Loans

Dwight Mortgage Trust Funds $23.6M Bridge Loan for Prairie Home Apartments in Vancouver, Washington

by Amy Works September 20, 2023

VANCOUVER, WASH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $23.6 million bridge loan for the refinancing of Prairie Home Apartments in Vancouver. McBride Capital brokered the transaction for the borrower, RRC Group. Proceeds of the bridge loan will be used to retire existing construction debt. Built in 2023, Prairie Home Apartments features 120 units spread across five three-story residential buildings, a clubhouse, garages, a fitness center, pool, spa, barbecue grill, picnic area, dog wash station and dog park.

September 20, 2023

California Loans Retail Western

PSRS Arranges $14.5M Loan for Central Valley Plaza Shopping Center in Modesto, California

by Amy Works September 20, 2023

MODESTO, CALIF. — PSRS has arranged $14.5 million in permanent debt for Central Valley Plaza, a retail property in Modesto. Michael Thorp of PSRS – Newport Beach, Calif., secured the 10-year loan, which was placed with a life insurance company, for the undisclosed borrower. Walmart and Kohl’s anchor Central Valley Plaza, which is located off the 99 in Modesto’s retail corridor.

September 20, 2023

California Loans Multifamily Seniors Housing Western

G Capital Markets Provides $9.6M HUD Refinancing for Trellis Chino Skilled Nursing Facility in California

by Amy Works September 20, 2023

CHINO, CALIF. — G Capital Markets, a new advisory firm launched this summer by Grant Goodman, has arranged a $9.6 million HUD refinancing for Trellis Chino, a skilled nursing facility in Chino. Built in 2018, the community comprises all private rooms and exclusively cares for short-term, high-acuity rehabilitation patients. After leasing up during COVID, the building has performed strongly with near 100 percent occupancy, according to G Capital. The borrower, Encore Capital Ventures, is a real estate investment and capital solutions firm with a portfolio of healthcare and other real estate holdings across California. Proceeds of the loan were used to pay off construction loan debt and fund replacement reserves.

September 20, 2023

California Loans Multifamily Seniors Housing Western

CFG Funds $43.4M HUD Refinancing for Skilled Nursing Facility in Bakersfield, California

by Amy Works September 19, 2023

BAKERSFIELD, CALIF. — Capital Funding Group (CFG) has provided a $43.4 million HUD loan for a 140-bed skilled nursing facility in Bakersfield. The transaction converts an existing bridge loan into a HUD loan following the property’s stabilization. The initial financing, also executed by CFG, allowed the nationally recognized borrower to acquire the property. Patrick McGovern originated the transaction for CFG.

September 19, 2023

Loans New Jersey Northeast Office

Maverick Commercial Arranges $4.5M Acquisition Loan for Trenton Office Building

by Taylor Williams September 19, 2023

TRENTON, N.J. — Chicago-based intermediary Maverick Commercial Mortgage Inc. has arranged a $4.5 million acquisition loan for a 240,000-square-foot office building located at 240 W. State St. in Trenton. The undisclosed, Maryland-based borrower plans to convert the 16-story building, which includes retail space and onsite parking, into a multifamily complex following the expiration of in-place leases at the end of the year. An undisclosed debt fund provided the 12-month, variable-rate loan.

September 19, 2023

Development Loans Multifamily North Carolina Southeast

Walker & Dunlop Secures $62M Construction Loan for Revel Apartments in Greensboro, North Carolina

by John Nelson September 19, 2023

GREENSBORO, N.C. — Walker & Dunlop has secured a $62 million construction loan for The Revel Apartments, a 360-unit multifamily development in Greensboro. Jamie Butler, Cliff Ayers, Nicole Brickhouse, Jason McFadden and Michael Bowles of Walker & Dunlop arranged the loan on behalf of the borrower, Collett Capital. The non-recourse financing was underwritten at a 70 percent loan-to-value ratio. Situated adjacent to Piedmont Triad International Airport, Revel will feature a mix of one-, two- and three-bedroom apartments with chef-inspired kitchens featuring fixed islands, quartz countertops, tile backsplashes and energy-efficient, stainless steel appliances. Amenities will include a lobby, 24-hour fitness center, 24-hour package room, resort-style pool, covered outdoor terrace, lounge, business center, offices, conference space and a dog park.

September 19, 2023

Development Industrial Loans South Carolina Southeast

Glenstar Secures $38.2M Construction Financing for Phase I of Industrial Park in Gaffney, South Carolina

by John Nelson September 15, 2023

GAFFNEY, S.C. — Glenstar has secured $38.2 million in construction financing for the development of the first phase of an industrial park in Gaffney. CrossHarbor Capital Partners provided the financing. Upon completion, the property, which is being developed by Glenstar and capital partner Creek Lane Capital, will total 3.6 million square feet across five buildings. The first phase of the park, which has been dubbed Cherokee Commerce Center 85 (CCC-85), will comprise a 555,520-square-foot building expandable to 1.3 million square feet. The building, known as 2A, will feature 232 dock doors, four drive-in doors, 540 parking spaces and 452 trailer spaces. Completion is scheduled for fall 2024. Subsequent phases of CCC-85 will include four additional warehouses totaling 1.7 million; 252,270; 278,200; and 211,640 square feet, respectively. The project team includes general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers will manage leasing at the property on behalf of ownership.

September 15, 2023

Loans Midwest Multifamily Ohio

Colliers Mortgage Provides $10.8M Acquisition Loan for Apartment Complex in Columbus, Ohio

by Kristin Harlow September 15, 2023

COLUMBUS, OHIO — Colliers Mortgage has provided a $10.8 million Fannie Mae loan for the acquisition of The View on Grant, an 86-unit apartment complex in Columbus. The property, situated in the Discovery District, is an adaptive reuse of a former five-story steel pressing factory. The community features a public café and a 43-space, automatic stacked parking garage. Zach Shope of Colliers originated the 10-year loan on behalf of the borrower, VOG Owner LLC.

September 15, 2023

Acquisitions California Loans Multifamily Western

IPA Capital Markets Arranges $62.1M Acquisition Financing for DUO Apartments in San Jose

by Amy Works September 15, 2023

SAN JOSE, CALIF. — Institutional Property Advisors (IPA) Capital Markets, a division of Marcus & Millichap, has arranged $62.1 million in acquisition financing for DUO Apartments, a multifamily property in San Jose. Built in 2020 on 4.6 acres, DUO Apartments features 301 residences and is 11 miles from downtown San Jose. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets originated the financing on behalf of the undisclosed borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest. The 10-year, interest-only, government-sponsored loan is fixed at a 5.37 percent rate and features a 65 percent loan-to-value ratio.

September 15, 2023

Hospitality Loans Texas

Sonnenblick-Eichner Arranges $21M Loan for Refinancing of Lubbock Hotel

by Taylor Williams September 14, 2023

LUBBOCK, TEXAS — California-based Sonnenblick-Eichner Co. has arranged a $21 million loan for the refinancing of the Cotton Court Hotel in the West Texas city of Lubbock. The 165-room boutique hotel houses an onsite restaurant and bar, 4,489 square feet of indoor meeting space and a pool area with a bar, outdoor fireplaces and seating throughout. An undisclosed investment bank provided the five-year, nonrecourse loan, which carries a fixed interest rate, to the undisclosed borrower.

September 14, 2023

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