Real Estate Capital

The transaction includes an undisclosed amount, non-recourse, first mortgage loan secured by a 288-unit, garden-style apartment complex known as Chisholm Trace Apartments, located in Cleburne, Texas. Built in 2021, Chisholm Trace Apartments consists of 12 three-story apartment buildings and a one-story clubhouse/office, situated on a 13.16-acre site. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16.5 million ($100,425/unit) non-recourse, first mortgage loan secured by a 170-unit, garden-style student housing community known as Heritage Apartments, located in Spartanburg, South Carolina. Built in 2020, the property consists of seven one- to four-story buildings, situated on 14.16 acres of land. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year term, and, subsequent to a five-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $112.38 million ($155,228/unit) non-recourse, first mortgage loan secured by a 724-unit, garden-style apartment complex known as Aspire Pinnacle Peak, located in Phoenix, Arizona. Built in 2009, the property consists of three-story residential buildings, situated on 29.48 acres of land. The proposed loan will be used to refinance the property. The loan is structured with a 10-year term and amortizes on a 35-year schedule.

The transaction includes a $86.1 million ($281,382.35/unit) non-recourse, first mortgage loan secured by a 306-unit, garden-style, and partially affordable apartment complex known as Willows at Ventura, located in Ventura, California. Built in 2024, the property consists of 13 two-, three-, and four-story apartment buildings, situated on 8.03 acres of land. The proposed loan will be used to refinance existing debt on the property. The loan is structured with a seven-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule. This loan was closed under Freddie Mac’s new Lease-Up program.

The transaction includes a $21.47 million (116,696/unit) non-recourse, first mortgage loan secured by a 184-unit apartment complex known as Schooner Cove III, located in Ypsilanti, Michigan. Built in 1995 and renovated in 2018, the property consists of 13 three-story residential buildings, situated on 21.19 acres of land. The loan is structured with a 15-year term, and, subsequent to a 120-year interest-only period, amortizes on a 360-year schedule.

The transaction includes a $12.21 million ($249,265/unit) non-recourse, first mortgage loan secured by a 49-unit apartment complex known as Essex Street Apartments, located in Boston, Massachusetts. Built in 1900 and renovated in 1992, it received two known major renovations in 1986 and 2005. The property consists of one eight-story residential building, situated on 0.69 acres of land. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 10-year interest-only period.

The transaction includes a $20.325 million ($94,097/unit) first mortgage loan secured by a 216-unit, garden-style apartment complex known as Residence at Deer Park, located in Deer Park, Texas. Built in 1973, Residence at Deer Park consists of 19 two-story apartment buildings and two one-story common area buildings, situated on a 9.99-acre site. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a five-year term, and subsequent to a two-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $24.7 million ($84,880/unit) non-recourse first mortgage loan secured by a 291-unit apartment complex known as Mallard Creek Apartments, located in Kingwood, Texas. Built in 1999, Mallard Creek Apartments consists of 32 two-story residential buildings and is situated on 13.28 acres of land. The property also consists of a total of 72 covered parking spaces and 369 surface parking spaces, providing a parking ratio of 1.52 spaces/unit. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year interest-only term.

The transaction includes an $8 million ($81.07/sf) non-recourse, first mortgage loan secured by a 98,682 square foot (85,810 NRA), 830-unit self-storage facility known as Dollar Self Storage - Tucson, located in Tucson, Arizona. Developed in 1998, Dollar Self Storage is located on a 4.25-acre site and consists of 13 single-story buildings. Dollar Self Storage has 478 drive-up units, 216 climate-controlled units, 92 air cooled units, and 44 traditional units. Additionally, Dollar Self Storage includes 11 parking spaces for lease. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 10-year term and amortizes on a 30-year schedule.

The transaction involves two properties located in Stamford, Connecticut: Daycroft Apartments and Hamilton Gardens. Financing includes two non-recourse, first mortgage loans totaling $40,570,000 secured by the two garden-style apartment complexes with a combined 188 units on 10.05 acres of land. Daycroft was built in 1958, and consists of eight, four-story residential buildings. Hamilton Gardens was built in 1960, and consists of four, two-story residential buildings. The loans will be used for acquisition of the properties. The loans are structured with a 5-year term, and subsequent to a 3-year interest only period, amortizes on a 30-year schedule.

The transaction includes a $17 million ($212,500/unit) non-recourse, first mortgage loan secured by an 80-unit, garden-style apartment complex known as Hamilton Gardens, located in Stamford, Connecticut. The property was built in 1960 and consists of four, two-story residential buildings on 4.49 acres of land. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year term, and, subsequent to a three-year, interest-only period, amortizes on a 30-year schedule.

The transaction includes a $5,017,000 ($70/square foot) non-recourse, first mortgage loan secured by a 95,319 square foot (71,658 NRA), 575-unit self-storage facility known as Mini U Storage - Richmond, located in Sugar Land, Texas. Developed in 2009, Mini U Storage - Richmond is located on a 3.62-acre site and consists of five single-story self-storage buildings, one two-story self-storage building, and one building that contains the leasing office and on-site managers residence. Mini U Storage - Richmond has 161 non-climate-controlled exterior units, and 414 climate-controlled units ranging in size from 5x5 to 26x40. The facility has no RV/parking spaces. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a five-year interest-only term.