NEW YORK CITY — Madison Realty Capital has provided $107.2 million in first mortgage financing for the first phase of Fortis Property Group’s acquisition of the Long Island College Hospital (LICH) real estate portfolio in Brooklyn. Collateral for the loan is a mix of former LICH properties comprising 357,000 square feet of retail, medical office and residential space, as well development sites. The properties are located at 91-95 Pacific St., 350-352 Hicks St., 349 Henry St., 112 Pacific St., 82 Amity St., 84 Amity St., 124-134 Atlantic Ave., 113 Congress St., 336 Flatbush Ave. and 184 Sterling Place. Madison Realty provided Fortis with a flexible financing solution to facilitate the acquisition, which is the culmination of a complex, multi-party deal related to the LICH portfolio. David Harte of Ackman-Ziff represented Fortis in the transaction.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $1 million loan for a retail property located at 3600-3614 White Plains Road in the Bronx’s Gun Hill section. The 6,500-square-foot property features a 5,335-square-foot building consisting of five retail spaces. The loan was placed with a savings bank at a five-year interest rate of 3.2 percent on a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes Realtors arranged the loan for the undisclosed borrower.
ASHLAND, ORE. — Contemporary Healthcare Capital LLC (CHC) and Community & Southern Bank (CSB) have jointly provided a $10.5 million loan for the acquisition of a seniors housing community in Ashland, near the California border. The unnamed community is a 95-unit assisted living and memory care facility. Proceeds of the loan will be used to fund the acquisition along with $575,000 in renovations. This is the first joint loan from CHC and CSB since the two companies announced the strategic partnership in May.
DALLAS, ORE. — Cain Brothers has arranged $27.6 million bond financing for Dallas Retirement Village, a continuing care retirement community (CCRC) in Dallas, about 15 miles west of Salem. Operated by Life Care Services, Dallas Retirement Village currently features 45 independent living homes, 73 independent living apartments, 65 assisted living units, 20 memory care units and 121 skilled nursing beds. The proceeds from the bonds will be used to construct 40 new lodge-style independent living apartments and a 21,000-square-foot clubhouse, as well as refund $2.5 million of existing debt. Planning for the campus expansion began in 2007, but was placed on hold during the recession.
WASHINGTON, D.C. — HFF has arranged $32 million in financing for Kennedy Row, a newly built, 141-unit apartment community located in Washington, D.C.’s Capitol Hill neighborhood. The Class A property is located at 1717 E. Capitol St. S.E. across the street from Eastern Senior High School. Built in 2013, the property features a rooftop terrace, an on-site fitness center, pet cleaning station, bike storage and underground parking. The asset was 94 percent occupied at the time of financing. Michael Gigliotti, Sue Carras, Walter Coker and Brian Crivella of HFF arranged the seven-year, floating-rate loan through HSBC Bank on behalf of the borrower, a joint venture between TRITEC Real Estate Co. and The JBG Cos. The loan proceeds were used to refinance existing construction debt on the property.
ARLINGTON, VA. — Capital One has provided a $14.5 million Fannie Mae loan to refinance Fields of Arlington, a 199-unit, mid-rise affordable housing community in Arlington, a Northern Virginia suburb of Washington, D.C. The apartment community features a clubhouse, barbecue grills and picnic areas and an outdoor swimming pool. The property is almost wholly dedicated to affordable housing, with 79.9 percent of units reserved for tenants whose income is 60 percent or less of the area median income (AMI) and 15.1 percent reserved for tenants whose income is 50 percent or less of AMI. Only 5 percent of the apartments are unrestricted. Sadhvi Subramanian and Michael Antonelli of Capital One Multifamily Finance originated the loan on behalf of the borrower, Kettler, the largest developer of affordable multifamily housing in the area.
WAKE FOREST, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.8 million acquisition loan for The Factory, a 187,695-square-foot retail and sports complex in Wake Forest. One of the largest sports complexes in the country, the public access complex covers more than 35 acres with two full-sized NHL rinks and more than 17 acres of baseball fields. The Factory was 99.8 percent leased at the time of sale to sports centers such as the YMCA of the Triangle, North Wake Baseball Association and Polar Ice House, and retail options like the Village Deli and Grill and Gonza Tacos y Tequila. The complex, built in 1964 and renovated in 2004, consists of five buildings. Jared Cassidy of MMCC’s Washington, D.C., office arranged the loan through a national balance sheet lender. Matt Greenspon of Marcus & Millichap’s Raleigh office consulted on the buy side. The undisclosed buyer purchased the asset for $17.9 million.
LOWELL, MASS. — Fantini & Gorga has arranged $2.7 million in permanent financing for Embassy House Apartments in Lowell. The three-building property features 36 one- and two-bedroom market-rate apartments. Originally built in the early 1960s, the property underwent an extensive exterior/interior and building systems upgrade in 2003. Derek Coulombe, Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing for the undisclosed borrower.
GREAT NECK, N.Y. — Houlihan-Parnes Realtors has arranged a $1.5 million first mortgage loan for an apartment building located at 15 Beach Road in Great Neck. Built in 1950, the three-story building includes 54 apartments, on-site outdoor parking spots, 27 garages, gardens and a courtyard. The seven-year loan, which was placed with a savings bank, features a fixed interest rate of 3.5 percent and a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes secured the financing for the undisclosed borrower.
HAMMOND, LA. — CBRE has secured a $53 million, 10-year loan for Hammond Square located in Hammond. Jonathan Rice, C.J. Kelly and Porter McDonald of CBRE arranged financing through Morgan Stanley on behalf of the borrower, Stirling Properties. Tenants at the center include Sears, Target, T.J. Maxx, JC Penney, Dillard’s, Ulta Beauty, Best Buy, Academy Sports + Outdoors and AMC Movie Theater.