Loans

CapRidge Partners Buys 180,000 SF Office Park in Austin

by Haisten Willis June 1, 2016

AUSTIN, TEXAS — CapRidge Partners has acquired Lakewood on the Park, a 180,558-square-foot office campus in Austin’s northwest submarket, from Equity Commonwealth. Los Angeles-based Mesa West Capital provided financing for the acquisition and repositioning of the property. Located at 7600 Capital of Texas Highway (Loop 360), the property features two, three-story Class A office buildings on a 9.9-acre site overlooking Bull Creek. Lakewood on the Park includes both structured and surface parking. Built in 1998 by local developer HPI, the complex received the 2012-2013 TOBY Award from Building Owners and Managers Association for best low-rise suburban office park in Austin. Lakewood on the Park was 77 percent leased at closing. Tenants include Centaur Technology, Bulldog Solutions and USA Southwest. Mesa West’s $32.1 million non-recourse, floating-rate loan includes future funding for a capital improvement program and leasing costs associated with the repositioning and stabilization of the property. CapRidge’s renovation plans call for a redesign of all common areas including lobbies, corridors and restrooms, plus a new fitness center, tenant lounge, coffee bar and shared conference center. Exterior improvements will include new landscaping, signage and lighting. Andy Scott and Jim Curtin in the Dallas office of HFF arranged the financing. HFF also represented …

June 1, 2016

Loans Multifamily Texas

CBRE Capital Markets Provides $13.7M Loan for Creekwood Place in Metro Dallas

by Haisten Willis June 1, 2016

LANCASTER, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Creekwood Place, a market rate apartment community located in Lancaster. The fully amortizing $13.7 million loan was funded through HUD’s Section 223(f), providing a 35-year, fixed-rate loan structure. The loan will finance the rehabilitation of the complex, a 200-unit Class B community with 176 two-bedroom units and 24 three-bedroom units. Constructed in 1997, the project is located 0.3 miles east of I-35E and 16 miles south of downtown Dallas. Chad Ricks and Jeff Shaw of CBRE’s Dallas office originated financing for Creekwood Place.

June 1, 2016

Loans Multifamily New York Northeast

Tremont Realty Capital Secures $6.6M in Refinancing for Housing Community in New York

by Amy Works June 1, 2016

RIVERHEAD, N.Y. — Tremont Realty Capital has arranged a $6.6 million loan for the refinance of Oakland Ridge MHC, a 100-space manufactured housing community located on the north side of Long Island in Riverhead. The non-recourse loan was structured with a 10-year term and a 30-year amortization schedule with two years of interest-only payments. John Chase of Tremont Realty Capital arranged the loan for the undisclosed borrower.

June 1, 2016

Loans Office South Carolina Southeast

VistaPointe Partners Secures $10.9M Refinancing of Office Building in Charleston

by John Nelson June 1, 2016

CHARLESTON, S.C. — VistaPointe Partners has secured $10.9 million in refinancing for a 90,334-square-foot office building located in the Suncom Center in Charleston. Seth Denison of VistaPointe Partners negotiated the transaction on behalf of the borrower. The building is fully leased to a credit tenant with a lease term expiring in two years. VistaPointe Partners brought in Hart Advisors Group, a firm that specializes in CMBS loan workouts, to extend the tenant’s lease by one year, with an additional five-year option.

June 1, 2016

Arizona Loans Multifamily Western

CBRE Arranges $19.7M Acquisition Loan for Assisted Living Community in Glendale

by Nellie Day May 31, 2016

GLENDALE, ARIZ. — CBRE has arranged a $19.7 million loan for the acquisition of MorningStar at Arrowhead, an 85-unit assisted living and memory care community in the Phoenix submarket of Glendale. The borrower is a joint venture between MorningStar Senior Living, Oakwood Real Estate Partners and Confluent. MorningStar developed the property, which opened in September 2015. The company will continue to operate the community after the transaction. The non-recourse, floating-rate loan features a three-year term, 36 months of interest-only payments and an all-in rate below 3 percent. A national bank provided the capital. Aron Will, vice president of CBRE National Senior Housing, arranged the financing. Oakwood is a commercial real estate private equity firm located in Denver. Confluent is a full-service real estate investment and development company, also based in Denver.

May 31, 2016

Connecticut Loans Multifamily Northeast

Kennedy Funding Completes $1.6M Loan for Development Site in Connecticut

by Amy Works May 31, 2016

COLCHESTER, CONN. — Kennedy Funding Financial (KFF) has closed a $1.6 million loan for a 16-acre development site in Colchester. The two-year, interest-only funding was provided to Settlers Greene LLC, an affiliate of J Healy Builders LLC, and will be serviced by KFF. Situated at 312 Lebanon Ave., the property, known as Settlers Greene, is approved for a mixed-use residential and commercial condominium development. When complete, the 162,000-square-foot property will feature 43 townhouse units, 20 live/work units and four apartments. Kevin Wolfer of KFF arranged the financing for the borrower.

May 31, 2016

Loans Michigan Midwest Multifamily

Pillar Arranges $8.5M Loan for 136-Unit Apartment Property in Michigan

by Christina Cannon May 31, 2016

LANSING, MICH. — Pillar has originated an $8.5 million fixed-rate, Freddie Mac loan to refinance a 136-unit multifamily property in Lansing. Willow Ponds Apartments was built in 1998 and is fully leased. The property consists of two-, three- and four-bedroom units. The financing features a 10-year term and 30-year amortization schedule. Maplegrove Property Management of East Lansing and Grand Rapids, Michigan was the borrower. David Wilkins of Pillar arranged the financing.

May 31, 2016

Georgia Loans Multifamily Southeast

KeyBank Provides $14M Acquisition Loan for Apartment Complex in Metro Atlanta

by John Nelson May 31, 2016

JONESBORO, GA. — KeyBank Real Estate Capital has provided a $14 million Fannie Mae loan for Villas by the Lake, a 256-unit apartment community in Jonesboro, a southern suburb of Atlanta. Built in 2003, the property’s amenities include an outdoor swimming pool, fitness center, clubhouse, tennis court, business center, detached garages, controlled access gates, grilling areas and lake views. Caleb Marten of KeyBank Real Estate’s commercial mortgage group arranged the acquisition loan on behalf of the undisclosed borrower.

May 31, 2016

Florida Loans Multifamily Seniors Housing Southeast

Capital One Provides $11M Refinancing for Assisted Living Community in Metro Tampa

by John Nelson May 31, 2016

HOMOSASSA, FLA. — Capital One has provided an $11 million, fixed-rate Fannie Mae loan to refinance Sunflower Springs Assisted Living Community, a 72-unit facility in Homosassa, approximately 60 miles north of Tampa. The property was built in 2009. Allison Holland of Capital One originated the12-year loan on behalf of the undisclosed borrower.

May 31, 2016

Loans Multifamily Texas

CBRE Provides $25M Loan for Westpoint at Scenic Vista in Fort Worth

by Haisten Willis May 27, 2016

FORT WORTH, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Westpoint at Scenic Vista, a market rate apartment community located in Fort Worth. The $25,164,600 loan was funded through HUD’s Section 223(f), providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure. The loan will finance the rehabilitation of Westpoint at Scenic Vista, a 264-unit garden-style apartment complex with 132 one-bedroom units and 132 two-bedroom units constructed in 2008. The project is located on the east side of West Loop 820 South Frontage Road and Deerbrook Drive, 10 miles west of downtown Fort Worth with access to I-30 and I-820. Chad Ricks of CBRE originated the financing of Westpoint at Scenic Vista. CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.

May 27, 2016

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