CLEVELAND, OHIO — Cleveland-based Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has closed a $125 million refinancing loan for a 10-property multifamily portfolio in Texas and Ohio. The entire portfolio comprises more than 3,000 units across 10 multifamily properties, with four properties in Texas and six properties in Ohio’s Greater Cincinnati/Dayton area. The Texas properties total 1,273 units and the Ohio properties total 2,065 units. Sara Behrman of Bellwether Enterprise’s Cincinnati office originated the interest-only loan on behalf of the borrower, Fath Properties.
SAN ANTONIO — KeyBank Real Estate Capital has secured a total of $33.5 million in construction financing for Acme Apartments, a 324-unit affordable housing development in San Antonio. The property will be constructed on more than 18 acres of currently vacant land and include four three-story buildings, a community center, leasing office and on-site management building. Additionally, all the units at the property will be designated for households earning at or below either 50 or 60 percent of the area median income. The financing consists of a $10.3 million equity bridge loan and a $23.2 million Freddie Mac tax-exempt loan. Jeffrey Rodman of KeyBank’s Commercial Mortgage Group and Kyle Kolesar of Key’s Community Development Lending and Investment Group arranged the financing.
VALLEJO, CALIF. — NorthMarq Capital has arranged $4.9 million in refinancing for a retail center located in Vallejo. Mark Dodson secured the loan, which features a five-year term, for the undisclosed borrower. Comcast, Domino’s Pizza, Subway and AT&T occupy the 23,347-square-foot retail property.
SPANISH FORT, ALA. — NorthMarq Capital has arranged a $24 million acquisition loan for Eastern Shore Plaza, a 270,105-square-foot shopping center located at 10200 Eastern Shore Blvd. in Spanish Fort. Chad Owens of NorthMarq Capital’s Houston office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. Owens arranged the loan through an undisclosed CMBS lender on behalf of the borrower, Eastern Shore Plaza LLC, an entity controlled by Azad Commercial Realty Services.
NEW PORT RICHEY, FLA. — KeyBank Real Estate Capital has secured a $13.7 million CMBS loan for Trinity Village Shopping Center, an unanchored, 71,233-square-foot retail property built in 2007 in New Port Richey, a town in the Tampa Bay metro area. The undisclosed borrower used the financing to facilitate the acquisition of the shopping center. Scott Bois of KeyBank Real Estate Capital arranged the 10-year, non-recourse loan with two years of interest-only payments and a 30-year amortization schedule.
RANCHO SANTA MARGARITA, CALIF. — Institutional Property Advisors Capital Markets (IPA), an affiliate of Marcus & Millichap, has arranged $19.6 million in financing for the acquisition of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County suburb of Rancho Santa Margarita. The borrower was purchasing the property through a 1031 exchange. The loan was structured at a fixed rate of 3.25 percent interest with interest-only payments for the first three years, then converting to a 30-year amortization. The term of the loan is 15 years with a 67 percent loan-to-value ratio.
SAN DIEGO — Ready Capital Structured Finance has provided $7.3 million in financing for a 33,191-square-foot office building in the San Diego submarket of Bankers Hill. The loan will be used to refinance, renovate and stabilize the property, the former Daily Transcript Building. The sponsor plans to fully renovate the property by creating open floor plans to target creative office users, which will include usable rooftop access for all tenants. The non-recourse, interest-only loan features a two-year term and one-year extension option with flexible pre-payment. The pre-payment includes a facility to provide for the future funding of interest and carry, capital expenditures, tenant improvements and leasing commissions.
SANTA ANA, CALIF. — Ready Capital Structured Finance has closed a $19.9 million loan for Bristol Place Shopping Center in Santa Ana. The undisclosed borrower plans to revitalize the 62,800-square-foot retail center through an exterior modernization of the center and the conversion of several retail suites from traditional retail space to restaurant space. The non-recourse, interest-only-payment loan features a three-year term, one-year extension option and flexible pre-payment. Additionally, the financing includes a facility to provide the future funding of capital expenditures, tenant improvement and leasing commissions.
ROSELAND, N.J. — M&T Bank has closed a $44 million loan for affiliates of Mountain Development and Square Mile Capital Management to complete building renovations and tenant improvements for an office building located at 56 Livingston Ave. in Roseland. Improvements for the 434,000-square-foot building include interior tenant space design work, a new and larger fitness center, a redesigned cafeteria and construction of an exterior lounge. Current tenants include Lowenstein Sandler, Connell Foley and Brown & Brown.
Northwestern Mutual Provides $73M Construction Financing for $750M Capitol View Project in Nashville
NASHVILLE, TENN. — Northwestern Mutual has provided $73 million in construction financing for Capitol View, a $750 million, 32-acre mixed-use development underway in Nashville’s North Gulch area. Upon completion the project will feature 1.1 million square feet of Class A office space, 130,000 square feet of retail and restaurant space, 600 multifamily residences, 410 hotel rooms and a 2.5-acre urban park connected to Nashville’s greenway system. The co-developers, Boyle Investment Co. and Northwood Ravin, will begin construction this month on the next phase of Capitol View. Known as Block D, the $115 million phase will encompass seven city blocks at the intersection of I-40/Charlotte Avenue and 11th Avenue North and feature a mixed-use structure with 60,000 square feet of ground-level retail space, 40,000 square feet of second-floor loft office space and 378 residential units. With Northwestern Mutual’s financing, Capitol View’s total capital investment is now 70 percent committed. The development is anchored by Hospital Corp. of America and Lifeway, which will bring more than 3,000 employees to Capitol View combined. A portion of Nelson Merry Street will be designated as “Festival Street,” which can be closed off for festivals and other events.