SANTA ANA, CALIF., AND WARSAW, MO. — BridgeCore has funded a $3.6 million bridge loan to finance the purchase of a to-be-built retail building that 7-Eleven will occupy in Santa Ana. The loan was cross-collateralized with a Taco Bell-occupied asset in Warsaw. The name of the borrower was not released. The loan features a 12-month term with six months of yield maintenance, which will allow the seller of the 7-Eleven property to complete its construction of the build-to-suit on behalf of the borrower and meet its delivery obligations to 7-Eleven.
MILL VALLEY, CALIF. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While federally taxable, the bonds were issued through the California Municipal Finance Authority to allow for exemption from State of California income tax. The bonds amortize over a 15-year period, which is eight years shorter than the maturity on the existing 2013 bonds, and carry a bond yield of 2.9 percent. The bonds were issued with a 10-year par call.
SAN ANTONIO — Miami-based direct lender 3650 REIT has provided a $38 million loan for the refinancing of Thompson San Antonio — RiverWalk, a 162-room luxury hotel and residential building near the city’s downtown area. Thompson, which is part of the Hyatt family of brands, opened the hotel in February 2021. The property includes 59 for-sale residences, all but one of which have been sold. Lawrence Britvan and Dylan Brandt of Hodges Ward Elliott arranged the financing through 3650 REIT on behalf of the developer and borrower, Houston-based DC Partners. Michael Fleischer, Joel Thompson and Noah Moghavem led the transaction for 3650 REIT. The loan carries a term of 30 months and two six-month extension options.
ROCKVILLE, MD. — JLL Capital Markets has secured $38.5 million in acquisition financing for District IV, a 240,000-square-foot office building in Rockville. Michael Gigliotti, Robert Tonnessen and Brian Buglione of JLL secured the financing on behalf of the borrower, BLT Green Hollow, a partnership between Building and Land Technology and Green Hollow Capital Partners, along with Banyon Street Capital. New York City-based Ladder Capital provided the financing. Built in 2007, District IV is part of the recently rebranded District at King Farm, which includes four properties totaling over 750,000 square feet of office and retail space. Current tenants include cell therapy company Autolus, Sucampo Pharmaceuticals and MUFG Investor Services. The District at King Farm is situated along King Farm Boulevard within the 430-acre, master-planned King Farm Park located near the Shady Grove Metro station and the Interstate 270 technology corridor. Located at 805 King Farm Blvd., District IV is situated 19.1 miles from Washington, D.C. and 19.5 miles from the University of Maryland. The project is also near retail centers such as Shady Grove Center, Rio at Washingtonian and Downtown Crown. The partnership’s plans include comprehensive lobby improvements and upgrades to amenities and foodservice offerings. The partnership also plans to …
OKLAHOMA CITY — New York City-based Ready Capital has closed a $28.3 million loan for the acquisition, renovation and stabilization of an unnamed, 400-unit apartment complex in Oklahoma City. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
LOGAN, UTAH — KeyBank Real Estate Capital has arranged $191 million in life company loans for the Wasatch Group, a fully integrated real estate development, construction, property management and guaranty capital company based in Logan. The loans will refinance debt on five apartment communities across the Rocky Mountains and Western United States. The portfolio comprises 1,398 units in Arizona, California, Colorado and Utah. Brian Caudel, Mike Keach, Greg Halvorson and Jack Tidrick of KeyBank structured the financing, which includes loans with seven-year, full-term interest-only structures and a 2.62 percent interest rate.
CHARLESTON, S.C. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for the refinancing of Paxton Pointe Hope Apartments, a 274-unit community in Charleston. Hayley Suminski of KeyBank structured the financing for the Framingham, Mass.-based borrower, VTT Management. The fixed-rate loan features five years of interest-only payments. Built in 2018 on more than 20 acres, Paxton Pointe Hope is a low-rise apartment complex featuring 12 three-story residential buildings. The property offers studios, one-, two- and three-bedroom floorplans. Unit features include patios or balconies, designer kitchens, full-size laundry appliances and walk-in closets. Community amenities include a saltwater pool, recreation room, fitness center and a fenced dog park.
SALEM, ORE. — Ziegler has arranged $58.4 million in bond financing for Capital Manor, a continuing care retirement community (CCRC) in Salem. Capital Manor features 302 independent living units and 83 residential care beds with an additional 34 memory care beds. Life Care Services has operated the community since 2010. The financing will refund bonds from 2012 while funding a renovation project that will include a new façade and refreshed common areas. “It has been exciting to see Capital Manor, under Life Care Services’ leadership, execute a major operations turnaround, expand its living options, add memory care services, and beautify and expand its activity and hospitality areas,” says Mary Muñoz, senior managing director at Ziegler.
OAK BROOK, ILL. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The seniors housing property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.
OVIEDO, FLA. — Miami-based Pensam Capital has received $32 million for the recapitalization of Promenade at Aloma, a 233-unit multifamily community located in Oviedo, about 13.5 miles from Orlando. Charles Foschini and Christopher Apone of Berkadia originated the Freddie Mac loan. The 10-year, fixed-rate loan was underwritten with full-term interest-only payments and a loan-to-value ratio of 65 percent. Built in 1998, Promenade at Aloma features 26 two- and three-story buildings on an 18-acre site. The property offers one-, two- and three-bedroom floorplans ranging from 908 square feet to 1,268 square feet. Unit features include ceiling fans, vinyl plank and carpet flooring, laminated countertops and cabinetry, walk-in linen closets and a breakfast bar. Select units have built-in shelving and washers and dryers. Community amenities include a pool, spa, clubhouse with Wi-Fi, fitness center, tennis court, jogging trail, sand volleyball court and a car care area. Located at 2785 Chaddsford Circle, the property is situated five miles from the University of Central Florida, 6.2 miles from the Valencia College’s East Campus and 19.7 miles from Orlando International Airport. The property is also close to Central Florida Research Park, Quadrangle Office Park and downtown Orlando.