OKLAHOMA — Carnegie Capital has arranged an $11.5 million loan for the refinancing for three skilled nursing facilities totaling 330 licensed beds in southern-central Oklahoma. The borrower is a local owner-operator, and the lender is an Arkansas-based regional bank. J.D. Stettin of Carnegie Capital arranged the loan, which features a fixed 3.99 percent interest rate for five years. The names of the facilities were not disclosed.
NEW YORK CITY AND WASHINGTON, D.C. — Dwight Capital, a private commercial real estate lender based in New York City, has acquired Love Funding, the Washington, D.C.-based HUD lending subsidiary of Midland States Bank. As a result of this acquisition, Dwight Capital claims it is now the largest dedicated HUD multifamily and healthcare financing firm in the nation. The Love Funding platform will be integrated within Dwight Capital’s existing operating structure. Midland States Bank will retain the existing Love Funding servicing portfolio. Additional terms of the transaction were not disclosed.
BOSTON — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $25 million in financing for the renovation of Morse Apartments, a 99-unit community located in the Brookline neighborhood of Boston. The financing, which includes tax-exempt housing revenue bonds and Low Income Housing Tax Credits, will preserve the affordability of the community for another 75 years. The borrower was Brookline Housing Authority. Morse Apartments was constructed in 1973 at 90 Longwood Ave. and is reserved for low-income senior citizens. Renovations are expected to be complete by summer 2022.
HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The Plaza at Punchbowl is located on the slopes of Punchbowl Crater, an extinct volcanic tuff cone located in the heart of the city. The Punchbowl Crater is known for being home to the National Memorial Cemetery of the Pacific, a U.S. armed services memorial that draws millions of visitors each year.
CORNING, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Spring Mountain, a multifamily property located at 240 Edith Ave. in Corning. A Southern California-based private investment group sold the asset to an undisclosed buyer for $14.4 million. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal. Built in 1986, Spring Mountain features 184 apartments spread across 15 buildings, totaling 174,972 square feet of rentable space. The property offers a resort-style swimming pool, clubhouse with a full kitchen, outdoor barbecue and entertainment area, leasing center, business center, fitness center, and mix of covered and surface parking.
By Chris Bruzas, Berkadia While the COVID-19 pandemic has had a dramatic impact on the commercial real estate industry, bright spots have emerged across the multifamily landscape. Nationally, secondary and tertiary markets demonstrate resilience and strong performance, despite challenging circumstances. One of these bright spots is Indiana. Since the start of the year, Berkadia’s investment sales and mortgage banking teams have closed more than $498 million in combined sales and financing across the state. While Indiana has long been a solid market in the Midwest, in recent years it has emerged as particularly attractive to investors for a few key reasons. Available scale The ability to acquire scale is increasingly important to investors looking to break into new markets and MSAs. Immediate scale is attractive for several reasons. For investors, acquisition at scale enhances geographic and unit diversification at the outset. It also allows investors, specifically those new to the region, to maximize business efficiencies on expenses. If a new buyer can acquire 1,000 units in proximity, they can reduce the burden of staff, construction costs and travel costs, to name a few. Additionally, it helps with leasing. If a prospective tenant tours a property that doesn’t have floor plans …
ALEXANDRIA, VA. — CIM Group has purchased Southern Towers, a 2,346-unit multifamily campus in Alexandria, for $506 million. The acquisition comprises Monticello, The Graham, Ashlawn, The Sherwood and The Stratford, each standing 16 stories. The combined properties span 41 acres at 4901-5055 Seminary Road, eight miles southwest of downtown Washington, D.C. Each community offers studio to three-bedroom floor plans. The combined campus features two pools, tennis courts, a playground, fitness center, community room and a business center. Snell Properties and Caruthers Properties sold the portfolio, which was built between 1961 and 1965 and renovated in 2015.
CHARLOTTE, N.C. — StoneBridge Investments has acquired Magnolia Terrace, a 264-unit apartment complex in Charlotte, for $40.7 million. The property, which was built in 1989, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, clubhouse, dog park, fitness center, playground and business center. The asset is located at 8301 Paces Oaks Blvd., nine miles northeast of downtown Charlotte. Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the seller, Atlanta-based RADCO Cos., in the transaction. Elliott Throne, Cory Fowler, and Amit Kakar of JLL originated a Freddie Mac acquisition loan on behalf of the buyer.
COLORADO SPRINGS, COLO. — Mountain View Capital has acquired Volta at Voyager in Colorado Springs for $52.6 million. The 200-unit apartment community includes a dog park and spa, pool, clubhouse and fitness center. Units range in size from 696 to 1,300 square feet. Mack Nelson and Christopher White of JLL represented the seller, BY Development. Josh Simon and Kristian Lichtenfels of JLL arranged $37.5 million in acquisition financing on behalf of the buyer. A national insurance company provided the four-year loan, which features a 3.25 percent interest rate.
BELLEVUE, WASH. — KTGY Architecture + Planning has unveiled the design for The Lofts at 15th, a 22-unit luxury condominium development in Bellevue, a suburb of Seattle. Developed by Toll Brothers, the project is slated for completion next year. The design features four four-story buildings. Residences range in size from 1,462 to 2,258 square feet and prices will start at $1.1 million. Each unit is equipped with its own two-car garage.