|Mortgages on industrial, office and retail properties were arranged as a steady stream of multifamily deals moved through the pipeline.
A $26.5 million loan was secured by the Cheval Apartments, a 387-unit Class A multifamily property in Houston, in connection with the purchase of the property by an affiliate of Abacus Capital Group LLC. Freddie Mac approved the 6-year, fixed-rate loan.
The Mill River office building in Southport, Conn., secured a $6 million, 10-year, fixed-rate refinance loan by LaSalle National Bank, Holliday said. The 25,900-square-foot property owned by 2507 Associates LLC is fully leased to five tenants, including law firm Brody Wilkinson & Ober, which is the largest tenant and has occupied this space for 20 years.The Northern Ohio Industrial Park, which is about 1.1 million square feet large, secured a $5.5 million refinance loan funded by JPMorgan Chase N.A., Holliday announced. The fixed-rate loan is non-recourse.
Over in San Francisco, a 212,224-square-foot office/industrial/flex complex named Sunset Business Park secured a $27.8 million refinance loan by City National Bank. Nearon Sunset LLC received the 3-year, non recourse, adjustable-rate mortgage priced at 1.35% over the 30-day LIBOR. Occupants of the two two-story buildings include AT&T as the largest tenant, ABM Industries Inc. and BIO RAD, the subsidiary of Pennsylvania-based HFF Inc. reported.
Holliday additionally said it secured a $200 million credit facility for Abacus to acquire multifamily properties throughout the country over an 18-month period. The seven-year acquisition facility with Freddie provides for $150 million of fixed-rate loan proceeds and the remaining $50 million is on a floating-rate basis.
Meanwhile, Centerline Capital Group announced it recently closed Centerline Credit Enhanced Partnership LP – Series L, Number 1, a $108.2 million low-income housing tax credit investment fund. The transaction will finance a portion of the development costs of 10 affordable multifamily properties, of which five were in part financed with $53.3 million in tax-exempt mortgage revenue bonds acquired by Centerline.
Resource Real Estate Inc. acquired a $75 million portfolio of non-performing loans from the Department of Housing and Urban Development on behalf of a newly-formed joint venture with Värde Partners, Pennsylvania-based parent Resource America Inc. announced. Resource will asset manage the 11 loans each secured by a first mortgage on a multifamily property.
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