ANN ARBOR, MICH. — Hunt Mortgage Group has provided an $18 million Fannie Mae loan to refinance Hidden Valley Apartments in Ann Arbor. The 324-unit apartment community is located at the northeast corner of State Street and Eisenhower Parkway. Constructed in 1973, the complex consists of seven two-story buildings with 36 studio units, 198 one-bedroom units and 90 two-bedroom units. The 30-year loan includes a 30-year amortization schedule. Cardinal HVC LLC was the borrower. Matt Shane of Q10/Lutz Financial Services was the mortgage broker in the transaction.
GREENWICH, CONN. — NGKF Capital Markets, on behalf of Fareri Associates, has closed on $97.5 million in debt financing for the acquisition of Greenwich Office Park in Greenwich. The five-year, fixed-rate loan with a full-term interest-only component will be used to acquire the eight-building office park from Clarion Partners for $130 million, or $344 per square foot. Situated on 21 acres, the 380,561-square-foot property underwent a $15.5 million capital improvement program. Jordan Roeschlaub, Steven Sperandio and Daniel Fromm of NGKF Capital Markets arranged the loan for the sponsor, Fareri Associates.
NEW YORK CITY — Eastern Consolidated has arranged refinancing loans for six multifamily properties in Manhattan in two separate transactions totaling $32.4 million. Jonathan Aghravi and Charles Han of Eastern Consolidated handled the loan placements with Amalgamated Bank. The first loan was a seven-year, $20 million refinancing for five mixed-use buildings, featuring 44 residential units and eight commercial units, located at 420, 422, 424, 426 and 428 Amsterdam. The second loan was a seven-year, $12.4 million refinancing for a newly renovated 28-unit multifamily property located at 44-46 E. End Ave.
LINDEN, N.J. — HFF has arranged $7 million in acquisition financing for a warehouse and distribution building located at 1501-1525 W. Blancke St. in Linden. The borrower, Penwood Real Estate Investment Management, will use proceeds of the loan to purchase the building and fund immediate and future capital expenditures, tenant improvements and leasing commissions. Vantage Specialty Chemicals and HelloFresh occupy the 115,913-square-foot facility. Michael Klein of HFF arranged the five-year, fixed-rate loan with First Bank New Jersey for the borrower.
WINCHESTER, VA. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community. Inspirit will operate the property, which is located in Winchester, approximately 75 miles northwest of Washington, D.C. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 18 months of interest-only payments through a regional bank. Care Investment Trust is a seniors housing REIT and a wholly owned subsidiary of Tiptree Financial Inc. Inspirit is a seniors housing operator formed in 2015.
NEW YORK CITY — Clarion Partners has received $200 million in acquisition financing for a nine-property portfolio comprising multifamily, industrial and retail properties in six states throughout the U.S. Included in the financing are: Three multifamily properties totaling 761 units in Minneapolis and metro Dallas. Four industrial properties totaling 1.7 million square feet in Hanover, Md., Denver, Pompano Beach, Fla., and Redlands, Calif. Two retail properties totaling 275,859 square feet in Delray Beach and Celebration, Fla. Riaz Cassum, Lauren O’Neil and Robyn King of HFF represented the borrower in the transaction. The firm arranged the loan through one of its correspondent lenders. Clarion Partners is a New York-based real estate investment manager with $43.1 billion in total assets under management. — Kristin Hiller
Dougherty Mortgage Arranges $21.7M Fannie Mae Loan for Multifamily Property in Burnsville, Minnesota
BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $21.7 million Fannie Mae loan for the refinancing of Berkshire of Burnsville, a 205-unit multifamily property in Burnsville, 15 miles south of Minneapolis. Located at 13901 Echo Park Circle, the apartment building features one-, two- and three-bedroom townhomes. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Echo Park Limited Partnership.
PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans. The investment includes $11.6 million in tax credit equity and a $9 million construction loan. When completed, the conversion will offer 37 units for low-income seniors and 12 units for homeless veterans. Spring Garden School was built in 1927 and added to the National Register of Historic Places in 1986. The property has been vacant for nearly 40 years. The project will include restoring the interior and exteriors of the building, while intentionally preserving some of the graffiti. HELP USA, a national homeless service provider and low-income housing developer, is developing the project.
FAIRFAX, VA. — AIG Investments has provided a $72 million loan for the refinancing of Plaza at Landmark, a 437,299-square-foot, grocery-anchored regional power center located at 6244 Little River Turnpike in Fairfax. Cary Abod and Dana Brome of HFF arranged the 18-year, fixed-rate loan on behalf of the borrower, Landmark HHH LLC. Plaza at Landmark was 98.2 percent leased at the time of financing to tenants such as Shoppers, Marshalls, Ross Dress for Less, LA Fitness, Total Wine & More, Dollar Tree, Verizon Wireless, DFurniture Galleries, BB&T, Five Below, Gamestop and Chipotle Mexican Grill.
COLUMBIA, S.C. — Bellwether Enterprise has closed a $26.4 million loan for the acquisition and rehabilitation of Pavilion Towers, a 240-unit apartment community located on Huger Street in Columbia. The property is situated near downtown Columbia, Finlay Park, the Congaree Vista entertainment district and the Vista Greenway biking and walking trail. The borrower, Vista Towers Columbia LLC, plans to use the loan to fund an $11 million renovation program at the property. The developer, Greenville, S.C.-based Homes Urban, will upgrade the Pavilion Towers’ existing units and convert an adjacent office building into a new community space with 23 additional residences. Matt Good of Bellwether Enterprise arranged the construction/permanent loan through Freddie Mac’s acquisition rehabilitation program.