HOUSTON — Lightstone Capital has provided a $20.1 million acquisition loan for Normandy Woods, a 268-unit multifamily property located on the eastern outskirts of Houston. The property was built in the early 1980s and offers one- and two-bedroom units ranging in size from 634 to 942 square feet, according to Apartments.com. The borrower was Dallas-based Performance Properties. Cutt Ableson of Berkadia arranged the loan. Performance Properties has maintained an average minimum occupancy rate of 90 percent at Normandy Woods over the last decade.
loans
NEW YORK CITY — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided a $105 million bridge loan for the refinancing of The Six, a newly constructed office building located at 106 W. 56th St. in Manhattan. The 79,214-square-foot building offers a tenant lounge, conference facility and views of Central Park. The borrower was locally based developer Savanna. The transaction is the seventh investment to date through the Cottonwood Real Estate Founders Fund that launched in May. Leo Leyva, Chris Caslin, Robyn Pellegrino, Jennifer Chung and Samantha Epstein of Cole Schotz P.C. represented Savanna in the deal.
FAYETTEVILLE, ARK. AND TALLAHASSEE, FLA. — Cushman & Wakefield has secured $73 million in acquisition financing for two student housing properties in Arkansas and Florida. The borrowers, GFH Financial Group and Student Quarters, received the fixed-rate financing for VOX in Tallahassee and The Avenue in Fayetteville. Guardian Life Insurance provided the seven-year financing. VOX is a 602-bed student housing property serving Florida State University. Completed in 2020, the property features a mix of one- through five-bedroom floor plans, all offering bed-bath parity. Community amenities include an outdoor interval training center, a two-story indoor fitness center, social lounge, an outdoor courtyard and fire pit and a covered parking garage. The Avenue is a 652-bed student housing property serving the University of Arkansas. Built in the fall of 2019, The Avenue offers two- and four-bedroom floorplans, all offering bed-bath parity. Community amenities include 507 parking spaces, a fitness center and a swimming pool with cabanas. Gideon Gil, Alex Lapidus, Meredith Donovan and Sebastian Sanchez of Cushman & Wakefield arranged the loan on behalf of the borrowers.
HOUSTON — Berkadia has arranged an undisclosed amount of acquisition financing for a portfolio of five multifamily properties totaling 1,275 units in the Westwood and Braeswood/Fondren submarkets in southwest Houston. The properties — Airport Crossing, The Townhomes, Terrace at West Sam Houston, Casa Grande and Plaza at Hobby Airport — were all built between 1976 and 1983. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia arranged the financing through Voya Investment Management on behalf of the borrower, New York-based July Residential. The debt was structured with a four-year term, a 75 percent loan-to-value ratio and provisions for funding capital expenditures.
MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.
WEST PALM BEACH, FLA. — Knighthead Funding LLC has provided a $50 million loan for the acquisition of a three-property office portfolio in downtown West Palm Beach. The financing is a 48-month, interest-only loan. The borrower, Morning Calm Management, is buying the portfolio from an undisclosed seller. The three office buildings, which are located at 224 Datura St., 324 Datura St. and 319 Clematis St., are located within one mile of each other. The properties range in size from four to 15 stories and total 234,902 square feet. Collectively, the portfolio is approximately 80 percent leased. A portion of the loan proceeds will be used toward capital improvements, as well as leasing costs.
HUNTSVILLE, ALA. — Dwight Capital has provided a $29 million loan for Monte Sano Terrace, a 324-unit apartment complex located in Huntsville. The property includes 23 garden and townhome-style buildings, as well as a clubhouse and leasing office. Located on over 25 acres at 125 Ridgegate Place, Monte Sano Terrace is situated about 2.3 miles from downtown Huntsville. Built in 1988, the community was 96 percent occupied at the time of the transaction. Community amenities feature a fitness center, swimming pool, business center, sports court, dog park, picnic area and a playground. The refinancing is a HUD 223(f) loan. The loan benefitted from a green mortgage insurance premium (Green MIP) reduction set at 25 basis points because the property qualifies as green/energy efficient housing. Brandon Baksh and Daniel Malka of Dwight Capital originated the loan on behalf of the borrower and property owner, Tibs Realty.
BOSTON — MassHousing has provided $31.4 million for the refinancing and preservation of Franklin Park, an affordable housing community in Boston’s Dorchester/Roxbury neighborhood. The unit mix consists of 95 one-bedroom units, 99 two-bedroom apartments, 10 three-bedroom residences, five four-bedroom apartments and 10 five-bedroom units. The financing will preserve the affordable status for 155 of the property’s 219 units for another 29 years. In addition, the borrower, The Community Builders Inc., will use a portion of the proceeds to fund capital improvements.
AUSTIN, TEXAS — Knighthead Funding has provided a $59.5 million construction loan for a mixed-use project that will be located about three miles from downtown Austin. The project will comprise 200 multifamily units, 22,318 square feet of office space and 4,884 square feet of retail space. The residential component will consist of 170 market-rate units and 30 affordable housing units. The borrower was a partnership between Austin-based Pearlstone Partners and New York City-based ATCO Properties. A tentative completion date was not released.
HOUSTON — JLL has arranged a $39.5 million loan for the refinancing of South Main, a 186-unit multifamily property located near the Texas Medical Center in South Houston. The property was built in 2019 and was 99 percent occupied at the time of sale. Units features stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, outdoor grilling stations and indoor/outdoor lounges. Mark Brandenburg of JLL arranged the loan through a fund sponsored by CBRE Global Investors on behalf of the borrower, locally based development firm Allen Harrison. The loan was structured with a floating interest rate and an initial term of three years.