SAN ANGELO, TEXAS — BMC Capital has arranged a $9.4 million loan for the acquisition of a 250-unit multifamily property located in the West Texas city of San Angelo. The loan features an interest rate of approximately 4.5 percent, a 12-year term and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed agency relationship. The name of the property and borrower were also withheld.
WASHINGTON, D.C. — Fannie Mae generated more than $67 billion in multifamily financing in 2017, the highest volume ever recorded for its Delegated Underwriting and Servicing (DUS) program, which is in its 30th year of operation. The agency financed more than 750,000 multifamily units last year, breaking records in several segments including green financing, seniors housing, structured transactions and affordable housing. Fannie Mae’s biggest gains came in its seniors housing and green products. The agency generated $5.5 billion in seniors housing loans last year, up 267 percent from 2016. For its green product — loans on properties with Green Building Certification or those targeting a 20 percent reduction in energy/water consumption — Fannie Mae closed $27.6 billion in financing last year, a 667 percent jump from its 2016 volume. Walker & Dunlop closed approximately $9.1 billion of Fannie Mae financing last year, making the firm the No. 1 DUS lender of 2017. The company also produced the most green loans last year for the agency. The top affordable housing DUS lender was Wells Fargo Multifamily Capital, the top small loan DUS lender was Arbor Commercial Funding I LLC and the top DUS lender in the seniors housing space was KeyBank NA.
GREENSBORO, N.C. — Greystone Affordable Development, an affiliate of Greystone & Co. Inc., has closed $79.2 million in financing for a nine-property, 645-unit affordable housing portfolio in Greensboro. The financing was arranged through the HUD Rental Assistance Demonstration (RAD) program on behalf of the Greensboro Housing Authority. HUD’s RAD program provides funding for housing authorities to convert public housing properties to a Section 8 platform using public and private debt and equity, ensuring that the portfolio will remain permanently affordable to low-income households. The Greensboro Housing Authority will renovate the properties, constructed between 1959 and 1996, over the next year. The financing package included tax-exempt bonds, Low Income Housing Tax Credit equity from Boston Financial Investment Management and Fannie Mae loans provided by PGIM Real Estate Finance. Greystone has preserved over 10,000 affordable housing units as both financial advisor and developer.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged an $8.6 million loan for the refinancing of The Diplomat in Columbus. The property includes 34 apartment units and four retail units. The apartments include stainless steel appliances, quartz countertops, gas ranges and washer/dryer hookups. Craig Kegg and Ted Schmidt of Grandbridge arranged the fixed-rate loan through Grandbridge’s proprietary lending platform, BB&T Real Estate Funding. The 10-year loan features a 30-year amortization schedule.
BOGOTA, N.J. — River Development has completed the disposition of The River Club, a proposed multifamily development site located on the former Hess Oil Terminal and an adjacent parcel that was the former Sifford Pontiac site in Bogota. Jonathan Stein of PCD Capital acquired the development for $17 million. Situated on 13 acres, the proposed development will feature five multifamily buildings including 421 apartments, a clubhouse, secured parking, resort-style pool, a Riverwalk and retail space. Construction is slated to begin this spring. Kathy Anderson of Progress Capital brokered the transaction for the seller. Mike Bruno of Giordano, Halleran, Ciesla provided legal representation for River Development, while Chris Otteau of Otteau Realty Advisors provided legal counsel for the buyer in the deal.
LONG ISLAND, N.Y. — Fairfield Properties has purchased two multifamily buildings located in Rockville Centre in Long Island. Suburban Associates at Grand and Maple LLC, a family developer that constructed the buildings in the 1970s, sold the properties for $16 million. Totaling 83 units, the two buildings are located at 145 Maple Ave. and 91-99 Grand Ave. The buildings are 100-percent rent stabilized and within walking distance of Rockville Centre village and the Long Island Rail Road. Corey Gluckstal and Guy Canzoneri of Five Point Real Estate represented the seller and buyer in the transaction.
NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.
ATLANTA — Cushman & Wakefield has arranged the $40.4 million sale of 500 Northside, a 351-unit apartment community located in Midtown Atlanta. Tyler Averitt, Josh Goldfarb and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Varden Capital Properties. The Griffin Fund acquired the asset. Constructed in 1968, 500 Northside features a clubhouse, coffee bar, fitness center, pool and a pet play area. The new owner plans to update 50 percent of the community’s un-renovated units, as well as fully renovate the property’s exterior.
DALLAS — A joint venture between California-based KBS Realty Advisors and Tennessee-based Southern Land Co. has broken ground on a 309-unit multifamily tower in the Highland Park area of Dallas. The 19-story, Class A tower will feature amenities such as a fitness center, pool, resident lounge, private park and a 465-space parking garage. A timeline for completion has not yet been established.
BEE CAVE, TEXAS — HFF has brokered the sale of Park Manor at Bee Cave, a 140-bed acute-care skilled nursing facility in the western Austin suburb of Bee Cave. Built in 2014, the property’s location near the 106-bed Baylor Scott & White Medical Center makes it the only skilled nursing facility within a four-mile radius. David Fasano, Ryan Maconachy and Chad Lavender of HFF represented the seller, Dallas-based Meridian Realty Advisors, in the transaction.