WAREHAM, MASS. — MassHousing has provided $16.3 million in financing for the development of a 93-unit affordable housing project in Wareham, located near Cape Cod in the southern part of The Bay State. The development will consist of two complexes that will feature a range of floor plans and income restrictions, as well as shared amenities. The financing includes $8.4 million in permanent financing, a $6.6 million bridge loan and $1 million from the agency’s workforce housing initiative. The borrower is Pennrose LLC.
NEW YORK CITY — Canyon Partners Real Estate LLC and J.P. Morgan have provided a $193 million senior construction loan to East End Studios for the ground-up development of Sunnyside Campus, a media and content production studio in Queens. Construction is underway, and completion is slated for the first quarter of 2025. Sunnyside Campus will total 275,000 square feet and feature three full-service, ground-floor sound stages spanning 75,000 square feet. The stages will feature clear heights of 37 feet and may be subdivided. Plans additionally call for a 15,000-square-foot rooftop flex stage with views of the Queens, Brooklyn and Manhattan skylines along with ample outdoor gathering space. The stages will be supported by 125,000 square feet of production, office and mill spaces, 225 below-grade parking spaces, and eight enclosed loading bays for full-size trucks. Mill space can be utilized for set construction, welding, props, special effects and more. Like all East End Studios projects, the Sunnyside facility will be fully integrated with extended reality and virtual reality infrastructure. Positioned on a full city block between Queens Boulevard and the Long Island Expressway, the Sunnyside campus offers cast and crew members convenient public transportation options. The New York City Industrial Development …
FORT LAUDERDALE, FLA. — Walker & Dunlop has arranged a $150 million loan for the refinancing of Quantum at Flagler Village, a newly built mixed-use development in Fort Lauderdale. The property houses two 15-story towers comprising 337 apartments, 20,884 square feet of retail space, a five-story parking garage and a nine-story Courtyard by Marriott hotel that features 137 rooms and a rooftop pool and bar. Joe Hercenberg led the Walker & Dunlop Capital Markets team that arranged a fixed-rate, five-year loan on behalf of the borrower, Prime Group US-PMG Asset Services. The loan refinances a construction loan that Walker & Dunlop closed four years ago.
HOUSTON — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $90.6 million acquisition loan for an industrial park in Houston. The four-building, 1 million-square-foot development is located on Fairbanks North Houston Road near U.S. Highway 290 and Beltway 8. Building features include 32-foot clear heights and 180- to 185-foot truck court depths. The borrower was Dallas-based Dalfen Industrial.
HOUSTON — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided a $7.1 million Freddie Mac loan for the refinancing of Coral Hills Apartments, a 172-unit affordable housing complex in Houston. The 16-building property offers amenities such as a pool, courtyard and onsite laundry facilities. Units are reserved for renters earning up to 30, 50 and 60 percent of the area median income. Jon Killough and John Roberts of BWE originated the financing, which was structured with a fixed interest rate, 15-year term and a 40-year amortization schedule. The borrower was Alabama-based Envolve Communities.
SALEM, ORE. — Hampstead Development Partners has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable housing community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credits (LIHTC). KeyBank also arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at or below 60 percent of the area median income. Hampstead plans to conduct a $4 million rehabilitation of the 10-building property. Renovations include updating kitchens and bathrooms, full ADA accessibility upgrades to select units, exterior updates such as new windows and repainting, upgrades to the buildings electrical system and a new fitness center.
NEW YORK CITY — A subsidiary of locally based lender Naftali Group has provided $48 million in financing for 8 Carlisle Street, a 64-story, 400-unit multifamily project that will be located in Manhattan’s Financial District. Proceeds will be used to refinance existing debt on the land and fund various predevelopment costs. The borrower is North Carolina-based developer Grubb Properties. Construction of the building, which will include ground-floor retail space, is slated for a 2026 completion.
MIAMI LAKES, FLA. — Northmarq has arranged a $70 million loan for the refinancing of two multifamily communities located in Miami Lakes. Built in 1997 and 2000, the properties total 500 units. Jeff Robertson of Northmarq secured the 10-year permanent financing through Empower Annuity Life Insurance Co. on behalf of the borrower, Graham Cos. The names and addresses of the communities were not disclosed.
BUDA, TEXAS — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.3 million Freddie Mac loan for the refinancing of Tuscany Park Apartment Homes, a 176-unit affordable housing complex located in the southern Austin suburb of Buda. The property consists of 14 buildings, and the majority (142) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, fitness center, playground and a community room. Jon Killough and John Roberts of BWE originated the financing, which was structured with a floating interest rate and five years of interest-only payments, on behalf of the borrower, Alabama-based Envolve Communities.
CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California. The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities. The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed. Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one set of loan documents and one monthly mortgage payment.