Financings
KeyBank Provides $9.9M financing
KeyBank Community Development Lending and Investment provided $9.9 million in low-income housing tax credit equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights, Ohio.
The development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors.
The project’s total cost is $18.7 million. Other financing sources include a HUD 202 Capital Advance,
Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through Federal Home Loan Bank of Boston and seller financing.
Refinancings
BWE secures over $65M for five affordable and senior housing properties
BWE announced it had secured over $65 million in loans to refinance and renovate five affordable and senior housing properties in North Carolina, Virginia, Mississippi and Texas.
The properties include:
Battery Park Senior Apartments in Asheville, North Carolina, $17.64 million Freddie Mac immediate tax-exempt loan and a $2.35 million gap loan originated on behalf of National Church Residences to refinance the 122-unit affordable senior housing community.
Brookville Gardens Apartments in Starkville, Mississippi, $10.56 million HUD 221(d)(4) loan originated on behalf of Triangle Development Company to rehab a 120-unit affordable garden-style apartment complex.
Mill Creek Apartments in Chesapeake, Virginia, a $12.96 million HUD 221 (d)(4) loan originated on behalf of Envolve Communities to rehab the 120-unit affordable garden-style apartment complex.
Coral Hills Apartments in Houston, Texas, a $7.15 million Freddie Mac 9% LIHTC Forward loan originated on behalf of Envolve Communities to refinance and preserve the 172-unit affordable apartment complex.
Tuscany Park Apartment Homes in Buda, Texas, a $14.31 million addition to an existing Freddie Mac TLC originated on behalf of Envolve Communities to finance the acquisition of the 176-unit affordable apartment complex.
BWE’s Jon Killough and John Roberts originated the loans.
BWE announces over $12M in refinancing loans
BWE secured over $12 million in Freddie Mac Targeted Affordable Housing loans to refinance four affordable senior and multifamily apartments in El Dorado County, California and one in Sonoma County, California.
The communities include:
Cottonwood Senior Apartments, a $1.28 million to refinance an 81-unit affordable housing community for adults 55 and older
Cottonwood Park Apartments, a $2.58 million loan to refinance a 78-unit large family apartment complex.
Shingle Terrace Apartments, a $2.05 million loan to refinance a 72-unit apartment complex.
Diamond Terrace Apartments, a $1.75 million loan to refinance a 62-unit apartment community.
Windsor Park Apartments, $4.67 million loan to refinance an 80-unit apartment complex.
BWE’s Jon Killough and John Roberts originated the loans.
Refinancing arranged for multi-housing community
JLL Capital Market announced today that it has arranged the $7.04 million refinancing for Gary Manor, a 198-unit age-restricted multi-housing community in Gary, Indiana.
JLL worked on behalf of the borrower, Monroe Group Limited and Steele Properties, to secure the 10-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC.
The property consists of a 12-story building for seniors and four, two-story walk-up buildings for families, and floor plans include 172 one-bedroom units, 20 two-bedroom units and six three-bedroom units.
The JLL Capital Markets Advisory team was led by Director Leif Olsen and Managing Director Kristian Lichtenfels.
Management agreements
Watermark Retirement Communities to manage Sonrisa Senior Living
Watermark Retirement Communities is now managing Sonrisa Senior Living.
Watermark has also begun leasing for Sonrisa Assisted Living and Memory Care, which is set to open later this fall, creating one campus with three levels of care.
Sonrisa Senior Living offers studios, one-bedroom and two-bedroom apartments with state-of-the-art appliances and fixtures throughout each unit.
Companies featured in this article:
BWE, JLL Capital Markets, KeyBank, Watermark Retirement Communities
