CHICAGO — Meridian Capital Group has arranged $70.5 million in financing for the acquisition and renovation of 19 off-campus housing properties and two land parcels near the University of Chicago in the city’s Hyde Park neighborhood. Meridian arranged the financing for the buyer, Pioneer Acquisitions. The seller, the University of Chicago, acquired the properties over many decades and has operated this portfolio solely as student and faculty housing. The rental units are located in 19 non-contiguous multifamily properties on Hyde Park Boulevard, Dorchester Avenue, Kenwood Avenue, Blackstone Avenue and Woodlawn Avenue. While the recent revitalization and heavy new commercial development within Hyde Park have created strong demand for market rate housing in this submarket, the intent of Pioneer Acquisitions is to continue catering to students and faculty. A national debt fund provided the three-year, interest-only loans that include future funding for improvements, floating rates with weighted average spreads in the high 300s in basis points over the 30-day LIBOR rate, and two one-year extension options. The renovations, which are expected to begin immediately, will include upgrades to kitchens, bathrooms and common areas at all properties. Seth Grossman and Andy Strauss of the Carlsbad, Calif., office of Meridian Capital negotiated the …
ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided a $6.4 million construction loan to Conifer Realty LLC for the development of Market Apartments at Corpus Christi. Located on East Main Street in Rochester’s Market neighborhood, the affordable housing development, which is tailored for local artists, will feature 42 energy-efficient apartments, including one- and two-bedroom units; art studio and work space; and plans to add a rehearsal space for musicians in a neighboring building. Additionally, the property is located within walking distance to public transportation and retailers. Conifer-LeChase Construction, a partnership between Conifer and LeChase Construction Services, is serving as general contractor for the project.
MONTGOMERY, ALA. — New York Life Real Estate Investors has provided a $58 million loan on behalf of institutional investors for The Shoppes at EastChase in Montgomery. The 389,084-square-foot power retail center is leased to tenants including AT&T Wireless, Banana Republic, Dillard’s, Earth Fare Organic Grocer, Kohl’s, LOFT, Moe’s Southwest Grill, Motherhood Maternity, PetSmart and Target. Phillip Cox and Bill Mattice of Grandbridge Real Estate Capital’s Greenville, S.C., office arranged the loan through New York Life. The 10-year loan featured a fixed interest rate.
LUFKIN, TEXAS — Cohen Financial has secured a $6 million loan to refinance a portfolio of five self-storage facilities located in the east Texas city of Lufkin. The portfolio consists of 1,719 units spanning 264,040 square feet. Each facility features recreational vehicle and boat storage spaces. Lufkin is located 120 miles north of Houston and 170 miles southeast of Dallas, and all of the storage facilities are within a six-mile radius. Kenneth Fox of Cohen Financial’s San Francisco office originated the fixed-rate loan through Symetra Insurance Co. A San Francisco Bay-area investor/owner group is the borrower.
NEW ORLEANS — HFF has arranged a $27.7 million loan for Algiers Plaza, a recently renovated, 236,389-square-foot shopping center located along General deGaulle Drive in New Orleans. The Winn Dixie-anchored shopping center has recently added Petco, Ross Dress for Less, T.J. Maxx and Burke’s to its tenant roster. Existing tenants include Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens. Algiers Plaza was 85 percent leased at the time of financing. De’On Collins and Travis Anderson of HFF arranged the floating-rate loan through BBVA Compass on behalf of the borrower, N3 Real Estate. N3 will use the loan proceeds to pay off a construction loan, acquire all of the minority partnership interests and fund future capital improvements and leasing costs at the property.
GARLAND, KATY AND BEAUMONT, TEXAS — BMC Capital has provided loans in the Texas cities of Garland, Katy and Beaumont totaling $8.2 million. In the first transaction, Tony Talamas of BMC Capital’s Houston office arranged a $1.7 million loan for the purchase of a 50-unit, garden-style multifamily property built in 1959 in Garland. The loan featured a 20-year term with 4.2 percent interest for five years, a 30-year amortization schedule and a step-down pre-payment premium. The non-recourse loan also featured one year of interest-only payments while the new owner makes upgrades and implements repairs/renovations to the property. The loan was arranged through one of BMC Capital’s correspondent agency relationships under the Freddie Mac Small Balance program. In the second transaction, Talamas arranged $4.5 million loan for the refinancing of an unanchored, multi-tenant retail strip center in Katy. The property was 57 percent occupied and 70 percent leased at the time of application. Talamas arranged a permanent loan with one of BMC Capital’s correspondent credit union relationships. The loan featured a five-year, fixed-rate term with 4.8 percent interest, 25-year amortization schedule and no pre-payment penalty. In the third transaction, Talamas arranged a $2 million loan for the purchase of a multifamily property …
ATLANTA — Pillar, an affiliate of Guggenheim Partners, has originated a $7.5 million Fannie Mae loan for the refinance of The Roosevelt, a 120-unit multifamily building located in Atlanta’s Grant Park historic district. Gabe Seghi of Pillar’s Boca Raton, Fla., office originated the fixed-rate, 10-year loan with a 30-year amortization schedule on behalf of the borrower, a regional multifamily owner/operator. Pillar is a national Fannie Mae DUS lender.
SEMINOLE, FLA. — Grandbridge Real Estate Capital has closed a $4.6 million loan secured by a Winn Dixie-anchored shopping center in Seminole. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the 10-year, interest-only loan through an unnamed CMBS lender. According to Mattice, the unnamed borrower was using a 1031 exchange as the equity to acquire the shopping center.
FREMONT, CALIF. — PCCP has provided a senior construction loan to a joint venture between BHV CenterStreet Properties and JD Capital for the development of Artist Walk at 37070-3722 Fremont Blvd. Situated on 6.24 acres in the Centerville District of Fremont, the infill mixed-use project will feature 185 apartments and 28,641 square feet of ground-floor retail space. Plans for the development include three- and four-story buildings with surface parking, as well as continuous street-facing retail across three separate buildings along Fremont Boulevard with a mix of 12 to 17 restaurants and retailers. The apartment units will feature one- and two-bedroom layouts with nine-foot ceilings, washer/dryer, private balconies and upgraded finishes. On-site amenities will include a pool, clubhouse and business center.
HAMILTON, N.J. — RED Capital Partners has arranged a $36.4 million first mortgage construction loan for the development of Homestead of Hamilton, seniors housing community in Hamilton. The borrower was to Homestead Senior Living LLC. The balance of the capital stack was provided by an institutional private equity group and Regional Capital group, which will provide EB-5 Financing, along with the sponsor’s equity. Pike Senior Housing Partners LLC has partnered with Solvere Senior Living, an affiliated company of Solutions Advisors LLC, to develop the community. Homestead at Hamilton will feature 96 independent living units, 75 assisted living units and 24 memory care units.