CHICAGO — U.S. Bank has invested $5.9 million in low-income housing tax credits equity and provided a $6.8 million construction loan for a 30-unit apartment project in the Chicago Lawn neighborhood. Southwest Organizing Project and Brinshore Development are heading up the project that will turn nine vacant buildings into apartments that are below the market rate. The nine buildings will provide two one-bedroom, 16 two-bedroom, 10 three-bedroom and two four-bedroom units. Four of the units will be fully disabled-accessible. Tenants will earn between 30 percent and 60 percent of the area median income, and rents will range from $270 to $1,005 per month. Construction on the buildings, which cover a six-block area, is expected to be complete next June.
ANTIOCH, TENN. — Walker & Dunlop has closed a $35.2 million HUD 221(d)(4) loan for the construction of Vintage Burkitt Station, a 244-unit apartment complex underway in Antioch, a southeastern suburb of Nashville. The garden-style community will feature a clubhouse, cyber café, business center, fitness center, resort-style pool with outdoor entertainment area, game room and a playground for kids. The property will be the only Class A apartment community in the immediate area, according to Walker & Dunlop. The financing features both construction and permanent components, and the permanent financing was structured as a 40-year, fixed-rate loan. David Strange and Keith Melton of Walker & Dunlop’s Nashville office originated the transaction.
LOS ANGELES — Universe Holdings has received $124.7 million to refinance a seven-property multifamily portfolio in Southern California. The properties contain a total of 559 units. The refinancing program generated $15 million in proceeds for new acquisitions and asset improvement programs. Universe is targeting up to $100 million in new acquisitions this year, according to the firm’s CEO. Properties in the portfolio are the 50-unit Isles of Charm in Los Feliz; the 172-unit Nantucket Creek in Chatsworth; the 53-unit Chateau Lakeside; the 82-unit Chateau Woodley Hart in Van Nuys; the 52-unit Chateau Regent in North Hollywood; the 56-unit Chateau Spring Terrace in La Mesa; and the 94-unit Chateau Spring Hill in La Mesa. HFF’s Charles Halladay arranged the loans through HFF’s Freddie Mac Program Plus® Seller/Servicer Program and Sabal Financial’s Freddie Mac Small Balance Program.
THOUSAND OAKS, CALIF., AND SCOTTSDALE, ARIZ. — CBRE has arranged $80 million in financing for a joint venture between Blue Moon Capital Partners and Belmont Village Senior Living. The JV will use the funds to purchase an assisted living and memory care portfolio consisting of Belmont Village Thousand Oaks in metro Los Angeles and Belmont Village Scottsdale in the Phoenix suburb of Scottsdale. The seven-year, fixed-rate loan includes 48 months of interest-only payments. A life insurance company provided the funds. The two communities total 275 units and Belmont Village will continue to operate the properties. The California location was built in 2011 and the Arizona location in 2012. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing.
CENTRAL ISLIP, N.Y. — Meridian Capital Group has arranged $65.2 million in acquisition financing for the purchase of Hawthorne Court, a multifamily property located in Central Islip. The borrowers were Spruce Capital Partners and Post Road Properties. The seven-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed rate and three years of interest-only payments. Abe Hirsch and Zev Karpel of Meridian negotiated the transaction. Located at 111-211 Hawthorne Ave., the 20-building property features 434 apartments, 682 parking spaces and a swimming pool.
PHILADELPHIA — Colliers International has arranged $9.1 million in financing for Wister Court, a student housing property located in Philadelphia. The seven-year loan features a fixed rate and a 30-year amortization schedule. Serving students at La Salle University, the newly-built property features 49 apartments totaling 206 beds. At the time of closing, the property was 50 percent occupied. Kris Wood, John Banas, Chad Levitt, Tim Hoyt and Martin Duval of Colliers arranged the financing. The name of the borrower was not released.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has arranged $41.1 million in loans for five properties in Minnesota. The transactions include: A $1.8 million refinancing loan for a 25,000-square-foot office property in Minneapolis, which includes a 15-year term and 15-year amortization schedule. A $3 million loan used to refinance a 39,466-square-foot retail property in Lake Elmo that features a five-year term and 20-year amortization schedule. A $30 million, 15-year loan to refinance a 191-unit multifamily property in Eden Prairie. A $4.8 million refinancing loan for a 68,554-square-foot office property in Eagan. The loan consists of a 10-year term and 25-year amortization schedule. A $1.5 million loan for the acquisition of a 30,147-square-foot industrial property in Apple Valley. The financing features a 10-year term and 25-year amortization schedule.
WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.
MANSFIELD, MASS. — Fantini & Gorga has arranged $16.4 million in financing for the development of North Common Estates, a transit-oriented mixed-use development in Mansfield. The borrower is North Common Residences LLC, an affiliate of Curgnale Properties. Casimir Groblewski of Fantini & Gorga arranged both the debt and equity portions of the capital stack for the project. The debt was placed with a major Massachusetts-based financial institution and the equity with a group of private investors. Slated for completion in fall 2017, North Common Estates will feature two four-story buildings offering a total of 37 one-bedroom and 44 two-bedroom apartments, ranging in size from 700 to 1,500 square feet, and 7,689 square feet of commercial space. RESKON Group is the project manager and Annino Inc. is serving as architect for the project.
BETHESDA, MD. — Capital One has served as lead arranger and administrative agent for a $61 million syndicated loan and $12 million syndicated credit facility to affiliates of CommuniCare Health Services, a Cincinnati-based provider of post-acute care. CommuniCare will use the financing to purchase nine skilled nursing facilities in Ohio and Maryland from a publicly traded REIT.