LUBBOCK, TEXAS. — Walker & Dunlop Inc. has arranged a $15.5 million loan for Crown Point Health Suites in Lubbock. The Class A skilled nursing facility was built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion. Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.
EL PASO, TEXAS — Hunt Mortgage Group has provided a $4.2 million Freddie Mac loan for the refinancing of Mesa Place Townhomes, an affordable housing property located at 5450 Suncrest Drive in El Paso. The borrower, LEDIC Realty Co.,will use proceeds of the loan to refinance existing debt, buy out the company’s existing limited partner and provide cash to fund future acquisitions. The seven-year loan features one year of interest-only payments and a 30-year amortization schedule. Situated on 10.3 acres, Mesa Place features 128 multifamily units in a mix of 76 two-bedroom, 44 three-bedroom and eight four-bedroom units.
LOS ANGELES — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $30 million bridge-to-HUD refinancing for a 133-bed skilled nursing facility in the Los Angeles submarket of Van Nuys. The loan features a floating rate above LIBOR with 24 months of interest-only payments. Following that 24-month period, the loan will have a 25-year amortization and two-year term with one-year extension options. The refinancing provides the undisclosed borrower with $12 million in cash-out proceeds. Harborview’s Eli Kutner, senior originator, Ephraim Kutner and Jonathan Kutner, principals, arranged the financing.
Louisville is no longer simply a city known for horse races, bourbon and tobacco. It has become a city with a diverse and growing economy with heavy concentrations of medical employment, an international logistics hub and a stable manufacturing base. It has grown to become the dynamic northern edge of the Southeast, and investors from all over the nation are flocking to it. Louisville is an established riverfront city in the Southeast with a growing population, diversification of employment and an attractive multifamily supply/demand balance. The area is home to 12 Fortune 500 companies, three of which are headquartered in the city. The metro is a nationally recognized regional distribution and warehousing hub serving major operations such as Ford Motor Co., General Electric and many others. The city has seen steady job growth since the recession. In fact, the U.S. Bureau of Labor Statistics estimates that between July 2010 and July 2016, 80,000 new jobs were created. With a very successful series of major distribution facilities now open and future capital investments in distribution parks planned, Louisville continues to be a hotbed in the logistics industry. Leading this remarkable transformation to a logistics giant is the development and expansion of …
YONKERS, N.Y. — CBRE has secured a $6 million loan for the acquisition of a multifamily portfolio of three residential properties in Yonkers. The five-year, interest-only, non-recourse fixed-rate loan was provided by Freddie Mac. Jared Sobel of CBRE arranged the loan for the undisclosed buyer. The three-building, 63-unit portfolio was sold by NuRealty Advisors. Michael Nukho and Lukasz Przybylek provided in-house representation for the seller.
ATLANTIC CITY, N.J. — Starkman Realty Group has arranged the sale of Best of Life Park Apartments, a seniors housing property located in Atlantic City. Radiant Property Management acquired the property from a non-profit entity for $5 million. The 14-story building features 208 units and 73 parking spaces. Jason Starkman of Starkman Realty Group represented the seller in the transaction.
AUSTIN, TEXAS — Aspen Heights Partners has partnered with Grand China Fund to develop Aspen West Campus, a 166-unit student housing high-rise development at 1909 Rio Grande St. in Austin. The team commenced construction on the 17-story, 464-bed property in September, with completion slated for fall 2018. The property will feature units ranging from efficiencies to five-bedroom floorplans and amenity space, including a fitness center, game lounge, study lounge and pool area with grills overlooking the University of Texas campus. The development is Grand China Fund’s first venture into student housing.
HOUSTON — Ziegler, a specialty investment bank, has closed $67.6 million in bond financing for Brazos Presbyterian Homes (BPH), the operator of Brazos Towers at Bayou Manor and the Hallmark, two continuing care retirement communities (CCRCs) in Houston. Combined, the two communities feature 310 independent living units, 37 assisted living units, 18 memory care units and 69 skilled nursing beds. BPH will use the tax-exempt, fixed-rate financing to pay off bonds from 2013 and fund a debt service reserve fund. The move will save the company approximately $3.3 million in debt payments.
CLEVELAND, OHIO — Cleveland-based Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has closed a $125 million refinancing loan for a 10-property multifamily portfolio in Texas and Ohio. The entire portfolio comprises more than 3,000 units across 10 multifamily properties, with four properties in Texas and six properties in Ohio’s Greater Cincinnati/Dayton area. The Texas properties total 1,273 units and the Ohio properties total 2,065 units. Sara Behrman of Bellwether Enterprise’s Cincinnati office originated the interest-only loan on behalf of the borrower, Fath Properties.
SAN ANTONIO — KeyBank Real Estate Capital has secured a total of $33.5 million in construction financing for Acme Apartments, a 324-unit affordable housing development in San Antonio. The property will be constructed on more than 18 acres of currently vacant land and include four three-story buildings, a community center, leasing office and on-site management building. Additionally, all the units at the property will be designated for households earning at or below either 50 or 60 percent of the area median income. The financing consists of a $10.3 million equity bridge loan and a $23.2 million Freddie Mac tax-exempt loan. Jeffrey Rodman of KeyBank’s Commercial Mortgage Group and Kyle Kolesar of Key’s Community Development Lending and Investment Group arranged the financing.