CHULA VISTA, CALIF. — Walker & Dunlop has arranged $66 million for the refinancing of Boardwalk at Millenia, a multifamily property in Chula Vista. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Mo Beler, Michael Ianno and William Herring of Walker & Dunlop’s New York Capital Markets team arranged the transaction on behalf of the borrower, Barings Core Property Fund. The team also identified the lender, Kohlberg Kravis Roberts & Co. LP. Located at 1660 Metro Ave., Boardwalk at Millenia offers 309 apartments, a resort-style pool and spa, outdoor fireplaces and lounges, upscale fitness studio, children’s play area and coworking spaces with private conference rooms. The property was built in 2018. In 2019, Barings purchased the property from Trammell Crow Residential and recently secured the new financing, a five-year, floating-rate loan, to refinance the previous loan.
BOUNTIFUL, UTAH — EBSC Lending has arranged the closing of a $14.5 million loan to refinance an assisted living and memory care community in Bountiful, a suburban community between Salt Lake City and Ogden, Utah. The undisclosed sponsor acquired the facility in 2019 and has expanded the property’s memory care capacity to capture more of the market demand for high-quality memory care and increased the allowable density by obtaining a zoning amendment allowing up to 73 beds. The sponsor increased occupancy, improved operations and hired a new management company to oversee the property. Additional amenities offered at the property include personalized care, healthcare coordination, chef-prepared meals, housekeeping and secure courtyards.
CHARLOTTE, N.C. — Northmarq has arranged $55 million for the refinancing of Lincoln at Dilworth, a 379-unit multifamily property located at 905 Kenilworth Ave. near Uptown Charlotte. Ernest DesRochers and Dylan Hamer of Northmarq’s New York office secured the four-year loan through Lincoln Financial Group on behalf of the borrower, Lincoln Ventures. Lincoln at Dilworth features apartments in studio, one- and two-bedroom layouts. Amenities at the community include a rooftop lounge; swimming pool; fitness center; pet spa and bark yard; game room; outdoor kitchen, bar and lounge area; bike racks and a bike repair shop; concierge services; covered parking; and a parking concierge.
CHICAGO — American Street Capital (ASC) has arranged a $10.6 million loan for the refinancing of a flex office property in Chicago’s Fulton Market neighborhood. The 90,000-square-foot building features office, warehouse and showroom spaces as well as more than 170 parking spaces. The property was extensively renovated in 2020, and includes a common area roof space, tenant lounge, one passenger and two freight elevators, multiple secure loading docks and a gated parking lot. Igor Zhizhin of ASC arranged the 10-year loan through a commercial bank.
ROMULUS, MICH. — PACE Loan Group has provided a $1.5 million C-PACE loan for a 475-unit self-storage project under construction in Romulus. The 25-year loan, which closed out the $9 million capital stack, will be used for the building envelope, Energy Star windows, high-efficiency HVAC, plumbing and LED lighting. The property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven one-story buildings with a mix of 298 climate-controlled units and 177 drive-up units. Completion is slated for summer 2025. Extra Space Storage will manage the property. The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years. A local bank provided a senior loan of $5.5 million.
LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new luxury senior living community under development in Los Angeles. The undisclosed borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The 172,163-square-foot facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor and a variety of luxury amenities. “This deal had tremendous headwinds, given the rising interest rates,” says David Palmer, vice president, special assets at EBSC Lending. “Working together with the sponsor, we were able to structure the deal with favorable terms and sizing parameters that allowed us to preserve millions of dollars. We regard healthcare as highly strategic. We are committed to the future of this growing sector and to supporting our healthcare clients.” Based in Irvine, Calif., EBSC is a private lender that offers customized solutions to real estate investors and developers. The company has emerged as a provider of senior financing to alternative real estate bridge lenders.
NASHVILLE, TENN. — A joint venture between Smith Hill Capital and Bain Capital has provided a $57 million loan for Embassy Suites by Hilton Nashville Airport, a 305-room hotel in Nashville. Eastdil Secured arranged the financing on behalf of the borrowers, Affinius Capital and Westmont Hospitality. The hotel sits close to Nashville International Airport, downtown Nashville and the One Century Place Conference Center. Amenities at the hotel include an airport shuttle, fitness center, business center, indoor pool, complimentary evening reception and more than 6,000 square feet of meeting space.
SYLMAR, CALIF. — Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corp. (CBCDC), has provided $37 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village. The affordable seniors housing property is located in Sylmar, a city northwest of Los Angeles in the San Fernando Valley. The development project will preserve its 88 existing homes and introduce 92 new housing options. Valley Pride Village’s rehabilitation and expansion will help alleviate the need for affordable housing as the senior population in Los Angeles is projected to increase by 24 percent and surpass 1 million by 2030, making up nearly one in four Los Angeles residents. The project qualified for a density bonus under the City of Los Angeles’ Executive Directive 1, which is the city’s latest move to advance affordable housing within the county. Valley Pride Village will offer a mix of studio, one-, and two-bedroom homes for seniors who earn up to 30 to 80 percent of the area median income (AMI). The existing buildings within the community will undergo extensive renovations, including upgrades to cabinetry, countertops, …
BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac acquisition loan for Estraya Boerne, a 288-unit mixed-income multifamily property located on the northwestern outskirts of San Antonio. Built in 2022, Estraya Boerne offers one-, two- and three-bedroom units and amenities such as a pool and a fitness center. Half the units are subject to income restrictions. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.
LAKE CHARLES, LA. — Churchill Stateside Group LLC has closed $47.7 million in construction financing for Deerwood Apartments, a new 144-unit affordable housing development in Lake Charles, a city in western Louisiana. Once complete, the property will feature 18 one-bedroom units, 84 two-bedroom apartments and 42 three-bedroom units that will cater to families. The construction timeline and developer/sponsor were not disclosed. The financing package included $21.5 million of short-term, tax-exempt bonds through Churchill Stateside Securities LLC; a $20.8 million construction loan via Churchill Mortgage Construction LLC; a $4.8 million forward tax-exempt permanent loan commitment; and a $600,000 Equitable Recovery Program loan commitment through Churchill Mortgage Investment LLC. The Clearwater, Fla.-based financial services company utilized its PUBLIC-TEL loan program to facilitate the financing.