BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.
BOSTON — KeyBank Real Estate Capital has secured a $10.7 million Freddie Mac first mortgage loan for an apartment building located at 601 Albany St. in Boston. Built in 2009, the building features 40 apartment units, one ground-floor commercial unit and a ground-floor parking garage. Chris Black of Key’s National Multifamily Accounts Group arranged the non-recourse financing with a 10-year, interest-only term. The loan was used to refinance existing debt.
LODI, N.J. — Gebroe-Hammer Associates has brokered the sale of a multifamily complex located at 82 Constant Ave. in Lodi. A private investor acquired the property from Arthur Holding Co. for $7.7 million. The two-story, three-building complex features 48 one-bedroom units and two two-bedroom apartment units. Greg Pine and Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer in the transaction.
YONKERS, N.Y. — Redwood Realty Advisors has arranged the sale of an apartment building located in Yonkers. A family estate sold the property to an undisclosed buyer for $2.1 million. The building features 17 apartments. Michael Scrima and Thomas Gorman of Redwood Realty Advisors represented the seller in the deal.
ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $27.7 million Fannie Mae loan for the acquisition of 411 Lofts in Ann Arbor. The student housing property is located less than a quarter-mile from the University of Michigan campus. Built in 2009, the 97-unit property features 4,264 square feet of ground-floor retail space. Caleb Marten and Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
ROSEMOUNT, MINN. — Dougherty Mortgage LLC has provided a $13.7 million Fannie Mae loan for the refinancing of The Rosemount Senior Living at Steeple Center in Rosemount, about 25 miles south of Minneapolis. The 92-unit seniors housing property offers a variety of living options, including independent and assisted living, and memory care. Residents have access to a range of amenities including a fitness room, beauty salon, lounge area, memory care garden, children’s play area, multipurpose event room and on-site library. Dougherty’s Minneapolis office originated the 12-year loan, which features a 30-year amortization schedule. Rosemount Senior Living Associates I LLC was the borrower.
PORT ARTHUR, TEXAS — First Advisors Inc. has broken ground on The Reserve at Pinewood Village, an apartment project that will be located along State Highway 365 in Port Arthur, about 90 miles east of Houston. The first phase of the project, which is slated for a late fall completion, will deliver 190 units. Construction of all units is scheduled for completion by summer 2019. Amenities will include a clubhouse, fitness center, pool, dog park and nature trails. Houston-based Davis-Penn Mortgage Co. provided construction and permanent financing for the project.
HOUSTON — LMI Capital has closed a $37 million loan to refinance an 800-unit apartment complex in the Galleria area of Houston. The loan features a 10-year term, fixed interest rate and three years of interest-only payments. Brandon Brown of LMI Capital placed the loan through one of the firm’s agency relationships. The borrower and property name were not disclosed.
DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged a $5.1 million Fannie Mae loan for the acquisition of Wynnewood Gardens, a 106-unit multifamily asset in south Dallas. The pet-friendly property offers a pool, clubroom and picnic and grilling areas. Dougherty secured the 12-year loan through a partnership with Old Capital Lending on behalf of the borrowers, E.J. Wynnewood LLC and PLB Wynnewood LLC.
KEANSBURG, CLEMENTON, KEARNY, AMBOY AND WESTVILLE, N.J. — Hunt Mortgage Group has provided refinancing for a five-property multifamily portfolio in New Jersey. The borrower, Norse Holdings, received five Freddie Mac Small Balance loans totaling $15.2 million. The refinancing loans include: – $4.6 million for the 44-unit Beachview Gardens located at 544-560 Beachway Ave. in Keansburg – $4.4 million for the 56-unit Clementon Norse Apartments located at 222 White Horse Pike in Clementon – $1 million for the nine-unit 165 Quincy Ave Apartments in Kearny – $1.3 million for the 12-unit property at 388 Smith St. in Amboy – $3.8 million for the 48-unit Woodbine Apartments located at 300 Broadway in Westville Steven Cox and Kris Molloy of Hunt Mortgage Group secured the financing for the borrower.