SAN JOSE, CALIF. — The 86-unit Latitude 37 apartment building in San Jose has received $20.6 million in financing. The community is located at 1255 Babb Court. The seven-year loan carries a floating rate and a 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles office through the firm’s seller-servicer relationship with Freddie Mac.
DALLAS — Dougherty Mortgage LLC has arranged a $4.3 million Fannie Mae loan for the refinance of American Beauty Mill Lofts, an 80-unit multifamily market rate apartment property located in Dallas. Dougherty’s Dallas office arranged the 10-year, interest-only loan for the borrower, American Beauty Lofts Ltd. American Beauty Mill Lofts offer loft apartments located in downtown Dallas. Formerly a flour mill warehouse, the retrofitted loft apartments feature open floor plans, 15-foot ceilings and stained concrete flooring.
CYPRESS, TEXAS — KeyBank Real Estate Capital has secured a $22.9 million Freddie Mac CME loan for Avenues at Cypress, a multifamily apartment complex located in Cypress. The 240-unit, garden-style apartment complex was built in 2014. Chris Black of Key’s Commercial Mortgage Group arranged the financing, which was used to purchase the property from the developer. Stabilized occupancy is projected to be achieved this April.
MOUNTAIN VIEW, CALIF. — The 187-unit Highland Gardens Apartments in Mountain View has received $54.8 million in acquisition financing. The garden-style community is located at 234 Escuela Ave. in Silicon Valley. Highland Gardens was built in 1963 and renovated in 2013. Community amenities include a fitness center, swimming pool, bocce ball court and barbecue cabana. The asset previously operated as two separate properties. They were split down the middle by a parcel of land owned by the San Francisco Public Utility Commission. This parcel includes underground water mains that provide water to the nearby San Francisco Bay area. The seven-year loan was structured as full-term, interest-only financing. The community was purchased by Decron Properties this past January for $86 million. The Fannie Mae loan was structured by Bryan Frazier of Walker & Dunlop.
GRAND RAPIDS, MICH. — Cohen Financial has arranged $10.3 million in loans through Pillar’s lending program for the acquisition of two Grand Rapids multifamily properties. Cathy Bronkema of Cohen Financial secured an $8.2 million HUD 223(f) loan for the acquisition of Richmond Hills Apartments, a 222-unit property. Bronkema also secured a $2.16 million Fannie Mae loan for the acquisition of Eagle Nest Apartments, a 48-unit property. The borrower is Trillium Ventures MSV, a Grand Rapids-based multifamily owner/operator.
PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $17.3 million Fannie Mae loan for the refinance of Green Oaks Apartments, a 384-unit affordable housing property located in Palos Hills. Community amenities include laundry facilities, community room, playground and heated outdoor pool. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin, Texas office arranged the loan for the borrower Green Oaks at Palos Hills LP.
SANTA MONICA, CALIF. — Phase I of the Water Garden office complex in Santa Monica has received a $260-million refinancing. The complex is located at 2425 Olympic Blvd. and 1620 26th Street. Phase I includes 673,660 square feet situated in two, six-story office buildings. Tenants in this phase include Amazon, Edmonds, Group M Worldwide, Sony Computer Entertainment and AMC Networking Entertainment. Phase I is part of the larger 1.27-million-square-foot Water Garden office complex. It sits catty-corner to a light rail station that will be completed next year. The 12-year, fixed-rate loan was arranged by HFF’s Mike Tepedino, Paul Brindley and Jennifer Keller through New York Life Real Estate Investors. The borrower is composed of institutional investors advised by J.P. Morgan Asset Management.
FORT WORTH — Pacific Southwest Realty Services (PSRS), a San Diego-based commercial mortgage banking firm, has arranged a $3.3 million loan secured by a 36,000-square-foot retail property in Fort Worth. David Hamilton of the firm’s San Diego office arranged the transaction. The fixed-rate loan features a 15-year term with a 25-year amortization schedule and three five-year resets. The interest rate starts at 3.9 percent and resets every five years. There is no prepayment premium and the only lender fee was $2,500 for processing. Hamilton arranged the financing through a credit union that PSRS represents.
AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $23.1 million Fannie Mae loan for Lakeshore Pearl, a multifamily apartment complex located in Austin. The 230-unit, mid-rise apartment complex was built in 2013. Chris Black of Key’s commercial mortgage group arranged the financing, which was used to acquire the property, for the undisclosed borrower.
DALLAS — Venture Commercial Real Estate has arranged the lease of an 11,400-square-foot space in Dallas’ Design District. Paul Morgan Photography Inc. will occupy the space located at 921 N. Riverfront Boulevard. McGregor Converse of Venture represented the tenant in lease negotiations. John Bowles of CASE Commercial Real Estate Partners represented the landlord. Photography business Paul Morgan and People relocated its media studio and corporate office to this location from 333 1st Ave. in Deep Ellum.
