HARLINGEN, TEXAS — Kurt Dennis of LMI Capital has arranged acquisition financing for a garden-style apartment complex in Harlingen. Working on behalf of the borrower, Dennis secured a 10-year, fixed-rate loan with a CMBS lender. The first mortgage represented 80 percent of the purchase price and featured five years of interest-only payments. The borrower plans to fully upgrade the property’s interiors, exteriors and amenities in order to maximize the asset’s potential cash flow.
CARY, N.C. — Capstone Capital has arranged a $37.6 million Fannie Mae loan for Amberton at Stonewater Apartments, a 348-unit community in Cary. The non-recourse loan features three years of interest-only payments fixed at 4.49 percent. Completed in 2014, the property features one-, two- and three-bedroom units. Jackson Howard of Capstone Capital arranged the loan on behalf of the borrower, The Carroll Cos.
FAYETTEVILLE, N.C. — Greystone has provided a $25 million CMBS loan to refinance Addison Ridge, a 211-unit apartment community located in Fayetteville. Constructed in 2014, the apartment property features a movie theater, swimming pool and fitness center with an on-site personal trainer. Greg Krafcik of Greystone originated the five-year, interest-only loan with a 30-year amortization schedule. Jackson Howard of Capstone Capital arranged the loan.
LENOIR CITY, TENN. — Walker & Dunlop Inc. has closed a $17.7 million loan for The Cove at Creekwood Park, a 208-unit apartment complex located in Lenoir, roughly 30 minutes outside of Knoxville. Built in 2011, the apartment property comprises one-, two- and three-bedroom units that feature keyless door entry systems, fully equipped kitchens with stainless steel appliances, plank flooring, walk-in closets and full-sized washers and dryers. Common area amenities include gated access, a picnic/play area, walking trail, pavilion, business center with a cyber café, fitness center, saltwater swimming pool and an outdoor cooking station. Keith Melton and David Strange of Walker & Dunlop arranged the 39-year, fixed-rate loan using HUD’s Interest Rate Reduction program.
RENO, NEV. — Lancaster Pollard has arranged a $1.8 million bridge loan for Reno Valley Assisted Living & Retirement Center (RVALRC), a 118-unit assisted living facility located in Reno. The community was acquired in 2013 and has undergone a turnaround process. The loan, provided by a local lender, has a five-year term and will fund further capital improvements, debt repayment and recapitalization. The improvements will also allow RVALRC to accept Medicaid residents, opening its doors to a wider range of customers. The community plans to refinance the loan within three years once improvements are implemented. Grant Goodman led the transaction for Lancaster Pollard.
SAN ANTONIO — Walker & Dunlop has provided an $18 million acquisition loan for Whispering Oaks Apartments in San Antonio. The Walker & Dunlop team utilized Fannie Mae’s 10-year, fixed-rate product for the loan structure. In addition, the loan included three years of interest-only payments and utilized Fannie Mae’s Early Rate Lock program. Alex Inman led the Walker & Dunlop team that structured the loan. Located in the Whispering Oaks community, the garden-style apartment complex offers 346 units featuring one-, two- and three-bedroom apartments situated on 11.8 acres. Built in 1981, the property features a fitness center, three swimming pools, picnic areas, four on-site clothing facilities, a dog park, playground and business center. In the next 12 to 18 months, the purchaser plans to continue unit upgrades, common area improvements and exterior renovations. Whispering Oaks Apartments is 93 percent occupied.
BELLEVUE, WASH. — Kemper Development Company has received $220 million to refinance the Eddie Bauer Building in Bellevue. The 538,705-square-foot office building is situated within the Bellevue Collection on the corner of NE 8th and Bellevue Way NE. The Class A building is fully leased to Eddie Bauer and Microsoft Corp. The Bellevue Collection contains retail, office, hotel and residential properties. It features more than 250 retail brands, dozens of restaurants, more than 1 million square feet of Class A office space and more than 1,000 hotel rooms. TIAA-CREF provided the financing. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield Equity represented Kemper Development.
SAN JOSE, CALIF. — PCCP LLC has provided a $48.5 million senior loan to Dollinger Properties for the development of Sprouts @ Brokaw, a 143,000-square-foot shopping center to be anchored by Sprouts Farmers Market in San Jose. Construction has begun on the project, which is set to open in summer 2016.
NORTHBROOK, ILL. — Prime Finance has provided the owners of a 195,000-square-foot office building, located at 400 Skokie Blvd. in Northbrook, with a $19.5 million refinance loan arranged by Draper and Kramer. The ownership group, a partnership between Romanek Properties, Bachmann Associates and Syndicated Equities, will use $2.5 million of the loan proceeds to make building improvements. Upgrades will include a conference center, expanded fitness center and improvements to all common areas. The Class A office building is leased and managed by CBRE. Dan Graham and Peter Clifton of CBRE lead leasing efforts at the building. Bill Barry and Bill Stewart of Draper and Kramer arranged the financing for the owners.
MINNEAPOLIS — Oak Grove Capital has originated a $9.3 million FHA loan for the construction of Broadway Flats, a mixed-use property located in north Minneapolis. The property will include commercial space and workforce housing. Ken Dayton and Pat McMullen of Oak Grove Capital arranged the loan. The property is being built in an effort to revitalize the damage resulting from a tornado in 2011. The 19,000-square-foot commercial space is slated to open in April 2016, followed by the opening of 103 housing units in July 2016. Building amenities will include a business center, fitness room, conference room and underground parking. Plans to integrate a metro transit shelter into the exterior of the building should go into effect in 2017.
