Lakewood, Colo.—A joint venture between The Greystone Group and The Stevinson Family now has the pockets to back a 252-unit development in Lakewood, Colo., thanks to a participating mezzanine construction loan arranged by HFF. The $40.5 million loan, which is 89 percent of cost, was provided by American National Insurance Company. The seven-year financing has a fixed interest rate of 5.5 percent, interest only during the 24 month construction term, and lender profit participation on a sale or refinance of the loan.
The property, which is known as The Lodge at Denver West, will be the final multi-housing component for the Denver West master-planned development. The 800-acre, mixed-use project features 2-million square feet of office space, nearly 2-million square feet of retail and 575 multi-housing units. The new development is slated for completion in 2015, and will feature a clubhouse with picnic area, business center, media room, fitness center, swimming pool and spa.
NorthMarq arranges $23.3M for Illinois apartments
Gurnee, Ill.—NorthMarq Capital’s Chicago regional office has arranged first mortgage financing of $23.3 million for Woodlake Apartments, a 260-unit market-rate apartment community located at 101 Woodlake Boulevard in Gurnee, Ill. Financing was based on a five-year term with the first 30 months interest only then a 25-year amortization schedule. Financing was provided by a correspondent life company lender.
“The lender locked in the interest rate for 7 months without any rate premium,” says Jeff Frankel, senior vice president and senior director of NorthMarq’s Chicago regional office. “This allowed the borrower to take advantage of low rates and obtain a loan commitment well in advance of their open par prepayment window with the existing lender.”
Arbor provides $8.5M Fannie Mae refinance loan
Uniondale, N.Y.—Arbor Commercial Funding LLC recently announced fundings of properties including Heatherton Estates Apartments in Florissant, Mo.
The 256-unit multifamily property received $8.5 million funded under the Fannie Mae DUS Loan product line. The 15-year refinance loan amortizes on a 30-year schedule. The community consists of 150 garden-style units and 106 townhouse units.
The property is well located within the overall St. Louis county area and is located within close proximity to major transportation arteries.