CHICAGO — KeyBank Real Estate Capital has arranged a $334.4 million Fannie Mae credit facility for Enlivant, a Chicago-based owner and operator of senior care facilities across the United States. The loan was arranged for 54 assisted living properties in 12 states including Iowa, Indiana, Kentucky, Michigan, Nebraska, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Washington and Wisconsin. The new loan structure provides Enlivant with access to growth capital at attractive rates during the 10-year term. Key’s Healthcare Mortgage Banking Team was led by Carolyn Nazdin and Charlie Shoop and worked in conjunction with Fannie Mae to originate and close the loan in less than 60 days.
DETROIT — Bernard Financial Group has arranged a $125 million CMBS loan for the acquisition of the Compuware Building, a 15-story, 1 million-square-foot office tower located at One Campus Martius in downtown Detroit. The acquisition includes an adjacent 10-story parking garage with 2,700 spaces. The borrowing entity is 1000 Webward LLC, a joint venture between Bedrock Real Estate Services and Meridian Health Plan. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan.
EAST LANSING AND WHITE LAKE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $8 million in loans for two multifamily properties located in Michigan. David Wilkins of Pillar’s Bloomfield Hills office originated the loans. Pillar has secured a $5.9 million HUD 223(f) refinancing for Homestead Apartments in East Lansing using HUD’s interest rate reduction program. The property is located near Michigan State University and U.S. Interstate 127. Homestead Apartments consists of 168 one- and two-bedroom apartment units with assigned covered parking. The property is fully leased at market rates. Wilkins also originated a $2.2 million non-recourse, long-term fixed rate CMBS loan through Pillar’s Small Balance Loan program to refinance the Lakeshore Hilltop Apartments for Fountainhead Properties. The property is located in White Lake on M-59 and features 60 renovated units, which include a view of the lake.
SAN ANTONIO — Capital One Multifamily Finance has provided a $63.3 million fixed-rate Freddie Mac loan for the acquisition of Artessa at Quarry Village, a 280-unit luxury apartment community in San Antonio. Brian Sykes of Capital One originated the transaction. Intercontinental Real Estate purchased the property and granted Capital One the rights to represent Freddie Mac. Completed in 2009, Artessa is located in Alamo Heights, located six miles from downtown San Antonio. Artessa offers one-, two-, and three-bedroom units, and was 95 percent occupied as of October 2014. The property features ground-floor retail space, which includes 27 retail suites. The fixed-rate loan has a 10-year term with 10 years of interest-only payments.
STERLING HEIGHTS, MICH. — NorthMarq Capital has secured $34.6 million in refinancing for Lakeside Terrace Apartments, a 438-unit multifamily property located in Sterling Heights. The 10-year loan includes a 30-year amortization schedule. NorthMarq Capital’s Charlotte office arranged financing for the undisclosed borrower through its seller/servicer relationship with Freddie Mac.
HOUSTON and LAKE JACKSON, TEXAS — BMC Capital’s Dallas office has arranged loans for three properties in metro Houston. The first is a $20 million cash-out refinancing loan for two apartment properties located in Lake Jackson. The five-year loan featured an 80 percent loan-to-value ratio, a 5 percent interest rate and a 30-year amortization schedule. The second is a $4.8 million refinancing loan for an apartment complex in Houston. The 10-year, non-recourse loan included a 65 percent loan-to-value ratio, a 4.4 percent interest rate and a 30-year amortization schedule. The third loan is an $8.9 million refinancing loan for an industrial property in Houston. The 10-year loan included a 75 percent loan-to-value ratio, a 10-year fixed rate of 5.2 percent and a 30-year amortization schedule. Keith Van Arsdale of BMC arranged all three loans. Each loan was arranged through one of BMC’s correspondent banking relationships.
IRVING, TEXAS — CBRE Capital Markets’ debt and structured finance group has arranged financing for Regent Center I and II in Irving. CBRE worked on behalf of Founders Properties LLC to obtain a $13.7 million non-recourse loan. The seven-year, fixed-rate loan was secured through Woodmen of the World Insurance Society. The Regent Center Portfolio consists of two office buildings totaling 150,625 square feet that are 100 percent leased by tenants including Devry University, Pulte Group, Staples Inc. and Aramark Educational Services Inc. The Regent Center buildings are situated less than a mile west of I-625 and two miles north of US Highway 114. Greg Greene, Scott Lewis and Matt Ballard of CBRE’s Dallas debt and finance group originated and secured financing on behalf of the borrower.
WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.
CHICAGO — Aries Capital has brokered a $2.4 million Fannie Mae loan for an apartment building in Chicago. The property is located at 854 W. Armitage St. in Chicago’s Lincoln Park neighborhood. The building features five newly remodeled apartment units and ground level retail leased to a local business. Eric Jones of the firm’s Chicago office secured the 10-year, non-recourse loan for the borrowers, Douglas Crocker II and partners. The loan features a 4.23 percent interest rate and a 30-year amortization schedule. The fixed-rate loan represented 115 percent of the total cost basis.
MINNETONKA, MINN. — NorthMarq Capital’s Minneapolis office has arranged $10.7 million in acquisition financing for the Williston Business Center, a 354,730-square-foot office property in Minnetonka. Patrick Minea and Dan Trebil of NorthMarq arranged financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company.