ARLINGTON, TEXAS — Old Capital has secured a loan for Medlin Square Apartments, a 47-unit complex located in Arlington. A local investor purchased the asset, which was built in 2003. Old Capital provided the non-recourse Fannie Mae financing. The 10-year, 4.5 percent fixed-rate loan features a 30-year amortization schedule and 12 months of interest-only payments.
HAUPPAUGE, N.Y. — Meridian Capital Group has arranged $128 million in acquisition financing for the purchase of Devonshire Hills, a multifamily property located in Hauppauge. Bainbridge Cos. and China Orient Asset Management, through its U.S. affiliated entity, acquired the 43-building, 656-unit multifamily property located at 1717 Devonshire Road. The garden-style apartment community includes a swimming pool, tennis court, fitness court and shared outdoor space. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate, two years of interest-only payments and a 75 percent loan-to-cost ratio. Jacob Katz, Abe Hirsch and Zev Karpel of Meridian Capital Group arranged the financing for the borrower.
HOBOKEN, N.J. — NorthMarq Capital has arranged $81.9 million in refinancing for four affordable housing properties in Hoboken. Gary Cohen of NorthMarq secured the 10-year refinancing, which features a 30-year amortization schedule. The financing was arranged for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. Managed by Applied Housing Management, the properties feature a total of 448 units.
PASADENA, LEAGUE CITY and HOUSTON, TEXAS — LMI Capital has secured five loans totaling $45 million in the Houston area. The assets are spread across the metro area, with three situated south of the city, one centrally located and one in west Houston. The first transaction to close was a five-year, fixed-rate loan for a 415-unit apartment community in the Brookhollow submarket of Houston. Jamie Mullin of LMI Capital procured the $17 million loan that will fund a multimillion-dollar rehab component, as well as additional earn-out proceeds. Financing terms include a 5 percent fixed interest rate, two years of interest-only payments and a flexible prepayment structure. The south Houston transactions were sourced by Brandon Brown and Jamie Safier of LMI Capital and include two apartment properties in Pasadena and one in League City. Brandon Brown of LMI closed a second lien that represents 96 percent of the first lien, effectively doubling the existing leverage and allowing the borrower to capture additional equity that has been created over time. The seven-year mortgage was placed on a 90-unit asset in Pasadena. Brown obtained debt for the refinancing of a 125-unit asset in League City. The 10-year Fannie Mae loan features a fixed 4.6 …
ALLEN, TEXAS — Casey Townsend of Cohen Financial, a national real estate capital services firm, has arranged a $6.8 million CMBS loan to acquire the Allen Tech Center. The 84,936-square-foot, one-story office/flex property is located in Allen. Townsend placed the 10-year, fixed-rate loan through Morgan Stanley.
CARTER LAKE, IOWA — Capital One has provided a $6 million adjustable-rate Fannie Mae loan to refinance a 329-space manufactured housing community in Carter Lake, approximately six miles northeast of Omaha, Neb. The undisclosed borrower will use the loan proceeds to retire an existing loan, complete capital improvements and purchase new homes. Lakeside Mobile Home Community was constructed in 1973 and 1974 and features a swimming pool, playground, clubhouse, outdoor basketball court and a storm shelter. The loan features a seven-year term and 30-year amortization schedule. Damon Reed of Capital One originated the transaction.
BOSTON — CBRE/New England has arranged $84.3 million in total financing for Serenity, a to-be-built apartment community in Boston’s Longwood Medical Area. The borrower, Longwood Group, has begun construction on the 195-unit property. John Kelly, Michael Prakken and Sam Dylag of CBRE/NE procured the financing for the borrower. Upon completion, the property will feature one 15-story building with both low- and mid-rise sections and approximately 1,860 square feet of street-level retail space. On-site amenities will include a pool, green roof space, a lounge, billiards rooms, kitchen, fitness center, library and computer room.
CLEVELAND — KeyBank Real Estate Capital has provided a $31.8 million CMBS loan for an industrial portfolio totaling 1.35 million square feet throughout South Carolina. The portfolio comprises mostly Class B distribution and warehouse facilities that were 95.9 percent leased at the time of financing. Robert Williams and David Pyc of KeyBank’s commercial mortgage group arranged the non-recourse financing on behalf of the borrower, Reger Holdings LLC.
GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.
LOS ANGLES — NorthMarq Capital has arranged $13.6 million in financing for Marshalls Plaza, a retail property located at 707-815 W. Second St. in Los Angeles. Ory Schwartz of NorthMarq Capital’s Los Angeles office secured the 10-year financing, which features a 30-year amortization schedule, through a CMBS lender for the undisclosed borrower. Marshalls, DD’s Discounts and Dollar Tree are tenants at the 151,286-square-foot property.