ISSAQUAH, WASH. — Grandbridge Real Estate Capital, an Atlanta-based lender, has closed a $19.4 million first mortgage loan for Aegis of Issaquah. The property is a 99-unit assisted living, memory care and short-term rehabilitation community in the Seattle suburb of Issaquah. Freddie Mac’s Capital Markets Execution (CME) Multifamily loan product provided the capital. Richard Thomas, senior vice president, and Meredith Davis, vice president, led the Grandbridge team on this transaction.
LOS ANGELES — Meridian Capital Group has arranged the $4.8 million refinancing of a 12,630-square-foot mixed-use property located in Los Angeles. The two-story building, located at 8431 Melrose Place, features retail and office components, including Waterwork’s new flagship showroom. Drew Anderman and Sean Robertson of Meridian secured the seven-year, fixed-rate loan on behalf of the borrower, VE Equities, through a balance sheet lender. The financing features no prepayment penalty, and an amortization schedule that is coterminous with the ground lease.
TIGARD, ORE. — Berkeley Point Capital has provided a $3.1 million Freddie Mac supplemental loan to Frontier Management LLC. The money will be used for strategic growth and property improvements at Washington Gardens Memory Care, a 48-unit memory care community in the Portland suburb of Tigard. The community opened in 2011. Frontier Management LLC manages 83 seniors housing properties serving more than 4,000 residents across the United States. The company is based in Portland. Doug Harper, director of seniors housing, and Casey Moore, director, led the Berkeley Point team. Harper operates out of the Columbus, Ohio, office while Harper works from the Boston office.
JERSEY CITY, N.J. — Meridian Capital Group has arranged $165 million in permanent financing for The One, a multifamily property located at 110 First St. in Jersey City. The borrowers are BLDG and Ares Management LP. The seven-year loan, provided by a life insurance company, features a 3.5 percent rate and two years of interest-only payments followed by a 30-year amortization schedule. Constructed in 2015, the 35-story features 439 apartments, a landscaped rooftop with swimming pool, lounge, barbecue and fire pits. Aaron Birnbaum, Carol Shelby and Dani Sabesan of Meridian Capital negotiated the financing for the borrowers.
NEW YORK CITY — Tavros Development Partners and Charney Construction & Development have received $44.3 million in acquisition and pre-development financing for a 41,815-square-foot land assemblage located at 263-277 S. Fifth St. in Brooklyn’s Williamsburg section. The borrowers plan to develop a mixed-use asset featuring ground-level retail space, office and multifamily space on the fully entitled site. Aaron Appel, Jonathan Schwartz and Mark Fisher of JLL arranged the financing.
CORALVILLE, IOWA — Dougherty Mortgage LLC has closed a $9.8 million HUD 213 loan for the construction of a 59-unit market-rate seniors cooperative in Coralville, five miles northwest of Iowa City. The loan term is for 40 years. Vintage Cooperative of Coralville will include amenities such as a fitness center, workshop, garden plots, café and clubroom. Vintage Cooperative of Coralville was the borrower.
AUSTIN, TEXAS — Dougherty Mortgage has secured a $9.5 million loan for the acquisition and rehabilitation of The Timbers, a 104-unit multifamily affordable housing property located in Austin. Property amenities include a pool, playground, laundry care center, picnic areas and business center. The 35-year loan was arranged for the borrower, Timbers Clayton 104 Apartments LP, through Dougherty’s Austin office.
WEST PALM BEACH, FLA. — Mesa West Capital has originated a $56.8 million acquisition loan for Northbridge Centre, a 287,000-square-foot, Class A office building located at 515 N. Flagler Drive in West Palm Beach. The sponsor, 515 N. Flagler Drive Owner LLC, recently acquired the property from Gaedeke Group, which had owned the building for 20 years. The floating rate loan includes a future funding component to be used toward leasing costs, according to Mesa West Capital. Built in 1987 and renovated in 2002, the office building was 71 percent leased at the time of sale.
NORTH ANDOVER, MASS. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance team has closed a $30.2 million permanent, floating-rate loan for Brightview North Andover, a seniors housing property. Located at 1275 Turnpike St. in North Andover, the facility features 133 independent and assisted living units, as well as a memory care component. The refinancing was arranged through Fannie Mae’s DUS Structured Adjustable Rate Mortgage loan product. Richard Thomas and Meredith Davis of Grandbridge secured the loan for the undisclosed borrower.
NISKAYUNA, N.Y. — Lancaster Pollard has arranged $9.2 million in refinancing insured by the FHA Sec. 232/2223(f) program for Ingersoll Place Assisted Living, a 57-unit senior living facility located in Niskayuna. Proceeds of the financing paid off a tax-exempt bond obligation and terminated an interest rate swap liability. Additionally, the new FHA-insured loan generated more than $100,000 in annual cash flow savings for the assisted living provider. Tom Grywalski of Lancaster Pollard secured the financing for the undisclosed borrower.
