loans

KeyBank Provides $10.2M Loan for Affordable Housing Community in Florida

by John Nelson April 8, 2016

BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $10.2 million bridge loan for Centre Court Apartments, a 180-unit affordable housing community in Bradenton. The property operates under the Section 42 Low Income Housing Tax Credit (LITHC) with 108 units reserved for renters earning 60 percent area median income (AMI) and 27 units restricted to 30 percent AMI. John Gilmore IV of KeyBank’s community development lending division originated the loan on behalf of the borrower, Foundation for Affordable Rental Housing Holdings Inc., a nonprofit organization based in Delaware. Centre Court Apartments is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization.

April 8, 2016

Loans Multifamily Southeast Tennessee

Berkadia Arranges $10.1M Acquisition Loan for Apartment Community in Knoxville

by John Nelson April 8, 2016

KNOXVILLE, TENN. — Berkadia has arranged a $10.1 million acquisition loan for The Element at Cedar Bluff, a 223-unit apartment community in Knoxville formerly known as Warren House Apartments. The property is situated roughly 10 miles from the University of Tennessee and Neyland Stadium. The borrower, SCBP Knoxville Associates LLC, a partnership between Springer Capital and Brookside Properties, used the loan to acquire the property and fund future renovations totaling roughly $5 million. The Element at Cedar Bluff’s amenities include a new fitness center, resort-style swimming pool, granite countertops and stainless steel appliances. The property was 93 percent occupied at the time of financing. Corby Chaffin of Berkadia’s Houston office arranged the floating-rate loan through Latitude Management Real Estate Investors, a Southern California-based institutional debt fund specializing in bridge lending.

April 8, 2016

Loans Michigan Midwest Multifamily Seniors Housing

NorthPoint Arranges $7M Refinancing for 134-Unit Seniors Housing Community in Michigan

by Christina Cannon April 8, 2016

ST. JOSEPH, MICH. — NorthPoint Capital Funding has arranged the $7 million refinancing of The Whitcomb Senior Living Community, a 134-unit community in St. Joseph, located in the southwest corner of the state along the banks of Lake Michigan. Originally constructed as a hotel in 1928, the property was converted to seniors housing in 1973. NorthPoint Capital Funding is a subsidiary of NorthPoint Capital Group, a lender based in Chicago.

April 8, 2016

Colorado Hospitality Loans Western

Pearlmark Receives $55.1M to Refinance the Ritz-Carlton in Denver

by Nellie Day April 7, 2016

DENVER — Pearlmark has received a $55.1 million loan to refinance the 202-room Ritz-Carlton in Denver. The full-service, AAA Five-Diamond hotel is located at 1881 Curtis St. The Ritz-Carlton originally opened in 2008. It underwent $9.3 million in capital improvements between 2013 and 2015. The property includes a Ritz-Carlton Club Level, Elway’s Restaurant, the Ritz-Carlton Spa, a recently renovated fitness center with adjacent salon, and an adjacent TruFit Athletic club with lap pool, Olympic weights and an indoor climbing wall. The hotel also offers 12,383 square feet of meeting and event space. HFF’s Eric Tupler and John Bourret arranged the floating-rate loan with the Canadian Imperial Bank of Commerce.

April 7, 2016

Loans Massachusetts Northeast Office

Griffith Properties, Artemis Receive $30.3M in Refinancing for Cambridge Office Building

by Amy Works April 6, 2016

CAMBRIDGE, MASS. — Griffith Properties and Artemis Real Estate Partners have received $30.3 million in refinancing for an office building located at 10 Fawcett St. in Cambridge. Greg LaBine and Porter Terry of HFF arranged the three-year, floating-rate loan through Eastern Bank for the borrowers. Renovated in 2011, the six-story 134,561-square-foot building is fully leased to multiple tenants, including General Services Administration, Raytheon BBN Technologies and Accion International.

April 6, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $23.5M in Refinancing for Cabot Crossing in Massachusetts

by Amy Works April 6, 2016

LOWELL, MASS. — CBRE/New England has secured a $23.5 million first mortgage loan to refinance the existing debt on Cabot Crossing, a multifamily property located in Lowell. The borrower is Taurus CD 165 Bowden Street MA LP, an affiliate of Taurus Investment Holdings and PhilMor Real Estate Investments. The owner originally acquired the property in 2013 and implemented a successful unit upgrade and capital improvement plan. Located at 130 Bowden St., the multifamily community features 252 apartment units in a mix of 28 studio units, 168 one-bedroom layouts and 56 two-bedroom units. On-site amenities include a clubhouse with multi-station exercise room, TV lounge, saunas, Jacuzzi, locker rooms, outdoor swimming pool and picnic areas. John Kelly and Sam Dylag of CBRE/NE Multifamily Debt & Structured Finance arranged the financing for the borrower.

April 6, 2016

Loans Multifamily Texas

NXT Capital Provides $17.6M Loan for Apartment Community in Metro Dallas

by Haisten Willis April 5, 2016

BEDFORD, TEXAS — NXT Capital has provided a $17.6 million first mortgage loan to finance the acquisition of a 272-unit, Class B apartment community in Bedford. Located 10 miles northeast of the Dallas/Fort Worth International Airport, amenities at the property include two swimming pools and picnic areas. Michael Cosby in the Dallas office of HFF arranged the loan through NXT Capital.

April 5, 2016

Loans Multifamily Northeast Vermont

BMC Capital Secures $1.1M Loan for Multifamily Property in Vermont

by Amy Works April 5, 2016

SOUTH BURLINGTON, VT. — BMC Capital has arranged a $1.1 million loan for the cash-out refinance of a multifamily property located in South Burlington. The non-recourse loan features a 4.51 percent fixed rate for seven years, two years of interest-only payments and a 30-year amortization schedule. Brian Gramlich of BMC Capital’s Dallas office arranged the loan through one of BMC Capital’s correspondent agency relationships for the undisclosed borrower.

April 5, 2016

Loans Multifamily Seniors Housing Southeast Tennessee

Berkadia Provides $68.8M Freddie Mac Financing for Seniors Housing Portfolio

by John Nelson April 5, 2016

CHATTANOOGA, TENN. — Berkadia has originated $68.8 million in financing for a portfolio of eight seniors housing communities operated by Morning Pointe, a Chattanooga-based developer and operator. The portfolio totals 474 units in Lexington and Frankfort, Ky.; Knoxville, Tenn.; and Johnson, Ind. Morning Pointe plans to use the funds to fund future development across the Southeast. Berkadia’s Marcus Lyons, director, and Chris Fenton and David Oakley, managing directors, managed the transaction through Freddie Mac. Berkadia is a New York City-based lender specializing in Fannie Mae, Freddie Mac and HUD loans in the commercial real estate sector.

April 5, 2016

Loans Michigan Multifamily

Cohen Financial Arranges $4.5M Refinancing Loan for 64-Unit Apartment Community

by Christina Cannon April 5, 2016

YPSILANTI, MICH. — Cohen Financial has arranged a $4.5 million non-recourse refinancing loan for Blue Heron Pointe Apartments. The 64-unit community is located at 6244 Trumpeter Lane in Ypsilanti, approximately 40 miles west of Detroit. The Class A property was built in 2014. Cathy Bronkema of Cohen Financial secured the 25-year, fixed-rate loan with a life insurance company. Unit amenities at Blue Heron Pointe Apartments include one-car garages, kitchen appliances, granite countertops, faux wood floors and washers and dryers.

April 5, 2016

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