CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metropolitan area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement nursing facility that will total approximately 122,000 square feet. The project will bring a progressive new care model to Carolina Meadows and will include a total of 90 beds, comprised seven 12-person households with the possibility of dual-occupancy in one unit in six of the households. Each unique household is designed to resemble a home, and include a living room, kitchen, den and direct access to outdoor spaces. Upon completion of the project, which is scheduled for April 2026, Carolina Meadows will transfer residents from its existing health center to the new health center.
DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has arranged an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the apartment building rises 21 stories with 221 units. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.
STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.
FREEHOLD, N.J. — Ziegler has arranged $42.5 million in bond financing for the acquisition of Applewood, a continuing care retirement community (CCRC) in Freehold, an eastern suburb of Trenton. Located on approximately 44 acres, Applewood opened in 1990 and offers 300 independent living units, 37 assisted living units, 11 memory care units and 60 skilled nursing units. The acquisition was completed utilizing a mix of tax-exempt and taxable debt. The borrower is FellowshipLIFE, a nonprofit owner-operator of CCRCs in New Jersey.
INDIANAPOLIS — Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, has provided a $26.8 million bridge loan for Fountain Parc Apartments in Indianapolis. The 241-unit, garden-style multifamily property consists of 14 buildings on 15 acres. Amenities include a fitness center, pet wash station, dog park, playground, pool and firepit. The loan proceeds will retire existing debt and finance interior improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.
OMAHA, NEB. — Colliers Mortgage has provided a $29.9 million Fannie Mae loan for the refinancing of Highline Apartments in Omaha. The 306-unit apartment complex consists of two buildings connected by a covered parking garage. Amenities include rooftop decks, basketball courts, a business center, fitness center, outdoor pool and clubhouse. Brett Olson and Jeff Witt of Colliers Mortgage originated the 10-year loan, which features interest-only payments for the full term.
NOLENSVILLE, TENN. — CBRE has secured $38.6 million in construction financing for the development of Village Green, a 90,525-square-foot shopping center currently underway in Nolensville, roughly 20 miles outside Nashville. Upon completion, the development will comprise nine buildings situated on a 17-acre site at the intersection of Nolensville and Rocky Fork roads. Publix will anchor the center. Other tenants at the property will include Heartland Dental, Club Pilates, Jersey Mike’s, Waxing the City, Hand & Stone Massage and Facial Spa and Physicians Urgent Care. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan through ServisFirst Bank on behalf of the borrower, Watkins Real Estate Group. Construction is scheduled for completion in summer 2025.
RICHMOND, VA. — BWE has arranged a $47 million loan to refinance Discovery Village at the West End, a senior living community located at 9801 Harmony Woods Way and 2422 University Blvd. in Richmond. Totaling 219 units, the property features independent living, assisted living and memory care residences situated on one contiguous campus. Amenities include restaurant-style dining, a Legends club and bar, wellness center, movie theater, concierge services and programming, including lectures, fitness classes and onsite therapy. The property was 93 percent occupied at the time of financing. Ryan Stoll and Taylor Mokris of BWE secured the financing on behalf of the borrower, an undisclosed private equity investor.
ROMEOVILLE, ILL. — Associated Bank has provided a $25.4 million construction loan for Bridge Point I-55 Commerce Center in the southwest Chicago suburb of Romeoville. The speculative industrial project will total 292,054 square feet across two buildings. Bridge Industrial is the developer. The first building will total 120,012 square feet and feature a clear height of 36 feet, 25 exterior docks, two drive-in doors and 223 car parking stalls. The second building will span 172,042 square feet with a clear height of 36 feet, 43 exterior docks, two drive-in doors and 107 car parking stalls. The site also features an additional 3.8 acres to accommodate 75 more trailer parking stalls. Completion is slated for July 2025. Dan Leahy and Adam Roth of NAI Hiffman are marketing the project for lease.
BROOMFIELD, COLO. — Northmarq has arranged $46 million in construction financing for Blackburn Communities for the development of Wadsworth Junction, a Class A multifamily property at 11495 Wadsworth Blvd. in Broomfield. Situated on 7.7 acres, the three-building community will offer 227 one-, two- and three-bedroom apartments averaging 967 square feet. Unit interiors will feature stainless steel appliances, granite/stone countertops, vinyl flooring throughout, washers/dryers, walk-in closets and patios/balconies. Planned community amenities include a clubhouse with business center, fitness room and bike room; a resort-style pool with spa, cabanas and grilling areas; covered parking; electric vehicle charging stations; and an onsite dog park. Jeff DeHarty and Carl Riggins of Northmarq’s Denver debt and equity team arranged four-year, interest-only loan with an extension option for the borrower through a regional commercial bank.