Hunt Real Estate Capital has provided two Freddie Mac Small Balance Loans totaling $7.42 million to finance the acquisition of two multifamily portfolios located in the Bronzeville neighborhood of Chicago.

The hybrid loans are structured as 20-year fixed-to-floating rate loans with three-years interest only, followed by a 30-year amortization schedule. Both proposed transactions will have a Tenant in Common, structure with both parties owning 50% of each property. Jeffrey and Susan Drawdyare the transaction guarantors.

The properties include:

• Bronzeville North Portfolio. Hunt Real Estate Capital provided a $4.18 million loan to finance the acquisition of Bronzeville North Portfolio, a multi-property, walk-up portfolio totaling 53 residential units located at 4340, 4343, 4501 and 4846 South Michigan Avenue, and 4915 and 4919 South Calumet Avenue in Chicago. The portfolio was built from 1896-1911 and is 94% physically occupied. Hunt Real Estate Capital provided a $4.18 million loan to secure this property. Property amenities include parking and in-unit washers and dryers.
• Bronzeville South Portfolio. Located at 5726, 5730, and 5901 South Prairie Avenue, 5216 South Michigan Avenue, and 6152 South Evans Avenue in Chicago, Bronzeville South Portfolio is a multi-property, walk-up portfolio totaling 37 residential units. The portfolio was built from 1895-2014 and is 92% physically occupied. Hunt Real Estate Capital provided a $3.24 million loan to secure this property. Amenities include parking and in-unit washers and dryers.

"The borrower is a quality, seasoned sponsor that has closed seven transactions with both Hunt Real Estate Capital and Freddie Mac, and all of their properties are performing well," noted Owen Breheny, managing director at Hunt Real Estate Capital. "We were pleased to secure the financing for the acquisition of these two properties and to provide quality multifamily options to residents of the Bronzeville neighborhood of Chicago."

Greystone has closed the industry’s first collateralized loan obligation that consists of only healthcare assets, particularly skilled nursing, assisted-living and independent-living facilities.

The Greystone Commercial Real Estate Notes is a $300 million collateralized loan obligation backed exclusively by bridge loans on healthcare-related properties. The company is a real estate lending, investment and advisory company in multifamily and healthcare finance.

The initial collateral pool comprises 20 whole loans totaling $249.2 million that Greystone originated, secured by mortgages on 25 skilled-nursing, assisted-living and independent-living facilities located in 12 states. It plans to invest the remaining $50.8 million of collateralized loan obligation proceeds over the next 120 days into additional loans. The three-year actively-managed collateralized loan obligation provides a new financing option for the skilled nursing sector.

“Through this new CLO, Greystone has tapped into the strong demand for investment grade commercial real estate securities by introducing a first-ever healthcare transaction. We offered a combination of high credit-quality collateral with anticipated attractive returns backed by Greystone’s 18-year experience as a leading financier working with investors, owners and operators in the healthcare real-estate space,” said Jeffrey Baevsky, head of capital market finance at Greystone. “This latest CLO is the culmination of deliberate steps we have taken to crystalize our commitment to and leadership in the broader healthcare real estate sector.”

“As we continue on a record-breaking year of bridge financing, we are thrilled to have vehicles such as this CLO, and our recently-closed $750 million senior debt fund, to help widen capacity for bridge-to-Agency loans, a lending product where we are an industry leader,” added Mark Jarrell, head of Greystone’s portfolio lending group.  The company offers commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, commercial mortgaged-backed securities, Federal Housing Administration, USDA, bridge, EB-5 and other proprietary loan products.

Greystone’s extensive participation in the broader seniors-healthcare market spans mortgage and mezzanine lending, management and ownership/operational advisory activities. As a Department of Housing and Urban Development lender for healthcare facilities, Greystone recently achieved record volume for its bridge loans on seniors/healthcare facilities, more than doubling last year’s volume.

J.P. Morgan Securities acted as placement agent on the transaction with U.S. Bank National Association serving as Trustee.

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.