Dealmaker: SunTrust CRE Originates $37M
SunTrust CRE, Atlanta, originated $36.7 million for multifamily and seniors housing properties in Alabama, Colorado, Indiana and Virginia.
In Huntsville, Ala., Managing Director Evan Hom originated $14.4 million in three-year bridge financing for two Class B multifamily properties, 223-unit Hillside Village Apartments and 152-unit Twickenham Village Apartments.
Hom also originated a $5 million 10-year Fannie Mae loan for College 830 in Fort Collins, Colo. The loan included five years of interest-only payments. Built in 2017, College 830 is close to Colorado State University and Old Town Fort Collins. The 34-unit multifamily property market-rate property was 95 percent occupied at closing.
“This is the first agency loan this sponsor has ever closed,” Hom said.
SunTrust CRE also originated a $4.25 million Fannie Mae loan that refinanced Temple Lofts Apartments in Indianapolis. Located close to downtown Indianapolis and Indiana University-Purdue University-Indianapolis, Temple Lofts includes 40 rental units in two three-story buildings. The property consists of a historic church converted into a 16-unit multifamily property and a 24-unit building developed on the church’s former parking lot.
Managing Director Joe Markech secured a 12-year loan with one year of interest-only payments followed by a 30-year amortization schedule to take out the construction/renovation loan. “This property is a unique conversion well located close to downtown Indianapolis in an up-and-coming neighborhood,” he said.
In Lynchburg, Va., SunTrust CRE Seniors Housing and Healthcare Finance Managing Director Joshua Hausfeld originated a $13.1 million HUD 232/223(f) loan for a Runk & Pratt senior living community. The fixed-rate, non-recourse 35-year loan with a 35-year amortization schedule was secured by a 57-unit, 81-bed assisted living and memory care property.
Built in 1978, the asset was converted to assisted living in 1996 and received extensive renovations in 1998, 2003 and 2016.