CANTON, GA. — Trillium Capital Resources LLC has arranged a $37.5 million construction loan for a new 308-unit apartment community in Canton, located roughly 40 miles north of Atlanta. The 40-year loan was structured through the U.S. Department of Housing and Urban Development’s (HUD) 221 (d)(4) program, the agency’s flagship program for funding new construction and redevelopment for market-rate and affordable housing properties. Red Mortgage Capital provided the loan. The name of the borrower was not disclosed. In addition to arranging financing, Trillium arranged the land purchase on behalf of the buyer. The community will feature a furnished clubhouse, business center, resort-style pool, fitness center, sauna, playground, outdoor walking trails, dog parks, garages and grills. Construction on the property is estimated for completion in fall 2019.
PEMBROKE PINES, FLA. — HFF has arranged a $14.2 million senior loan for Sheridan Village, a 63,654-square-foot retail center and self-storage facility in Pembroke Pines. Scott Wadler and Jesse Wright of HFF arranged the seven-year, fixed-rate loan through Mercantil Bank NA on behalf of the borrowers, construction firm ANF Group Inc. and its affiliate Sheridan Real Estate Group LLC. The borrowers will use the loan proceeds to retire the existing construction loan. Phase I of Sheridan Village was completed in December 2016 and includes 15,098 square feet of retail fronting Sheridan Street. The second phase, completed in December 2017, includes an additional 14,029 square feet of retail and 34,527 square feet of climate-controlled self-storage space, situated on two floors above the ground-floor retail space. Both phases are fully leased or preleased to tenants including Dunkin’ Donuts, Cricket Wireless, Memorial Healthcare System, a pharmacy and an Italian restaurant.
AUSTIN, TEXAS — Mason Joseph Co. Inc., a San Antonio-based multifamily lender, has closed a $38.4 million loan for the construction and permanent financing of Commons at Goodnight Apartments, a 304-unit multifamily community being built in Austin. The financing was secured through HUD’s 221(d)(4) program, which provides construction-to-permanent financing for the development of market-rate and affordable housing properties. The loan, which was secured on behalf of a public-private partnership between the Austin Affordable Housing Corp. and Louisville-based developer LDG Multifamily LLC, features a fixed interest rate for the 24-month construction period and subsequent 40-year term. The borrowers are also using equity from Boston Financial Investment Management LP in the form of Low-Income Housing Tax Credits to develop Commons at Goodnight. A joint venture between Louisville-based Xpert Design & Construction LLC and Indiana-based Weber Group Inc. will serve as general contractor on the project.
SAN ANGELO, TEXAS — BMC Capital has arranged a $9.4 million loan for the acquisition of a 250-unit multifamily property located in the West Texas city of San Angelo. The loan features an interest rate of approximately 4.5 percent, a 12-year term and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed agency relationship. The name of the property and borrower were also withheld.
WASHINGTON, D.C. — Fannie Mae generated more than $67 billion in multifamily financing in 2017, the highest volume ever recorded for its Delegated Underwriting and Servicing (DUS) program, which is in its 30th year of operation. The agency financed more than 750,000 multifamily units last year, breaking records in several segments including green financing, seniors housing, structured transactions and affordable housing. Fannie Mae’s biggest gains came in its seniors housing and green products. The agency generated $5.5 billion in seniors housing loans last year, up 267 percent from 2016. For its green product — loans on properties with Green Building Certification or those targeting a 20 percent reduction in energy/water consumption — Fannie Mae closed $27.6 billion in financing last year, a 667 percent jump from its 2016 volume. Walker & Dunlop closed approximately $9.1 billion of Fannie Mae financing last year, making the firm the No. 1 DUS lender of 2017. The company also produced the most green loans last year for the agency. The top affordable housing DUS lender was Wells Fargo Multifamily Capital, the top small loan DUS lender was Arbor Commercial Funding I LLC and the top DUS lender in the seniors housing space was KeyBank NA.
GREENSBORO, N.C. — Greystone Affordable Development, an affiliate of Greystone & Co. Inc., has closed $79.2 million in financing for a nine-property, 645-unit affordable housing portfolio in Greensboro. The financing was arranged through the HUD Rental Assistance Demonstration (RAD) program on behalf of the Greensboro Housing Authority. HUD’s RAD program provides funding for housing authorities to convert public housing properties to a Section 8 platform using public and private debt and equity, ensuring that the portfolio will remain permanently affordable to low-income households. The Greensboro Housing Authority will renovate the properties, constructed between 1959 and 1996, over the next year. The financing package included tax-exempt bonds, Low Income Housing Tax Credit equity from Boston Financial Investment Management and Fannie Mae loans provided by PGIM Real Estate Finance. Greystone has preserved over 10,000 affordable housing units as both financial advisor and developer.
SADDLE BROOK AND FRANKLIN TOWNSHIP, N.J. — Cronheim Mortgage has arranged $6.2 million in financing for a 420,000-square-foot industrial portfolio located in Saddle Brook and Franklin Township. The financings were structured on a 10.30 basis with a 3.44 percent interest rate and placed with The State Life Insurance Co. Located at 141 N. Fifth St. in Saddle Brook, a 100,000-square-foot property features four loading docks, 25-foot clear ceiling heights and office space. The remainder of the portfolio consists of three adjacent properties located at 101, 301 and 501 Cottontail Lane in Franklin Township. The properties feature 100,000 square feet, 116,480 square feet and 105,000 square feet of industrial space, respectively. Dev Morris, Andrew Tsukamoto and Andrew Stewart of Cronheim Mortgage originated and placed the financing.
NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.
TEMPE, ARIZ. — Pacific Retirement Services (PRS) has received $252 million in bond financing for the construction of Mirabella at ASU, a 20-story continuing care retirement community (CCRC) on the campus of Arizona State University in Tempe. Once completed, Mirabella at ASU will feature 252 units across 500,000 square feet. Cain Brothers was sole underwriter on the bonds, issued in partnership with University Realty, the real estate affiliate of ASU. University Realty contributed land equity and local real estate expertise and will partner with PRS in Mirabella’s governance and marketing. The ASU affiliation will allow residents access to the university’s academic, sporting and cultural programming. Cain Brothers also assisted PRS in securing seed capital to cover pre-development expenses. Mirabella at ASU is the third project under the Mirabella brand, PRS’ luxury, urban, high-rise CCRC concept. PRS is the developer and contributed funds for start-up capital and financial support. Both parties provided further support through the purchase of subordinated debt. PRS will operate the community. A development timeline was not released.
SCOTTSDALE, ARIZ. — HJ Sims has arranged a $19 million refunding loan and $5 million non-revolving line of credit for Westminster Village, a nonprofit continuing care retirement community (CCRC) in Scottsdale. The community features 250 independent living apartments, 23 assisted living units and 49 skilled nursing beds. It “has historically operated near full occupancy,” according to HJ Sims. Western Alliance Bank provided the loan at a 3.42 percent fixed interest rate over a 10-year term. The transaction lowers the borrower’s debt service payment by more than $1 million a year.