The CIT Group Inc.’s real estate division was the lead arranger of a $24 million senior secured loan for the acquisition of a multi-family property in San Pedro, Calif., by MWest Holdings, a private real estate investment and management firm.

MWest Holdings acquired the San Pedro Bank Lofts, an 89-unit loft-style multi-family property located in downtown San Pedro, near the San Pedro Arts District, in August. The property consists of two four-story buildings.

"The convenient location of this property, and its proximity to the arts district and redeveloping Los Angeles waterfront, makes it an attractive investment," said Matthew Ellis, chief investment officer at MWest Holdings. "We appreciated CIT's real estate expertise, which helped enable a smooth and successful transaction."

"CIT is active in financing commercial properties in the Southern California region," said Bryan Cavalier, managing director and West Coast head of CIT's real estate finance division. "We were pleased to leverage our expertise to assist MWest Holdings in completing this purchase."

CIT's real estate division originates and underwrites senior secured real estate transactions. With deep market expertise, underwriting experience and industry relationships, the unit provides financing for single properties, property portfolios and loan portfolios.

Hunt Real Estate Capital has provided a Fannie Mae conventional multifamily loan in the amount of $39 million to refinance a manufactured housing community located in Boulder, Colo.

Boulder Meadows is a 638-unit, 4-Star multifamily/mobile-home park community. Included in the 638 units are 97 community-owned homes, of which three are used as residences for the community manager, maintenance supervisor, and for corporate use.

The loan has a 10-year term with a thirty-year amortization period and 114 months yield maintenance. The borrower is a diversified real estate investment firm with a long record of accomplishment in the manufactured housing community sector.

Boulder Meadows was developed in 1970 and is 99% leased. The property is in good condition and has asphalt paved roads with curbing and sidewalks. Property amenities include a swimming pool, tennis court, playground, clubhouse/recreational building, basketball court, security, leasing office, and public water/sewer.

"The borrowers have successfully owned and operated Boulder Meadows for 30 years and have extensive experience investing in manufactured housing properties," noted Josh Messier, managing director at New York-based Hunt Real Estate Capital. "Over their long history in the sector, they have owned and managed over 15,000 pads across 45 parks."

"Over the past four years, the owners have spent approximately $1 million on capital improvements," added Messier. "In addition, they plan to invest in additional non-recurring site projects." Planned improvements on-site include sewer upgrades, installation of a gate to the sports court, site/pedestal upgrades and driveway overlays.

Boulder Meadows is a 638-unit, 4-Star multifamily/mobile-home park community. Included in the 638 units are 97 community-owned homes, of which three are used as residences for the community manager, maintenance supervisor, and for corporate use

Greystone Brown Real Estate has closed  $52 million sale of Avocet Apartments, a 336-unit multifamily property in San Antonio. Greystone Brown acted for both parties in the transaction, advising the seller, Stone River, as well as the buyer, Benimax. The transaction, which closed on Sept. 5, 2018, was handled by Taylor Brown, Steve Mack, and Bo Brown.

Located in the fast-growing and affluent westside of San Antonio, all of the 336 units at Avocet Apartments boast nine-foot ceilings, high-end finishes, and select units feature a separate dining area and sun room. Built in 2017, the resort-style community includes amenities such as a large clubhouse, pool, 24-hour fitness center, business center, coffee bar, car care center, dog park, and covered parking.

“I’m very pleased with our team’s ability to work through the challenges and obstacles this sale presented. Our tenacity, creativity and ability to keep deals together are just a few reasons why our clients return time and again to our firm,” said Bo Brown, president, Greystone Brown Real Estate Advisors.

Hunt Real Estate Capital made an $18.3 million loan to finance the acquisition of a multifamily property located in Charlotte, N.C.

Fields at Archdale is a 243-unit, garden-style apartment complex that is comprised of 26, three-story apartment buildings. Built from 1968-1975, the property is situated on 14.59 acres of land and offers 489 parking spaces.

The sponsor, or borrower, is Geller Associates, a Roseland, N.J.-based firm. The borrower acquired the property from Elite Street Capital Grand Oaks Equity DE, LP. The new loan has a 12-year term.

"The borrower is a quality seasoned sponsor that is also a repeat Hunt Real Estate Capital borrower," noted Steve Cox, Managing Director at Hunt Real Estate Capital. "To date, we have financed multiple multifamily apartment communities with the borrower.  The properties are located throughout North Carolina, Virginia, Delaware, New Jersey, and Maryland." The financing tool for this commercial real estate transaction was a Fannie Mae DUS.

The former owner upgraded 82 units and completed a number of exterior renovations including new roofs, new windows, gutters, and paint. The amenity package has been updated to include a dog park, playground, outdoor kitchen, pavilion, picnic areas, and soccer field. Other property amenities include a centralized laundry facility, on-site management, and 24-hour emergency maintenance.

Fields at Archdale is located within the Charlotte MSA. Charlotte is the home to many Fortune 500 company headquarters such as Lowes, Duke Energy, Family Dollar, and Goodrich Corporation. It is also currently the 23rd most populous MSA in the nation but is forecasted to grow to the 18th by 2025.