HASLETT, MICH. — Love Funding recently provided three loans totaling $8.5 million to refinance the debt on a group of age-restricted, Section 8 apartments in Haslett targeting persons age 62 and above. Located about nine miles east of Lansing, the three communities serve low-income residents and are all part of the same development, Grange Acres, a 363-unit complex that was built from 1972 to 1982. Grange Acres Non-Profit Housing Corporation owns the properties. Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Part of the loan proceeds will be used to pay for needed repairs and to fund replacement reserves.
LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.
STERLING, VA. — NXT Capital has provided a $22.5 million first mortgage for the recapitalization of Lakeside at Loudoun Tech Phase II & III, two Class A office buildings in Sterling totaling 204,000 square feet. Both properties are located within Loudoun Tech Center, an office park featuring office buildings, restaurants and two hotels.
BELLEVUE, WASH. — The Bellevue Collection has received a $526 million construction-to-permanent loan to expand the 4-million-square-foot, mixed-use property in Bellevue. The new 1.5-million-square-foot phase will be known as the Lincoln Square Expansion. The development, which is currently underway, will include a 41-story multifamily/W Hotel tower, a 31-story trophy office tower, and a three-level retail podium, which will be anchored by a luxury theater and chef-driven restaurants. The retail podium and towers will sit above a six-level underground parking garage that is contiguous with more than 4,000 existing subterranean parking spaces. An affiliate of CPPIB Credit Investments Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB), provided the financing. The single source of capital was attractive to the borrower because it removed syndication risk and provided a single point of contact. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield represented the borrower, Kemper Development Co.
LOS ANGELES — Sonnenblick-Eichner Company has arranged $153 million in first-mortgage financing for The Pacifica Hotel Portfolio. The mostly California-based portfolio contains 10 hotel properties that total 739 rooms. A majority of the properties are oceanfront hotels situated on California’s central coast. Additional properties are located in the Los Angeles submarkets of Venice, Marina del Rey and Manhattan Beach. One property is also located in Port St. Lucie, Fla. The non-recourse loans were not cross-collateralized and feature 10-year, fixed-rate financing.
SMYRNA, GA. — Walker & Dunlop Inc. has provided an $18.4 million loan for the refinancing of Jasmine at the Galleria Apartments, a 270-unit apartment community in Smyrna, a northwest suburb of Atlanta. The property offers one-, two- and three-bedroom apartment units in 19 apartment buildings. Jasmine at the Galleria’s community amenities include tennis courts, a swimming pool, gated access and a business center. Walker & Dunlop provided the 10-year loan that features five years of interest-only payments to the borrower, Lyon Communities. The loan, which Walker & Dunlop provided using Freddie Mac’s index-lock program, will refinance the Freddie Mac adjustable rate mortgage that was placed on the property 16 months ago.
NEW YORK CITY — Meridian Capital Group has arranged a $122.8 million acquisition loan for the purchase of a vacant residential property located at 416 W. 52nd St. in the Clinton neighborhood of New York City. The borrower is Gaia Real Estate. The 36-month loan provided by TPG Real Estate Finance features a competitive floating rate and two 12-month options. Constructed in 1940 and gut-renovated in 2015, the 141,350-square-foot property features 156 apartments. All units are completely new and include premium appliances, custom cabinetry, designer fixtures, wood flooring and oversized windows. Building amenities include a furnished rooftop deck, a fitness center and tenant lounge, plus an interior courtyard. The gut renovation included the updating and replacing all aspects of the property from plumbing and electrical wires to refinishing and reconstructing all visible surfaces (floors, walls, ceilings, kitchens and baths). Ronnie Levine and Jeff Berkes of Meridian’s New York City office originated the loan.
BINGHAMTON, N.Y. — Arbor Commercial Mortgage has provided a $12.2 million loan for a multifamily property in Binghamton. The 716-unit property received the financing through Arbor Realty Trust’s Bridge product line. Alex Kaushansky of Arbor’s New York City office originated the loan.
AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.9 million acquisition loan for a 28-unit multifamily property located in Austin. The loan featured a five-year fixed term, a fixed interest rate of 4.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. BMC Capital is a lender for small-balance multifamily and commercial loans.
LOS ANGELES — Partners Capital Property has provided a $3.4 million bridge loan for the acquisition of a 245,000-square-foot industrial facility in downtown Los Angeles’ Arts District. The two-building property is situated on four acres. Bobby Khorshidi of Partners Capital Finance arranged the deal. It allowed the borrower to acquire the property. The site was under a long-term escrow.