OVERLAND PARK, KAN. — NorthMarq Capital’s Kansas City office has arranged acquisition financing of $32.6 million for Corbin Crossing Apartments, a 298-unit multifamily property in Overland Park. The property is located at 6801 W. 138th Terrace. Greg Duvall of NorthMarq arranged the seven-year loan that includes two-year interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
KINGWOOD, TEXAS — HFF has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A apartment complex in Kingwood. HFF worked on behalf of the borrower, Mark-Dana Corp., to secure the loan through an affiliate of Prime Finance. Amegy Bank provided the senior construction loan in a non-HFF related transaction. Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each with attached garage parking. Situated on 12.6 acres at 331 Forest Center Drive, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, 24 miles north of downtown Houston. Colby Mueck led HFF’s equity placement team.
HOUSTON — Jamie Mullin of LMI Capital has arranged $26.4 million in debt for the refinance of a garden-style apartment complex in Houston’s Galleria submarket. On behalf of the borrower, Mullin secured the 10-year, fixed-rate CMBS loan that provided cash out proceeds to the client. The loan featured a 4.2 percent interest rate and five years of interest-only payments followed by a 30-year amortization schedule.
SUGAR LAND AND MISSOURI CITY, TEXAS — Brandon Brown of LMI Capital has arranged $11 million in debt for the refinance of a garden-style apartment complex in the Sugar Land/Missouri City submarket of Houston. Brown secured the 10-year, fixed-rate Fannie Mae loan, which will provide cash out proceeds , on behalf of the unnamed borrower. A portion of the cash out was earmarked for interior and exterior property upgrades. The non-recourse loan features a 4.2 percent interest rate and a 30-year amortization schedule.
FRISCO, TEXAS — Pillar has arranged a $9.2 million Fannie Mae acquisition loan for Stonebrook Village, a multifamily affordable housing property. Stonebrook Village includes one-, two- and three-bedroom apartment units located in Frisco. The property was developed in 1994. Marc Cesare of Pillar’s Dallas office originated the fixed-rate, 10-year term loan with a 30-year amortization schedule. Stonebrook Village is located near the North Dallas Tollway and just north of the new Dallas Cowboys world headquarters scheduled for completion in 2016.
NASHVILLE, TENN. — HFF has arranged permanent financing for the 800-room Omni Nashville Hotel, a LEED Silver-certified, upscale hotel located across from Music City Center in downtown Nashville. Completed in 2013 and located at 250 Fifth Ave., the hotel features the 5,500-square-foot Mokara Spa, a rooftop swimming pool, whirlpool with a lounge deck and cabanas, business center, 80,000 square feet of meeting space, 49,000 square feet of pre-function space and dining options such as Bob’s Steak & Chop House, Kitchen Notes and Barlines. Whitaker Johnson, Jim Curtin and Sarah Baccich of HFF arranged the fixed-rate loan through Prudential Mortgage Capital on behalf of the borrower, TRT Holdings.
WORTHINGTON, OHIO — PCCP has provided a $29.5 million senior loan to a private, high-net-worth investor for the acquisition and lease-up of The Heights, a newly constructed two-building, Class A apartment complex in Worthington, a suburb of Columbus. The property includes 193 units and 23,320 square feet of office space. Located at 160 W. Wilson Bridge Road, the property includes one- and two-bedroom apartments. Unit amenities include washers and dryers, granite countertops, patios and balconies. The seller was Crawford Hoying, a local developer, who began construction of The Heights in September 2013. The smaller, 59-unit building was completed in September 2014 and the larger, 134-unit apartment building, which includes commercial space, is anticipated for completion this month. PCCP is a real estate finance and investment management firm.
NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.
HONOLULU, HAWAII — The Howard Hughes Corporation has received a $350 million syndicated loan for two condo development projects in Honolulu. The condos, called Waiea and Anaha, will be situated within Ward Village. Ward Village is a 60-acre, urban master-planned community located between the city’s downtown and Waikiki. The community will feature more than 4,000 high-rise residences and more than one million square feet of retail space. The retail will be surrounded by outdoor public gathering places and pedestrian-friendly streets. Ward Village will be anchored by a four-acre public park that will serve as a multipurpose gathering space. The two condo developments offer views of the Pacific Ocean and Diamond Head. Amenities including fitness centers, swimming pools, a library, children’s play areas and dog parks. The projects will also feature about 24,000 square feet of retail space and 989 parking spaces. The A-note will be spread between five lenders, including Wells Fargo, Ullico, Washington Capital Management, First Hawaiian Bank and American Savings Bank. The note is part of a larger $600 million construction loan, which was secured by JLL for the Howard Hughes Corporation in late 2014. Financing was provided by Blackstone Real Estate Debt Strategies. The JLL team was …
DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million refinancing loan for a 72-unit apartment complex located in Denton. The seven-year loan includes a 4 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
