CHATTANOOGA, TENN. — Colliers Mortgage arranged a $26.6 million Fannie Mae loan for the refinance of Scenic Ridge Apartments, a 240-unit property in Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Colliers Mortgage’s Greenville, South Carolina team represented the borrower. The loan carries a 10-year term. Scenic Ridge Apartments offers one-, two- and three-bedroom units. Amenities include a pool, picnic and BBQ area, fitness center, basketball court, car wash station and clubhouse.
MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit community in the Inland Empire city of Montclair, for $150 million. Pacific Urban Investors’ Structured Finance Group provided preferred equity to facilitate the transaction. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge.
MINNEAPOLIS — Northmarq arranged $21.7 million in refinancing for Oaks Minnehaha Longfellow, a 179-unit property in Minneapolis. Mike Padilla of Northmarq’s Minneapolis office led the debt and equity team that arranged the transaction. The transaction was structured on a 5-year term with 3 years interest, followed by a 35-year amortization schedule. Freddie Mac provided the loan. The borrower was not disclosed. Oaks Minnehaha Longfellow was built in 2020. Units include stainless steel appliances, quartz countertops, in-unit washers and dryers, balconies and patios, wood-style flooring, high speed internet access and intercom system.
CHARLOTTE, N.C. — NewPoint Real Estate Capital (NewPoint) has hired Mike Ortlip as senior managing director. In this role, Ortlip will provide financing solutions to commercial real estate owners on a national basis through NewPoint’s Agency, FHA/HUD, Proprietary and third-party loan programs. Ortlip is a member of NMHC, the Mortgage Bankers Association, ICSC and ULI. He will be headquartered in Charlotte. Prior to joining NewPoint, Ortlip most recently served as senior vice president at Grandbridge Real Estate Capital.
ORLANDO AND FORT MYERS, FLA. — Berkadia has arranged $217 million in debt and equity financing for the recapitalization of a portfolio in Orlando and Fort Myers. Mitch Sinberg, Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia South Florida arranged the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. Freddie Mac provided a $185.4 million, fixed-rate loan with a 10-year term at a 60 percent loan-to-value. Related Fund Management provided $31.8 million in preferred equity. The portfolio comprises 1,139 units across …
NORTH LITTLE ROCK, ARKANSAS — Greystone has arranged a $50 million loan for the acquisition of Fountaine Bleau, a 435-unit complex in North Little Rock. Greystone’s Dan Sacks and Avi Kozlowski originated the Fannie Mae Delegated Underwriting and Servicing loan. David Singer of Callaway Capital acted as correspondent on the transaction. Fountaine Bleau comprises 18 buildings on a 20-acre site. The community offers one-, two- and three-bedroom units. The buyer plans to renovate the property with energy- and water-saving features such as new thermostats, lighting, washing machines, faucets and showerheads, …
LOS ANGELES — JLL Capital Markets has arranged $11.8 million in forward permanent financing for Third Thyme, a 104-unit affordable community in Los Angeles. Anson Snyder led the team that secured the 15-year, fixed-rate Freddie Mac loan on behalf of the borrower, West Hollywood Community Housing Corp. The loan will be serviced by JLL Real Estate Capital. Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot site. The property will utilize 9 percent Low-Income Housing Tax Credit and public funds. Income restrictions were not disclosed.
MESA, ARIZ. — StarPoint Properties has procured $52 million for the construction of Dobson Station, a 245-unit community in Mesa. Jeff Sause, Wyatt Strahan and Elle Miraglia of JLL Capital Markets arranged the construction financing for the project through a debt fund. Dobston Station will rise four stories and offer studio, one- and two-bedroom units. Amenities will include a fitness center, clubhouse, coworking facility and community kitchen. On-site parking will include a mix of tuck-under and grade-level parking. Development is slated for completion in 2024.
DALLAS — JLL has arranged a $255 million credit facility for SimplyHome, a Houston-based developer of single-family rental properties. The developer’s holdings encompass more than 10,000 units across 100 submarkets. Colby Mueck, Matthew Putterman, Laura Brown and Davis Burnett of JLL secured the credit facility though Churchill Real Estate. The facility refinanced an initial portfolio of homes located in the Houston, Dallas-Fort Worth, San Antonio and Bryan/College Station markets.
LOS ANGELES — Greystone Commercial Capitaland Affinius Capital have brokered a $135 million mortgage loan for the refinance of Rise Koreatown, a high-rise community in Los Angeles’ Koreatown neighborhood. Greystone and Affinius Capital arranged a syndicated funding, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types. The property was built in February 2023 by Rescore Property Group, a private REIT and affiliate of Encore Capital Management. Rise Koreatown comprises 363 units and 47,417 square feet of retail space on a 2.3-acre site.
