NEW YORK CITY — CBSK Development will redevelop the Jacob Riis Bathhouse, a historic building in the Rockaway Beach area of Queens that was originally constructed in 1932. The redevelopment will convert the 40,000-square-foot bathhouse into a 28-room boutique hotel with 1,247 square feet of retail and restaurant space and an outdoor concert venue that can accommodate up to 2,000 people. Procida Funding provided a $32.5 million construction loan for the project. A construction timeline was not disclosed.
WASHINGTON — Capital Funding Group (CFG) has provided $3.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in Washington, feature 108 beds. Further details on the location and borrower were not disclosed. Tim Eberhardt and Ava Julio originated the transaction.
LOS ANGELES — An affiliate of The Relevant Group has received a $33.3 million refinancing for The Dream Hollywood, a 178-key hotel in Los Angeles’ famed Hollywood neighborhood. The 10-story property is the West Coast flagship of Dream. The hotel includes Tao Restaurant, Beauty & Essex and the Highlight Room, as well as an 11,000-square-foot rooftop with pool deck and 3,000 square feet of meeting and event space. It is situated at the corner of Selma Avenue and N. Cahuenga Boulevard, one block off Hollywood Boulevard. A joint venture between the LCP Group and Safanad provided the capital.
AUSTIN, TEXAS — KeyBank Community Development Lending & Investment has provided $82 million in acquisition and rehabilitation financing for Woodway Square Apartments, a 240-unit affordable housing complex in Austin. The 12-building, garden-style complex offers one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, playground and a community room. The borrower is Minnesota-based owner-operator Dominium. The financing includes an $18 million bridge loan to facilitate the purchase, $40 million in construction-to-permanent financing and $24 million in Low-Income Housing Tax Credit (LIHTC) equity.
BREMERTON, WASH. — New Standard Equities (NSE) has received a $19.8 million refinancing for the 120-unit Village Fair Apartment Homes in Bremerton. This was the asset’s third refinance since NSE purchased it for $13.1 million in December 2016. Its appraised value today is $30.6 million. Village Fair is located at 309 NE Fairgrounds Road, west of Seattle. NSE has spent more than $2.2 million in capital improvements, including renovating 90 percent of the units. The transaction features a five-year, fixed-rate, interest-only loan. M&T Bank provided the Fannie Mae loan, which Brian Eisendrath at IPA arranged.
TEXAS — VIUM Capital has provided $27 million in bridge-to-HUD financing for two skilled nursing facilities totaling 240 beds in Texas. The terms include a purchase option for the first facility, and the proceeds refinance $6.8 million in debt on the second property. The names and locations of the properties, as well as the name of the borrower, were not disclosed. The financing is full recourse, lowering to 50 percent recourse upon submission of the HUD application.
NEW YORK CITY — Deutsche Bank Wealth Management has provided a $77.4 million acquisition loan for The Collection at Mercedes House, a 162-unit multifamily complex in Manhattan. The property’s one-, two- and three-bedroom units occupy the 22nd through 32nd floors of the building at 540 W. 54th St., which is known as Mercedes House. Residents have access to The Mercedes Club, an 80,000-square-foot amenity center that houses a full-service health club, resident lounges and workspaces, a day spa, outdoor pool and a specialty grocery store. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield, along with Meridian Capital’s Rael Gervis and Elliott Kunstlinger, arranged the loan on behalf of the borrower, a partnership between Empire Capital Holdings and Namdar Realty Group.
SMYRNA, DEL. — Hunt Capital Partners has provided $4.3 million in Low-Income Housing Tax Credit equity for Frazier Apartments, a 54-unit affordable seniors housing complex in Smyrna, a northern suburb of Dover. Units at Frazier Apartments are reserved for residents age 62 and above who earn between 40 and 60 percent of the area median income. The borrower, Severn Development Co., will use part of the financing to fund capital improvements. TD Bank also provided an $8.6 million construction loan for that project. Completion is scheduled for January 2024.
LAKEWOOD, COLO. — JLL Capital Markets has arranged a refinancing loan for the 281-unit Traverse Apartments in Lakewood. The loan features a fixed rate. Further details on the financing, including the amount, were not disclosed. The Class A luxury apartment community is located at 5495 W 10th Ave. Built in 2022, Traverse Apartments features studio, one- and two-bedroom units. JLL worked on behalf of the developer, a joint venture between Trailbreak Partners and Highland Development Co., to secure the Fannie Mae loan. JLL Real Estate Capital will service the loan. Rob Bova led the JLL Capital Markets Debt Advisory team.
JEFFERSON, GA. — Berkadia has arranged a $45 million loan for the acquisition of Prose Concord, a 300-unit apartment community in Jefferson, roughly 60 miles northeast of Atlanta. Located at 575 Concord Road, the community comprises one- and two-bedroom units ranging in size from 836 to 1,188 square feet. Amenities at the property include a swimming pool, clubroom with a catering kitchen, entertainment lounge, business center with coworking spaces, landscaped courtyards, concierge package locker system, fitness center and pet park. \ Scott Wadler, Matt Nihan and Mitch Sinberg arranged the Freddie Mac financing on behalf of the buyer, an affiliate of Coral Gables, Fla.-based Beacon Real Estate Group. The loan carries a 10-year term with a fixed-rate and five years of interest-only payments. The seller was not disclosed.