SHREWSBURY, N.J. — HFF has secured a $43.6 million refinancing for The Grove at Shrewsbury, a 148,000-square-foot lifestyle center located 25 miles south of New York City in Shrewsbury. The center is home to 35 retailers, including Williams-Sonoma, Pottery Barn, Bluemercury, Lululemon Athletica, Anthropologie, Madewell and Starbucks Coffee. Jon Mikula and Connor Milanaik of HFF worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, fixed-rate loan through..
PULLMAN, WASH. — Love Funding has provided a $29.8 million refinancing for the 361-unit Pimlico Apartments in Pullman. The community is located at 1455 NE Brandi Way. Pimlico Apartments features one- to three-bedroom units with private balconies. It was built in 2013 and 2014. Brian Robertson of Love Funding has secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with long-term,..
SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in..
CARROLLTON, TEXAS — Dougherty Mortgage LLC has arranged a $32 million Fannie Mae loan for the acquisition of Mustang Park Apartments, a 289-unit multifamily community in Carrollton. The property offers amenities such as a fitness center, business center and a pool. The 12-year loan, which was arranged on behalf of borrower The Mustang Apartments LLC, features five years of interest-only payments and a 30-year amortization schedule.
HOUSTON — BMC Capital has secured a $6.7 million bridge loan for the purchase of a 163-unit multifamily property in Houston. Clayton Wells of BMC Capital arranged the non-recourse loan, which includes a 75 percent loan to value (LTV) ration and 18 months of interest-only payments. The names of the lender, borrower and property were not disclosed.
KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded..
Cornerstone Realty Capital Arranges $37.7M Construction Loan for Apartment Community in New Hampshire
SALEM, N.H. — Cornerstone Realty Capital has arranged $37.7 million in financing for The Dolben Co. for the development of an apartment community in Salem. The loan features an interest-only period during construction followed by a 30-year amortization schedule. The 256-unit apartment complex will consist of four residential buildings, a 5,500-square-foot clubhouse, outdoor swimming pool, grilling area and play area. Units will feature granite counters, kitchens with stainless steel..
HOUSTON — HFF has arranged a $121.6 million floating-rate bridge loan for the redevelopment of The Star, a multifamily development located in downtown Houston. Upon completion, the property will feature 286 multifamily units, 26,000 square feet of retail space, 8,000 square feet of storage space and 672 parking spaces. Steve Heldenfels and Matthew Putterman of HFF arranged the loan through TPG RE Finance Trust on behalf of the borrower, Provident Realty Advisors.
CULPEPER, VA. — SunTrust Bank has provided an $18 million construction loan for the 125,000-square-foot expansion of The Culpeper, a retirement community in Culpeper, a town situated equidistant from Richmond, Va., and Washington, D.C. LifeSpire of Virginia, a provider of continuing care retirement communities, will build 133 new units in the community and offer additional care services to current and future residents. The updated Culpeper community will replace the previous building,..
BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces..