SPOTSWOOD, N.J. — Walker & Dunlop has structured a $23.5 million Fannie Mae loan for Clearwater Village, a manufactured seniors housing community in Spotswood. Will Baker led the Walker & Dunlop team that originated the 10-year, interest-only acquisition loan for the undisclosed borrower. At closing, the property was 99 percent occupied. Built in 1976, Clearwater Village features 367 pads, a pool, clubhouse, picnic area with gazebos and bocce courts, parking and security cameras. The community caters to residents age 55 or older.
NEW ROCHELLE, N.Y. — Houlihan-Parnes Realtors has placed a $21.5 million new first mortgage on an office property located at 145 Huguenot St. in New Rochelle. GHP Office Realty, a division of Houlihan-Parnes Realtors, owns the property. State of New York, County of Westchester, Steiner Sports, Monroe College, Benchmark Education, Advent Software, ET & Allergy Associates, Greenwich Hospital and Sound Shore Medical Group are tenants of the 278,788-square-foot office building. Christie Houlihan, James Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors secured the financing for the borrower. Elizabeth Smith of Goldberg, Weprin, Finkel & Goldstein provided legal counsel to the borrower. Chicago Title Insurance Co. insured the title.
GLOVERSVILLE, N.Y. — KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing. The firm will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing for the development of Estee Senior Apartments. Located in Gloversville, the community will feature 37 energy-efficient affordable housing units for seniors age 55 or older. CRM Rental Management will manage the complex.
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) has projected that commercial and multifamily originations will decline in 2017, ending the year at $478 billion—3 percent lower than volumes in 2016. For 2017, mortgage banker originations of just multifamily mortgages are forecast at $206 billion, with total multifamily lending at $245 billion. “Markets continue to move forward, but the rapid increases in property values, transaction volumes and other fundamentals that characterized the post-recession period have given way to more regular changes tied to the economy as well as changes in supply and demand,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “For many parts of the market, the downshift is a positive development.” Commercial and multifamily mortgage outstanding debt is expected to continue to grow in 2017, ending the year approximately 2 percent higher than at the end of 2016.
PENSACOLA, FLA. — KeyBank Real Estate Capital has closed a $19.7 million adjustable-rate loan for Marcus Pointe Grande Apartment Homes, a 248-unit multifamily property located in Pensacola. Timothy Weldon of KeyBank arranged the 10-year financing through Fannie Mae with a two-year interest-only period and a 30-year amortization schedule. The borrower was not disclosed. Marcus Pointe Grande features a fitness center, swimming pool, heated spa and clubhouse.
PHOENIX — Newmark has secured $151 million in financing for a 30-property industrial portfolio in Arizona. The portfolio contains more than 4 million square feet of space occupied by more than 1,000 tenants. The 15-year non-recourse loan features a rate below 4 percent. The portfolio is a mix of light industrial / manufacturing buildings with small to medium bay depths. The properties are located in Phoenix, Tempe, Mesa, Chandler, Gilbert, Glendale, Goodyear, Surprise and Peoria. Voya provided the permanent financing.
SALT LAKE CITY — Bridge Investment Group, an investment fund manager headquartered in Salt Lake City, has completed a $1.6 billion in equity commitments, which will be managed by the company’s subsidiary, Bridge Debt Strategies Fund Manager LLC. Bridge Debt Strategies invests in select Freddie Mac securitization vehicles. The strategy focuses on underserved parts of commercial real estate and lends against assets in multifamily housing, commercial office, and seniors housing and medical properties.
LOS ANGELES — Housing & Healthcare Finance has arranged a $6 million HUD refinancing for a 99-bed skilled nursing facility in the greater Los Angeles area. The name of the facility was not disclosed. In addition, the same company recently arranged a $32 million refinancing for two facilities in the New Orleans area. The Archdiocese of New Orleans owns both properties, which total 437 beds. The refinancing takes out the construction loan for a 30-unit rehabilitation center at the properties.
ENNIS, TEXAS — Hunt Mortgage Group has provided $23.5 million in construction financing for Spyglass Apartments, a 192-unit apartment community in Ennis, a city roughly 45 miles south of Dallas. Situated on 12.9 acres, the property will feature a pool, fitness center, jogging trail and on-site parking for 364 vehicles. The borrower, Spyglass Apartments of Ennis LP, will undertake energy-saving measures to ensure the property is certified under the National Green Building Standards program.
PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts. HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company for the developer. Ryan Ade, Rob Hinckley, David Giancola and Michael Pagniucci of HFF arranged the financing for the borrower.