Dealmaker: Metropolitan Capital Advisors Secures $11M for Multifamily, Retail
Metropolitan Capital Advisors, Greenwood Village, Colo., arranged $11.2 million for assets in Oklahoma and Texas.
MCA Founding Principal Scott Lynn arranged a $6.8 million Fannie Mae Delegated Underwriting and Servicing loan for a 288-unit apartment community in Midwest City, Okla.
The property at 1401 North Midwest Boulevard is currently 88 percent occupied. Lynn said sponsor RREAF Holdings, Dallas, plans to make capital improvements to the property, enhance management and improve operations.
Arbor Commercial Mortgage, Uniondale, N.Y., supplied the fixed-rate financing at 3.185 percent.
MCA also arranged $2.5 million for 35 duplexes plus four vacant lots in Arlington, Texas. Senior Director Brandon Wilhite arranged the term loan–which included a future funding feature to complete the renovations–at a 4.50 percent rate from First United Bank.
“The duplexes are one-story garden-style buildings situated on individually platted lots which were originally built in 1960,” Wilhite said. “An out-of-state buyer purchased the property and is currently renovating all thirty-five duplexes.”
In Tulsa, Okla., MCA arranged $1.9 million to re-develop a 5,500-square-foot single-story retail building into a Panera Bread restaurant. MCA Principal/Director Todd McNeill placed the 4.5 percent fixed-rate loan with a Tulsa-based bank.The former Russell Stover retail location at 7110 South 101st East Avenue sits in a highly developed retail corridor that includes numerous national retailers such as Best Buy, Sam’s Club, Dillard’s and Macy’s.
