BLUE ASH, OHIO — Harborview Capital Partners has arranged $73 million in loans for the refinancing of a skilled nursing portfolio operated by CommuniCare, a healthcare owner-operator based in the Cincinnati suburb of Blue Ash. The nine-building portfolio includes 936 beds and is located throughout Ohio and Maryland. The financing consists of a $12 million revolver loan and a $61 million bridge-to-HUD loan. The capital stack was further enhanced by a mezzanine loan in the amount of $8.5 million. The funds were used to refinance existing debt, exercise purchase options and consolidate balance sheets in preparation for bringing the portfolio to HUD. The five-year, floating-rate loan is non-recourse and has a LIBOR-based interest rate with one year of interest-only payments. Ephraim Kutner and Jonathan Kutner, both principals with Harborview, originated the loan. Gershon Yarmush, senior loan analyst, negotiated the terms.
MANCHESTER, N.H. — NorthMarq Capital has arranged $2.3 million in refinancing for an apartment building located on Hayward Street in Manchester. The long-term, fixed-rate financing includes a flexible prepayment and competitive rate. The apartment building features 26 residential units. Michael Chase and Ed Riekstins of NorthMarq Capital secured the financing for the undisclosed borrower.
THOUSAND OAKS, CALIF. — NorthMarq Capital has arranged the $6 million refinancing of Skyline Center, a 36,900-square-foot retail property located in Thousand Oaks. The 10-year, non-recourse loan features a 30-year amortization schedule and a seven-year fixed rate that will switch to floating for the last three years. Joe Giordani of NorthMarq’s Los Angeles office secured the financing for the undisclosed borrower.
NEW YORK CITY — JDS Development has received $52 million in construction financing for an apartment building in Brooklyn’s Park Slope neighborhood. Located at the corner of Baltic Street and Fourth Avenue, the 11-story building will feature 50 apartment units and ground-floor retail space. The property is slated for completion by summer 2017. Douglas Heitner, Sara Saylor, Jessica Wald and Christina Congdon of Kasowitz represented the borrower in the financing transaction.
NEW YORK CITY — JLL has secured a $29 million construction loan on behalf of Adam America Real Estate for the development of 308 North Seventh Street, a multifamily property in Brooklyn’s Williamsburg neighborhood. Aaron Appel and Keith Kurland of JLL arranged the loan, which was provided by CapitalSource. The seven-story development will feature 38 residential units, a fitness center, a courtyard, bike storage and rooftop common area with views of Manhattan and Brooklyn. Additionally, the building will provide access to the L and G subway lines, as well as the Brooklyn-Queens freeway and Citi Bike stations.
ATLANTA — AloStar has provided two loans for an office building and shopping center in metro Atlanta totaling $23.6 million. The bank funded both loans through its commercial real estate platform, AloStar Real Estate Finance. The financing included a $19 million loan for 1100 Circle 75, a 16-story office building in Atlanta’s Cumberland/Galleria submarket, and a $4.6 million loan for Shoppes at Trickum, a 49,900-square-foot, Walmart-anchored shopping center in Woodstock that is also leased to Dollar Tree and rue21. AloStar provided the acquisition financing for Shoppes at Trickum to Shoppes at Trickum LLC, an affiliate of SunCap Real Estate Investments.
MARIETTA, GA. — NorthMarq Capital has arranged a credit enhancement and joint venture sponsor to finance the construction of The Arbor Terrace at Burnt Hickory, a 92-unit seniors housing community in the Atlanta suburb of Marietta. Developer and operator The Arbor Co. is developing the community, and the general contractor, Choate Construction, expects to deliver the property by March 2017. Will James of NorthMarq’s Atlanta office secured the financing for the landowner, Hollander Properties. Specific terms were not disclosed.
DOWNERS GROVE, ILL. — FM Capital has acquired a $5.7 million non-performing loan that is secured by a 37,780-square-foot medical property in Downers Grove, approximately 22 miles west of Chicago. The loan went into default when the borrower failed to make payments last summer. The Greenbriar Medical Office Building was constructed in 1972 and renovated in 2006. The property also includes a 125-space parking lot, conference facility and recently renovated common area. The property is currently 70 percent vacant.
SAN FRANCISCO — Bridgeton Holdings has received a $45 million loan to acquire 995 Market St., a 15-story office tower in San Francisco. The company purchased the 91,300-square-foot tower for $62 million. The office portion of the tower is occupied by WeWork and a nonprofit group. It also includes ground-floor retail that is fully leased to CVS. The property is situated in the Mid-Market neighborhood, which is also home to Twitter, Uber and Spotify. Jordan Ray, Ari Hirt, Steven Buchwald and Alex Draganiuk of Mission Capital Advisors arranged the non-recourse loan.
LOS ANGELES — An affiliate of Brooks Street has obtained a total of $9.8 million in financing to acquire a 1.2-acre land parcel in Los Angeles’ Koreatown neighborhood. The Newport Beach-based developer obtained entitlements for 166 apartment units and 5,000 square feet of retail. West Bay Capital LLC arranged the financing. The funds consist of a $5 million loan secured by a second deed of trust, as well as a $4.8 million senior loan that was placed with a capital partner. Both loans fetaure six-month terms and six-month extension periods.