Loans

CBRE Arranges $28.9M Loan for Apartment Complex in Metro Charlotte

by Christina Cannon June 9, 2016

CONCORD, N.C. — CBRE’s capital markets debt and structured finance team has arranged a $28.9 million loan for Hawthorne at Concord, a 238-unit apartment community in Concord, a northern suburb of Charlotte. Built by Davis Development in 2014, the Class A community is situated on 18.5 acres within one mile of I-85 and Concord Mills, a nearly 1.4 million-square-foot mall owned by Simon Property Group. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the Fannie Mae loan on behalf of Hawthorne Residential Partners and White Point Partners.

June 9, 2016

Alabama Loans Multifamily Southeast

KeyBank Provides $11M Fannie Mae Loan for Apartment Community in Birmingham

by Christina Cannon June 9, 2016

BIRMINGHAM, ALA. — KeyBank Real Estate Capital has provided an $11 million Fannie Mae loan for Devonshire Place Apartment Homes, a 332-unit affordable housing complex in Birmingham. The property was built in 1971 and purchased by the borrower in 2015. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which the borrower will use to refinance an existing KeyBank bridge loan.

June 9, 2016

Loans Oklahoma Retail Texas

Franklin Street Secures $1.5M Refinance Loan for Cushing Plaza in Oklahoma

by Haisten Willis June 8, 2016

CUSHING, OKLA. — Franklin Street Capital Advisors (FSCA) has closed a $1.5 million refinance loan for Cushing Plaza, a 66,454-square-foot shopping center located in Cushing. Ben Miller and Casey Siggins of FSCA secured the loan on behalf of the owner, Lone Star Equities Inc. The 10-year loan includes a 4.5 percent fixed interest rate and a 20-year amortization schedule. Anchored by Cost Cutter, the 7.6-acre property is located at 2220 E. Main St. and is fully leased to tenants including Hibbett Sporting Goods, Stage Stores, Stanley’s Rent to Own and Compliance Advantage.

June 8, 2016

Loans Maryland Multifamily Southeast

Walker & Dunlop to Purchase HUD Servicing Portfolio for $45M

by John Nelson June 8, 2016

BETHESDA, MD. — Walker & Dunlop Inc. has agreed to purchase the commercial mortgage servicing rights associated with a $3.8 billion servicing portfolio from Oppenheimer Multifamily Housing & Healthcare Finance Inc., a subsidiary of Oppenheimer Holdings Inc. Walker & Dunlop will use available capital to fund the approximately $45 million purchase price. The portfolio comprises more than 480 multifamily and healthcare loans insured by the U.S. Department of Housing and Urban Development (HUD). The acquisition will make Walker & Dunlop the largest HUD multifamily and healthcare servicer in the U.S.

June 8, 2016

Loans Michigan Midwest Multifamily

Pillar Originates $11.5M Acquisition Loan for 852-Site Mobile Home Community

by Christina Cannon June 7, 2016

OXFORD, MICH. — Pillar has originated an $11.5 million Freddie Mac acquisition loan for a manufactured housing community in Oxford, approximately 45 miles north of Detroit. Lake Villa Estates was built in 1973 and 1993. The property, situated on 174 acres, features 852 sites. The community is comprised of 60 percent double-wide homes and 40 percent single-wide homes. Lake Villa Estates was 58 percent occupied at time of close. Arthur Tuverson of Pillar originated the seven-year, adjustable-rate financing.

June 7, 2016

Indiana Loans Midwest Multifamily

CBRE Arranges $9.8M Refinancing for 200-Unit Multifamily Property in Indiana

by Christina Cannon June 7, 2016

KOKOMO, IND. — CBRE Group Inc. has arranged a $9.8 million loan to refinance Legends of Wildcat Creek, a 200-unit apartment complex in Kokomo, approximately 60 miles north of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the fixed-rate financing on behalf of the Diana L. Gunstra Trust. The loan features a 10-year term and 30-year amortization schedule. Legends of Wildcat Creek, located at 1762 Hogan Drive, offers one-, two- and three-bedroom units. Amenities at the property include a clubhouse, fitness center, laundry facility, swimming pool, covered parking and extra storage.

June 7, 2016

Hospitality Loans Northeast Pennsylvania

UC Funds Secures $24.2M Loan for Hotel Conversion in Pittsburgh

by Amy Works June 7, 2016

PITTSBURGH — UC Funds has completed a $24.2 million adaptive reuse bridge loan for the conversion of the historic Salvation Army building into the Distrikt Hotel in downtown Pittsburgh. The 183-room hotel will operate as a full-service boutique hotel with amenities including a high-end restaurant with room service, bar and lounge, fitness center and rooftop patio.

June 7, 2016

Loans Multifamily New York Northeast

Walker & Dunlop Closes $17.5M Acquisition, Repositioning Loan for Multifamily Property in the Bronx

by Amy Works June 7, 2016

NEW YORK CITY — Walker & Dunlop Commercial Property Funding has closed a $17.5 million loan for the acquisition and repositioning of a multifamily property located at 916-926 Southern Blvd. in the Bronx. The short-term high-yield bridge loan was used to fund the acquisition, as well as reserves related to capital improvements and operating shortfalls. Geoff Smith and Tom Toland of Walker & Dunlop originated the deal with Gold Edge Capital. Built in 1911, Southern Boulevard features two adjacent buildings totaling 66 multifamily units. The property will be transformed into 105 units of revitalized, market-rate multifamily housing and 12,333 square feet of ground-floor retail space.

June 7, 2016

Connecticut Loans Mixed-Use Northeast Office Retail

Cornerstone Realty Negotiates $2.9M Acquisition Loan for Mixed-Use Property in Connecticut

by Amy Works June 7, 2016

MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.

June 7, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $20.9M Loan to Refinance Seniors Housing Community in Chicago

by Christina Cannon June 6, 2016

CHICAGO — Capital One has provided a $20.9 million fixed-rate HUD 232/223(f) loan to refinance a 318-bed skilled nursing facility in Chicago. The loan features a 35-year term. The facility was built in 1975 and offers on-site dialysis and can accommodate patients with a diagnosis of dementia. Joshua Rosen of Capital originated the transaction.

June 6, 2016

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