PORTER, TEXAS — Lument has provided a $32.3 million bridge loan for the acquisition of Villas at Valley Ranch, a 312-unit apartment community located in the northeastern Houston suburb of Porter. Units feature one- and two-bedroom floor plans, and amenities include a pool, clubhouse, fitness center, conference room and a theater room. The loan carried a fixed interest rate and a three-year term. The borrower, San Antonio-based investment firm LYND Co., will use a portion of the proceeds to fund capital improvements. Marc Suarez of Lument led the transaction.
NEW YORK CITY — MetLife Investments & Management has provided a $143.1 million loan for the refinancing of 475 Clermont, a 363-unit multifamily property in Brooklyn. The 12-story building includes 33,000 square feet of retail space and 45,000 square feet of parking. Units feature individual washers and dryers, stainless steel appliances and private terraces/balconies. Amenities include a fitness center, business center, children’s play area, landscaped courtyard with artwork and a theater room. Drew Fletcher and Matthew Hirsch of Greystone arranged the debt, which was structured with a 10-year term and a fixed interest rate. The borrower was New York City-based RXR Realty.
EDISON, N.J. — JLL has arranged $14.3 million in financing for a portfolio of industrial buildings totaling approximately 430,000 square feet within Raritan Center Business Park in the Northern New Jersey community of Edison. The buildings were constructed between 1980 and 1991 and were 99 percent leased to a roster of 20 tenants at the time of sale. Michael Klein and Max Custer of JLL arranged three fixed-rate loans through an undisclosed life insurance company to retire existing debt on the properties and fund tenant improvements. The borrower was Summit Associates Inc.
NEW YORK CITY — NorthMarq has arranged a $30 million loan for the refinancing of Springnex Plaza Shopping Center, a 96,019-square-foot retail asset located in the Springfield Gardens area of Queens. The grocery-anchored retail property was built in 2000. Robert Delitsky of NorthMarq arranged the fixed-rate loan through an undisclosed credit union on behalf of the borrower, an affiliate of New York-based Mattone Investors LLC that originally developed the property.
NASHVILLE, TENN. — Parkview Financial has provided a $42.5 million construction loan for the development of Artist Lofts, a multifamily property located at 1217-31 2nd Ave. N in the Germantown submarket of Nashville, about one mile outside of downtown. The non-recourse loan has a 24 month-term with two three-month extensions. Situated on a 0.9-acre parcel, the Artist Lofts project will offer 210 multifamily units, 3,800 square feet of ground-floor retail space and a parking garage with 250 spaces. The property will include one five-story building with a unit mix of 51 studios averaging 612 square feet; 110 one-bedroom units averaging 710 square feet; and 49 two-bedroom units averaging 996 square feet. Community amenities will include a clubhouse and lounge, fitness center, pool and sundeck, dog park and leasing center. The borrower, an entity doing business as Monroe Germantown Holdings LLC, acquired the infill site at the end of 2020 and has completed the entitlement and permitting process. Construction is now underway and is slated for completion by fall 2023.
CLEVELAND — KeyBank Real Estate Capital has secured $40.2 million in Fannie Mae financing for three multifamily properties in Michigan, South Carolina and Florida. Dirk Falardeau and David Pyc of KeyBank structured the fixed-rate refinancing on behalf of the borrower, The Benchmark Group, a New York-based real estate developer, investor and manager. The properties include Autumn Woods in Sterling Heights, Mich.; Huntington Place in Columbia, S.C.; and Village at University Square in Tampa, Fla. Built in 1973, Autumn Woods is a 286-unit affordable housing community with 42 one- and two-story buildings on 30 acres of land. The community offers one-, two- and three-bedroom floorplans. Community amenities include playgrounds and a basketball court. Located at 44401 Bridal Lane, the property is situated about 22.4 miles south of Detroit and is near Lake Saint Clair, as well as golf courses such as Clinton River Park. Autumn Woods is also 3.4 miles from the University of Detroit Mercy and nine miles from Baker College of Clinton Township. Built in 1998, Huntington Place includes eight one- and three-story buildings on 17 acres of land. The 192-unit community includes two- and three-bedroom options. Located at 1003 True St., the property is situated five miles from …
JONESBORO, GA. — American Street Capital (ASC) has arranged a $17.3 million bridge loan for Flint River, a 200-unit multifamily community located in Jonesboro, about 18.3 miles south of downtown Atlanta. Thorofare Capital, a correspondent debt fund lender, provided the loan to the undisclosed current owner of Flint River. Built in 1971, Flint River Apartments includes 17 buildings on 13 acres with a mix of one-, two- and three-bedroom apartments. Community amenities include a putting green, swimming pool, playground, leasing office, laundry facilities and 353 surface parking spaces. The property was 85 percent occupied at closing. Under the previous ownership, one of the buildings in the property burned down. Igor Zhizhin of ASC originated the non-recourse bridge loan that included a three-year, interest-only term and supported the sponsor’s entire capital improvements plan, including rebuilding the burned down building. Planned improvements include an upgraded leasing office and fitness center.
YONKERS, N.Y. — ACRES Capital has provided a $31.5 million construction loan for a 126-unit multifamily project located at 56 Prospect St. in Yonkers, a northern suburb of New York City. Units will feature modern appliance packages, high-end finishes and private balconies in select units, and amenities will include a rooftop terrace, courtyard and 130 parking spaces. Completion is slated for July 2023. Marty Reasoner of ACRES Capital provided the 30-month loan, and Andrew Milbank of Berko & Associates arranged the debt. The borrower was Melville, N.Y.-based Regency Apartment Ventures.
DALLAS — Metro Boston-based Tremont Mortgage Trust (NASDAQ: TRMT) has provided a $50 million first mortgage bridge loan for the acquisition of 10000 NCX, a 15-story, 296,000-square-foot office building located at 10000 North Central Expressway in Dallas. Colliers International arranged the loan on behalf of the sponsor, Charter Holdings. The loan was structured with a three-year initial term and two one-year extension options that are subject to the borrower meeting certain conditions. According to its property page, 10000 NCX was built in 1986 and was 80 percent leased at the time of sale. The building also offers amenities such as a fitness center, deli, break room and onsite storage space. The seller was Dallas-based Westdale Real Estate.
WATERTOWN AND NEWTON, MASS. — PCCP LLC has provided a $39.8 million loan for the refinancing of a portfolio of three life sciences and creative office buildings totaling 124,946 square feet in Watertown and Newton, two western suburbs of Boston. The two Watertown properties were built in the 1940s and total 43,344 square feet. The Newton property was constructed in 1900, renovated in 2017 and consists of 81,602 square feet. The borrower, Massachusetts-based KS Partners LLC, will use a portion of the proceeds to fund capital improvements. The portfolio was 94 percent leased at the time of sale.