CHESTERFIELD, MO. — Berkadia has arranged the sale of and financing for Watermark at Chesterfield Village, a 12.7-acre multifamily site located in Chesterfield. Watermark Residential purchased the land site with plans to complete construction in late 2018. The property will be located at the southwest corner of Chesterfield Parkway and Lydia Hill Drive. Sachs Properties was the seller. Kenneth Aston and Andrea Kendrick of Berkadia completed the land sale on behalf of the buyer. Kevin Kozminske and Michael Duggan of Berkadia arranged the financing, securing a $52 million loan through Simmons Bank.
GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.
SOUTHEAST PENNSYLVANIA — KeyBank Real Estate Capital’s Healthcare platform has arranged an acquisition loan for Baltimore-based Capital Health Group for the acquisition of a three-property seniors housing portfolio in Southeast Pennsylvania. Shortly after acquisition, Capital Health Group refinanced the acquisition/bridge loan through a series of three separate Fannie Mae financings originated by KeyBank’s Commercial Mortgage Group. The properties feature more than 500 units across the three properties. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group originated the initial acquisition financing, while Charlie Shoop of KeyBank’s Commercial Mortgage Group arranged the Fannie Mae financing.
SAN DIEGO — Commercial mortgage lenders, their correspondent lenders and brokers gathered this week in San Diego at the annual MBA CREF Conference held at the Manchester Grand Hyatt. The Mortgage Bankers Association (MBA) reports 3,200 attendees at this year’s conference, a 10 percent rise in attendance over 2015. Mortgage bankers are fresh from one of the strongest years in originations in an era that shows few signs of a slow down. While there are some possible speed bumps in 2017, many attendees were upbeat and positive about 2017 and beyond for the commercial real estate lending industry. MBA reported its results for the industry in a session with its chief economist and senior vice president of research and technology, Michael Fratantoni, and vice president, commercial real estate research, Jamie Woodwell. Volume was up in commercial mortgage lending in 2016, with a record $502 billion in originations. MBA has forecasted 2017 to have a slightly larger volume of $515 billion. MBA cites continuing strong commercial real estate fundamentals as the main reason for the predicted increase in 2017, with other factors including a strong job market and relatively low interest rates. MBA’s forecast does not include any possible economic stimulus — …
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $12.5 million first mortgage for an office building located at 4 W. Red Oak Lane in White Plains. Christie Houlihan of Houlihan-Parnes secured the non-recourse loan, which features a fixed rate for seven years and a five-year extension option, for the undisclosed borrower. The 132,995-square-foot building was 99 percent leased at the time of financing.
NEW BERLIN, WIS. — Grandbridge Real Estate Capital has arranged a $4.7 million loan for the refinancing of an industrial property in New Berlin near Milwaukee. The building consists of 80,720 square feet and sits on approximately seven acres. The 15-year, fixed-rate loan includes a 15-year amortization schedule. An insurance company provided the capital.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged the $27 million refinancing for Hyatt Place, a 172-room hotel in downtown Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed CMBS investor on behalf of a repeat client. Located at 222 S. Caldwell St., the hotel features free Wi-Fi, a 24-hour fitness center, outdoor rooftop pool and a bar.
SUNNYVALE, CALIF. — Natixis has provided a $232.5 million loan for the acquisition of Crossroads III, a 349,758-square-foot office property in Sunnyvale that is fully leased to Apple. The complex is located at 410, 420 and 430 N. Mary Ave. in the Silicon Valley submarket. Tristar Capital acquired the campus. The property was built between 1990 and 1992. Each building features two wings around one central core. There are also two courtyards with fountains between the buildings. The Santa Clara Light Rail station is situated approximately a half mile north of Crossroads III. The property also sits adjacent to the Technology Corners development along West Moffett Place Drive. Richard Horowitz of Cooper-Horowitz arranged the finance. David Edelstein heads Tristar Capital. — Nellie Day
BEVERLY HILLS, CALIF. — Sterling Organization has received $12.1 million in financing for the acquisition of a vacant 4,700-square-foot retail building located on North Beverly Drive in Beverly Hills. Marc Schillinger, Chris Drew and Ryan Ash of HFF worked on behalf of the borrower to place the non-recourse, fixed-rate loan at $2,583 per-square-foot.
TUCKER, GA. — CiTYR Group has purchased LaVista Crossing, a 240-unit apartment community in the Atlanta suburb of Tucker. The Israeli-based property investor financed its acquisition with a $19.5 million bridge loan provided by KeyBank Real Estate Capital. Michael Muller of Eastern Union Funding arranged the loan on behalf of CiTYR, which plans to upgrade the property’s amenities. CiTYR has selected Atlanta-based CFLane LLC, a subsidiary of Cocke Finkelstein Inc., to oversee management of LaVista Crossing.