SPOKANE VALLEY, WASH. — Ready Capital has closed $7.3 million in financing for the acquisition, renovation and stabilization of an apartment community in Spokane Valley’s Dishman Hills submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan curing deferred maintenance, renovating unit interiors and building exteriors while performing various common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
TEMPE, ARIZ. — Ready Capital has closed a $36.8 million loan for the acquisition, renovation and stabilization of a 197-unit apartment property in Tempe. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to perform interior, exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The name of the property was not disclosed.
SAN DIEGO — JLL has secured $11.7 million in refinancing The Convoy, a neighborhood retail strip center located at 4428-4444 Convoy St. in the Kearny Mesa submarket of San Diego. The borrower was CEG Capital Partners, which will use the proceeds to refinance the existing bridge loan used to acquire the asset in 2017. CEG Capital renovated The Convoy, which was originally constructed in 1973, after acquiring the property in 2017. The 51,623-square-foot property is fully leased to a variety of tenants, including Bank of Hope, Hive, Convoy Strength, Ichibanya and Axe Thro, Manna Heaven BBQ, Synergy Dental Group and Da Nang Corner. Chris Collins and Daniel Pinkus of JLL arranged the seven-year, fixed-rate loan through a regional credit union on behalf of the borrower.
GEORGETOWN, TEXAS — JLL has arranged $38.5 million in acquisition financing for Summit at Rivery Park, a 228-unit apartment community located in the northern Austin suburb of Georgetown. Built on 32 acres in 2015, the property is situated within a larger mixed-use development that features a Sheraton Hotel and conference center, as well as office and retail space. Summit at Rivery Park offers one-, two- and three-bedroom units that range in size from 576 to 1,410 square feet. JLL arranged floating-rate acquisition financing through Vancouver-based QuadReal Finance Inc. on behalf of the borrower, Austin-based Old Three Hundred Capital. In addition, the firm structured joint venture equity with Sound Mark Partners. Marko Kazanjian, Chris McColpin, Max Herzog and Andrew Cohen of JLL arranged the loan and joint venture partnership. The new ownership plans to implement a value-add program.
HOUSTON — New York City-based Ready Capital has closed a $9.5 million loan for the acquisition, renovation and stabilization of an unnamed, 61-unit apartment complex in Houston’s Montrose submarket. 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.
NEW YORK CITY — Locally based direct lender Ready Capital has closed a $16.5 million loan for the acquisition, renovation and stabilization of an 81-unit multifamily property in the Murray Hill submarket of New York City. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate and two extension options. Upon acquisition, the undisclosed sponsor will execute a sale-leaseback of the ground and implement a capital improvement plan to renovate units and upgrade common areas.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital LLC has secured $113.7 million in financing for three multifamily properties, including The Reserve at Chaffee Crossing in Fort Smith, Ark., and Medlock Woods Apartments and Country Club Apartments in Norcross, Ga. Sunbelt Residential was the borrower for the Medlock Woods and Country Club deals, while the borrower for The Reserve at Chaffee Crossing was Canyon View Capital. The Reserve at Chaffee Crossing is a 438-unit multifamily property that offers one- and two-bedroom floorplans. Grandbridge secured a $43 million acquisition loan with a five-year term, including an initial interest-only period and extension options to accommodate the lease up and stabilization of the property. Medlock Woods is a 246-unit multifamily property that offers one-, two- and three-bedroom floorplans. The borrower received $35.5 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options. Country Club is a 298-unit property that offers one-, two- and three-bedroom floorplans. The borrower received a $35.2 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options.
CONYERS, GA. — Ready Capital has closed a $36.5 million acquisition loan for a 256-unit, unnamed multifamily property in Conyers, a suburb outside of Atlanta. Upon acquisition, the unnamed sponsor will implement a capital improvement plan that includes improving deferred maintenance, as well as renovating unit interiors, building exteriors and common area upgrades. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.
GROVEPORT, OHIO — Associated Bank has provided a $27.5 million loan for the construction of a 640,640-square-foot speculative industrial project in Groveport, a southern suburb of Columbus. The 47-acre site is located adjacent to Rickenbacker International Airport. The building will feature a clear height of 36 feet, 60 exterior docks, four drive-in doors, 185-foot truck courts and 154 trailer parking stalls. Completion is slated for this summer. The borrower, Groveport Venture LLC, is a partnership between CA Industrial Properties LLC, Stotan Industrial LLC and LaSalle Investment Management. Elizabeth Hozian, Evelyn Turner and Paul Henning of Associated Bank originated the loan, terms of which were not provided.
CHANDLER, ARIZ. — Gantry has secured $15.5 million in financing for the acquisition of a three-story office building located at 3377 S. Price Road in Chandler. Workpliciti, a Chandler-based co-working space provider, anchors the 83,000-square-foot property. Craig Hoebing, Chad Metzger and Kevin Valenzuela of Gantry arranged the loan for the borrower, a private investor. Avana Cos. provided the five-year loan, which features a fixed rate and 25-year amortization schedule with no pre-payment penalties.