loans

M&M Capital Corp. Arranges $7M Loan for Apartment Complex in Metro Dallas

by Haisten Willis February 3, 2015

ARLINGTON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7 million loan for the purchase of a 252-unit apartment complex in Arlington. Sharone Sabar of MMCC’s Encino, Calif. office arranged the debt placement. John Barker, Mark Allen and Alexander Skotarek of Marcus & Millichap’s Fort Worth office represented the undisclosed seller in the transaction. Joshua Ross of the firm’s Encino office represented the undisclosed buyer. The 10-year loan included a fixed interest rate of 4.4 percent and a 78 percent loan-to-value ratio.

February 3, 2015

Loans Multifamily Texas

R3 Funding Arranges $6.25M Refinancing for Apartment Complex in Waco

by Haisten Willis February 3, 2015

WACO, TEXAS — R3 Funding has arranged a $6.25 million refinancing loan for The Highlands apartment complex, a 224-unit property in Waco. Located at 1600 Lake Shore Drive, The Highlands was purchased by its current owner in 2012, with occupancy around 70 percent at the time. Occupancy is now at 92 percent. The 10-year, fixed-rate Freddie Mac loan includes a 30-year amortization schedule and two years of interest-only payments.

February 3, 2015

Illinois Loans Midwest Multifamily Student Housing

KeyBank Secures $25.9M Loan for Illinois Student Housing Apartment Complex

by Danielle Everson January 30, 2015

EDWARDSVILLE, ILL. — KeyBank Real Estate Capital has secured $25.9 million in CMBS financing for Enclave West, a 552-bed student housing apartment complex in Edwardsville. Randy Martin of KeyBank Real Estate Capital Markets arranged a $22.7 million non-recourse, fixed-rate CMBS first mortgage and a $3.24 million full-recourse, fixed-rate life company mezzanine loan for the undisclosed borrower. Located 20 miles northeast of downtown St. Louis, the 98.4 percent occupied property was built in phases in 2013 and 2014. The property is the closest off-campus student housing property to the University of Southern Illinois Edwardsville.

January 30, 2015

Indiana Loans Midwest

NorthMarq Capital Arranges $2.5M Loan for Fall Creek Harbor in Fishers, Ind.

by Danielle Everson January 29, 2015

FISHERS, IND. — NorthMarq Capital has arranged the $2.5 million refinancing of Fall Creek Harbor, a two-story retail property in Fishers, approximately 16 miles northeast of Indianapolis. The property is located at 11228-11250 Fall Creek Road. Susan Branscome of NorthMarq Capital’s Cincinnati office structured the 10-year loan, which features a 25-year amortization schedule, for the undisclosed borrower. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

January 29, 2015

Loans Midwest Minnesota

Dougherty Arranges $24M Fannie Mae Loan for Thomas Lake Pointe Apartments

by Danielle Everson January 28, 2015

EAGAN, MINN. — Dougherty Mortgage has arranged a $24 million Fannie Mae loan for the acquisition of Thomas Lake Pointe Apartments, a 216-unit market rate multifamily housing property located in Eagan. The 12-year loan features a 30-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Thomas Lake Pointe Apartments LLC. Thomas Lake Pointe Apartments includes one-, two- and three-bedroom floor plans. The property includes a lodge-style community center, 24-hour fitness center, poolside pub with billiards, and hot tub.

January 28, 2015

Colorado Loans Multifamily Western

One City Block Apartments in Denver Receives $57M Loan

by Nellie Day January 23, 2015

DENVER — The 302-unit One City Block apartment community in Denver has received a $57-million loan. The community is located at 444 East 19th Ave. in Downtown Denver’s Uptown neighborhood. The property was completed in January 2014. It features 207,598 square feet of residential space and 10,035 square of ground-floor retail. One City Block is currently 95 percent leased. Community amenities include a lap pool with sun deck and hot tub, grilling areas, fire pit, sport court with practice putting green, four rooftop terraces, fitness center, yoga studio, game room with ping pong and pool table, demonstration kitchen, on-site bike repair shop and pet spa. The fixed-rate loan proceeds will replace the borrower’s existing construction loan. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom, on behalf of RedPeak Properties. The loan was placed with Cornerstone Real Estate Advisers LLC, which acted on behalf of an institutional client.

January 23, 2015

California Loans Office Western

Menlo Equities Secures $38.6M Loan on Palo Alto Office Building

by Nellie Day January 23, 2015

PALO ALTO, CALIF. — Menlo Equities has received a $38.6-million loan on a 45,319-square-foot Palo Alto office building. The building is located at 529 Bryant Street in the city’s downtown region. It had previously been converted into an internet exchange, or data center. The 10-year, non-recourse loan carries a fixed rate and a 30-year amortization schedule after a 5.5-year interest-only period. Financing was arranged by Eric Von Berg and Tom Dao of Newmark Realty Capital. It was sourced through Wells Fargo’s CMBS program. Newmark Realty Capital will serve as primary servicer on this loan, while Wells Fargo will act as the master servicer.

January 23, 2015

California Loans Multifamily Seniors Housing Western

Thunderbird Retirement Resort in Glendale Receives $21.2M Loan

by Nellie Day January 22, 2015

GLENDALE, ARIZ. – The 345-unit Thunderbird Retirement Resort in Glendale has received $21.2 million in financing. The seniors housing community is located at 5401 West Dailey Street. The fixed-rate, non-recourse loan was provided to ROC Seniors for the acquisition of the community. It features a three-year term with two, one-year extensions. The initial term is interest-only, with amortization beginning in the extensions. The loan includes about $5 million for renovations and repurposing. Financing was originated by Richard Thomas and Meredith Davis of the Seniors Housing and Healthcare Finance team at Grandbridge Real Estate Capital. It was provided through BB&T Real Estate Funding’s Structured Loan Program.

January 22, 2015

Loans Multifamily Office Texas

BMC Capital Provides Loans Totaling $4.4M for Three Texas Properties

by Haisten Willis January 22, 2015

AUSTIN, HOUSTON AND COPPELL, TEXAS — BMC Capital has provided three loans totaling $4.4 million for a trio of Texas properties. The first is a $1.9 million refinancing loan for an apartment complex located in Austin. The 10-year, non-recourse loan features a fixed rate of 4.64 percent, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The second loan is a $0.8 million refinancing loan for an apartment complex located in Houston. The five-year loan features a fixed rate of 4.38 percent, a 58 percent loan-to-value ratio and a 20-year amortization schedule. The third is a $1.7 million purchase loan for an office building located in the Dallas suburb of Coppell. The seven-year loan features a 4.46 percent fixed interest rate, a 65 percent loan-to-value ratio and a 25-year amortization schedule. Each loan was arranged through BMC Capital’s agency and correspondent banking relationships.

January 22, 2015

Multifamily Texas

Q10 KDH Arranges $3.3M Loan for Apartment Complex in Houston

by Haisten Willis January 21, 2015

HOUSTON — Q10 Kinghorn, Driver, Hough, & Co. has secured a $3.3 million, 10-year Fannie Mae loan with a 4.3 percent fixed rate for Bristol Court Apartments located in west Houston. The property includes 164 units and is 99 percent occupied. Q10 KDH is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.

January 21, 2015

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