PONTIAC, ILL. — Cambridge Realty Capital has provided a $6.5 million HUD Section 241(a) loan to finance the new construction of a 20-bed memory care addition to The Pointe at Pontiac, an existing 60-bed supportive living facility in Pontiac. Supportive living is the Illinois version of Medicaid Waiver Assisted Living, whereby the state provides Medicaid funding to seniors 65 and older who would otherwise not have the financial resources necessary to reside in an assisted living facility. Loan proceeds will be used to fund the new construction addition and to complete improvements and repairs to the existing building. Zach Scardina of Cambridge originated the nonrecourse loan, which features a fixed interest rate and interest-only payments and converts upon construction completion to a fixed-rate, 35-year, fully amortizing permanent loan. The borrower was an Illinois-based limited liability company.
AUBURN HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $3 million permanent loan for a 64,000-square-foot flex industrial property in Auburn Hills. David Ruff of BFG arranged the loan on behalf of the borrower, K-S Group LLC. A life insurance company provided the loan.
PHILADELPHIA — Cronheim Hotel Capital, a division of New Jersey-based intermediary Cronheim Mortgage, has arranged a $28.5 million loan for the refinancing of the Renaissance Philadelphia Downtown hotel. The number of rooms was not disclosed. The hotel’s amenities include business and fitness centers, as well as meeting/event space and two onsite restaurants. The loan was structured with interest-only payments and a fixed interest rate. The direct lender and borrower were also not disclosed.
PRINCETON, TEXAS — Nuveen Green Capital and Lone Star PACE have provided $21.9 million in C-PACE (Commercial Property Assessed Clean Energy) financing for Ironwood at Princeton, a multifamily project that will be located northeast of Dallas. Ironwood at Princeton will total 306 units across 14 buildings. The financing is expected to translate into annual electricity and water reductions of 25 and 20 percent, respectively. The borrower was not disclosed.
NEW YORK CITY — Greystone has provided a $97.6 million HUD-insured loan for the refinancing of Villa Hermosa, a 272-unit affordable housing complex in East Harlem. Built in 1910, Village Hermosa offers one-, two- and three-bedroom units that are reserved for households earning 50 percent or less of the area median income. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse loan, which carries a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The borrower, Metropolitan Realty Group, will use a portion of the proceeds to fund capital improvements, including upgrades to unit interiors and building utility systems.
BREA, CALIF. — JLL Capital Markets has secured $107 million in acquisition financing with a $5 million operating reserve for a 33.9-acre redevelopment project in Brea. Matt Stewart, Kellan Liem, Serge Sarkissian, John Rankin and Kyle White of JLL represented the borrower, Dwight Manley, in arranging financing from funds managed by affiliates of Fortress Investment Group. According to JLL, Dwight Manley will transform a vacant commercial building into a mixed-use community with retail and residential components. Dwight Manley has been actively involved in downtown Brea development for nearly 25 years, playing a key role in the city’s downtown revitalization and lifestyle transformation.
CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Avant at Fashion Center, an apartment community in Chandler. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged the financing. Built in 2017 on more than 11 acres, Avant at Fashion Center features 335 apartments with nine- and 10-foot ceilings, breakfast bars or kitchen islands and full-size washers/dryers. Select floorpans have wine refrigerators and wireless sound systems. Community amenities include a swimming pool and spa surrounded by a glass enclosure and a courtyard with grilling stations, café seating, hammocks and a game area.
WILLOW GROVE, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $19 million permanent loan for the refinancing of Willow Run Apartments, a 172-unit multifamily complex in Willow Grove, located on the northern outskirts of Philadelphia. The pet-friendly property offers one- and two-bedroom units, as well as a fitness center. Neal Colligan of Largo Capital arranged the debt. The direct lender and borrower were not disclosed.
INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $2.8 million bridge loan to support the acquisition and repositioning of Linn Apartments, a 43-unit multifamily property on the Near South Side of Indianapolis. The interest-only loan, structured under Red Oak’s Opportunistic Bridge Loan Program, features an 18-month initial term and a loan-to-stabilized value of 55.7 percent. Stratos Athanassiades of Red Oak originated the loan, with underwriting led by Thomas Gorski and administration by James Myatt. The repeat borrower is an experienced investor in the Indianapolis market. Through its affiliated company, Midwest Living Management, the borrower oversees more than 7725 units and commercial assets throughout metro Indianapolis. Linn Apartments contains 43 units across three two-story buildings. Built in 1963, the Class C property was approximately 65 percent occupied at the time of the loan closing. The buyer plans to begin renovations immediately upon acquisition. Upon stabilization, the buyer plans to refinance into agency debt.
LOS ANGELES — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner Haseko North America have closed on the land and secured a loan for the development of Jules San Pedro, an apartment community in Los Angeles’ San Pedro Waterfront Arts District. The site was acquired on Jan. 13. Terms of the transaction were not disclosed. Situated waterfront at 155 W. 6th St., the eight-story multifamily property will feature 281 apartments and 1,276 square feet of ground-floor corner retail space. Jules San Pedro will occupy a 1.2-acre full city block and is directly adjacent to the new Piazza Miramere. Designed by KFA Architecture, Jules San Pedro will offer a mix of studio, one- and two-bedroom floor plans. Community amenities will include a pool deck and courtyard with a sauna, spa and clubhouse, a central water-facing courtyard with indoor/outdoor fitness, a sky lounge and rooftop deck, multiple barbecue areas, a pet spa and an oversized coworking space with multiple conferences and work areas. The project will be Greenpoint Rated and feature sustainable elements, including electric vehicle charging stations and a rooftop, net-metered solar photovoltaic system. Groundbreaking is slated for later this quarter, with delivery scheduled for …
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