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May 18, 2024
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Commercial Real Estate Financing Briefs


GANTRY - Blake Hering and Crischell Bacarro with Gantry arranged a $40.5 mil permanent loan to retire construction financing for a recently completed and now stabilized Class A apartment project in Albany, OR. The 264-unit complex boasts a variety of floorplans, including one-, two-, and three-bedroom options, spread across 23 buildings nestled on approximately 17 acres of land. The property also includes a clubhouse offering a pool, therapeutic hot tub, sauna, 24/7 fitness center, and theater room as well as a sports court, playground, and off-leash dog park. The five-year, interest-only agency loan was provided by Fannie Mae via Walker & Dunlop with an attractive fixed rate.

NORTHMARQ CAPITAL - Stuart Oswald with Northmarq Capital arranged a $35 mil refi on The Lodge at Mallard's Landing. The 147-unit, private pay independent living, assisted living and memory care community is located in Gig Harbor, WA, an upscale suburban location 10 miles northwest of Tacoma. Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 IL/AL units, 24 independent living cottages and a separate secured two-story memory care building with 25 units. The six-year, fixed-rate loan was rate locked at just under 6% and was funded through a life insurance company. The loan features an earn-out component allowing the borrower to draw additional dollars as the NOI improves.

MARCUS & MILLICHAP CAPITAL CORPORATION - Zack Metzner, Daizy Gomez, and Linsey Farrahi with Marcus & Millichap Capital Corporation arranged $10 mil in refi money on Orange Terrace Apartments, a 72-unit multifamily property located at 698 Orange Ave in Long Beach. The three-story property offers one-bedroom apartments and is located in the North Alamitos Beach neighborhood, one mile from the shore. The loan has a 10-year term with a 5.9% interest rate at 50% LTV.

AVATAR FINANCIAL GROUP - T.R. Hazelrigg IV with Avatar Financial Group LLC provided $6.5 mil in financing for the Bellfort Plaza Apartments, a multifamily community in the Golfcrest area of Southeast Houston. The interest-only loan carries a 24-month term and represents 60.27% of the collateralís stabilized value of $10.8 mil. The borrower, HSR Bellfort Plaza Apartments LLC, is a local real estate investor that acquired the property for $4 mil in 2003. The funds will help to pay off a $6 mil first mortgage and complete construction of 14 new units at the asset. The sponsor intends to exit the Avatar loan via long-term financing once interest rates become more favorable. Located at 7035 Bellfort St, Bellfort Plaza Apartments was built in 1961 and renovated in 2001. Including the 14 new apartments, which have already been pre-leased at market rates, the gated community consists of 168 studio, one- and two-bedroom units.

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