SAN ANTONIO — Dougherty Mortgage has closed a Fannie Mae Supplemental loan for Mayfield Gardens Apartment Homes, a 53-unit multifamily property located in San Antonio. The Dougherty’s Minneapolis office arranged the eight-year loan, which features a 30-year amortization schedule, for the borrower, 737 West Mayfield LLC.
COLORADO SPRINGS, COLO. — George Smith Partners has arranged $41 million in acquisition financing for the Vineyards, a 300-unit apartment community in Colorado Springs. The community is located at 4350 Mira Linda Point. The private real estate investment and development company that purchased the asset plans to renovate all units and upgrade the community’s landscaping and on-site amenities, including the clubhouse, fitness center, leasing offices and business center. The non-recourse loan features a fixed 4.31 percent interest rate with nine years of interest-only payments. George Smith Partners’ Jonathan Lee arranged the financing, which Walker and Dunlop provided.
NEWARK, N.J. — Kuwait-based KFH Capital Investment Co. has received $107.3 million in financing for the acquisition of Two Riverfront Plaza, a 337,543-square-foot office tower in Newark. James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook, N.J., office secured the loan, which was provided by Ladder Capital. KFH Capital Investment Co. acquired the 12-story office tower for $165 million. The property is fully occupied by Panasonic Corp. through April 2031. The acquisition was previously announced in early December.
FALL RIVER, MASS. — CBRE/New England has secured a $31.5 million Fannie Mae loan to finance the acquisition of South Winds Apartments, a 404-unit residential community located in Fall River. Boston-based Taurus Investment Holdings acquired the property for $39.3 million, or $97,400 per unit. Built in 1971, the property comprises 26 buildings featuring a total of 146 one-bedroom, 218 two-bedroom and 40 three-bedroom units. John Kelly and Matt Marshall of CBRE/NE secured financing for the buyer.
ORANGE GROVE, TEXAS — ReadyCap Commercial has closed a $4 million Freddie Mac Multifamily loan for the refinancing of a multifamily property in Orange Grove. The loan features a 10-year term and a 30-year amortization schedule. Additional details of the loan and property were not released.
UTICA, N.Y. — KeyBank Community Development Lending and Investment has provided a $7.6 million construction loan to Rescue Mission of Utica Inc. The loan will be used to construct West Street Apartments, a 42-unit low-income housing tax credit and supportive service property in Utica. Lynne Callis-Wilson of KeyBank arranged the construction loan.
WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged $42.5 million in Freddie Mac loans for the refinancing of a four-property multifamily portfolio in Wilmington. The assets total 695 units and include Hawthorne at New Centre, Hawthorne Commons, Hawthorne Centre North and Hawthorne Lofts. All four properties were constructed between 1990 and 1998 and were renovated in 2014. Timothy DeWispelaere of KeyBank arranged the financing with a 10-year term, five years of interest-only payments and a 30-year amortization schedule.
BETHESDA, MD. — Natixis has provided a $26.5 million, floating-rate loan for Shops of Wisconsin, a 71,748-square-foot neighborhood shopping center in Bethesda. The borrower, Douglas Development, will use the proceeds to refinance the property and provide funds for the tenant improvements of the new Target Express. In addition to the new Target Express, the center also contains nine other national and local tenants, including Trader Joe’s, Gymboree, Jenny Craig and H&R Block.
BEAR, DEL. — Delle Donne & Associates has received a $35 million loan for the refinancing of Governor’s Square Shopping Center, a fully leased retail property located at 401 Governor’s Place in Bear, a suburb of Wilmington, Del. Loan proceeds will be used to retire existing debt. The 294,213-square-foot, two-building property is occupied by ShopRite, Kmart, American Signature Furniture, Rite Aid, Sneaker Villa H&R Block, Karate for Kids, RadioShack, Bear Chiropractic, Subway and GameStop. The center also includes three pad sites leased to Wells Fargo, Taco Bell and McDonald’s. Ryan Ade of HFF secured the financing for the borrower.
RIVERSIDE, CALIF. — CBRE has arranged a $16.7 million loan for Capitol Seniors Housing, which will use the capital to refinance debt on Welbrook Arlington, a seniors housing community in the Los Angeles suburb of Riverside. MBK Senior Living operates the community, which features 207 units of independent living, assisted living and memory care. Aron Will, vice chairman of CBRE National Senior Housing, arranged the non-recourse, 10-year, floating-rate loan with full-term interest-only payments through the company’s Fannie Mae DUS Multifamily loan origination program.