TULSA, OKLA. — Alliant Credit Union has provided a $61.9 million acquisition loan for a seven-property, 1,540-unit multifamily portfolio in Tulsa. The loan was structured with an 80 percent loan-to-value ratio. The borrower was not disclosed. Gershon Friedman of Meridian Capital’s Chicago office placed the debt with Alliant Credit Union.
HOUSTON — Los Angeles-based Cottonwood Group and Hana Alternative Asset Management have provided a $102 million loan for the refinancing of Intercontinental Houston-Medical Center, a 354-room hotel in Houston. The 22-story luxury hotel opened in March and features food and beverage offerings, a lobby bar, outdoor pool, fitness center, workstations and more than 11,000 square feet of meeting and ballroom space. The borrower was Texas-based developer Medistar Corp.
HOUSTON — JLL has arranged a $140 million loan for the refinancing of GreenStreet, a 617,000-square-foot mixed-use development in Houston’s Central Business District. GreenStreet spans four contiguous city blocks and features office, retail, restaurant and entertainment uses, as well as central open-air green space. Colby Mueck, Matthew Putterman and Laura Sellingsloh of JLL arranged the funds through Blackstone Real Estate Debt Strategies on behalf of the borrowers, Lionstone Investments and Midway.
WATERTOWN, MASS. — Berkadia has arranged a $49.7 million acquisition loan for Riverbend on the Charles, a 170-unit multifamily community in Watertown, a western suburb of Boston. PNC Bank provided the seven-year, fixed-rate loan. Built in 2014, Riverbend on the Charles offers studio, one- and two-bedroom units with amenities including a clubhouse with a billiards room, a bike storage room, heated pool, fitness center, storage units and a dog park. Charles Foschini and Christopher Apone of Berkadia arranged the loan on behalf of the borrower, Harbor Group International.
IRVING, TEXAS — New York City-based bank CIT Group Inc. has provided a $56 million loan for the acquisition and renovation of Bel Air Las Colinas, a 515-unit multifamily complex in Irving. The garden-style property consists of 28 three-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a pool and a resident clubhouse. A portion of the proceeds will be used to fund capital improvements to the unit interiors, landscaping and amenity spaces. The borrower was Western Wealth Capital, an investment firm based in British Columbia.
SAN ANTONIO — Berkadia has arranged an undisclosed amount of financing for The Vistana, a 17-story mixed-use property in downtown San Antonio. Built in 2009, the Vistana consists of 247 multifamily units in one-, two- and three-bedroom formats and more than 30,000 square feet of retail space. Brad Williamson of Berkadia arranged the five-year loan, which carried a 3.11 percent fixed interest rate, through a national bank on behalf of the borrower, a joint venture between Duncan Hillsley Capital and Rincon Real Estate Investments.
AUSTIN, TEXAS — A subsidiary of Stratus Properties Inc., a publicly traded investment and development firm, has received a $75 million loan for the refinancing of The Santal, a 448-unit apartment community located in the Barton Creek area of Austin. ACRC Lender LLC provided the non-recourse loan, which carries a three-year term with two 12-month extension options and bears a 4.8 interest floor. A portion of the proceeds will be used to retire construction debt. The Santal features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, resident lounge and package handling service.
COLLEGE STATION, TEXAS — JLL has arranged a $42 million loan for the refinancing of Century Square, a mixed-use property in College Station. Built in 2018 and located adjacent to Texas A&M University’s campus, the development features 159,128 square feet of retail space, 57,204 square feet of office space, two hotels totaling 303 rooms and 249 multifamily units, as well as open green spaces. The refinancing did not cover the hospitality and residential components. Ares Management Corp. provided the nonrecourse loan to the borrower, a partnership between Houston-based Midway Cos. and Chicago-based Harrison Street. Colby Mueck, Timothy Joyce, Stephen Skok, Stuart Hepler, Katherine Miller and Charlie Strauss of JLL handled the transaction.
AUSTIN, TEXAS — Berkadia has arranged $425 million loan for Fairmont Austin, a 1,048-room hotel located near the Austin Convention Center in the city’s downtown area. Bank of America Merrill Lynch provided the two-year adjustable rate loan, which will be used to refinance existing construction debt, on behalf of the borrower, Manchester Financial Group. Andy Coleman of Berkadia handled the debt placement. The 37-story hotel, which opened last year, includes nearly 140,000 square feet of meeting and event space.
HOUSTON — Greystone has provided a $27 million bridge loan for the acquisition of Villa Nueva Apartments, a 542-unit multifamily asset in Houston. Built in 1980, the property features of one- and two-bedroom units and amenities such as three pools and onsite laundry facilities. Daniel Wolins of Greystone originated the interest-only loan, which carries a two-year term and two six-month extension options, on behalf of the borrower, Iliad Realty Group. Sal Torre of Estreich & Co. arranged the debt, a portion of which will be used to fund capital improvements.