HOUSTON and FORT WORTH, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured $51.2 million in loans to refinance four mixed-income apartment communities in Texas, three of which are age-restricted. The four properties being refinanced are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston; and Villas by the Lake in Fort Worth. The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs). All four communities are owned by related entities of The Wentwood Cos. and managed by Westlake Housing, both based in Austin. Love Funding’s Jonathan Camps secured the financing for the Villas portfolio through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which helps preserve affordable multifamily housing.
HOUSTON — Jamie Safier of LMI Capital has placed permanent financing for the acquisition and refinance of two separate garden-style apartment complexes totaling $34 million. In the first transaction, Safier obtained a $2 million Freddie Mac loan for the refinance of a 50-unit asset in Houston’s Spring Branch submarket. The loan was a cash-out refinance featuring a 4.5 percent interest rate fixed for the first five years of the 20-year loan term, step down prepayment structure and a one-year interest-only period. The borrower will use a portion of the excess proceeds toward interior and exterior upgrades to the property. The second transaction was an acquisition loan for a 550-unit asset also located in the Spring Branch submarket. The $32 million non-recourse loan featured a fixed interest rate of 4 percent for 10 years and two years of interest-only payments. The proceeds included a rehab component for the borrower to draw upon their planned renovations.
GREENVILLE, N.C. — Capstone Capital has closed the $42 million refinancing of The Boundary at West End, a four- and five-story mixed-use development adjacent to East Carolina University in downtown Greenville. The project features 550 student housing beds, 9,500 square feet of ground-level retail space and a 453-space parking garage. Retail tenants include a regional pizza restaurant, convenience store, cafe and coffee shop, Smoothie King and an Asian restaurant. The borrower, Tom Taft Family of Greenville NC, finished The Boundary’s development in August 2015 and used the financing to take out the existing construction loan and all the developer equity. Jackson Howard of Capstone Capital arranged the 10-year Fannie Mae loan with a fixed 4.21 percent interest rate and two years of interest-only payments followed by a 30-year amortization schedule.
ATLANTA — Pillar has originated an $18 million Freddie Mac loan to refinance The Flats at Atlantic Station, an 86-unit multifamily property located adjacent to the Georgia Tech campus in Atlanta. The community offers a mix of two-, three- and four-bedroom, fully furnished apartments. Amenities at the complex include a swimming pool, rooftop lounge and a fitness center. Colin Whittier of Pillar originated the floating rate, 7-year term loan with a 30-year amortization schedule. IPA Capital Markets presented the financing opportunity to Pillar.
IRVING, TEXAS — Dougherty Mortgage LLC has secured a $1.7 million Fannie Mae loan for Stonehill Terrace Apartments, a 301-unit market rate multifamily apartment property located in Irving. Property features include a clubhouse, pool, playground and laundry facilities. Apartment amenities include a dishwasher, air conditioner, hardwood floors, large closets and a patio or balcony. Dougherty’s Minneapolis office arranged the 8.3-year loan with a 30-year amortization schedule for the borrower, Urban Stonehill Apartments LP.
TEMPE, ARIZ. — Ready Capital Structured Finance has provided $10.9 million to refinance a 212-unit apartment community in Tempe. The community is situated in the North Tempe/University submarket. In addition to refinancing the property, the funds will allow the undisclosed borrower to renovate the exterior and unit interiors as leases expire. The non-recourse, interest-only loan features a one-year term and two extension options. It includes a facility that can provide future funding for capital expenditures. Ready Capital closed the bridge loan with a flexible prepayment provision that will allow the loan to be eventually refinanced under HUD’s 223(f) program.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $6.2 million Fannie Mae loan to refinance a 31-unit apartment property in the Linden Hills neighborhood of Minneapolis. Elements of Linden Hills features tempered underground parking, a fitness center, bike storage and a pet wash room. Unit amenities include washers and dryers, granite countertops, stainless steel appliances and gas stovetops. The 12-year loan features four years of interest-only payments and a 30-year amortization schedule. Linden Hills Apartments LLC was the borrower.
SAN MATEO, CALIF. — New York Life Real Estate Investors has provided $48 million in financing to the owners of a 181,219-square-foot office building in San Mateo. The Class A building is located at 777 Mariners Island Blvd. The mortgage loan has a seven-year term. Financing was provided on behalf of a fund managed by Wafra Investment Advisory Group.
YORBA LINDA, CALIF. — Thorofare Capital has funded a $15 million floating-rate commercial mortgage for a 60,740-square-foot retail property in Yorba Linda. Kevin Miller and Felix Gutnikov of Thorofare arranged the acquisition, CapEx and TI/LC facility financing for the undisclosed borrower.
LAKE RONKONKOMA, N.Y. — Lancaster Pollard has arranged a $7 million refinance for The Lake Shore Assisted Living Home in Lake Ronkonkoma. Ken Gould of Lancaster Pollard secured the 30-year non-recourse loan through the FHA Section 232/223(f) program. Lake Shore features 200 assisted living units.