WARNER ROBINS, GA. — The Colliers Philadelphia Capital Markets team has arranged a $19.6 million acquisition loan for Sandpiper Apartments, a 530-unit apartment complex in Warner Robins. The 30-year loan features an interest rate of LIBOR plus 2.44 percent. The Colliers team also arranged a joint venture equity partner to co-invest with the borrower, an investor new to the Warner Robins apartment market.
SHAKOPEE, MINN. — New York Life Real Estate Investors has arranged a $33.4 million acquisition loan for a 290-unit apartment property in Shakopee, approximately 25 miles southwest of Minneapolis. A joint venture between White Oak Partners and affiliates of The Hartford is the borrower. The Addison Apartments is a Class A property that features amenities such as a swimming pool, fitness center, business center, clubhouse, courtyard, dog park, walking trails and cyber café with coffee bar. Apartment amenities include in-unit washers and dryers, walk-in closets, kitchen appliances and patios or balconies. The property, built in 2005, offers one-, two- and three-bedroom units. Buildings at The Addison Apartments are three stories. The fixed-rate loan features a six-year term.
NEW ALBANY, IND. — NorthMarq Capital has arranged a $1.4 million loan to refinance the Silver Run Center in New Albany, approximately five miles northwest of Louisville, Ky. The 11,355-square-foot property, located at 2860-2880 Charlestown Road, is shadow anchored by Kroger. The financing features a fixed-rate, three-year term and 20-year amortization schedule. Randall Waddell of NorthMarq Capital placed the loan with a local bank.
LEWISVILLE, TEXAS — CBRE has arranged a $34.5 million loan for the acquisition of Provenza at Windhaven, a 324-unit, Class A apartment community located at 4900 Windhaven Parkway in Lewisville. Built in 2015, the property’s units feature granite countertops, kitchen islands, stainless steel appliances, wood-style flooring and wood cabinetry. Community amenities include a resort-style swimming pool with cabanas, grilling stations, a fitness center, private courtyards, club lounge, dog park with a wash station and a game room. Christopher Apone and Charles Foschini of CBRE’s Miami office arranged the eight-year loan through USAA on behalf of the borrower, Momentum Real Estate Partners.
WESTLAND, MICH. — Cohen Financial has arranged an $11.2 million CMBS loan to refinance Westland Colonial Village Apartments in Westland, approximately 25 miles west of Detroit. The Class B property, located at 8181 N. Wayne Road, was built in the 1960s and features 304 units. Cathy Bronkema of Cohen Financial placed the fixed-rate, 10-year loan with Morgan Stanley. The borrower was undisclosed.
INDIANAPOLIS — Dougherty Mortgage LLC has closed an $8.3 million Fannie Mae loan for the acquisition of a 192-unit apartment property in Indianapolis. Amenities at Madison Village include a clubhouse, laundry facilities, grilling stations, swimming pool with sundeck, technology lounge and fitness center. Oak Hills Village LLC was the borrower. The loan features one year of interest-only payments and a 30-year amortization schedule.
NEW YORK CITY — The Parkland Group has received $32.1 million in refinancing for a fully-leased retail property located at 200 West End Ave. in Manhattan’s Upper West Side. HFF placed the 15-year fixed-rate loan through MetLife for the borrower. The 25,446-square-foot retail property is leased to CVS/pharmacy, Bin 70, Apple Seeds and Beverly Hills Dry Cleaners. Rob Rizzi and Jennifer Keller of HFF arranged the financing for the borrower.
DANIA BEACH, FLA. — Meridian Capital Group has arranged $15.4 million in construction financing for a new Wyndham Garden hotel located in Dania Beach. The 142-room, seven-story hotel will be situated one-and-a-half miles from the beach and near Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and the Convention Center. Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the three-year, interest-only construction loan through BB&T. The loan converts to a four-year mini-perm loan with a 25-year amortization schedule after the initial term.
MCKINNEY, TEXAS — Metropolitan Capital Advisors has arranged a $15 million non-recourse construction loan for a dual-branded SpringHill Suites by Marriott and Home2 Suites by Hilton located in McKinney. The six-acre parcel of land is located just off the northwest corner of Eldorado Parkway and North Central Expressway. The transaction featured a non-recourse first lien mortgage and a second lien funded with EB-5 capital. A regional bank provided the loan. Three separate undisclosed firms will team up as the developer for the project, with differing levels of involvement with regard to the completion guarantee and the management of hotel operations. The project also features a partnership between two undisclosed general contracting companies.
ARLINGTON, TEXAS — A partnership between Dougherty Mortgage and Old Capital Lending has arranged a $10.1 million acquisition loan for Water Chase Apartment Homes, a 200-unit multifamily community in Arlington. The gated, pet-friendly complex features a swimming pool, fitness center and a clothing care center. Individual units include washer/dryer connections, walk-in closets and private balconies and patios. Dougherty Mortgage and Old Capital Lending arranged the 12-year Fannie Mae loan on behalf of the borrower, TFG Waterchase Apartments LLC. The loan features two years of interest-only payments and a 30-year amortization schedule.