STAFFORD, TEXAS — HFF has secured refinancing for Shadowbrooke and Silverbrooke, two apartment complexes totaling 552 units in Stafford. HFF worked on behalf of the borrower, Venterra Realty, to arrange the refinancing in two separate transactions. The company negotiated five-year, fixed-rate loans at 3.1 percent with two years of interest-only payments through Freddie Mac’s CME program. HFF brokered the sale of the properties and arranged acquisition financing for Venterra when the company first bought the assets in 2011. Shadowbrooke and Silverbrooke are located at 1025 Dulles Avenue and 1020 Brand Lane in Stafford, about 18 miles southwest of downtown Houston. Shadowbrooke has 240 units and is 95.8 percent leased. Silverbrooke has 312 units and is 96.2 percent leased.
Multifamily
LINCOLN PARK, N.J. — Housing & Healthcare Finance (HHC Finance) has closed a $19.4 million 232/233(f) HUD loan for a skilled nursing facility in Lincoln Park. Flushing, N.Y.-based Center Management Group purchased the two-building, 189-bed property in 2012. The 35-year HUD loan refinanced the property’s high-rate, short-term conventional acquisition debt, as well as capital expenditures.
COSTA MESA, CALIF. — Vivante on the Coast, a 185-unit seniors housing community in Costa Mesa, has received $72 million in financing. The newly built community is located at 1640 Monrovia Ave. It was completed in 2013. Vivante contains a mix of independent, assisted and memory care units. Amenities include an indoor saltwater pool, salon, putting green, theater, lounge, sports bar, yoga and fitness facilities, bocce ball court, wine lockers, large outdoor courtyards and a 2.5-acre park with designated dog park. The facility also offers a culinary program, chauffeur service, 24-hour concierge, on-site nurses and pet care. The three-year loan features a 3.75 percent floating interest rate. It was arranged by HFF’s James Fowler and Charles Halladay on behalf of the borrower and Nexus Companies, the borrower’s affiliated developer. Financing was secured through a specialty finance company.
COLLEGE PARK, MD. — Greystone has provided a $29.3 million bridge loan on The Enclave at 8700, a student housing property located within a mile of the University of Maryland in College Park. The Enclave features 94 one-, two- and four-bedroom suites, as well as a 24-hour complimentary shuttle bus, study lounge, electronic key access, fitness center and Wi-Fi. Andrew Ellis of Greystone closed the 24-month floating rate loan with two six-month extensions and an interest-only period for the first 18 months. Jared Cassidy of Marcus & Millichap Capital Corp. and Payton Banks of Marcus & Millichap originated the financing.
HAMPTON, GA. — NorthMarq Capital has arranged $13 million to refinance Walden Landing Apartment Homes, a 240-unit apartment community in Hampton, roughly 28 miles south of Atlanta. Bill Matone of NorthMarq Capital’s Charlotte office arranged the 10-year Freddie Mac loan with a 30-year amortization schedule.
BLOOMFIELD HILLS, MICH. — Arbor Commercial Funding LLC has funded 10 loans totaling $35.7 million in the Midwest under several of the company’s financing solutions. The loans included a $7.9 Fannie Mae DUS dedicated student housing loan for Americana on the River Apartments, a 90-unit multifamily property in East Lansing, Mich.; a $6.8 million Fannie Mae loan for a Michigan portfolio of 190-unit multifamily properties (Tree Top Meadows in Novi; Peppertree Park Townhomes in Lansing; and Maple Road Townes in Birmingham); a $5.6 million Fannie Mae loan for Bloomfield Hills Townhouses Cooperative, 283-unit multifamily property in Pontiac, Mich.; a $4 million FHA loan for Lexington Apartments, an 84-unit community in East Lansing; a $3 million Fannie Mae DUS Dedicated Student Housing loan for Haslett Arms Apartments, a 41-unit multifamily property in East Lansing; a $3.1 million Fannie Mae loan for Northcrest Apartments, a 151-unit multifamily property in Riverside, Mo.; a $3 million Fannie Mae loan for Greenway Villas Apartments, a 51-unit multifamily property in Raymore, Mo.; and a $2.1 million Fannie Mae loan for the 116-unit Rowanoake Apartments in Streetsboro, Ohio. Michael Jehle of Arbor’s Bloomfield Hills, Mich. office originated all the loans.
EDGEWATER, N.J. — Meridian Capital Group has arranged a $66 million loan on behalf of a funded managed by Cornerstone Real Estate Advisers LLC for the acquisition of St. Moritz Apartments in Edgewater. Built in 2005 by Fred Daibes, the 26-story luxury multifamily community offers 224 units at 100 Daibes Court. The property features a resort-style swimming pool, a coffee and juice bar, a spa with steam rooms and a fitness center. The seven-year loan, which was provided by NYS Teachers’ Retirement Systems, features a competitive fixed-rate and interest-only payments for the full-term. Abe Hirsch, Zev Karpel and Jacob Schmuckler of Meridian Capital’s New York City headquarters negotiated the transaction.
NEW YORK CITY —M&T Realty Capital Corp., a commercial mortgage banking subsidiary of M&T Bank, has provided a $34 million loan for the refinancing of co-op multifamily building in New York’s Greenwich Village neighborhood. Located at 250 Mercer St., the high-rise building features 256 residential units. Carole Stafford of M&T Realty Capital’s Baltimore office arranged the Freddie Mac loan transaction.
NEWARK, IRVINGTON, CARTERET AND UNION, N.J. — Gebroe-Hammer Associates has arranged three separate multifamily deals in Newark, Irvington and Carteret, as well as the sale of a three-unit retail center in Union. In the first transaction, 158-160 Second Avenue in Newark, an 18-unit apartment building, sold for $1.21 million. David Jarvis of Gebroe-Hammer represented the seller and identified the buyer in the transaction. In Irvington, David Oropeza of Gebroe-Hammer arranged the sale of the six-unit 444 Nye Avenue. Additionally, Joseph Brecher of Gebroe-Hammer brokered the $1.74 million sale of 7-11 Byron Street, an 18-unit apartment building in Carteret. Finally, Jarvis and Stephen Tragash brokered the sale of three commercial units at 1026, 1030 and 1036 Stuyvesant Ave. in Union.
HOUSTON — Embrey Partners LTD of San Antonio and Texas-based Stonelake Capital Partners LLC have opened a four-story apartment complex at the southwest corner of Highway 249 and Cypresswood Drive in northwest Houston. The project includes 336 units on 15.4 acres. Highpoint at Cypresswood consists of two, four-story buildings with six elevators. Rents on one- and two-bedroom units, which range from 574 to 1,188 square feet, start at $900 per month. The complex features a 6,500-square-foot clubhouse, pool, grilling areas, a dog park, bike station and fitness room.