GREEN AND SYLVANIA, OHIO — Bellwether Enterprise Real Estate Capital LLC has closed two loans totaling $11.5 million for multifamily properties in Ohio. In the first transaction, Bellwether arranged a $9.3 million HUD loan to refinance Greenview Senior Assisted Living, a 99-unit seniors housing facility in Green, approximately 50 miles south of Cleveland. The facility, built in 2002, features a dining room, café, chapel, activity area, patio and lounges. The Inn at Green Limited LLC was the borrower. The non-recourse loan features a 35-year term. Barbara Sullivan and Jim Doyle of Bellwether arranged the financing. In the second deal, M&D McCord Road Holdings LLC refinanced The Colony, an apartment property approximately 15 miles west of Toledo. The Colony, built in 2015, consists of four single-story buildings and one two-story building, which contain a total of 34 units. All units are two-bedroom/two-bathroom. DJ Effler of Bellwether arranged the 15-year loan, which features five years of interest-only payments.
NASHVILLE, TENN. — Love Funding has closed a $19.7 million construction loan through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program for the construction of The Paddock at Grandview in Nashville. The new 240-unit affordable housing community will feature residences reserved for families earning 60 percent or less of area median income. Bruce Gerhart of Love Funding secured the non-recourse loan, which features a 40-year amortization schedule beginning when construction ends. Funding was also provided by 4 percent Low Income Housing Tax Credits (LIHTC) and HOME funds on behalf of the borrower, LDG Development.
MARGATE, FLA. — Ocean Bank has provided a $17.2 million loan for the renovation and repositioning of a 188,028-square-foot shopping center in Margate, a town in Broward County. The asset has been renamed Margate Centre and will house retail tenants and two charter schools — West Broward Academy and Ascend Career Academy. The borrower, Alliance XVI LLC, plans to wrap up construction by August in time for the 2016-2017 school year. Juan Carlos Barreto of Ocean Bank originated the loan.
ROWLETT, TEXAS — Metropolitan Capital Advisors has arranged a $5.1 million construction loan for First Choice Emergency Room, located in Rowlett. The 0.8-acre tract is located off the northwest corner of Rowlett Road and Highway 66. The three-year loan, funded by Happy State Bank, includes one year of interest-only payments, a 4.75 percent fixed interest rate and a 25-year amortization schedule. The nearest hospital is the Lake Pointe Medical Center 3.5 miles east of downtown Rowlett across Lake Ray Hubbard.
KETTERING, OHIO — Bernard Financial Group has arranged a $5.4 million loan to refinance Fox Hunt Apartments in Kettering, approximately six miles south of Dayton. The 250-unit complex consists of 17 two-story buildings. Fox Hunt Apartments was built in 1975 and is situated on 14.3 acres. Amenities at the property include a business center, fitness center, laundry facility, clubhouse, playground and swimming pool. Fox Hunt Owner LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender.
ONTARIO, CALIF. — Marcus & Millichap has arranged a $7 million refinancing for Ontario Village, a shopping center located in Ontario. The loan was structured with a five-year term amortized over 25 years with an adjustable interest rate of 4.75 percent. The 97,384-square-foot property is 75 percent occupied. Sharone Sabar of Marcus & Millichap’s Encino, Calif., office secured the debt placement for the undisclosed borrower.
CHICAGO — KeyBank Real Estate Capital has provided a $182 million Freddie Mac loan and a $142 million corporate credit facility to Enlivant, a Chicago-based owner and operator of nearly 200 seniors housing communities throughout the United States. The Freddie Mac loan is secured by 36 assisted living communities comprised of 1,477 units in 14 states. The capital provides permanent, non-recourse financing. The corporate credit facility is comprised of a $100 million term loan and a $42 million revolver, secured by 40 assisted living communities that are located throughout 12 states. The credit facility provides Enlivant with capital to implement its operating and growth strategy. Charlie Shoop of KeyBank Healthcare Mortgage Banking Group arranged the Freddie Mac financing. Paul Di Vito, Tim Sylvain and Mark Amantea of KeyBank Real Estate Capital’s Healthcare Group arranged the corporate credit facility.
IRVING, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6 million loan for the cash-out refinance of a multifamily property in Irving. The five-year loan features a 3.6 percent fixed interest rate and a 25-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.
TAYLOR, MICH. — Bernard Financial Group has arranged a $6 million loan to refinance Taylor Park Townhomes in Taylor, approximately 20 miles southwest of Detroit. Taylor Park Townhomes boasts a total of 235 rental units and consists of 14 two-story buildings. The complex was built in 1968 and is situated on 12.9 acres. Taylor Park Apartments Limited Partnership is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial placed the financing with a CMBS lender.
COVINGTON, LA. — Evans Senior Investments has arranged the $22.2 million sale of The Trace at Claiborne Hill, a 94-unit independent living, assisted living and memory care community in Covington, approximately 40 miles north of New Orleans. A private equity company acquired the Class A community from a regional operator. The purchase price equates to $236,170 per unit. Built in 2009, The Trace at Claiborne Hill features 70 independent living and assisted living units, plus 24 memory care units added in 2014. At the time of the sale, the facility was 99 percent occupied. The 84,961-square-foot property sits on 2.7 acres in St. Tammany Parish, where the 65-and-older population is projected to increase 47 percent between 2010 and 2019. Evans Senior Investments represented the unnamed seller in the transaction. The capitalization rate was 7 percent on the trailing six months NOI of $1.56 million.