REBusinessOnline

Orix to Grow LIHTC Platform to $15B with Acquisition of Boston Capital’s Portfolio

BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.)Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio …

Lancaster Pollard Provides $25M Refinancing for Chaska Heights Senior Living in Minnesota

CHASKA, MINN. — Lancaster Pollard Mortgage Co. has provided a $25 million loan for the refinancing of Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included tax-increment financing from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living units in one section and 58 …

Q&A Video: COVID-19’s Impact on Southeast Multifamily

Marc Suarez Talks about Multifamily Housing and  Potential Opportunities in the Next Few Months In this brief Q&A, Marc Suarez, Director at Hunt Real Estate Capital, gives insight on how the multifamily sector has fared so far in the Southeast and what Suarez expects in the near future.This interview covers a range of multifamily concerns, from potential vacancies in luxury communities to how landlords can keep rent flowing to their communities. Register to hear how agency …

Lancaster Pollard Provides $17.2M HUD Refinancing for Seniors Housing Asset Near Rochester

FAIRPORT, N.Y. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in the Rochester suburb of Fairport. The FHA 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed interest rate. The current owner bought the property in 2018 and improved the operations and …

Lancaster Pollard Arranges $20.8M Refinancing for Seniors Housing Community in Dallas

DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not

Video: Q&A with James Flynn of Hunt Real Estate Capital

 James Flynn, CEO of Hunt Real Estate Capital and ORIX Real Estate Capital, spoke to Randy Shearin in a brief, 11-minute interview to give insight on what lenders think about debt and equity during the COVID-19 pandemic, industry flexibility and pivoting operations with an eye towards what assets are most likely to recover quickly after the crisis. Flynn talks not only about how the pandemic has changed business as usual for lenders, but also Orix’s acquisition of Hunt Real …

Hunt Real Estate Capital Provides $20.8M HUD Refinancing for Rio Vista Apartments in San Diego

SAN DIEGO — Hunt Real Estate Capital has funded a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property in the San Ysidro district of San Diego. Standard Cos. is the borrower.The loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance program.Built in 1985, Rio Vista Apartments features 161 …

Hunt Real Estate Capital Provides $71.3M Refinancing Loan for New Multifamily Property in Metro Miami

NORTH MIAMI BEACH, FLA. — Hunt Real Estate Capital has provided a $71.3 million Freddie Mac refinancing loan for Lazul Apartments, a 365-unit multifamily community in North Miami Beach. The 11-year, nonrecourse loan features a fixed interest rate in the 3 to 3.5 percent range, a 30-year amortization schedule and interest-only payments for the full term. The borrower, a limited liability company comprising Hunt Cos., EDEN Multifamily and Florida Value Partners, developed the asset in 2018. …

Orix USA Provides $15.5M Construction Loan for Self-Storage Facility in Woodbridge, New Jersey

WOODBRIDGE, N.J. — Orix USA Corp. has provided a $15.5 million construction loan for a 1,115-unit self-storage facility in Woodbridge, a southern suburb of New York City. Orix provided the nonrecourse loan to a partnership between Woodbridge Self-Storage and 112 New Brunswick Properties Urban Renewal LLC. The loan covers costs of the land acquisition and construction of the facility, which will total 130,000 net rentable square feet.. Utah-based REIT Extra Space Storage will operate the …

Hunt Capital Arranges $3.5M in Financing for Acquisition, Rehab of Pacific Rim Apartments in Sacramento

SACRAMENTO — Hunt Capital Partners has closed $3.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Pacific Rim Apartments, an affordable housing property in Sacramento. The borrower, Alliance Property Group, plans to upgrade the garden-style complex, which was originally built in 2004.Slated for completion in July 2021, the renovated community will offer 31 three-bedroom units and an additional three-bedroom unit for management. …

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