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.
SUMMERVILLE, S.C. — Capstone Capital has closed the $32.5 million cash-out refinancing of Kilnsea Village Apartments, a 313-unit multifamily property located at 5300 Patron Place in Summerville, roughly 26 miles west of Charleston. The unnamed borrower, a Southeast-based developer, refinanced an existing $20 million loan and withdrew approximately $12.5 million from the new financing. Jackson Howard of Capstone Capital arranged the Fannie Mae loan at a fixed interest rate of 4.45 percent. The loan features three years of interest-only payments followed by a 30-year amortization schedule.
DALLAS — CBRE Capital Markets has arranged acquisition financing for Signature Exchange, two Class A office buildings in north Dallas. CBRE worked on behalf of America’s Capital Partners to obtain the financing. Signature Exchange was constructed in 1982 and went through a renovation in 2013. It is now 92 percent occupied. The property is located two miles north of I-635 on the west side of Preston Road. Greg Greene, Scott Lewis and Taylor Pearce of CBRE’s Dallas office secured the financing on behalf of the borrower. Gary Carr, Robert Hill, John Alvarado and Eric Mackey of CBRE’s Dallas Office investment group represented the seller, CBRE Global Investors.
MAMARONECK, N.Y. — Houlihan-Parnes Realtors has secured a $1.6 million first mortgage loan for a retail building located at 587-621 E. Boston Post Road in Mamaroneck. The seven-year, non-recourse loan has a 3.75 percent fixed-interest rate with interest-only payments for two years and a 30-year amortization schedule. The 15,270-square-foot building features 12 retailers. Bryan Houlihan and Mike O’Neill of Houlihan-Parnes arranged the financing through a local bank for the undisclosed borrower.