DALLAS, TEXAS — BMC Capital’s Dallas office has provided a $1.7 million purchase loan for Parkway Garden Apartments in Dallas. The seven-year loan includes a 70 percent loan-to-value ratio with a 4.37 percent fixed interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
WYLIE, TEXAS — Dougherty Mortgage LLC has arranged a $3.2 million Fannie Mae loan for the acquisition of Trails Place Townhomes, a 62-unit market rate multifamily housing property located in Wylie. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. The loan was arranged by Dougherty’s Dallas office on behalf of the borrower, 3515 North Story IBAN LLC. Old Capital provided the loan.
FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received $28.5 million in refinancing. The community is located at 200 S. Lexington Drive. The loan includes a 10-year interest-only term. Financing was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s Fannie Mae DUS lender. The borrower was CWS Capital Partners.
AUSTIN — Walker & Dunlop has arranged a $23 million acquisition loan for The Ballpark, a student housing complex in Austin. Walker & Dunlop provided short-term bridge financing prior to the borrower, Nimes Capital, obtaining a 10-year Freddie Mac loan. Nimes Capital purchased the property through an auction in October 2014. The Ballpark is a 282-unit, 768-bed complex built in 2000. It is located in the East Riverside area near the University of Texas at Austin. Amenities at the Ballpark include a computer lab, free internet, a volleyball court, athletic fields, gym and swimming pool. Will Baker of Walker & Dunlop led the team that structured financing.
BOULDER, COLO. – Walnut Business Center, a 113,594-square-foot industrial/flex property in Boulder, has received $6.5 million in permanent financing. The center is located at 3201-3297 Walnut Street, 3220-3240 Prairie Ave. and 1925-1965 33rd Street. The eight-tenant center is fully leased. Financing was arranged by Steve Bye and Brian Fisher of NorthMarq Capital’s Denver office through the firm’s correspondent relationship with a life insurance company.
SAN ANTONIO — CBRE Capital Markets’ Senior Housing Debt & Structured Finance group has arranged $40.3 million in acquisition financing for a joint venture between Franklin Development Properties and Harrison Street Real Estate Capital. The financing will be used to acquire Franklin Park Stone Oak, a Class A assisted living and memory care community in San Antonio. CBRE negotiated an $18.2 million, five-year, 36-month interest-only, floating rate mortgage loan at a 70 percent loan-to-value ratio for Phase I, which was built in 2011. The company also negotiated a $22.1 million, five-year, 48-month interest-only, floating rate construction loan at a 70 percent loan-to-cost ratio to develop Phase II, which will be adjacent to the existing campus. The completed property will consist of 162 independent living units, 66 assisted living units and 33 memory care units.
CUYAHOGA FALLS, OHIO — Mission Capital Advisors has arranged non-recourse financing totaling $14.3 million on behalf of PEBB Enterprises for two shopping centers. The properties include the Shoppes at Chapel Hill, a regional shopping center in Cuyahoga Falls, Ohio, and Walden Park Shopping Center in Austin, Texas. Jordan Ray, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital Advisors represented PEBB Enterprises in arranging the 10-year loans for both deals. The Shoppes at Chapel Hill is an 85,229-square-foot shopping center. Staples and Michael’s anchor the shopping center, which also includes Panera Bread and Brick House Tavern. The 57,569-square-foot Walden Park Shopping Center includes a mix of national and local retailers.
KALAMAZOO, MICH. — Bernard Financial Group has arranged a $1 million loan for Denway Circle Apartments in Kalamazoo, approximately 50 miles south of Grand Rapids. The property features eight, two-story buildings that include 64 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan for the borrower, Denway Apartments LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
CINCINNATI — Hyde Park Commercial Group has arranged a $12.3 million acquisition and renovation loan for a 220-key Wyndham Garden Inn hotel. An undisclosed buyer acquired the hotel and will implement extensive property improvements. Cincinnati-based Hyde Park advised and arranged a non-recourse loan facility, which includes a three-year interest-only term with two, one-year extension options. Hyde Park was able to arrange the full request through an East Coast collateralized debt obligation.
INDEPENDENCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million loan for Independence Square Apartments in Independence Township, a northern Detroit suburb. The property includes 140 units across 10, two-story buildings located on Van Norman Lake. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan for the borrower, Independence Square LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.