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LoansMidwestMultifamilyWisconsin

Aries Capital Arranges $21.9M in Joint Venture Equity for Multifamily Development in Glendale, Wisconsin

by Kristin Harlow

GLENDALE, WIS. — Aries Capital has arranged $21.9 million in joint venture equity on behalf of Cypress Equities for The Bayshore Residences in Glendale, a northern suburb of Milwaukee. The $73 million, 311-unit luxury apartment complex will be situated within Bayshore Town Center and adjacent to the recently redeveloped shopping destination known as Bayshore. The four-building project will include studios to three-bedroom units along with a pool and shared courtyard spaces. North American Development Group was the joint venture partner. A timeline for construction was not provided.

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LoansMultifamilyTexas

Ready Capital Closes $15.6M Acquisition Loan for San Antonio Apartments

by Taylor Williams

SAN ANTONIO — New York City-based Ready Capital has closed a $15.6 million loan for the acquisition, renovation and stabilization of an unnamed 268-unit apartment community in San Antonio. The nonrecourse, interest-only loan was structured with a floating interest rate, 24-moth term, two extension options and a facility to fund future capital expenditures. The sponsor was undisclosed.

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HealthcareLoansMassachusettsNortheast

Fantini & Gorga Arranges $9.2M Permanent Loan for Metro Boston Healthcare Property

by Taylor Williams

WOBURN, MASS. — Locally based mortgage banking firm Fantini & Gorga has arranged a $9.2 million permanent loan for Woburn Rehabilitation & Nursing Center, a 140-bed healthcare facility in the northern Boston suburb of Woburn. The loan was placed with correspondent Eastern Mortgage Capital, which structured the transaction through the FHA’s 232/223(a)7 program. The borrower was not disclosed.

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IndustrialLoansNortheastPennsylvania

Ready Capital Closes $6.3M Acquisition Loan for South Philadelphia Industrial Property

by Taylor Williams

PHILADELPHIA — New York City-based Ready Capital has closed a $6.3 million loan for the acquisition and stabilization of a 40,000-square-foot industrial property in South Philadelphia. The nonrecourse, interest-only loan carried a 48-month term with one extension option, as well as a facility to fund future capital improvements. The borrower was not disclosed.

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Shamrock Commerce Center
DevelopmentIndustrialLoansSouth CarolinaSoutheast

Patterson Secures JV Equity, Debt Financing for 535,000 SF Industrial Project in Orangeburg, South Carolina

by Julia Sanders

ORANGEBURG, S.C. — Patterson Real Estate Advisory Group has secured joint venture equity via Pacolet Milliken to develop the first phase of Shamrock Commerce Center, an industrial park in Orangeburg that will ultimately span 2 million square feet across 200 acres. Patterson also secured separate debt financing via United Community Bank, which provided a senior construction loan. The equity and debt financing amounts were not disclosed. Appian Investments/NAI Earle Furman plans to break ground soon on Building A, which will be an approximately 535,000-square-foot industrial facility. Building A will sit on approximately 50 acres at the interchange of Interstate 26 and US Highway 301, about 76.4 miles from the Port of Charleston. Slated for completion by the fourth quarter of 2022, the property will be a cross-dock facility with 36-foot clear heights.

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IndianaLoansMidwestMultifamily

Ready Capital Closes $66.7M Acquisition Loan for Multifamily Community in South Bend, Indiana

by Kristin Harlow

SOUTH BEND, IND. — Ready Capital has closed a $66.7 million loan for the acquisition, renovation and stabilization of a 400-unit multifamily property in the Granger submarket of South Bend. The buyer plans to renovate unit interiors, building exteriors and common areas. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.

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LoansMultifamilyTexas

Ready Capital Closes $28M Acquisition Loan for Arlington Apartment Community

by Taylor Williams

ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of an unnamed 310-unit apartment community in Arlington. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-moth term, two extension options and a facility to fund future capital expenditures. The undisclosed sponsor plans to implement a value-add program.

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Ready-Capital-278-Apts-Las-Vegas-NV
LoansMultifamilyNevadaWestern

Ready Capital Closes $26M Acquisition Loan for Multifamily Property in Las Vegas

by Amy Works

LAS VEGAS — Ready Capital has closed $26 million in financing for the acquisition, renovation and stabilization of a 278-unit apartment in the Central Las Vegas submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement program for deferred maintenance and renovating unit interiors, building exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension and options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

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ConnecticutIndustrialLoansNortheast

Cronheim Arranges $10M Permanent Loan for Connecticut Industrial Facility Leased to Amazon

by Taylor Williams

ORANGE, CONN. — New Jersey-based Cronheim Mortgage has arranged a $10 million permanent loan for a 137,670-square-foot industrial facility in Orange, located in the southern coastal part of the state. Formerly occupied by Sam’s Club, the property was recently converted to a van and truck parking facility for Amazon. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the 10-year, interest-only loan on behalf of the undisclosed borrower.

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LoansMultifamilyTexas

Ready Capital Closes $28M Acquisition Loan for Arlington Apartment Community

by Taylor Williams

ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of a 310-unit apartment community in Arlington. The nonrecourse, interest-only loan carried a floating interest rate, a 36-month term, two extension options, flexible prepayment options and a facility to fund future capital improvements. The name of the property and the borrower were not disclosed. Renovations will be focused on unit interiors, building exteriors and amenity spaces.

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