MCKINNEY, TEXAS — Tower Capital, a Phoenix-based finance and advisory firm, has arranged a $27.8 million construction loan for a 128-unit build-to-rent community in the northern Dallas suburb of McKinney. The development will span 13.2 acres and offer one-, two- and three-bedroom residences. The amenity package will consist of a pool, spa, fitness center, dog park and outdoor grilling and dining stations. The borrower and direct lender were not disclosed.
RIDGEWOOD, N.J. — Signature Bank has funded a $39 million loan for the refinancing of a portfolio of eight industrial properties totaling approximately 395,000 square feet that are located in various areas of Northern New Jersey. Specifically, the warehousing and logistics facilities are located in Woodbridge, Moonachie, Clifton, Woodland Park, Wyckoff and Roselle. Zachary Bermudez led the Signature Bank team that originated the financing on behalf of the borrower, New Jersey-based STRO Cos.
PHILADELPHIA — Locally based financial intermediary Scope Capital Group has arranged a $17.7 million construction loan for Box Factory Lofts, a 63-unit multifamily project that will be located in Philadelphia’s Fishtown neighborhood. Designed by SITIO Architecture + Urbanism, Box Factory Lofts will house studio, one- and two-bedroom units, as well as 1,100 square feet of commercial space. Construction is slated for a mid-2023 completion. Edward Brown of Scope Capital Group arranged the loan, which carried a 24-month term and an 80 percent loan-to-cost ratio, through a local community bank on behalf of the undisclosed, locally based borrower/developer.
FORT WAYNE, IND. — BMO Harris Bank’s healthcare real estate finance group has provided an $18.2 million loan for the acquisition of a 58,000-square-foot medical office building in Fort Wayne. The property is fully leased. Lutheran Health Network, an affiliate of Community Health Systems, is the anchor tenant. Caddis was the borrower. Loan terms were not released.
PHILADELPHIA — iBorrow, a commercial bridge and direct lender, has provided a $52 million loan for the refinancing of The Edge Student Village, a 798-bed student housing property that serves students at Temple University in Philadelphia. Completed in 2006, the 12-story building’s units feature several different floor plans, and its amenities include a fitness center, community kitchen, lounge areas and study spaces. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
LANSDALE, PA. — A joint venture between Ohio-based White Oak Partners and Hartford Investment Management Co. (HIMCO) has refinanced Flats at Lansdale, a 180-unit multifamily property located northwest of Philadelphia in Montgomery County. Built in 2014, the property features units with an average size of 1,053 square feet that are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, cyber lounge, movie theater and a dog park. Jamie Leachman, Paul Smith and Medina Spiodic of JLL arranged the five-year, fixed-rate loan, the amount of which was not disclose, through Wells Fargo on behalf of the joint venture.
CAMBRIDGE, MASS. — MassDevelopment has issued $10.3 million in tax-exempt bond financing to Putnam School Apartments LLC, an affiliate of the Cambridge Housing Authority. The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted to multifamily in 1983; most of the housing units have not been updated since. Renovations will include upgrading mechanical, electrical, plumbing and ventilation systems, as well as installing new flooring, lighting, cabinets, counters, fixtures and appliances within the units.
ST. CHARLES, ILL. — Associated Bank has provided a $20 million loan for the acquisition of Carroll Tower Apartments in St. Charles, about 40 miles west of Chicago. The affordable housing community is located at 200 N. Second St. along the Fox River. The six-story property is home to 108 one-bedroom units that are fully occupied. Units are restricted to low-income residents who are 62 years of age or older. Teresa Rubio of Associated Community Development LLC managed the loan and closing. The borrower, 3 Diamond Development LLC, plans to preserve the property’s affordability status.
AUSTIN, TEXAS — New York City-based Ready Capital has closed a $14.3 million loan for the acquisition, renovation and stabilization of an unnamed, 112-unit apartment complex in North Austin. 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.
DALLAS — Dallas-based Terrydale Capital has arranged a $12.6 million acquisition loan for a portfolio of three multifamily properties totaling 108 units that are located in Old East Dallas. Culby Culbertson of Terrydale Capital arranged the three-year loan, which carried a 4.5 percent fixed interest and an 80 percent loan-to-value ratio. The names of the properties and the borrower were not disclosed.