SAN FRANCISCO — A three-property apartment portfolio in the Bay Area has received $56.2 million in refinancing. The portfolio includes a total of 427 units throughout Fremont, Daly City and Hayward. The borrower has purchased and renovated more than 3,000 apartment units in 23 communities over the past 10 years. All three properties were built between 1965 and 1987. Amenities at the properties include full kitchens, private patios/balconies and walk-in closets. The portfolio boasts an average occupancy rate of 98 percent. The fixed-rate, Fannie Mae loans have 10-year terms, 9.5 years of yield maintenance and 30-year amortization schedules. They were provided by Greg Reed and Kristen Croxton in Capital One Multifamily’s Newport Beach office. The loans closed just 34 days after application. The interest rates on the loans were in the mid-3 percent range. Capital One was also able to structure the transactions to produce cash out.
CHESTERFIELD TOWNSHIP, MICH. — Bernard Financial Group has arranged an $18.5 million CMBS loan for Aspen Creek Apartments. The apartment property includes 46 two- and three-story garden-style buildings, which are situated on 60 acres in Chesterfield Township. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Aspen Creek Apartments LP.
SALT LAKE CITY — The Family Center at Taylorsville, a 779,000-square-foot regional power center, has received $45 million in post-closing acquisition financing. The center is located at 5400 South and Redwood in the suburb of Taylorsville, less than nine miles south of Downtown Salt Lake City. Notable tenants at the Family Center include Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A. The three-year, floating-rate loan was arranged by HFF’s Jim Curtin on behalf of TriGate Capital. The loan was provided by Wells Fargo Bank. Proceeds were used to acquire the center.
FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received a $28.5-million refinance. The community is located at 200 S. Lexington Drive. The loan features a 10-year interest-only term. It was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles regional office through a Fannie Mae DUS lender. The borrower was CWS Capital Partners.
VANCOUVER, WASH. – The 520-unit Iron Gate Mill Plain Self-Storage facility in Vancouver has received $4 million in long-term financing. The facility is located at 12406 SE 5th Street. It was built in 2010. The loan features a 10-year term and a 25-year amortization schedule. It was arranged by Peter C. Norrie of Cohen Financial. The funds were provided by a correspondent life insurance company.
NAPA, CALIF. – Western Wine Distribution warehouse, a 196,800-square-foot industrial property near Napa, has received an $8-million refinance. The property is located at 1275 Commerce Blvd. The loan contains a 10-year term and a 25-year amortization schedule. It was arranged by Robert R. Hervey of NorthMarq Capital’s Los Angeles office through the firm’s correspondent relationship with Nationwide Life Insurance Company.
HONOLULU — A 269-unit apartment project in Honolulu has received $100.6 million in construction financing. The development will be located at 7000 Hawaii Kai, at the intersection of Keahole Street and Hawaii Kai Drive in East Honolulu. The two, 10-story buildings will be situated on one of the last remaining residential development sites in the submarket, according to HFF, which secured the financing. Community amenities will include a swimming pool, fitness center with cardio machines and yoga studio, club room with full kitchen, library, meeting room, media/performance room and business center. The community will overlook the Hawaii Kai Marina once it’s completed in 2016. The project is being developed by a subsidiary of Hanwha America Development LLC and Avalon Development. Hanwha is the U.S. real estate arm of Korea-based Hanwha Engineering Construction Corp. HFF’s Aldon Cole and Zack Holderman secured the financing, which is composed of a $67.2-million, first-lien loan and $33.4 million in mezzanine financing. The first-lien loan was placed with Bank of the Ozarks, while the mezzanine financing was provided by iStar Financial.
BALTIMORE, OHIO — RED Mortgage Capital has originated a $1.8 million FHA 223(f) loan for National Church Residences in Baltimore, approximately 29 miles southeast of Columbus. The loan will be used to provide renovations and add amenities at Walnut Creek Village, a 40-unit, project-based Section 8 rental assistance property, which caters to low-income seniors and handicapped residents. In conjunction with the FHA 223(f) refinance, the owner also closed on a $3.3 million Service Enriched Housing (SEH) Grant, which was awarded by HUD under the Assisted Living Conversion Program (ALCP). The grant funds will also be used to make renovations at the property. National Church Residences of Columbus, Ohio is a non-profit subsidiary of National Church Residences. Founded in 1961, National Church Residences has more than 335 senior living communities in its current portfolio.
HENDERSON, NEV. — Envoy Net Lease Partners LLC has closed a $4.5 million loan for a new Goodwill of Southern Nevada store, the first to be funded under a multi-property construction facility. The first project, a 16,000-square-foot freestanding retail store in Henderson, will be situated across the street from the Nevada DMV and a Walmart Neighborhood Market anchored-shopping center. Envoy worked in tandem with its senior bank partner to provide the subordinated “B-piece” financing that allowed the developer borrower, Brentwood Capital Partners, to fund the construction of the Henderson store.
MINNEAPOLIS — Dougherty Mortgage LLC has closed on a $22.9 million new construction/rehabilitation loan for Grain Belt Terraces, a 150-unit apartment property in Minneapolis. Dougherty arranged the 40-year loan for Orth-Grain Belt LLC. Grain Belt Terraces is part of the redevelopment of the Grain Belt brewery site in the historic Sheridan neighborhood of northeast Minneapolis. Unit amenities at the rental property will include oversized windows and black appliances with granite countertops. The penthouse units will have stainless steel appliances, upgraded flooring and 10-foot ceilings. Property amenities include three elevators, a lounge, an outdoor plaza and underground garage.