALLAHASSEE, FLA. — NorthMarq Capital has arranged the $10.1 million refinancing of Villa Cristina, a 226-bed student housing community located near Florida State University in Tallahassee. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule. Lee Weaver of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through Freddie Mac. The property offers a mix of one-, two- and three-bedroom units with washers and dryers. Community amenities include a resort-style pool and a computer lab.
WACO, TEXAS — Rushi Shah of Aries Capital’s Chicago office has secured a $6.3 million non-recourse CMBS loan for a 94-key Comfort Suites in Waco. The loan was secured on behalf of the borrower, TJ Patel of Pavansut Hotels LLC. The borrower used the 10-year, fixed-rate loan to pay off an existing full-recourse SBA loan.
SACRAMENTO, CALIF. — Holliday Fenoglio Fowler (HFF) has arranged $41.5 million in financing for a three-property seniors housing portfolio in Sacramento. HFF represented Harbert Seniors Housing Fund I LP, an affiliate of Harbert Management Corp., to secure the seven-year, floating-rate acquisition loan through Freddie Mac. The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge. Chateau on Capitol Avenue is located at 2701 Capitol Ave. less than two miles east of downtown Sacramento. The property has 56 assisted living units totaling 60,268 rentable square feet. Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge features 94 independent living units totaling 55,576 rentable square feet. The properties are 95 percent leased overall. HFF’s Ryan Maconachy, Chad Lavender and Sarah Anderson arranged the financing.
ATLANTA — Dockerty Romer & Co. has arranged a $34.2 million permanent loan for a Class A, 13-story office building located at 2100 Riveredge Parkway in Atlanta. Situated by the Chattahoochee River National Recreation Area, the 264,374-square-foot building is currently 92 percent leased, with United Healthcare as its anchor tenant. Craig Romer and Chris Romer of Dockerty Romer arranged the two-year, floating-rate loan through NXT Capital on behalf of the borrower, Mainstreet Capital Partners.
BETHESDA, MD. — Bethesda, Md.-based Walker & Dunlop (NYSE: WD) has secured a $469 million refinancing for a 13-property multifamily portfolio owned and operated by Cortland Partners. The financing is comprised of seven-year, floating-rate loans featuring two years of interest-only payments followed by 30-year amortization schedules. Stephen Farnsworth of Walker & Dunlop secured the refinancing on behalf of Cortland Partners through Freddie Mac. The 13 properties within the portfolio are comprised of 4,871 units located in Texas, Georgia and Florida. The specific multifamily communities included in the deal were undisclosed. Headquartered in Atlanta, Cortland Partners develops, owns and operates multifamily properties in Colorado, Florida, Georgia, Louisiana, North Carolina, Ohio, Texas and Virginia. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S., providing financing and investment sales to owners of multifamily and other commercial properties. The company’s stock price closed on Monday, Oct. 3, at $25.54 per share, down from $27.69 one year ago. — Katie Sloan
NEW YORK CITY — Berkadia has secured $31.5 million in financing for The Retail Condominium at The Renaissance, a retail and garage property located at 130 Lenox Ave. in Harlem. Stewart Campbell of Berkadia arranged the loan for the undisclosed borrower through Jeffries LoanCore LLC. The 10-year refinancing loan features a 4.13 percent fixed interest rate and is interest-only throughout the term.