REBusinessOnline

Grandbridge Arranges $34M Construction Loan for Seniors Housing Community in Pennsylvania

LIMERICK, PA. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged a $34 million construction loan for Arcadia at Limerick Pointe, a seniors housing development in Limerick, approximately 30 miles northwest of Philadelphia. Vantage Pointe Retirement Living is the borrower. Upon completion, the property will feature 160 units of independent living, assisted living and memory care. BB&T provided the funds. The Grandbridge team leading the transaction included Richard …

Berkadia Secures $18.9M CMBS Financing for Two Retail Properties in Metro San Antonio, Dallas

GARLAND,TEXAS — Berkadia has arranged CMBS financing totaling $18.9 million for two retail properties near San Antonio and Dallas. The financing included a $15.4 million, 10-year loan that Argentic provided for Courtyard Plaza, a retail strip center located at 155 S. Interstate 35 in the San Antonio suburb of New Braunfels. The other deal was a 10-year, $3.5 million loan that Wells Fargo provided for Duck Creek Community Shopping Center, a retail center located at 5006 N. Jupiter Road in the …

WNC Closes $210M in Institutional LIHTC Funds to Develop, Renovate More Than 1,900 Affordable Housing Units

IRVINE, CALIF. — WNC, a provider of investment, asset management and development services in the affordable housing industry, has closed two institutional Low-Income Housing Tax Credit (LIHTC) funds. WNC Institutional Tax Credit Fund 47 (WNC Corp. 47) and WNC Institutional Tax Credit Fund 10 California Series 17 (CA 17) total approximately $210 million in equity. Together, the equity from the funds will be used to develop and renovate more than 1,900 affordable housing units in the United …

NorthMarq Arranges $8.4M Refinancing of Retail Center Near St. Louis

ALTON, ILL. — NorthMarq has arranged an $8.4 million loan for the refinancing of Alton Corners Shopping Center in Alton, about 15 miles north of St. Louis. The 50,063-square-foot retail center is located at 309-319 Horner M Adams Parkway. Tenants include Office Depot, Mattress Firm, Firehouse Subs and Applebee’s. Susan Branscome of NorthMarq arranged the loan, which features an 80 percent loan-to-value ratio, with a regional

Cohen Financial Provides $21.9M Acquisition Loan for Multifamily Property in Lafayette, Louisiana

LAFAYETTE, LA. — Cohen Financial has provided a $21.9 million Freddie Mac acquisition loan for La Veranda, a 220-unit multifamily community in Lafayette. The borrower is an affiliate of Waypoint Residential LLC. La Veranda was built in 2016 and offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, game room, outdoor fireplace, pet park and a rooftop lounge. The seller was not

NXT Capital Provides $18M Acquisition Loan for Houston Apartment Community

HOUSTON — NXT Capital has provided an $18 million acquisition loan for an undisclosed apartment community in Houston. The Class B property spans 228 units and features a detached clubhouse with a business center, conference room, community kitchen, fitness center, detached garages, barbecue grills, dog park and a swimming pool with a sun deck. Mark Grace and Alex Koos of Walker & Dunlop’s Irvine, Calif., office arranged the three-year loan with NXT Capital on behalf of the borrower, Haven …

Knighthead Funding Provides $29.8M in Financing for Two Seattle Apartment Properties

SEATTLE — Knighthead Funding has originated two separate loans totaling $29.8 million in first mortgage debt structured by a micro-unit apartment asset and a student housing property in Seattle. In the first financing, Knighthead provided an affiliate of Barcelo Homes with a $25.2 million loan secured by a 178-unit micro studio apartment project in Seattle’s Roosevelt neighborhood. Community amenities include a courtyard, lounge, fitness center, rooftop deck, bike storage, common laundry …

SunTrust Provides Two Refinancing Loans Totaling $94.8M for Apartment Complexes in Florida

DESTIN AND NAPLES, FLA. — SunTrust Bank has provided two Fannie Mae Green refinancing loans for apartment complexes in Florida. The first loan was a $48.5 million refinancing for The Preserve at Henderson in Destin. The 10-year loan features nine years of interest-only payments followed by a 30-year amortization schedule. The 340-unit property is located at 4131 Commons Drive W., near Elgins Air Force Base and the beach. The Preserve was built in 2009 and offers one- through three-bedroom …

ACRES Capital Provides $35M Construction Loan for Mixed-Use Property in Long Island

LONG ISLAND CITY, N.Y. — ACRES Capital Corp., a New York-based lender, has provided a $35 million construction loan for 23-20 Jackson Avenue, an 82,000-square-foot mixed-use project located in Long Island City. Local real estate developer VOREA Group was the borrower. Designed by Oklahoma-based KSQ Architects, the property will feature retail across the ground floor and basement, two floors of office space and six floors of hospitality space. Marko J. Kazanjian of JLL arranged the loan, …

Capital One Provides $7.5M Refinancing for Apartment Building in Chicago

CHICAGO — Capital One has provided a $7.5 million Freddie Mac small balance loan for the refinancing of a 17-unit apartment building in Chicago’s Wicker Park neighborhood. The borrower, Saxony Capital, purchased the property in January 2018 and renovated it with new appliances, flooring and cabinets. The company also added nine new units and modernized the street-level retail space. Vincent Punzi of Capital One originated the 20-year loan, which features a fixed rate for the initial five …

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