HOUSTON, TEXAS — LMI Capital has arranged $28.7 million in acquisition and refinancing loans for two multifamily properties in Houston. Jamie Mullin of LMI arranged a 10-year, $12 million acquisition loan at 4.11 percent interest for a 330-unit asset. Brandon Brown of LMI arranged a 10-year, $16.7 million refinancing loan at 4.44 percent interest for a 270-unit property.
PLANO, TEXAS — HFF has secured $17.7 million in post-acquisition financing for Creekwalk Village, a 174,484-square-foot retail power center situated on 14.7 acres at 801 W. 15th St. in Plano. The center currently houses tenants such as Michaels, Bed Bath & Beyond, Barnes & Noble and Designer Shoe Warehouse. Chris Drew, Nat Scarmazzi and De’On Collins of HFF secured the financing on behalf of an affiliate of Sterling Organization, a Florida-based private equity firm. Southside Bank originated the loan.
DALLAS — Chicago-based private equity firm AHC Funds has received an $11.4 million construction loan for East Dallas Townhomes, a Class A multifamily property in Dallas. Once completed, the property will feature 125 rentable units averaging 1,450 square feet per unit. Justin Laub of Metropolitan Capital Advisors sourced the loan from a regional bank on a limited recourse basis. A timetable for delivery of the property has not yet been established.
BROWNSBURG AND INDIANAPOLIS, IND. — KeyBank Real Estate Capital has arranged $33.6 million in Freddie Mac financing for the acquisition of two multifamily properties in Indiana. KeyBank arranged a $22.5 million loan for LaCabreah Apartments located in Brownsburg, about 20 miles northwest of Indianapolis. Built in 2016, the Class A property consists of 240 units. KeyBank also arranged an $11.1 million loan for 5700 & Edgewood on Madison, located six miles from downtown Indianapolis. Constructed on two separate parcels between 2013 and 2015, the property consists of 176 units. Hayley Suminski of KeyBank arranged the 10-year loans, which feature 30-year amortization schedules.
RICHMOND, VA. — NorthMarq Capital has secured a $30 million loan for Reynolds South Tower, a 10-story, 213-unit apartment community located at 505 Porter St. in downtown Richmond. Mike Lowry of NorthMarq Capital arranged the construction loan through Union Bank & Trust. The loan features a variable interest rate that will convert to a fixed-rate, permanent loan upon completion.
FAYETTEVILLE, ARK. — KeyBank Real Estate Capital has secured a $29.5 million loan for Sterling District, a 198-unit student housing community in Fayetteville, less than a half mile from the University of Arkansas campus. Caleb Marten of KeyBank structured the fixed-rate, first-mortgage loan with seven years of interest-only payments through a correspondent life company relationship. Sterling District features a swimming pool, hot tub, fitness center, study rooms, game rooms, cyber café and an outdoor courtyard with barbeque grills.
PALO ALTO, CALIF. — Marcus & Millichap Capital Corp. has arranged $4 million in debt to refinance a 4,600-square-foot mixed-use building in Palo Alto. Behzad Boroumand of Marcus & Millichap arranged the debt placement for the undisclosed borrower. The financing, which equates to $869 per square foot, has a 10-year total term, five-year fixed-term and 30-year amortization schedule.
BEAUFORT, N.C. — Avison Young has arranged a $19.2 million construction loan for the development of a 133-unit Ascend Collection hotel in Beaufort. The hotel will be situated within the Front Street Village development on the coast of North Carolina. Bruce Whipple, Justin Piasecki and Ethan Blum of Avison Young structured the 18-month construction loan with interest-only payments and an interest rate of 5.5 percent. Following construction completion, the loan will convert to a three-year, fixed-rate, mini-permanent loan. At the end of the term, the loan will remain in place with a 25-year amortization schedule and the same interest rate of approximately 5.5 percent. Front Street Village is a 31-acre mixed-use property developed by Charles Oliver II, founder of Jetcraft. The three-story Ascend Collection hotel will feature an adjacent conference and special events space, bistro structure on the Front Street Village development, waterfront suites and 30,000 square feet of meeting space.
SOUTHLAKE, TEXAS — Southlake-based N3 Real Estate has received $20 million in refinancing for a portfolio of eight retail centers totaling 172,152 square feet in various cities throughout Texas. All of the properties are shadow-anchored by Walmart locations and are 90 percent leased collectively. De’On Collins of HFF arranged the financing through Southside Bank.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $52.5 million first mortgage loan for a 285,000-square-foot office and retail property located at 2501 Grand Concourse in the Bronx. The 10-year loan features interest-only payments. The former Alexander’s/Caldor’s department store was converted into a multi-tenant office and retail property in 2001. PC Richard & Son, Marshalls, Children’s Place, Capital One Bank, the City University of New York, the U.S. Social Security Administration and 1199 SEIU Health Care Training and Child Care Center are current tenants. Christie Houlihan, Bryan Houlihan and James Houlihan of Houlihan-Parnes Realtors arranged the loan for the borrowers, which include Samuel Jemal, members of the Jemal family, James Houlihan and members of Houlihan Partners.
