HAMDEN, CONN. — Fantini & Gorga has arranged $12.9 million in first mortgage permanent financing for two medical office buildings in Hamden, a city in southeast Connecticut. Totaling 65,216 square feet, the properties are fully leased and occupied by regional and local medical practices. Casimir Groblewski of Fantini & Gorga arranged the refinancing with a major securitization lender for the borrower, a New England-based real estate developer and investor.
PHOENIX — The 331-room Wigwam Resort in the Phoenix submarket of Litchfield Park has received a $29 million loan. The hotel is located at 300 E. Wigwam Blvd. The resort features 45,000 square feet of indoor meeting space, 55,000 square feet of outdoor meeting space, an Elizabeth Arden Spa, four food and beverage venues, four swimming pools and three 18-hole golf courses. JLL’s Dustin Stolly, Mike Huth and Aaron Niedermayer secured the floating-rate loan. East West Bank provided the funds to JDM Holdings.
DALLAS — HFF has arranged the sale of and acquisition financing for Le Méridien Dallas by the Galleria, a 258-suite hotel in Dallas. HFF marketed the property on behalf of the seller, a partnership between Arden Group Inc. and HEI Hotels & Resorts. NB Holdings purchased the asset for an undisclosed amount. Additionally, HFF worked on behalf of the new owner to place the 10-year, fixed-rate acquisition loan with Principal Commercial Capital. Le Méridien Dallas by the Galleria is an all-suite, 11-story hotel with a European aesthetic. Originally constructed in 2002, the hotel was renovated in 2009 when it was converted into a Le Méridien. Hotel amenities include the recently renovated fitness center, 5,079 square feet of meeting space, indoor heated swimming pool, 24-hour business center and concierge service. Le Méridien Dallas by the Galleria is situated on 2.9 acres in the North Dallas Galleria market, a retail, office and entertainment district. Located at 13402 Noel Road, the hotel is across the street from the Dallas Galleria, a 1.8 million-square-foot mall that is the second most popular tourist attraction in North Texas with approximately 19 million visitors a year. Additionally, the hotel is surrounded by Class A office space serving as …
NEW YORK CITY — Greystone Bassuk has closed a $254 million construction-to-perm financing facility with Bank of China’s New York Branch on behalf of an affiliate of BLDG Management Co. The facility was structured as a letter of credit providing credit enhancement to support tax-exempt and taxable variable-rate bonds issued under the New York State Housing Financing (HFA) 80/20 Housing Program. The financing consists of $26 million of 2015 Series A tax-exempt bonds; $23.3 million of 2016 Series A tax-exempt bonds; $125 million of 2016 Series B taxable bonds; and $76.9 million of 2017 Series A taxable bonds providing fund for the construction of 222 E. 44th Street in New York. The project will consist of a 43-story multifamily apartment tower with 441,000 gross square feet and 429 residential units, of which 87 units will be affordable housing. On-site amenities will include concierge and valet services, a penthouse roof deck and lounge, sundeck and barbeque area, indoor swimming pool, resident lounge, golf simulator, children’s playroom, fitness center with indoor basketball court, and bike and tenant storage. Drew Fletcher, Matthew Klauer and Evelyn Savino of Greystone Bassuk secured the financing for the borrower.
NEW YORK CITY — Madison Realty Capital has provided a $9 million loan for the acquisition and construction of a development site at 232 Smith St. in Brooklyn’s Boerum Hill neighborhood. The borrower, a local developer, plans to build a 15,000-square-foot, three-level retail building on the site. Construction on the pre-leased building is slated to start this fall with completion scheduled for summer 2016. A single retail tenant will occupy the entire property.
ATLANTA — Grandbridge Real Estate Capital has closed two acquisition loans and two refinance loans for four multifamily properties in metro Atlanta totaling roughly $44.4 million. The acquisition financing includes a $17.8 million loan for Sweetwater Creek Apartments in Lithia Springs and a $9.2 million loan for Mableton Reserve in Mableton. Alan Tapie and Thomas Wiedeman of Grandbridge originated the acquisition loans through Freddie Mac. Both loans were structured with 10-year terms and 30-year amortization schedules. The refinancing loans totaled $17.5 million and were secured by Marquis Parc in Clarkston and Marquis Forest in Decatur. Grandbridge placed the permanent loans through an unnamed CMBS lender.
SYRACUSE, N.Y. — Red Capital Partners has provided a $36.5 million balance sheet acquisition loan to Investment360 for the purchase of James Square Health and Rehabilitation Centre in Syracuse. Excelerate Healthcare will operate the 440-bed skilled nursing facility as part of a long-term lease agreement with Investment360. Kathryn Burton Gray and James Scribner of Red Capital Partners arranged the financing for the borrower.
EUGENE, ORE. — Lancaster Pollard has provided $6.7 million in financing for Benicia Senior Living to fund the acquisition and rehabilitation of River Grove, a 60-unit assisted living and memory care community in Eugene. The funding will be used to renovate three of the community’s four buildings and build a commercial kitchen to serve the campus. Once renovations are complete, the entire campus will be dedicated to memory care. The financing structure, which included senior and mezzanine loans, allowed for the borrower to avoid raising substantial amounts of equity otherwise required for conventional financing. The financing carries five-year terms. Doug Korey, president of Lancaster Pollard, led the financing.
ST. PAUL, MINN — Oak Grove Capital has closed on 12 loans totaling $70.3 million since late May. The properties ranged from affordable and market-rate housing to senior living communities. The most significant closing for the St. Paul-based firm —an $18.2 million FHA loan modification for TowerLight Senior Living — occurred June 30. The 113-unit senior community complex is located in St. Louis Park, Minn. The loan modification was facilitated by Ken Dayton of Oak Grove Capital. Amenities at TowerLight include an intergenerational child and elderly care program, fitness center, beauty salon, library and game room, gourmet kitchen, reflection room, clubroom, theater and an arts and craft room.
DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million acquisition loan for a 55-unit multifamily property located in Denton. The loan featured an 80 percent loan-to-value ratio, a seven-year term, 4.75 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.