CHICAGO — Associated Bank has closed a $7.7 million loan for the adaptive reuse of an office building located two blocks east of the intersection of Milwaukee and Ogden avenues in Chicago. Rockwell Partners/Chicago 925 Investment Partners LLC was the borrower. Rockwell is converting the office space into a 38-unit apartment building. Plans include expanding the building by two floors and renovating the street-level commercial space. Michael McGovern of Associated Bank managed the loan closing.
BRISTOL, TENN. — KeyBank Real Estate Capital has arranged a $27 million CMBS first mortgage for Pinnacle at Bristol, a 217,846-square-foot lifestyle retail center located in Bristol. The property’s tenant roster includes Belk, Dick’s Sporting Goods, Marshalls and Bed Bath & Beyond. The center is shadow-anchored by Bass Pro Shop. Scott Bois and Ken Broussard of KeyBank arranged the non-recourse financing.
NEW BEDFORD, MASS. — Fantini & Gorga has arranged $13.5 million in permanent financing for Riverbank Lofts, a former mill that was converted to an apartment property in New Bedford. Situated on 6.5 acres, the three-story property features 126 units in a mix of one-, two- and three-bedroom layouts, a 160-vehicle garage, a fitness center and a common room. The units feature high ceilings, exposed wide plank hardwood floors and stainless steel appliances. Derek Coulombe and Jason Cunnane of Fantini & Gorga secured the financing for the undisclosed borrower.
NEW YORK CITY — Fundrise, a platform for crowdfunded online real estate investment, has partnered with 306 7th Street LLC to provide $2 million in funding for an apartment repositioning in Brooklyn’s Park Slope. The partnership has selected JLB Project Management to oversee the three-unit apartment repositioning. Fundrise investors are projected to receive a gross annual return of 11 percent paid current quarterly over an 18-month term. Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. JPB Project Management specializes in high-quality, boutique projects in and around New York City. The firm has completed several similar renovations in the area.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $24.4 million HUD refinancing for Whispering Hills Apartments located at 8800 W. 124th St. in Overland Park, a Kansas City suburb. Brent Blake of NorthMarq arranged the refinancing for the 376-unit property. The transaction was structured with a 35-year amortization term. Amenities of the apartment complex include equipped kitchens with granite counters, private patios with storage, washer and dryer connections, an on-site DVD library, numerous catered events, an indoor and outdoor swimming pool and a 24-hour fitness center.
DAVENPORT, FLA. — Grandbridge Real Estate Capital has closed a $29.5 million acquisition loan for Integra Meadows at ChampionsGate, an apartment community within ChampionsGate, a premier golf course resort in Davenport. The property is within 15 minutes from the Walt Disney World Resort and Celebration, a master-planned community originally developed by The Walt Disney Co. Taylor Williams and Purvesh Gosalia of Grandbridge originated the fixed-rate, non-recourse loan through BB&T Real Estate Funding.
QUINCY, MASS. — CBRE/New England’s Multifamily Debt & Structured Finance group has arranged $14 million in construction financing for Liberty Place in Quincy. BP Liberty LLC, an affiliate of Boston Property Development, is developing a 53-unit apartment community, which has already broken ground. Located at 999 Hancock St., the property will feature 67 garage parking spaces, a fitness center, a 2,000-square-foot roof deck, a private function room and a patio/barbecue area overlooking a lawn and dog park. The residential units will feature stainless steel appliances, hardwood flooring, granite countertops, private balconies, in-unit washers and dryers, and oversized windows. John Kelly and Sam Dylan of CBRE/NE procured the financing for the borrower.
AVON, COLO. — Greystone has provided a $36 million CMBS loan for Chapel Square and Benchmark Shopping Center, two adjoining mixed-use properties comprising 200,000-square feet of retail and office space in the resort community of Avon. The property, located at the base of Beaver Creek ski resort, is currently 99.7 percent leased to 44 tenants. Ted Nasca of Greystone originated the 10-year loan with interest-only payments for the first three years and a 30-year amortization schedule.
CLEARFIELD, UTAH — RED Mortgage Capital, the proprietary mortgage banking arm of RED Capital Group LLC, has closed an $11.1M Fannie Mae loan for MBK Senior Living to refinance Chancellor Gardens of Clearfield, an assisted living and memory care community in Clearfield about 25 miles north of Salt Lake City. Chancellor Gardens is a 130-unit community constructed in 1999 and expanded in 2009. Founded in 1986, MBK owns and operates 13 communities across California, Utah, Arizona, Colorado and Washington.
ATLANTA — Greystone has provided a $50 million acquisition loan for a two-property multifamily portfolio in metro Atlanta totaling 588 units. The properties in the portfolio include Rosemont Cityview in Marietta and Dawson Forest in Dawsonville. Robert Russell of Greystone arranged the 10-year CMBS loan with a 30-year amortization schedule on behalf of the Midwest-based borrower.
