NEW YORK CITY — Equicap has arranged $5 million in permanent financing for a mixed-use property located in the Chinatown section of New York City. The 20-unit property features four retail units and 16 apartments. The borrower, a large not-for-profit, plans to renovate and re-tenant the retail portion of the property. Daniel Hilpert of Equicap negotiated the five-year loan at a 3.25 percent interest rate.
COLUMBUS, OHIO — Dougherty Mortgage LLC has closed on an $11 million Fannie Mae acquisition loan for a multifamily property in Columbus. Parkview Apartments is a 216-unit market rate apartment property. Unit amenities include walk-in closets, fully equipped kitchens and washer and dryer connections. A partnership between Old Capital Lending and Dougherty arranged the 10-year term, 30-year amortization loan for Wolfe Diamond Loch LLC.
SODUS AND WILLIAMSON, N.Y. — KeyBank has provided a $3.9 million letter of credit to SWIIRD Preservation LLC, an entity owned by CB Emmanuel Realty LLC. Located in Sodus and Williamson, the affordable housing properties total 96 one-bedroom apartments. Ninety-four of the 96 residences will utilize NYC HCR project-based rental assistance vouchers, keeping the units affordable to low-income senior and special needs residents for at least 15 years. Joe Eicheldinger of KeyBank’s Community Development Lending arranged the financing, which was used to rehab the properties.
LUBBOCK, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $5 million loan for the purchase of a 213-unit apartment property in Lubbock. The loan features a 10-year fixed term at 5.9 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding conduit relationships.
GLEN ALLEN, VA. — New York Life Real Estate Investors has provided a $52 million loan on behalf of institutional investors for Marshall Springs at Gayton West, a 420-unit apartment community in Glen Allen, a suburb of Richmond. The 10-year loan features three years of interest-only payments. Geoff McVeigh of Berkadia arranged the loan. New York Life worked with developer The Breeden Co. on financing the apartment community.
MALDEN, MASS. — Fantini & Gorga has arranged a $19.9 million first mortgage for Residences @ Malden Station, a recently completed and stabilized multifamily property at 39 Florence St. within Malden Center in Malden. The transit-oriented development features 18 studio units, 39 one-bedroom units and 27 two-bedroom units with granite countertops, stainless steel appliances, and in-unit washer/dryers. On-site amenities include a 24-hour fitness center, common roof deck, clubroom and a WiFi lounge. Derek Coulombe, John Gorga and Despina Hatzipetrou of Fantini & Gorga secured the financing through Lincoln Financial Group for the undisclosed borrower.
SALEM, N.H. — CBRE/New England has arranged a $4.1 million loan for the refinancing of Rosewood Apartment Living, a 42-unit multifamily property in Salem. The borrower is Circle Rental Management. Originally developed in 1968, Rosewood Apartment Living features seven colonial-style, three-story buildings containing six units each. John Kelly and Sam Dylag of CBRE/NE procured the financing for Circle Rental Management.
CHICAGO — Pillar has originated two Fannie Mae loans totaling $9.6 million for two multifamily properties in Chicago. Lancelot Lie of Pillar orientated the fixed-rate loans, which both feature six-year terms. The borrowers are affiliates of BJB Partners. A $7.8 million loan was originated for a 220-unit property located at 2850 N. Sheridan Road, and a $1.8 million loan was originated for a 76-unit property located at 420 Surf St. Both properties were fully leased.
LOS ANGELES — IPA Capital Markets has arranged a total of $107 million in financing for two multifamily properties in California. The properties include the Emerald Terrace Apartments in Los Angeles and Fiori Estates in the Northern California submarket of Rohnert Park. The communities received $52 million and $55 million, respectively. The Emerald financing was structured as an interest-only, floating-rate loan. The loan-to-total cost value, including rehab dollars, is 72 percent. Fiori’s financing was structured with an interest-only floater of less than 3 percent. The loan-to-value is 65 percent and the loan-to-cost is 92 percent. Jake Roberts and Anita Paryani of IPA Capital Markets arranged the financing.
RALEIGH, N.C. — SunTrust Bank has performed as the lead arranger for a $66.7 million construction loan for a Class A office tower in Midtown Raleigh. The borrower, Kane Realty Corp., will use the loan to develop Midtown Plaza, a 12-story, 330,000-square-foot office tower in North Hills, a 130-acre mixed-use development in Raleigh. Allscripts, a Chicago-based healthcare information technology company, will anchor the new office development. Kane Realty plans to deliver the project in July 2017. SunTrust has funded two other Kane-developed projects in North Hills — CAPTRUST Tower and The Dartmouth.
