DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million refinancing loan for a 72-unit apartment complex located in Denton. The seven-year loan includes a 4 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
HOUSTON — HFF has secured acquisition financing for Cityside Crossing, a 360-unit apartment complex in southeast Houston near the University of Houston main campus. HFF worked on behalf of Commerce Capital Partners LLC (ComCapp) to secure the 12-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp. Cityside Crossing is located at 5514 Griggs Road near the South Loop East Freeway and the newly completed METRORail Southeast/Purple line. The asset was 95 percent occupied at the time of financing. Robert Wooten led the HFF debt placement team representing ComCapp.
SPEEDWAY, IND. — Tikijian Associates has arranged the sale of Eagle Lake Landing Apartments, a 277-unit apartment community located in Speedway. Eagle Lake Landing was built in 1976 and was renovated in 2011. The $6.3 million renovation included upgrades to unit interiors with the addition of new kitchens and bathrooms, the addition of washers and dryers to each unit, new entry and interior doors, new light fixtures and all new floor coverings. The exterior of the property also received improvements including new roofs, windows and patio doors, full exterior painting, new signage and exterior lighting. A new clubhouse with fitness/health center, business center and leasing office was also constructed in 2011. Tikijian Associates represented the seller, Indianapolis-based Van Rooy Properties. Steadfast Apartment REIT purchased the property. Steadfast Apartment REIT is sponsored by California-based Steadfast REIT Investments LLC, an affiliate of Steadfast Cos.
WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided a $110 million Fannie Mae loan to acquire Residences on the Avenue, a 335-unit apartment community in Washington, D.C.’s Foggy Bottom neighborhood. The property is the only high-rise residential building between Georgetown and the central business district. Completed in 2011, the community’s amenity package includes a fitness and wellness center with a spa, rooftop deck with a pool and grilling areas and 24-hour concierge services. Residences on the Avenue also includes 50,000 square feet of retail space split into five units. Whole Foods Market is the anchor in a long-term lease. Prudential provided the acquisition loan to an unnamed real estate investment manager.
MURFREESBORO, TENN. — National Health Investors Inc. (NYSE:NHI) has obtained $78 million in Fannie Mae financing through KeyBank National Association. The debt financing consists of interest-only payments at 3.79 percent and a 10-year maturity. The mortgages are secured by 13 properties in NHI’s joint venture with Bickford Senior Living. Proceeds were used to reduce borrowings on NHI’s unsecured bank credit facility. NHI is a real estate investment trust (REIT) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of seniors housing and medical investments. NHI’s portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.
TEMPLE TERRACE, FLA. — ContraVest has broken ground on The Addison at Tampa Oaks, a 262-unit luxury apartment community in Temple Terrace, roughly 10 miles northeast of Tampa. Located on the southwest corner of Fletcher Avenue and I-75, the property’s floor plans will span from studio units to three-bedroom apartments. The community’s amenities will include a clubhouse, fitness center, cyber café, yoga room and resort-style pool. ContraVest will be providing general contracting and property management services for the project. Leasing is scheduled to begin in March 2016 and move-ins will begin in May 2016.
LOS ANGELES – Subsidiaries of Senior Housing Realty Trust (SHRT) have received a $635.6-million Fannie Mae credit facility. The new credit facility refinanced a 12-property senior care community portfolio throughout California, Arizona, Oregon and Georgia. The new structure provides a 10-year, fixed-rate, interest-only loan with releases, additions and substitutions. It also has the capacity to expand with additional fixed or floating debt. The facility was closed by Keybank Real Estate Capital. SHRT is a Maryland REIT that is owned by an affiliate of Senior Resource Group LLC (SRG). It received the new credit facility with its institutional partners. The firm also led an $84-million syndicated credit facility secured by a senior housing community in Los Angeles in 2013 that was owned by a predecessor SRG joint venture. When SHRT acquired the senior housing community in late 2014, that credit facility was expanded to $86 million. The $86-million Keybank credit facility was then refinanced by this new Fannie Mae credit facility.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-building apartment community located at 1345-1349 Amsterdam Ave. in Manhattanville for $7.7 million. The five-story buildings feature 25 apartments and six storefronts. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the seller, Brooklyn-based 1345 Amsterdam Avenue Owner LLC, and the buyer, Manhattan-based 1345 Amsterdam Avenue LLC, in the transaction.
EAST HARTFORD, CONN. — Chozick Realty Inc. has completed the sale of Colonial Court Apartments in East Hartford. The 76-unit apartment complex sold for $5.2 million, or $68,421 per unit. Constructed in 1964, the property features a mix of studios, one-bedroom and two-bedroom units, and two-bedroom townhomes, as well as onsite parking and laundry facilities. Rich Chozick of Chozick Realty represented the seller, Mystic Property Management, and the buyer, MGG Capital, in the transaction.
WEST SPRINGFIELD, MASS. — Marcus & Millichap has arranged the sale of Toll House Apartments, a multifamily property located at 2024 Riverdale St. in West Springfield. A limited liability company purchased the 48-unit residential property for $1.7 million. The property was 98 percent occupied at the time of sale. Tim Thompson and John Slyman of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the deal.