NEW YORK CITY — ERG Commercial Real Estate has arranged a $16.5 million loan for the refinancing of two office and retail buildings in Manhattan’s SoHo neighborhood. The adjacent buildings at 65-67 Greene St. total 21,321 square feet and were fully leased at the time of sale to tenants such as outdoor apparel and equipment retailer Norrona and PatBo clothing store. Ryan Lewis of ERG Commercial originated the debt. The borrower and direct lender were not disclosed.
LA VISTA, NEB. — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $72.2 million loan for the refinancing of La Vista City Centre, a mixed-use development in the Omaha suburb of La Vista. The property features the Vivere Apartments, a 392-unit luxury apartment complex, along with 32,878 square feet of retail space and 64,883 square feet of office space. Located adjacent to the Vivere Apartments is The Astro, an indoor and outdoor music venue, and a 34-acre park. Frank Montalto of IPA arranged the financing on behalf of the borrower, City+Ventures, a Nebraska-based investment and development company that partnered with the City of La Vista beginning in 2015 for the development. The seven-year loan features a loan-to-value ratio of 70 percent.
MICHIGAN — District Capital has arranged an $11.6 million loan for the acquisition of a 135-unit townhome apartment community in southeast Michigan. The agency loan features an initial interest-only period followed by a 30-year amortization. Dave Dismondy of District Capital arranged the nonrecourse loan, which allows for additional loan proceeds once a value-add plan is accomplished.
FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to Advanced Real Estate for the refinancing for two multifamily properties in Orange County. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach Debt + Equity team arranged the financing through Northmarq’s Freddie Mac Optigo seller-servicer platform. The permanent, fixed-rate loans were structured on 10-year terms with full-term interest-only payments. Northmarq funded $40 million in refinancing for Serena Vista Apartments (built in 1970) in Fountain Valley and $20 million in refinancing for Villa del Sur (built in 1969) in Santa Ana. Totaling 284 apartments, the communities offer one- and two-bedroom floor plans.
HAVERHILL, MASS. — KeyBank has provided a $24 million Freddie Mac loan for the refinancing of Pine Brook Place, a 240-unit apartment complex located north of Boston in Haverhill. The property was built on nine acres in 1974 and offers studio, one- and two-bedroom units across 10 buildings. Amenities include a pool, courtyard and onsite laundry facilities. Dirk Falardeau and Matt Purtell of KeyBank originated the financing on behalf of the borrower, locally based developer The Dolben Co.
ORANGE, N.J. — A partnership between PEEK Properties and Circle Squared Alternative Investments has received $20.5 million in construction and permanent financing for The Lincoln, a 102-unit multifamily project located in the Northern New Jersey community of Orange. The property will offer studio, one- and two-bedroom units and amenities such as a fitness center, tenant lounge and a courtyard deck. Amboy Bank provided the debt. Inglese Architects & Engineering is designing the project. Completion is slated for next spring.
LOS ANGELES — The Los Angeles Colliers Mortgage Structured Finance Group has arranged $24.4 million in construction financing for Kingsley Apartments, an affordable housing development in Los Angeles’ Koreatown submarket. Jonathan Lee, Shahin Yazdi, William Hyatt and Tommy Adelson of Colliers arranged the financing, which features a term of 30 months plus optional extensions. Upon completion, the 72,800-square-foot Kingsley Apartments will offer 136 studio and one-bedroom units restricted to residents earning up to 80 percent of the area median income. The undisclosed borrower plans to break ground on the project in June 2024.
ZIONSVILLE, FORT WAYNE AND COLUMBUS, IND. — Ziegler has arranged $32 million in bank financing for BHI Senior Living, a faith-based nonprofit organization established in 1904 that owns and operates 10 market-rate continuing care retirement communities (CCRCs) across the states of Indiana, Ohio and Michigan. The financing is secured by three of BHI’s communities in Indiana: Hoosier Village in Zionsville, The Towne House in Fort Wayne and Four Seasons in Columbus. The portfolio comprises 384 independent living units, 524 assisted living units and 225 skilled nursing units. BHI will finance two phases of new construction at its flagship Hoosier Village campus. The project consists of a new type of independent living unit for BHI: three-story, 3,200-square-foot townhomes with elevators and upscale finishes. BHI intends to construct 20 independent living townhomes in each of the two phases, beginning in spring 2024 and another in spring 2025, for a total of 40 units. BHI currently has a significant waitlist with over 400 households seeking an independent living unit at Hoosier Village. The financing is structured to leverage proceeds from initial entrance fees to the new independent living units. BHI elected to make use of the Phase I initial entrance fee pool to …
CAMBRIDGE, MASS. — MassHousing has provided $41.6 million in financing for a 106-unit affordable housing project that will be located at 52 New St. in Cambridge. The majority of the financing consists of a $15.4 million permanent loan and $24.7 million in tax credit equity bridge financing. Units will come in one-, two- and three-bedroom formats and will be reserved for households earning 30, 60 and 80 percent of the area median income. The six-story building will also include 3,500 square feet of commercial space. The borrower is social services provider Just A Start.
LOS ANGELES — Santa Monica-based Gortikov Capital has arranged a $101 million loan on behalf of AMCAL Housing for the refinancing of The Clarendon, a Class A apartment property in the Woodland Hills neighborhood of Los Angeles. Developed in 2020, The Clarendon offers 335 apartments with in-unit washers/dryers, Nest-controlled central cooling and heating, keyless entry and walk-in closets. Community amenities include a resort-style pool and spa, basketball court, state-of-the-art fitness center with yoga and spin rooms, and a business center. Bryan Gortikov of Gortikov Capital led the capital markets team that secured the two-year, floating-rate senior bridge loan through a U.S.-based debt fund.