COATESVILLE, PA. — KeyBank has provided a $12.2 million construction loan for The Willows at Valley Run, a 60-unit affordable housing project in Coatesville, located west of Philadelphia in Chester County. The property will offer one-, two- and three-bedroom units across a trio of three-story buildings. The amenity package will consist of a fitness center, meeting room, basketball court, clubhouse, playground and a common kitchen. Eric Steinberg of KeyBank structured the financing on behalf of the developer, Ingerman Group. KeyBank also provided tax credit equity through its partnership with Enterprise Community Partners Inc. A tentative completion date was not disclosed.
MMCC Arranges $8.3M Refinancing for Brookside Commerce Assisted Living Facility in Northeast Georgia
COMMERCE, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility located in Commerce, roughly 70 miles northeast of Atlanta. The 62-bed facility features 12 independent living units and is located approximately 3.5 miles away from Northridge Medical Center, a community hospital. Robert Bhat of MMCC secured the refinancing, which includes a 35-year fully amortizing loan and a 5.1 percent interest rate, on behalf of the undisclosed borrower.
SAN ANTONIO — Capital advisory firm David B. Norton Inc. has arranged $56 million in construction debt and joint venture equity for a 350-unit multifamily project that will be located roughly 17 miles northwest of downtown San Antonio. The property will comprise 17 buildings that will house an array of floor plans and Class A amenities. A regional bank provided the loan. The borrower was a joint venture between a locally based developer and an institutional investment firm with offices in New York and Florida. All of these parties requested anonymity.
NEW YORK CITY — Newmark has arranged a $150 million loan for the refinancing of 295 Fifth Avenue, a 19-story, 710,000-square-foot office building in Midtown Manhattan. Dustin Stolly, Jordan Roeschlaub, Christopher Kramer, Nick Scribani, Ben Kroll and Holden Witkoff of Newmark arranged the financing on behalf of the borrower, a partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate. Deutsche Bank provided the loan. The sponsor will use a portion of the proceeds to fund capital improvements such as a remodel of the lobby and an overhaul of the building’s windows, elevators and HVAC systems.
ORLAND PARK, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants such as Chipotle, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender provided the loan to the buyer, which completed a 1031 exchange.
ST. PAUL, MINN. — Grandbridge Real Estate Capital has arranged a $2.5 million Freddie Mac loan for the acquisition of a 32-unit multifamily property in St. Paul. Jeff Witt and William Perry of Grandbridge arranged the loan, which features a 30-year amortization schedule and interest-only payments for a portion of the term. The borrower was undisclosed.
LEXINGTON, KY. — Cronheim Mortgage has originated an $8 million permanent loan for Man O’ War Place, a 174,638-square-foot shopping center in Lexington. Dev Morris and Andrew Stewart of Cronheim arranged the financing through American United Life Insurance Co. on behalf of the borrower, an affiliate of locally based investment firm Equity Management. Situated about four miles south of University of Kentucky, Man O’ War Place was 95 percent leased at the time of sale to tenants including Kroger Marketplace, Feeders Supply, Lexington Urgent Care, Hooters, Edible Arrangements, Bright Tiger Dental, The Little Gym and Little Caesars Pizza, among others.
TUCSON, ARIZ. — Gantry has secured $8.5 million in acquisition financing for The Zone Apartments, a 104-bed student housing community located near the University of Arizona campus in Tucson. Adam Parker and Chad Metzger of Gantry secured the financing through an undisclosed regional bank on behalf of the borrower, a private real estate investor. The loan features a five-year term, fixed rate and two years of interest-only payments. The borrower acquired the property through a reverse 1031 exchange. The Zone is master leased to operator Tripalink and offers four-bedroom units with bed-to-bath parity.
NEW YORK CITY — Walker & Dunlop has arranged a $204 million loan for the refinancing of The Axel, a 29-story apartment building in Brooklyn. Designed by Morris Adjmi Architects, The Axel features 284 units in studio, one-, two- and three-bedroom units. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, a golf simulator, dining and entertainment terrace, conference rooms, game lounge and an executive meeting room. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the loan through MF1 Capital on behalf of the sponsor, Hope Street Capital.
YONKERS, N.Y. — Los Angeles-based CIT Group has provided a $34 million construction loan for Lionsgate Warburton Studio, a 73,000-square-foot entertainment production facility that will be located north of New York City in Yonkers. The facility represents the latest addition to the Great Point Studio Campus, which is anchored by film producer Lionsgate and houses support areas, a café, lounge and outdoor garden terraces. The borrower was a joint venture between i.Park and Great Point Media.