TODAY’S DEALS: Alliant Capital Closes First Ever Refi-Plus Apartment Loan, and Other Transactions
- Oct 24, 2008
By Anuradha KHer, Online News EditorTucson, Ariz.–Alliant Capital recently closed $28,438,400 for the refinance of the Summerlin Villas Apartments located in Tucson, Ariz. under its Refi-Plus Program. $5,977,400 was funded immediately with the remaining $22,461,000 to be forward funded March 31, 2010 after the yield maintenance on the existing financing expires. The fixed interest rate on the forward portion is locked.The 356-unit garden apartment community built in 2000 features 18, two-story and seven three-story apartment buildings. Alliant’s loan has a 10-year term with a 30-year amortization. Capmark Finance Inc. Originates over $9M for Acquisition of 324-Unit Rental Community Webster, Texas–Capmark Finance Inc. has originated $9,450,000 in fixed-rate debt through its Freddie Mac program for the acquisition of El Dorado Ranch, 324-unit apartment community in Webster, Texas. The loan has a fixed rate of 6.11 percent and a five-year term with a 30-year amortization. Located on 9.70 acres at 265 El Dorado Blvd., El Dorado Ranch has features 21 two-story, garden-style apartment buildings. At closing, the property was 95 percent occupied. According to Brant Smith, vice president of Capmark’s Houston office who originated the transaction, “Although the property suffered some damage from Hurricane Ike, we worked with the borrower and within five days were able to assess the extent of the damages and determine a course of action for making the necessary repairs.” “We were able to close the loan less than two weeks after the storm’s landfall.”Enterprise Closed $10M in NMTC Financing for Mixed-Use Project with 178 Units of Low Income HousingChicago–Enterprise Community Investment Inc., recently closed $10 million in New Markets Tax Credit (NMTC) financing for the Wilson Yard redevelopment in Chicago. Located in the uptown neighborhood on the north side of Chicago, the Wilson Yard project is a $150 million redevelopment of a former Chicago Transit Authority (“CTA”) train yard and adjacent to former residential and commercial sites. Holsten Real Estate Development Corp. is the master developer of the entire project pursuant to a Wilson Yard Redevelopment Project Area Redevelopment Agreement with the City of Chicago. While Enterprise’s NMTC allocation was used to finance construction of the Target store, the overall project will provide housing for 178 low-income families and individuals, which would not have been possible without the completion of an overall financing package for the site. The total redevelopment site totals approx. 5.7 acres and will feature an 80-unit mid-rise LIHTC family development; a 98-unit mid-rise LIHTC senior development; as well as retail space including a Target store.