CBRE Secures $66M Construction Loan for Oklahoma Mixed-Use Project
CBRE Capital Markets has arranged $66 million in construction and permanent financing on behalf of Oklahoma-based MAZ I (a limited liability firm affiliated with Newmark Grubb Levy Strange Beffort) and family-owned private investment firm Hall Capital.
The loan will finance the development of West Village, a 345-unit, mixed-use project in Oklahoma City, Okla., and was funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 220 new construction mortgage insurance program. The HUD-insured debt provides an interest-only construction period of 26 months, plus a 40-year, nonrecourse and fully amortizing loan at a rate in the mid-3 percent range, according to a source familiar with the transaction.
The developer broke ground on the project at 835 West Sheridan Avenue in December 2016. When construction is completed, the property will include art studios, a restaurant and a coffee shop on the first floor.
Chris Dunning of CBRE’s Oklahoma City office and Chad Ricks of CBRE’s Dallas office secured the loan through CBRE’s Federal Housing Administration lending platform.
Officials at Hall Capital and Newmark Grubb Levy Strange Beffort did not return a request for comment.