Pasadena, Md.—Stockbridge Capital Group has refinanced Marley Run, a 336-unit garden-style asset located in Pasadena, Md. The funding was provided by M&T/Fannie Mae and was arranged by HFF. Fixed-rate terms were for 10-years at 4.5 percent.
The asset is located at 8017 Ashberry Lane, approximately midway between Annapolis and Baltimore. The recently renovated, 94 percent leased property has an amenity package that includes a swimming pool with terrace, a fitness center, dog park, playground, clubhouse, illuminated tennis courts, and picnic areas.
The HFF debt team representing Stockbridge in the transaction was led by Trent Niederberger, Mattew Schoefeldt and Cary Abod.
Madison Realty Capital acquires $18M mortgage portfolio
New York—Madison Realty Capital has purchased a single-borrower portfolio of six loans from a large commercial bank in an off-market, relationship-based transaction. The aggregate principal balance on the purchase loans, secured by six different multifamily and mixed-use properties owned by the same borrower, was approximately $18 million.
“With significant changes in the bank regulatory environment, lenders continue to sell off non-performing and underperforming loans,” says Brian Shatz, co-founder and managing member of Madison Realty Capital. “Recently, many of our bank counterparties have been looking to sell entire credits—in other words multiple loans with the same borrower—and this transaction is a prime example of the trend.”
Great Lakes Capital invests $4.8M in affordable housing development
Grandville, Mich.—Great Lakes Capital Fund (GLCF) recently invested $4.8 million to construct Genesis West Apartments, a supportive housing development, in Grandville, Mich.
Genesis West Apartments will provide 33 apartment homes to serve the homeless and persons with special needs with a focus on physical disabilities. Non-profit Dwelling Place of Grand Rapids Inc. will provide support services for all residents living in the development.
“Thanks to smart partnerships that work at the local, state and federal level, GLCF was able to secure $4.8 million of essential equity for Genesis West,” says GLCF president and CEO Mark McDaniel. “Financing housing for special needs populations is difficult, but housing folks first and then focusing on the issues that they are dealing with is the proven way to go.”
The proposed site for Genesis West will undergo demolition of an existing structure, and new construction efforts will be led by the development team’s general contractor, Rockford Construction. Genesis West will be constructed to LEED Silver standards. This will allow for more efficient energy consumption and limited utility expenses for renters in the building.
In addition to Great Lakes Capital Fund, Genesis Non Profit Housing Corp., Rockford Construction, and Dwelling Place of Grand Rapids Inc., development team members include Destigter Architecture and Planning and Beene Garter & Co. as the accountant.