RALEIGH, N.C. — NorthMarq Capital has arranged $14 million in acquisition financing for Crossroads North Hills Apartments, a 228-unit multifamily property in Raleigh. Brett Mason of NorthMarq Capital’s Raleigh office arranged the 12-year loan with three years of interest-only payments and a 30-year amortization schedule through the Fannie Mae DUS platform.
NORTH MIAMI AND MARGATE, FLA. — RED Capital Partners LLC has completed a $10 million balance sheet loan on behalf of the borrower, Livewell Senior Living. The acquisition financing will allow Livewell to purchase two assisted living/memory care facilities in the Miami-Fort Lauderdale-Pompano Beach MSA. The two properties include Livewell at Courtyard Plaza, a 68-unit facility in North Miami, and Livewell at Coral Plaza, a 100-unit property in Margate. RED Capital Partners LLC is the proprietary debt and equity banking arm of RED Capital Group LLC.
NEW YORK CITY — Mission Capital Advisors has arranged $148.5 million in non-recourse construction financing for the development of Queens Plaza South, a rental apartment building in Long Island City, Queens. The 44-story property will feature 391 apartment units, 165 parking spaces and 20,000 square feet of retail space. On-site amenities will include a rooftop pool, fitness center, lounge and children’s playroom. Mission Capital represented the sponsor, a joint venture between Property Markets Group, Karman Hakim and New Valley LLC, in arranging the financing with Deutsche Bank. The loan represented 70 percent of the total capitalization for the project. NorthStar Finance provided a $40.3 million mezzanine loan bringing the total financing to $188.7 million or 90 percent of the total project capitalization. Jason Cohen, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital represented the sponsor.
NEW YORK CITY — Canyon Capital Realty Advisors LLC has provided $120 million in senior construction financing to LSG 365 Bond Street LLC, an affiliate of Lightstone. The loan will be used for the ground-up development of a 12-story residential community in Brooklyn’s Gowanus neighborhood. Located at 365 Bond St., the multifamily property will feature 429 residential units, including 86 affordable housing units. Additionally, the project will include a public esplanade along the Gowanus Canal, which will provide a lighted walkway, public outdoor space and access to the canal. Meridian Capital Group advised Lightstone on the transaction.
YARDLEY, PA. — HFF has brokered the sale of Yardley Crossing, a multifamily community located along the Delaware River in Yardley. Additionally, HFF arranged Fannie Mae acquisition financing on behalf of the buyer, Relative Properties. Located at 1800 Kathy Dr., the 196-unit community features two- and three-bedroom townhome-style units and 12 one-bedroom flats. Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room. Zac Pierce, Mark Thomson and Jose Cruz of HFF represented the seller, Fairfield Belmondo LLC, in the transaction. Ryan Ade and James Conley led the HFF debt placement team to secure financing for the buyer.
SHOREVIEW, MINN. — Dougherty Mortgage LLC has arranged a $13.5 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Shoreview, a 77-unit construction senior cooperative property in Shoreview. Dougherty’s Minneapolis-based office arranged the 40-year loan for the borrower, Applewood Pointe Cooperative of Shoreview. The cooperative site is located in a Ramsey County suburb.
ALEXANDRIA, VA. — Cassidy Turley has arranged $122 million in acquisition financing for Canal Center, a 538,895-square-foot, Class A office campus in Old Town Alexandria. The four-building complex sits alongside the Potomac River. John Campanella and Paul Spellman of Cassidy Turley arranged the loan through an unnamed bank on behalf of the borrower, American Real Estate Partners.
MAITLAND, FLA. — NXT Capital has provided a $15.3 million first mortgage loan to refinance The Q at Maitland, a 129-unit apartment community in Maitland, a suburb seven miles outside of Orlando. The property offers one- to three-bedroom residences and includes a swimming pool and fitness center. Jeff Walker, Mike Ryan, Brian Linnihan and Telly Fathaly of Cushman & Wakefield arranged the loan.
MIAMI — HFF has arranged $80 million in construction financing for Midtown 5, a 24-story, 400-unit residential tower in midtown Miami. The property will be located roughly four miles west of Miami Beach at 3301 N.E. 1st Ave. Mike Tepedino, Elliott Throne, Jennifer Keller and Scott Wadler of HFF arranged the loan through TD Bank and Mercantil Commercebank on behalf of the borrower, a joint venture between Magellan Development Group and Midtown Development. Midtown 5 is slated for a fall 2016 completion. Chicago-based Loewenberg Architects designed Midtown 5 to achieve LEED Silver certification. The project will include 21,500 square feet of ground-floor retail space, 2,600 square feet of office space and a 450-space parking garage. The property’s amenity package also includes a 24-hour doorman, outdoor lounges with grilling stations, swimming pools and cabanas, a spa, fitness center with steam room and a sauna, game room, dog run, bike room and a business center.
NEW YORK — Berkadia Commercial Mortgage LLC has originated a $14.1 million loan to refinance three assisted living facilities in North Carolina. Christopher Fenton of Berkadia’s seniors housing and healthcare group originated the 35-year, fixed-rate financing through HUD’s 232/223(f) program on behalf of the borrower, an affiliate of Agemark Assisted Living. The properties total 111 assisted living units and are 90 percent occupied.
