AUSTIN, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured a $14.1 million loan for the refinancing of Huntington Meadows Apartment Homes, a 200-unit affordable apartment community in Austin. Love Funding’s Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) loan insurance program for the purchase or refinancing of existing multifamily rental housing. Using the program enabled the ownership group to lock in a fixed interest rate for a 35-year term, fund a replacement reserve and free up more than $1 million for repairs and upgrades. Decker Lane Partners LP purchased the property in 2015. It was originally built in 1998 as Gardens at Decker Lane, which drew on funding support from low-income housing tax credits (LIHTCs). Decker Lane Partners and its management company, AmeriSouth Realty, took over the property in 2011.
SAN MARCOS, TEXAS — BMC Capital has arranged the $6.2 million refinancing of a North Carolina Furniture Direct store located in San Marcos. The five-year, fixed-rate loan features a 25-year amortization schedule. Hank Crane of BMC secured the financing on behalf of the borrower through an undisclosed bank.
BELLEVUE, WIS. — Cohen Financial has secured $9.4 million in acquisition financing for Bellevue Town Center, a retail center located in Bellevue near Green Bay. Dan Rosenberg and Matt Terpstra of Cohen arranged fixed-rate, 10-year loan for the borrower, Midland Atlantic Properties. The 75,000-square-foot retail center is anchored by a Pick ’n Save grocery store.
YONKERS, N.Y. — Housing & Healthcare Finance (HHC Finance) has arranged $27 million in refinancing for an assisted/independent living community in Yonkers. Located on 10 acres, the 195-bed property is the only facility in the area with the Medicaid Assisted Living Program. HHC Finance arranged the financing with an interest rate below 3 percent through HUD for the undisclosed borrower.
MOBILE, ALA. — Wool Finance Partners has arranged a $7.9 million construction loan for the development of a 101,000-square-foot Publix-anchored shopping center in Mobile. The shopping center is a joint venture between Charlotte-based MAB American Retail Partners LLC and Oak Brook, Ill.-based Inland Retail Centers LLC. Publix will occupy a freestanding, 39,000-square-foot store within the development. Matt Lebenson of Wool Finance arranged the two-year construction loan through an unnamed regional bank. The loan features a 55 percent loan-to-cost ratio and an extension option for the joint venture.
GREENBURGH, N.Y. — Houlihan-Parnes Realtors has placed a $4.2 million first mortgage for an office building located at 297 Knollwood Road in Greenburgh, a suburb of White Plains, N.Y. The non-recourse loan features a 4 percent fixed interest rate for 10 years. A 10,000-square-foot branch of the General Services of America – US Social Security Administration occupies the 35,000-square-foot building. Andrew Greenspan of Houlihan-Parnes Realtors closed the loan, while Lee Pollock of Pollock & McGuire LLP represented the undisclosed borrower.
TROY, MICH. — Vista Capital Co. has closed $16 million in refinancing for the Homewood Suites located in Troy, a northern Detroit suburb. Part of the 10-year loan will be used to fund renovations over the next five years. The financing was awarded to a European-based investment bank. Opened in 2002, the Homewood Suites in Troy features 150 suites, an indoor heated pool, fitness center, executive business center and approximately 1,200 square feet of meeting space.
DETROIT — Pillar has originated an $11.8 million Fannie Mae DUS loan for Detroit Savings Bank Apartments in downtown Detroit. The 10-year term loan features a 30-year amortization schedule. David Wilkins of Pillar originated the financing for Capitol Park Partnership. Built in 1895, the 12-story building features 56 market-rate apartment units on the top seven floors and The Archdiocese of Detroit on the first five floors.
PLEASANT HILL, IOWA — NorthMarq Capital has closed a $6.2 million refinancing for Golf View Apartments, a multifamily property located in Pleasant Hill near Des Moines. Jason Kinnison of NorthMarq’s Omaha office arranged the financing for the undisclosed borrower. The multifamily property features 84 apartment units.
RIVERSIDE, CALIF. — Meridian Capital Group has arranged $12.5 million in CMBS financing for the refinance of Tyler Gateway Shopping Center in Riverside. The borrower was The Festival Companies, a Los Angeles-based developer and operator of retail and mixed-use properties. The 10-year loan, provided by a CMBS lender, features five years of interest-only payments and a fixed interest rate. Seth Grossman and Andy Strauss of Meridian negotiated the financing. Tyler Gateway Shopping Center consists of two retail buildings located at 3502 Tyler St. in Riverside. Totaling 25,000 square feet, the buildings are occupied by Ulta Beauty, AT&T, Habit Grill, Panera Bread, Chipotle Mexican Grill and Yogurtland.