BOISE, IDAHO — A10 Capital has closed a $75 million investment facility from KKR. The investment is designed to bolster A10’s capital base to fuel the future growth of its on-balance-sheet bridge and permanent loan products. A10 is a middle-market lender in the commercial mortgage space based in Boise and Dallas. Additional A10 institutional backers include BlackRock, H.I.G. Capital and THL Credit. A10 recently financed more than 30 million square feet of stabilized and un-stabilized commercial properties nationwide. KKR is a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds.
GARDEN CITY, N.Y. — Treeline, a value-add asset developer, owner and investor, has received $106 million in first mortgage and mezzanine financing for its four-building Garden City Plaza office portfolio, located at 100, 200, 300 and 400 Garden City Plaza in Garden City. The loans consist of $86 million in new first mortgage financing provided through Terry Livingston of Wells Fargo, and a $20 million mezzanine loan provided through Robert Dirks of Principal Real Estate Investors. Proceeds of the financing will be used to buy out an existing equity partner and retire construction financing for a new restaurant for Maggiano’s Little Italy, which will open its first Long Island location at the property. The 600,000-square-foot portfolio is 90 percent leased. Robert Turner, Adam Spies and Joshua King of Eastdil Secured arranged the financing for the borrower.
HARRISBURG, PA. — Colliers International Capital Markets (CICM) has arranged $28 million in refinancing for Campus Heights Student Housing, an apartment community serving the Penn State Harrisburg campus. Located in Harrisburg, the property features 111 units for a total of 444 beds. The 12-year, fixed-rate loan features a 30-year amortization schedule. Kristopher Wood and John Banas of CICM’s Philadelphia office arranged the loan for the undisclosed borrower.
BEAUMONT AND LUMBERTON, TEXAS — KeyBank Real Estate Capital has secured an $8.5 million, non-recourse CMBS first mortgage loan for a two-property hospitality portfolio. The portfolio consists of a Comfort Inn located in Beaumont and a La Quinta Inn and Suites located in Lumberton. Both properties are located near major interstates and highly traveled state highways. Randy Martin of Key’s Commercial Mortgage Group secured the financing.
DENISON, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured an $18.7 million loan for the construction and permanent financing of The Residence at Gateway Village. The property is a proposed 180-unit apartment community in Denison. The financing was secured through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The borrower secured a non-recourse loan that is fixed for the initial 16-month construction period and a subsequent 40-year term. Residence at Gateway Village is being built as part of a master-planned development, Gateway Village, on the west side of US Highway 75 at Grayson Drive. The apartment will be spread over eight three-story buildings. Sherman, Texas-based Covenant Development Partners, a privately held regional multifamily development and investment firm, is developing the project. Parkcrest Builders will serve as the project’s general contractor, and Residence Property Co. will serve as the management agent.
AUSTIN, TEXAS — Dougherty Mortgage has secured a $9.9 million Fannie Mae loan for the acquisition financing of Las Colinas Apartments, a 177-unit apartment property located in Austin. Property amenities include two laundry facilities, courtyards with barbecue and picnic areas, a community room and a children’s playground. A partnership between Old Capital Lending and Dougherty’s Minneapolis office arranged the loan on behalf of the borrower, 1500 Reagan Hill LLC. The loan features a 12-year term and 30-year amortization schedule.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has expanded its revolving credit facility from $300 million to $400 million, while simultaneously entering into a new $100 million, seven-year, non-amortizing unsecured term loan. Approximately $95 million of the term loan proceeds were used to pay off and terminate CareTrust’s existing secured mortgage indebtedness under its 2006 credit agreement with General Electric Capital Corporation. The lower interest rate resulting from the refinancing is expected to generate approximately $1.3 million in annual savings. CareTrust REIT Inc. is a publicly traded seniors housing and healthcare REIT based in San Clemente.
LEWISVILLE, TEXAS — An Advalurem Group venture has completed the refinancing of Bella Madera at Lake Lewisville, a 612-unit, Class A apartment community in Lewisville. Advalurem Group initially completed a joint venture equity investment with its partner, BRES, for Bella Madera in 2013. At the time of acquisition, the partnership assumed an existing first mortgage loan and secured preferred equity financing from a financial institution. At the current market value of $65.6 million, the venture refinanced the property concurrently with a recapitalization of the partnership by buying out the preferred equity partner. Built in 2009, Bella Madera at Lake Lewisville is 96 percent occupied.
FRISCO AND SAN ANGELO, TEXAS — In two separate transactions, real estate capital advisory firm Quantum Capital has arranged $22.2 million in long-term, non-recourse debt to refinance regional shopping centers in Frisco and San Angelo. In the larger of the two deals, Quantum secured a $12.9 million non-recourse permanent loan on behalf of the borrower, a Los Angeles-based investor operating as TRT-QL Frisco. The loan will replace the maturing debt on Frisco Plaza, a 62,500-square-foot retail center located at Preston Road and Highway 21. The shopping center is located across the street from General Growth Properties’ 1.6 million-square-foot Stonebriar Centre, the primary retail destination in Frisco. Quantum also secured a $9.2 million permanent loan for another Los Angeles-based investor operating as Rancho Sunset Plaza LP to refinance Sunset Plaza in the west Texas city of San Angelo. The property is a 90,000-square-foot regional power center located on Sunset Drive at Highway 67 and Loop 306. Sunset Plaza is anchored by Target, Bed Bath and Beyond, Petco and Ross Dress for Less. Both fixed-rate loans were underwritten at a 75 percent loan-to-value ratio and priced at 250 basis points over the 10-year swap rate of 1.71 percent. The financings also included …
ORLANDO, FLA. — CBRE was Freddie Mac’s highest-producing multifamily mortgage seller in 2015, originating $6.96 billion in loans last year. Freddie Mac made the announcement at the Mortgage Bankers Association’s commercial real estate finance and multifamily housing convention in Orlando on Feb. 2. In total, Freddie Mac bought $47.3 billion in new multifamily loans in 2015, comprising 650,000 rental units. “CBRE had another terrific year placing loans with Freddie Mac and earning its top producer award for the seventh consecutive year,” says Mitchell Kiffe, a senior managing director of debt and structured finance at CBRE. “CBRE utilized Freddie Mac’s expanded product offerings, such as its small balance loan program, to achieve the number one ranking. We look forward to another big origination year as multifamily loan demand remains strong.” Freddie Mac securitizes about 90 percent of the multifamily loans it purchases, thus transferring the vast majority of the expected credit risk from taxpayers to private investors. “We have a tremendous partnership with our lender partners, who work tirelessly every day to provide apartment financing,” says John Cannon, senior vice president of Freddie Mac’s multifamily production and sales. “Support for this market is more important than ever, especially with the increased …