ROBINSONVILLE, MISS. — Dougherty Mortgage has closed a $14 million Fannie Mae loan for the acquisition of two apartment communities in Robinsonville. The properties, River Pointe and Cypress Lakes, total 312 units. Dougherty Mortgage’s Brentwood, Tenn.-office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Cypress River LLC.
SAN ANTONIO, WACO AND CONROE, TEXAS, AND INDIANAPOLIS — KeyBank Real Estate Capital has provided a total of $43.2 million in financing to Harmony Housing, a 501(c)(3) nonprofit organization. KeyBank provided $24.4 million through an existing Fannie Mae master credit facility for Villas at Costa Brava in San Antonio and Park View at Beech Grove in Indianapolis. Additionally, the firm provided $18.8 million through FHA’s 223(f) mortgage insurance program for Brazos Village Apartments in Waco and Park Village Apartments in Conroe. The four affordable housing properties total 698 units. John Gilmore IV and Jeff Rodman of KeyBank arranged the financing for the borrower.
INGLEWOOD, CALIF. — George Smith Partners has secured the $34 million refinancing of Crenshaw Imperial Plaza, a 305,000-square-foot mixed-use center located roughly 12 miles outside Los Angeles in Inglewood. The property consists of 238,000 square feet of retail and a 67,000-square-foot office building. The financing will be used to fund renovations at the center and pay off an existing loan. Renovations will include the demolition of obsolete space, new signage and the conversion of ground-floor office space into retail. The converted ground-floor space will be home to tenants including Chipotle Mexican Grill, Five Guys and Ono Hawaiian BBQ. Steve Bram, David Pascale and Ali Akbar of George Smith Partners secured the three-year, interest-only financing on behalf of the borrower, NewMark Merrill Cos. The lender was undisclosed.
TUCSON, ARIZ. – Money 360 has funded a $3.2 million bridge loan for the acquisition of a multifamily community in Tucson. The recourse loan carries a 9.9 percent interest rate. It features a three-year fixed rate with three months yield maintenance.
JACKSON, SOUTHFIELD AND WESTLAND, MICH. — Pillar has originated $22.3 million in refinancing through HUD for three multifamily properties in Michigan. Springbrook Meadows is a 152-unit community built in 1998 and located in Jackson, 40 miles west of Ann Arbor. 12 North Apartments is a 171-unit apartment building built in 1976 and located in Southfield. Birch Hill is a 172-unit apartment building built in 1974 and located in Westland, about 16 miles west of Detroit. Erie Investments LLC owns and operates 12 North and Birch Hill. An undisclosed investor was the borrower for Springbrook Meadows. The fixed-rate, 35-year loans are fully amortizing. David Wilkins and Charles Krisfalusi of Pillar originated the loans.
FARGO, N.D. — Dougherty Funding LLC has closed a $12 million loan for the acquisition of the Radisson Hotel Fargo in Fargo. The 151-room hotel is located across the street from the Fargo Civic Center. The borrower was 201 Hospitality. Dougherty Funding served as lead lender and servicer for the loan.
ST. LOUIS — Dwight Capital has provided an $8.6 million loan for the refinancing of The Gotham Apartments in St. Louis. The property consists of 72 apartment units and is located at the corner of Delmar Boulevard and Hamilton Avenue. The 40-year loan was financed through HUD’s 223(a)(7) program at an interest rate of 3.3 percent. The Gotham Buildings LLC was the borrower. Keith Hoffman and Josh Sasouness of Dwight Capital originated the loan.
WASHINGTON, D.C. — Natixis has provided a $25 million loan for the acquisition and renovation of a 95-room hotel in Washington, D.C.’s Foggy Bottom neighborhood. The hotel is situated adjacent to George Washington University. Natixis provided the loan to a joint venture between Westmont Hospitality and Varde Funds. Westmont Hospitality will continue to operate and manage the hotel. Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
LOS BANOS AND SACRAMENTO, CALIF. — Continental Partners, formerly known as Continental Funding Group, has secured $21.4 million in refinancing for two shopping centers located in Sacramento and Los Banos. J.M. Grimaldi of Continental arranged a $9.5 million loan to refinance a 149,620-square-foot retail property located at 911-963 W. Pacheco Blvd. in Los Banos; and an $11.9 million loan to refinance a 152,719-square-foot shopping center located at 5400 Date Ave. in Sacramento. The borrower was an undisclosed private real estate investor that specializes in acquiring and repositioning underperforming assets.
ATLANTA — SunTrust Banks Inc. (NYSE: STI) has closed on its previously announced acquisition of all of the assets of the operating subsidiaries of Pillar Financial LLC, which includes receiving Fannie Mae, Freddie Mac and Federal Housing Administration Agency license transfer approvals. The assets include Pillar’s multifamily lending business, which comprises affordable housing, healthcare properties, seniors housing and manufactured housing specialty teams. The assets also include Chicago-based Cohen Financial’s commercial real estate investor services business, advisory services and offering loan administration, as well as its mortgage banking business. The Pillar team has joined SunTrust’s Commercial Real Estate (CRE) division, which is part of the bank’s Wholesale Banking segment. CRE provides banking and capital markets services to commercial real estate developers, owners and operators through various lending platforms. SunTrust Robinson Humphrey served as financial advisor to SunTrust Banks for this transaction. Beekman Advisors acted as the strategic advisor for Pillar.
