TODAY’S DEALS: Grandbridge Closes $21M Acquisition Loan in Georgia
Grandbridge closes financing for a 215-unit Georgia acquisition; Capital One Multifamily Finance provides $22.6 million to refinance three skilled nursing assets in the Midwest; and NorthMarq Capital finalizes Freddie Mac transactions totaling $13.3 million.
Johns Creek, Ga.—Grandbridge Real Estate Capital has closed a $21 million first mortgage loan secured by Park at Johns Creek for a 215-unit multifamily community located in Johns Creek, Ga. Atlanta-based Senior Vice President Alan Tapie and Assistant Vice President Thomans Widerman originated the loan, which was used to acquire the property.
Funding for the permanent loan was provided through one of Grandbridge’s balance sheet lenders and featured a seven-year term, 30-year amortization and a two-year interest-only component.
“The borrower was seeking a fixed rate loan with prepayment flexibility during the second half of the loan term. Grandbridge secured a seven-year fixed rate loan that provided the borrower with an attractive interest rate as well as partial interest-only and a very flexible prepayment structure,” says Tapie.
Amenities include a salt water pool, 24/7 fitness center, yoga studio, herb garden, bocce ball court, library, business center and chef demonstration kitchen.
Capital One provides $22.6M in fixed-rate HUD loans for Midwest skilled nursing
Chicago—Capital One Multifamily Finance has provided a $22.6 million in fixed-rate HUD 232/223(f) loans to refinance three skilled nursing assets in the Midwest. The transactions include an $8.7-million loan for a 208-bed facility in Chicago, a $4.6-million loan for a 143-bed facility in Oak Lawn, Ill., and a $9.3-million loan for a 111-bed facility in Saint Cloud, Minn. All three transactions were closed the last week in September.
The transactions were originated by Joshua Rosen, senior vice president of originations, who leads Capital One’s agency healthcare lending from the company’s Chicago office. The borrower has closed several deals with Capital One Multifamily Finance during the last year.
“These deals highlight the advantages for borrowers of building a consistent relationship with their lenders,” Rosen says. “After having gone through the HUD application process several times with this borrower, we have learned to work together very efficiently. In this case, we were able to complete three HUD transactions simultaneously.”
Rosen adds that currently one of the prime advantages for the health care borrower of the 232/223 (f) program is the opportunity to lock in an attractive rate for a long term. In this case, the three loans have terms of between 30 and 35 years. “The 232/223 (f) program is a great deal in the current environment,” Rosen says, adding that the loans are nonrecourse and fully assumable.
NorthMarq finalizes Freddie Mac transactions totaling $13.3M
Milford, Conn.—Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office, arranged financing for two multifamily properties in Milford, Conn. The two properties, Milford Beach Apartments and Newport Apartments, received refinancing totaling a combined $13.3 million.
“Both of the transactions were a refinance of an existing Freddie Mac loan where Freddie Mac waived a portion of the prepayment penalty and lowered the interest rate significantly,” says Ranieri.
Milford Beach Apartments: This 244-unit multifamily property located at East Broadway, Joy Road, Monroe Street and Shea Avenue in Milford, Conn., received refinancing of $8.5 million. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Milford Beach Associates LLC, through its seller/servicer relationship with Freddie Mac.
Newport Apartments: This 160-unit multifamily property located at Robert Treat Drive in Milford, Connecticut received refinancing of $4.8 million. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Newport Associates LLC, through its seller/servicer relationship with Freddie Mac.