Loans

Greystone Bassuk Group Closes $140M Refinancing for Apartment Tower in Brooklyn

by Amy Works February 6, 2015

NEW YORK CITY — Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of The Dermot Company and Lowe Enterprises Investment Management LLC. The financing was structured with $90 million of 2010 Series A low-floater, tax-exempt bonds; $9 million of 2015 Series A low-floater, tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing for 66 Rockwell Place in Brooklyn. Loan proceeds were used to repay Dermot’s existing construction loan and reduce the developer’s equity in the project. Located on the corner of Flatbush Avenue and Rockwell Place, 66 Rockwell is a 42-story apartment building featuring 326 residential units, 7,000 square feet of retail space and 40,000 square feet of garage parking.

February 6, 2015

Connecticut Loans Multifamily Northeast Seniors Housing

Capital One Bank Closes $52M in Refinancing for Seniors Housing Community in Connecticut

by Amy Works February 6, 2015

NORTH BRANFORD, CONN. — Capital One Bank has closed a $52 million senior secured term loan for the refinancing of Evergeen Woods, a continuing care retirement community in North Branford. The property features 227 independent living units, 22 assisted living units and 50 skilled nursing beds. The Shelter Group and affiliates of Herbert J. Sims & Co jointly own the facility. First Niagara also participated in arranging the loan.

February 6, 2015

Loans Maryland Mixed-Use Southeast

Phillips Realty Capital Arranges $51M Construction Loan for Mixed-Use Development

by John Nelson February 6, 2015

GAITHERSBURG, MD. — Phillips Realty Capital (PRC) has structured a $51 million construction/permanent loan for the next phase of the 125-acre Watkins Mill Town Center in Gaithersburg. The Majestic at Watkins Mill will be a five-story structure with 243 residential units, 10,500 square feet of retail space, landscaped terraces with fountains, a dog wash and theater room. The design team includes developer BP Realty Investments LLC — a joint venture between Kline & Associates and Henry Investments — and Donohoe Construction Co. Stephen Shaw, Jr. and Daniel Shiff of PRC arranged the loan through Cardinal Bank and Burke & Herbert Bank on behalf of BP Realty Investments.

February 6, 2015

Florida Hospitality Loans Southeast

PCCP Provides $30.6M Acquisition/Renovation Loan for InterContinental Tampa

by John Nelson February 6, 2015

TAMPA, FLA. — PCCP LLC has provided a $30.6 million senior loan to The Arden Group for the acquisition and renovation of the InterContinental Tampa, a 323-key hotel in Tampa’s Westshore submarket. The Arden Group is investing $5.4 million in capital improvements, including upgraded guestrooms, bathrooms, meeting rooms, common areas, mechanical systems and elevators. Built in 1984 and located at 4860 W. Kennedy Blvd., the hotel underwent a major renovation that was completed in 2008 when it was converted to an InterContinental. It is part of the Urban Centre mixed-use complex, which includes more than 500,000 square feet of Class A office space.

February 6, 2015

Georgia Loans Multifamily Southeast

Grandbridge Arranges $4.9M Loan for Two Apartment Communities in South Georgia

by John Nelson February 6, 2015

VALDOSTA, GA. — Grandbridge Real Estate Capital has arranged a $4.9 million loan secured by The Timbers Apartments and Heather Glen Apartments in Valdosta. Bill Mattice of Grandbridge arranged the refinance loan through Freddie Mac. The loan features a seven-year term, 30-year amortization schedule and one year of interest-only payments. Both properties are fully occupied, according to Mattice.

February 6, 2015

Loans Multifamily Northeast Pennsylvania

Procida Funding Provides $16.2M Construction Loan for Mural Arts Lofts in Philadelphia

by Amy Works February 5, 2015

PHILADELPHIA — Procida Funding’s 100 Mile Fund has provided $16.2 million in construction financing for Mural Arts Lofts, formerly the Thaddeus Stevens School, in Philadelphia’s North Broad corridor. Developer Eric Blumenfeld will use the funds to renovate the historic property into 56 loft-style apartments. The apartments will feature many of the original architecture elements, including chalkboards, window details and historic wood cabinetry. Domus Inc. is serving as contractor, while Richard Sauder and David Chou are providing architectural and engineer services. Construction is slated to begin immediately, with occupancy expected in early 2016.

February 5, 2015

Loans Massachusetts Multifamily Northeast Seniors Housing

Berkeley Point Capital Closes $16.2M in Refinancing for Atria Maplewood Place

by Amy Works February 5, 2015

MALDEN, MASS. — Berkeley Point Capital has closed a $16.2 million Freddie Mac loan for Atria Senior Living and its partners. The 7-year loan, which features a floating rate, will be used to refinance an existing first mortgage debt from MassHousing and facilitate the buyout of its tax credit equity partner. Additionally the loan will refinance Atria Maplewood Place, a 98-unit assisted living and memory care community in Malden. Doug Harper of Berkeley Point Capital negotiated the loan.

February 5, 2015

Loans Multifamily Texas

BMC Capital Provides $2.8M Loan for Apartment Complex in San Antonio

by Haisten Willis February 5, 2015

SAN ANTONIO — BMC Capital’s Austin office has arranged a $2.8 million refinancing loan for a multifamily property located in San Antonio. The non-recourse bridge loan includes a 60 percent loan-to-value ratio, a three-year fixed rate of 6 percent with full-term interest-only payments. The loan was arranged through one of BMC Capital’s correspondent banking relationships and closed in less than 30 days.

February 5, 2015

Loans Multifamily Seniors Housing Texas

Grandbridge Arranges $6M Loan for Seniors Housing Property in Dallas

by Haisten Willis February 4, 2015

DALLAS — Grandbridge Real Estate Capital has arranged a $6 million loan for Acadia Assisted Living, an 88-unit seniors housing community located in Dallas. BB&T Real Estate Funding’s Structured Loan Program provided funding for the acquisition. Richard Thomas and Meredith Davis of Grandbridge originated the transaction. Grandbridge’s seniors housing and healthcare finance team offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.

February 4, 2015

Loans Midwest Wisconsin

Walker & Dunlop Originates $6.9M in Loans for Two Movie Theaters in Milwaukee

by Danielle Everson February 4, 2015

MILWAUKEE — Walker & Dunlop Inc. has originated two CMBS loans totaling $6.9 million for Fox Bay Cinema Grill and Oriental Theater in Milwaukee. The loans were structured with 10-year terms for New Land Enterprises. Both loans were secured by two mixed-use assets, in which the lead tenant at each property is an independent movie theater. Fox Bay Cinema Grill is a 48,391-square-foot independent movie theater that offers “dinner and a movie” by serving guests a meal while they view their selected film. The Oriental Theater, now part of the Landmark Theater group, has been operating continuously since 1927. The Landmark Theater group has grown to 48 theaters and 224 screens in 21 markets. Oriental Theater’s movies focus on independent films. Additionally, a bowling alley and a bar are tenants in the basement of this property. Rob Meister led the Walker & Dunlop team that secured the refinancing for both theaters. New Land Enterprises develops, owns and manages condominiums, apartments and commercial real estate.

February 4, 2015

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