BRYAN, TEXAS — Kurt Dennis and Ken Lawrence of LMI Capital has arranged $7 million in debt for the refinancing of a student housing complex in Bryan. The Class B property is located a few blocks from the Texas A&M campus. On behalf of the borrower, Dennis obtained a 10-year, fixed-rate nonrecourse loan that provided cash out proceeds to the client and features a three-year interest-only period.
SAN ANTONIO — Berkadia has originated a $29.8 million loan for the acquisition of Grand Estates at TPC, a multifamily property located at 5707 TPC Parkway in San Antonio. Jeff Robbins and Matt Ewig of Berkadia’s Chicago office secured the 10-year loan through Fannie Mae. Robbins and Ewig arranged the loan, which includes seven years of interest-only payments, on behalf of the borrowers, Wood Partners, Silverpeak Capital and W. P. Carey Inc. Grand Estates at TPC features 408 units and is 94 percent occupied. Community amenities include a pool, game room and fitness center. The property is situated near U.S. Highway 281, which provides access to downtown San Antonio, approximately 22 miles south.
VANCOUVER, WASH. — Walker & Dunlop Inc. (NYSE: WD) has closed a $3.4 million loan for Arbor Ridge Assisted Living with the Vancouver Housing Authority. Arbor Ridge Assisted Living provides affordable housing for seniors who cannot afford private facilities within the local market. This is the first Rental Assistance Demonstration (RAD) transaction Walker & Dunlop and HUD’s Lean 232 program have completed for a health care facility. The RAD program is HUD’s major effort to recapitalize public affordable housing. RAD focuses on conserving affordable rental housing, meeting the needs of residents and constructing lasting communities along with supporting future property improvements. The Arbor Ridge transaction was structured with a 35-year term and a 35-year amortization schedule. Additionally, the loan was written to a 78.5 percent loan-to-value and 1.45 debt service coverage ratio. Michael Vaughn, senior vice president, led the Walker & Dunlop team.
NEW BRAUNFELS, TEXAS — Metropolitan Capital Advisors has arranged a loan totaling $12.8 million for a retail property located in New Braunfels. Walnut Square Shopping Center is a 95,952-square-foot retail shopping center shadow anchored by At Home (formerly known as Garden Ridge). Situated on 11.9 acres, the property’s tenant roster includes Chase Bank, AutoZone and Dollar Tree. The sponsor, a Dallas-based property company, plans to fill the largest vacant space — 31,442 square feet — with a big-box credit tenant. Metropolitan Capital placed the acquisition loan, which equated to 75 percent loan-to-cost, with a fixed interest rate of 4.5 percent. The loan structure also featured one year of interest-only payments and a 25-year amortization schedule.
AUSTIN, TEXAS — NXT Capital has financed the acquisition of a Class B garden style apartment project located in Austin. The amount of the transaction was not disclosed. The property is located in south Austin, less than one block from IH-35, Austin’s major north-south thoroughfare. It also offers access to central Austin’s restaurants, bars and clubs. Community amenities include picnic areas with grills, a swimming pool and a clubroom.
LOS ANGELES — Watt Plaza, a 903,000-square-foot office complex in Los Angeles, has received a $220 million refinance. The complex includes twin 23-story office towers and a 10-story parking structure. Watt Plaza is located at 1875 Century Park East. It was built in 1982. The complex was the first building in the Los Angeles submarket of Century City to receive LEED-Platinum certification. The complex has undergone $42 million worth of renovations since 2003. It is occupied by a mix of legal, accounting and financial services firms. Convenient services at the plaza include a Chase Bank, Starbucks and FedEx store. The 15-year, fixed-rate loan was provided to the Watt Companies by Prudential Mortgage Capital Company. This is the commercial mortgage lending business of Prudential Financial Inc.
HOUSTON — Suzanne Jones of NorthMarq Capital’s Dallas office has negotiated a $23.3 million acquisition loan for Braesridge Apartments, a 542-unit multifamily property located at 11100 Braesridge Drive in Houston. The 10-year loan includes three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
TULSA, OKLA. — KeyBank Real Estate Capital has secured a $7.8 million non-recourse, CMBS first mortgage for Wimbledon Place Apartments. The 292-unit, garden-style apartment community is located in Tulsa. John Loshbaugh of KeyBank’s commercial mortgage group arranged the financing.
HOUSTON — Q10 KDH vice president Larry Peters has arranged $2.8 million in permanent financing for a mixed-use center in Houston through correspondent insurance company lender Symetra. Built in 1974 and located in north Houston, the mixed-use center offers 56,206 square feet of space divided into 75 percent retail use and 25 percent warehouse space.
CYPRESS AND LEAGUE CITY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has secured the $74.5 million refinancing of Stonegate Apartments and Avenues at Tuscan Lakes. The two multifamily assets are located at 11111 Grant Road in Cypress and 1805 S. Egret Bay Blvd. in League City, respectively. The transaction for Stonegate Apartments was structured with a seven-year ARM with three years of interest-only payments. Avenues at Tuscan Lakes was financed with a 10-year, fixed-rate loan with five years of interest-only payments. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.