TODAY’S DEALS: Johnson Capital Arranges a $29.66M Construction-Permanent Loan
Johnson Capital secures a $29,660,000 construction-to-perm FHA Section 221(d)(4) loan; and Henry S. Miller Cos. brokers sale of 77 acres of land.
Navarre, Fla. – Johnson Capital announces that Scott Graber, senior vice president in the firm’s Denver office, has arranged a $29,660,000 construction-to-perm FHA Section 221(d)(4) loan secured by a planned 250-unit apartment complex located in Navarre, FL.
The property, called The Sounds at Navarre Beach Apartments, is located on the Southeast corner of US Highway 98 and Joybrook Road. Navarre is a city located right on the Gulf of Mexico in the panhandle section of Florida about 10 miles east of Pensacola.
The project will consist of five four-story apartment buildings along with a welcome center and pool house on 16 acres. The market-rate project will provide sweeping water views to about two thirds of the units.
The sponsor, Talos Holdings LLC, is a seasoned multifamily developer that has constructed several projects by using the FHA 221(d)(4) loan program. The new FHA loan was used as a non-recourse finance solution for both the construction and permanent financing of the project. This FHA Section 221(d)(4) debt will have a 20-month construction period loan plus a fully-amortizing 40-year loan. The new interest rate is in the high 4 percent range.
Commenting on this transaction, Graber noted, “This is an exciting project for the Navarre market. It hasn’t had any new multifamily construction in over 10 years. This new development will bring jobs to the local economy and offer excellent rental housing in tight rental market. The sponsor is a long-time client with an excellent track record. We think the project has all of the signs of a truly successful development.
Henry S. Miller brokers sale of 77 acres of land
Pilot Point, Texas‑ Henry S. Miller Brokerage’s Ben McCutchin, executive associate, along with Tom Grunnah, senior vice president, and Grant Brodeur, associate, of the Investments-Land Division recently brokered the sale of approximately 77 acres in Pilot Point, Texas.
An REO property of Wells Fargo Bank NA, this property is located at the Southeast corner of Friendship Road and FM 1385 in Denton County. Situated in the direct path of suburban growth, this rural farm land was purchased as a long-term investment property.