ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.
AUSTIN, TEXAS — HFF has arranged acquisition financing for Chez Moi, a 384-unit apartment community in Austin. Working on behalf of Griffis Residential, HFF placed the seven-year, 3.9 percent fixed-rate acquisition loan with a correspondent life insurance company. Chez Moi is situated on 21 acres at 12100 Metric Blvd. in north Austin with access to MoPac Expressway, I-35 and West Parmer Lane. The 94 percent-leased property features a variety of one-, two- and three-bedroom floor plans averaging 893 square feet. Community amenities include a swimming pool with sundeck, hot tub, outdoor fire pit, sand volleyball court, clubhouse, business center, dog park, car wash, nature trail and garage parking. Eric Tupler, Josh Simon and Casey Wenzel led the HFF debt placement team representing the borrower.
FRANKLIN AND MONROE, N.J. — HFF has arranged $24.6 million in refinancing for a two-property industrial portfolio totaling 470,866 square feet in Franklin and Monroe. The borrowers are Matrix Development Group and a fund advised by Morgan Stanley Real Estate Investing. HFF secured a $17.3 million loan for 1 Heller Park Lane in Franklin and a $7.3 million loan for 20 S. Middlesex Ave. in Monroe through Cornerstone Real Estate Advisers LLC. The 324,337-square-foot 1 Heller Park Lane property features a 296,337-square-foot warehouse building and a 28,000-square-foot truck terminal building. Renovated in 2015, the property is fully leased to Promotion in Motion Inc., a candy and fruit snack manufacturer. Completed in 1992, the 146,529-square-foot warehouse property at 20 S. Middlesex Ave. features 19,069 square feet of office space and is leased to three tenants. Thomas Didio and Jim Cadranell of HFF represented the borrower in the financing transaction.
NEW BEDFORD, MASS. — Congressional Bank’s Healthcare Lending group has closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a skilled nursing facility in New Bedford. The revolving line of credit will fund the ongoing working capital needs of the 107-bed facility. Congressional Bank will close its merger with American Bank on January 1, 2016, and the company’s lending capacity will exceed $10 million, allowing it to expand its lending platform.
CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.
MIAMI — HFF has arranged a $20 million loan for the refinancing of Vista Shopping Center, an 88,699-square-foot retail center located at 6400 N.W. 186th St. in Miami’s Miami Lakes neighborhood. Sedano’s Supermarket and Navarro Pharmacy anchor the center. Other tenants of the 97 percent-leased center include Catherine’s Fashions, Chipotle Mexican Grill, Clippers, Wing Stop, LA Nails, Bridgestone, Miral Jewelry, Jiffy Lube, Checkers and La Brasa Miami Gardens. Chris Drew and Jose Carrazana of HFF arranged the 10-year, fixed-rate loan through TD Bank on behalf of the borrower, an affiliate of Saglo Development Corp., a Miami-based developer. Loan proceeds will be used to retire the existing mortgage and make capital improvements to the property.
NEW YORK CITY — Ready Capital Structured Finance has closed an $8.4 million bridge loan for the acquisition, renovation and stabilization of two vacant multifamily buildings located at 157-159 Wythe Ave. in Brooklyn’s Williamsburg neighborhood. The borrower was Brooklyn Standard Properties. Totaling 8,500 square feet, the three-story buildings feature ground-floor retail space. The assets will undergo a gut renovation, including an extension of the ground floor for commercial use and the addition of one story for residential use. The loan features advances up to 75 percent loan-to-cost, a two-year term with two extension options, along with a funding facility to provide for all future capital expenses and tenant improvement and leasing commissions. Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller, an estate, in the sales transaction.
CHARLOTTE, N.C. — Medalist Capital has arranged a $345.6 million loan through MetLife Inc. for the 535-acre Ballantyne Corporate Park in Charlotte. The 2.5 million-square-foot property features Class A office space, retail, restaurants, healthcare and two hotels. Don Williams and Mary Neill McKie of Medalist Capital’s Charlotte office arranged the long-term, fixed-rate loan on behalf of the borrower, The Bissell Cos. Ballantyne Corporate Park’s tenant roster includes the headquarters of MetLife’s U.S. retail business. The loan did not involve MetLife’s offices in Charlotte.
KANSAS CITY, MO. — U.S. Bank has provided an $8.3 million investment for the construction of the second phase of St. Michael’s Veterans Center in Kansas City. The $11.4 million project will receive $8.3 million in equity raised from federal state and federal low-income housing tax credits. The second phase of the center will include 59 one- and two-bedroom apartment units and space for substance abuse counseling, job training and other support services. Yarco Company Inc. and its affiliates are serving as the developer, property manager and general contractor for the project. The facility will be located at the intersection of East 39th Street and Emanuel Cleaver Boulevard. Apartment rents at the center will range from $657 to $750 per month. Phase I of St. Michael’s Veterans Center opened in 2014 and was fully occupied within a month. There is currently a waiting list of 95 applicants. The construction on Phase II is slated for completion in the third quarter of 2016.
MCLEAN, VA. — Capital One served as a co-lender and the administrative and collateral agent for a $5.1 billion, adjustable-rate Freddie Mac warehousing facility. The borrower, Berkadia Commercial Mortgage, will use the loan to bridge the timing gap between the origination of 107 individual loans needed to fund Lone Star Funds’ acquisition of Home Properties Inc., a multifamily REIT, and the sale of these loans to Freddie Mac. Home Properties’ 107 communities are located in Illinois and on the East Coast from Maine to Virginia, and total 38,965 units. TD Bank and Wells Fargo participated alongside Capital One in the facility.