CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a $15.3 million Fannie Mae loan for the acquisition of Ashton Reserve at Northlake, a 151-unit apartment community in Charlotte. The property is Phase II of a larger apartment development. Chris Black of KeyBank’s commercial mortgage group arranged the fixed-rate loan.
LUBBOCK, TEXAS — Marcus & Millichap Capital Corp. (MMCC), a provider of commercial real estate financing and capital markets expertise, has arranged a bridge loan to refinance an apartment complex in Lubbock. Peter Muntz, a director in MMCC’s Chicago Downtown office, arranged the debt placement. The non-recourse, interest-only debt placement was structured with a 14-month term and a fixed interest rate. The property is a garden-style apartment complex with more than 300 units.
ARLINGTON HEIGHTS, ILL. — Square Mile Capital Management LLC has provided a $50 million refinancing loan for One Arlington, a luxury multifamily property in Arlington Heights, approximately 26 miles northwest of Chicago. Stoneleigh Companies LLC was the borrower. One Arlington is an adaptive reuse conversion of a former Sheraton Hotel. The conversion was completed in June 2015. The property features 214 residential units, 17,200 square feet of ground floor retail space and an attached 313-space underground parking garage.
NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.
LOS ANGELES — Capital Funding Group has provided a $6.5 million bridge-to-HUD loan and a $2 million mezzanine loan for the acquisition of Bloohmfield East, a 130-bed skilled nursing facility in Lynwood. A group of private real estate investors bought the property and leased it to a new operator, Reliant Management. Capital Funding Group is a Baltimore-based lender for healthcare properties, especially skilled nursing facilities, assisted living communities and hospitals.
ORLANDO, FLA. — The Mortgage Bankers Association (MBA) projects that originations of commercial and multifamily mortgages will grow to $511 billion in 2016, a 3 percent increase in volume on a year-over-year basis and slightly more than the previous record of $508 billion originated in 2007. More specifically, the volume of mortgage banker originations for multifamily mortgages is projected to reach $202 billion in 2016, with total multifamily lending expected to reach $262 billion. MBA unveiled its forecast during the second day of the organization’s Commercial Real Estate/Multifamily Housing Finance Convention in Orlando, which runs through Wednesday and has attracted 3,000 attendees. “This past year was extremely strong for commercial real estate finance,” says Jamie Woodwell, vice president of commercial real estate research for MBA headquartered in Washington, D.C. “Property incomes are rising, interest rates are low and property values are up. We expect the momentum to continue into 2016 and to support both the demand for, and supply of, commercial and multifamily mortgage capital.” A growing U.S. economy and expectations of only gradual increases in interest rates will combine to support a strong commercial property market, emphasizes Woodwell. “But there is a chance that cap rates could increase more …
ALBUQUERQUE, N.M. — Houlihan-Parnes has arranged a $9.1 million refinancing for Ladera Shopping Center, a 128,712-square-foot shopping center located in Albuquerque. Ed Graf of Houlihan-Parnes secured the five-year loan. The center is currently 95 percent occupied by 23 tenants including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H&R Block and T-Mobile. Burger King occupies a pad site.
FORT COLLINS, COLO. — NorthMarq has arranged a $3.7 million refinancing for 3636 and 3700 S. College Ave. in Fort Collins. The collateral consists of two freestanding retail buildings totaling 35,211 square feet. The center is home to a mix of local and regional tenants including Men’s Wearhouse. Mark Jeffries and Conor McCahill of NorthMarq arranged the financing for the borrower.
NEW YORK CITY — Lustig Capital has arranged a $66.6 million construction loan for the condominium conversion of 360 Central Park West in New York City. To be known as 360 CPW, the property is a 145-unit apartment building located at the south corner of Central Park West and 96th Street. Built in 1928, the Rosario Candela building is one of the famous church apartment buildings, which incorporated the Second Presbyterian Church of New York within the building’s structure. The property also hosts the Alexander Robertson School. Contiguous apartments at 360 CPW will be combined into luxury homes, designed by Cetra Ruddy and marketed by Stribling. The new residences will feature dedicated HVAC units, high-end finishes and Miele and Bertazzoni appliances. The building’s fully renovated lobby and common spaces will feature a children’s playroom, gym, bike room, private storage room and pet washing station. Bill Lustig of Lustig Capital arranged the financing for the undisclosed borrower.
MILWAUKEE, WIS. — KeyBank Real Estate Capital has arranged a $51.1 million Fannie Mae loan for the refinancing of an apartment property in Milwaukee. Park Lafayette Towers is a 271-unit high-rise complex that was constructed in 2009. Erik Storz of KeyBank arranged the loan for the undisclosed borrower.
