KENMORE, N.Y. — Bellwether Enterprise has provided a $6.5 million HUD-insured loan for the refinancing of Ken-Ton Presbyterian Village, a 150-unit affordable seniors housing property located near Buffalo in the upstate New York community of Kenmore. The borrower was Beechwood Continuing Care. Lundat Kassa and Anthea Martin led the transaction for Bellwether Enterprise.
WEST FARGO, N.D. — Northmarq has arranged a $5.8 million loan for the refinancing of The Lights-South in West Fargo. Constructed in 2020, the apartment building rises six stories with 36 units. The property at 3100 Sheyenne St. is part of a larger mixed-use development known as The Lights. Bill Mork of Northmarq arranged the 35-year loan through Northmarq’s in-house FHA/HUD team. EPIC Cos. was the borrower.
LACEY, WASH. — Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, has provided a $39 million non-recourse construction loan for the completion of a garden-style multifamily community in Lacey. The borrower is Harbor Custom Development. Upon completion, the 177-unit property will offer a mix of studio, one- and two-bedroom residences with Class A finishes and above-average unit sizes compared to the existing competitive set. Harbor plans to lease the community’s first phase beginning in February 2023 and complete construction in June 2023.
NEW JERSEY — French investment bank Natixis has provided an $89.1 million loan for the refinancing of the Crossings Industrial Portfolio, a collection of 25 buildings totaling roughly 1.2 million square feet that are located throughout Southern New Jersey and Bucks County, Pennsylvania. Specifically, the properties are located in Delran, Bridgeport, Evesham, Cinnaminson and Mount Laurel, New Jersey, and Bristol, Pennsylvania. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the debt. The borrower was Camber Real Estate Partners, an investment firm based in Northern New Jersey.
BRYAN, TEXAS — Colliers Mortgage has arranged a $38 million loan for the refinancing of an undisclosed seniors housing property in the Central Texas city of Bryan. The property, which is situated within a larger master-planned community, offers 159 assisted living, independent living and memory care units. Corley Audorff, Troon Dowds and Josh Williams of Colliers Mortgage arranged the three-year loan on behalf of the undisclosed borrower.
AUSTIN, TEXAS — iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided an $11.2 million acquisition loan for a 140-bed student housing property located at 900 W. 23rd St. near the University of Texas at Austin. According to Apartments.com, the property features three-bedroom units with an average size of 1,104 square feet. The borrower, Hawkwood Ventures LLC, plans to use a portion of the proceeds to fund capital improvements.
ANAHEIM, CALIF. — PSRS has arrange the $62.5 million refinancing of a mobile home park in Anaheim. Michael Tanner and Tony Messiah of PSRS secured the non-recourse, five-year, interest-only loan through a correspondent life insurance company for the undisclosed borrower. Built in 1977, the property is 98.5 percent occupied and features 387 mobile homes on single and double-wide lots. The property features padded parking spaces, 100 additional visitor parking spaces, paved roads, clubhouses and a community pool and park.
RALEIGH, N.C. — Avison Young has arranged a $139 million loan for the construction of 1000 Social, a 12-story trophy office building in Raleigh. The 350,000-square-foot project represents the first phase of vertical construction at The Exchange Raleigh, a $1 billion, 40-acre mixed-use development that will feature nearly 1 million square feet of trophy office space, a park, apartments, stores and restaurants upon full buildout. Wes Boatwright, Michael Yavinsky, Jon Goldstein and Connor Burke of Avison Young’s Structured Finance Group arranged the financing on behalf of the developer, Dewitt Carolinas. The direct lender was not disclosed. The groundbreaking for 1000 Social took place last month, with construction expected to be completed in about 18 months. The new landmark tower will offer 20,000 square feet of ground-floor retail space, outdoor patios, individual bathroom pods on every floor, event center and a parking structure with over 1,500 spaces.
CINCINNATI — Northmarq has arranged two loans totaling $6.7 million for the refinancing of three multifamily properties in Cincinnati. Madison & Riddle Apartments is a two-property portfolio totaling 72 units. The loan is fully amortized over 25 years. Sutton Place Apartments consists of 59 units and is fully occupied. The seven-year loan features two years of interest-only payments and a 30-year amortization schedule. Noah Juran of Northmarq arranged the loans through a life insurance company.
LAKEWOOD, COLO. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carries a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital improvement expenditures and initial equity.