NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $29.2 million construction loan for an 81-unit multifamily project that will be located at 138-45 Jamaica Ave. in Queens. About a third of the units will be reserved as affordable housing, although specific income restrictions were not disclosed, and the seven-story development will also include retail space. The borrower was an entity doing business as ZDJ Jamaica LLC. Completion is slated for the first quarter of next year.
SURPRISE, ARIZ. — Gantry has arranged a $53.4 million permanent loan for the refinancing of the The Village at Prasada, a 700,000-square-foot, multi-phase retail center project in the Phoenix suburb of Surprise. The 7.5-year, fixed-rate loan will retire the construction debt for the first phase of the development, which comprises 308,640 square feet. Phase One was fully leased at the time of financing to tenants including Sprouts Farmers Market, Ross Dress for Less, HomeGoods, Marshalls, Ulta Beauty, Total Wine & More, PetSmart, T.J. Maxx and Floor & Décor. Tim Storey, Chad Metzger and Ryan Gross of Gantry secured the loan through an institutional global financial services firm on behalf of the undisclosed borrower.
BLOOMINGTON, IND. — Bellwether Enterprise (BWE) has arranged a $36 million loan for the acquisition of The Monroe, a 796-bed student housing property at Indiana University in Bloomington. Christopher Carroll and Max Miller of BWE arranged the loan on behalf of the borrower, Campus Realty Advisors, which plans to make upgrades to the community. According to BWE, Indiana University had record freshmen enrollment in 2022 with more than 10,200 students.
SARASOTA, FLA. — Belpointe OZ has secured a $130 million construction loan for the development of Aster & Links, a multifamily project in Sarasota. Bank OZK provided the financing. Upon completion, Aster & Links will comprise 424 apartments across two 10-story buildings, with units in one-, two-, three- and four-bedroom layouts. Amenities at the community will include more than 900 parking spaces, a clubroom, fitness center, courtyard, heated saltwater pool and outdoor grills. A construction timeline was not disclosed.
ASHEVILLE, N.C. — Newmark has arranged a $48 million construction loan for the development of Creekside Asheville, an apartment and townhome community in Asheville. Creekside Asheville will total 308,000 square feet and house 319 apartments and carriage homes. Amenities at the property will include a saltwater pool, fitness center, playground, clubhouse, cyber café and pet spa. Danny Matz, Nick Scribani, Jordan Roeschlaub and Dustin Stolly of Newmark secured the financing through Wintrust on behalf of the borrowers, URS Capital Partners and Advantis Development.
OKLAHOMA CITY — Lument has arranged a $10.7 million loan for the acquisition of Bellevue Health & Rehabilitation, a 119-unit, 150-bed skilled nursing facility in Oklahoma City. The loan carries a five-year term, with a minimum of two years of interest-only payments, 25-year amortization schedule and a fixed interest rate. Bill Wilson of Lument arranged the loan through an undisclosed community bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
LAKEWOOD, COLO. — Ziegler, in partnership with M&T Realty Capital Corp., advised on a $105.6 million Freddie Mac refinancing on behalf of The Ridge Senior Living. The loan is for The Ridge Pinehurst, a luxury independent living, assisted living and memory care community in Lakewood, a suburb of Denver. Ridge began opening the 371-unit community in phases starting in September 2020. The original 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30-year amortization. The refinancing provided The Ridge with a long-term, fixed-rate loan to replace the original floating-rate construction loan. Eric Johnson of Ziegler arranged and negotiated the transaction. Matt Henning, Matthew Pipitone and Nick Gent led the transaction for M&T.
Berkadia Provides $26.3M Agency Loan for Refinancing of Multifamily Asset in Allentown, Pennsylvania
ALLENTOWN, PA. — Berkadia has provided a $26.3 million Freddie Mac loan for the refinancing of Terrain on the Parkway, a 160-unit multifamily property located north of Philadelphia in Allentown. The property was built in 2022 and offers studio, one- and two-bedroom units. Robert Falese of Berkadia originated the loan, which carried an 11-year term, on behalf of the borrower, Scully CO. & Serfass Construction.
PEORIA AND GLENDALE, ARIZ. — Empire Group has received $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals. Empire Group received $78.5 million in nonrecourse bridge financing for Village at Pioneer Park, a BTR community in the northwestern Phoenix suburb of Peoria. The bridge loan refinanced the project’s construction loan upon opening and allows Empire Group time to stabilize the asset prior to putting a permanent loan in place. Village at Pioneer Park was built in 2022 and offers 332 units averaging 921 square feet in size, as well as amenities including a clubhouse, pool, fitness center, pet wash station and dog park. Units come in one-, two- and three-bedroom floor plans, according to Apartments.com. The Scottsdale-based developer also received $42 million in nonrecourse construction financing for the Village at Skyline Ranch in Glendale. Located approximately 1.2 miles from Luke Air Force Base and related off-base housing, Village at Skyline Ranch is slated for delivery in 2024. The project will consist of 167 BTR units featuring one- and two-bedroom floor plans. Amenities will include walking paths, a dog park, clubhouse, fitness …
CLEVELAND — KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) have provided $30 million in financing to The Cleveland Foundation (TCF) for the construction of the 95,000-square-foot Midtown Collaboration Center in Cleveland. The center will be adjacent to TCF headquarters. KeyBank provided a $23.7 million loan, while KeyBank CDLI provided a $6.3 million equity investment in New Market Tax Credits. Partners in the project include Case Western Reserve University (CWRU), University Hospitals (UH), the Cleveland Institute of Art (CIA), Hyland Software and the Economic & Community Development Institute (ECDI). The center will house CRWU’s new Center for Population Health Research, UH’s new Diabetes Research and Wellness Center, CIA’s new interactive media lab, Hyland Software’s training center, ECDI’s small business administration lending center and women’s resource center, as well as a brewery and community-led music venue.