EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a project in the Oklahoma City suburb of Edmond. Oaks at Covell will comprise 102 townhomes. Units will come in two-, three- and four-bedroom floor plans. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.
HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in Hoboken that will convert a five-story industrial building into a 110-unit community. Once converted, the complex will rise nine stories. Units will come in one- through five-bedroom floor plans. Planned amenities include a pool, fitness center, clubroom, lounge and grilling areas. The property will also offer 50,000 square feet of retail space, as well as a 300-space parking garage. Construction is underway and is slated to complete in the third quarter of 2025. The …
HOUSTON — Avatar Financial has provided a $6.5 million bridge loan for the refinancing of Bellfort Plaza, a 168-unit community in Houston. The borrower was an entity doing business as HSR Bellfort Plaza Apartments LLC. A.J. Funaro of Brookview Financial arranged the debt. Bellfort Plaza was built in 1961 and renovated in 2001. The borrower acquired the property in 2003. The community offers one-, two- and three-bedroom units. The borrower plans to use the proceeds to pay off a $6 million first mortgage loan and finish construction of 14 new …
LOWELL, MASS. — MassHousing has provided a $94 million 35-year permanent loan for the refinancing of Westminster Village Arms, a 432-unit affordable housing complex in Lowell, 30 miles northwest of Boston. The funds will be used to preserve the community’s affordable housing component and to carry out approximately $20 million in property improvements. Related Affordable refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. The MAP/Ginnie Mae loan program provides expedited Federal Housing Administration insurance approvals. MassHousing offers program through …
ALBANY, ORE. — Gantry has brokered a $40.5 million permanent loan to retire construction financing for a 264-unit complex in Albany. Blake Hering and Crischell Bacarro of Gantry’s Portland and Los Angeles offices represented the borrower in the transaction. The five-year, interest-only agency loan was provided by Fannie Mae through Walker & Dunlop with a fixed rate. The borrower was a private real estate investor. The community consists of 23 buildings on a 17-acre site. Apartments come in one-, two- and three-bedroom floor plans. Amenities include a sports court, playground, …
KISSIMMEE, FLA. — JLL Capital Markets has negotiated $43 million in construction takeout bridge financing for Solamar Apartment Homes, a 210-unit build-to-rent community in the Orlando suburb of Kissimmee. Solamar Apartment Homes was developed in phases and completed in 2023. The community offers townhome-style units. JLL worked on behalf of the borrower, TRUSOT Developments, to secure the financing. Max La Cava, Melissa Quinn, Kenny Cutler, Josh Odessky and Pier Barinci led the JLL Capital Markets Debt Advisory team.
NASHVILLE, TENN. — Naftali Credit Partners and J.P. Morgan have provided $120 million in financing for 1111 Church Street, a recently developed mixed-use project in the North Gulch neighborhood Nashville. The borrower was Tidal Real Estate Partners. The five-year financing comprises a senior loan from J.P. Morgan and a mezzanine loan from Naftali Credit. The funds will be used to refinance an existing construction loan and provide bridge financing to a sale or permanent financing. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Michael Ianno of Walker …
CHICAGO — JLL Capital Markets has arranged the $127 million refinancing of 465 N. Park Dr., a 48-story asset in the Streeterville neighborhood of downtown Chicago. The borrower was a joint venture between MetLife Investment Management and Allstate Investments. JLL represented the borrower to secure the five-year loan through The Northwestern Mutual Life Insurance Co. Danny Kaufman, Mary Dooley, Medina Spiodic, Tara Hagerty and Rebecca Brielmaier led the JLL Capital Markets Debt Advisory team. 465 N. Park Dr. was built in 2018. The property offers 444 units in studio, one-, two- …
GILBERT, ARIZ. — Berkadia has negotiated the sale of and financing for Cambria, a garden-style community located in the Phoenix suburb of Gilbert. Cambria comprises 174 units that average 1,022 square feet in size. The property offers direct-access attached garages, nine-foot ceilings and side-by-side washers and dryers. Bridge Investment Group Holdings sold the asset to a California-based private investor for an undisclosed price. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the deal. Vincent Punzi and Lowell Takahashi of Berkadia’s Irvine, California …
SUWANEE — BWE has secured a $31 million loan to finance the construction of Imperium Suwanee, a 212-unit development in the Atlanta suburb of Suwanee. The community will offer amenities such as a fitness center, rooftop clubhouse, EV chargers, cybercafé with a coffee bar, pool, outdoor kitchen and bar, bike storage and repair station, courtyard, dog spa and a business center with a conference room. Thomas Wiedeman, Alan Tapie, Brad Walker and Hanley Long of BWE’s Atlanta office originated the loan through two community bank lenders. The borrower was Imperium …