NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $25 million loan for the refinancing of an 86,931-square-foot shopping center in the College Point area of Queens. The grocery-anchored property sits on an eight-acre site. The first building was constructed in 1992 and totals 77,649 square feet. The second building was delivered in 2019-2020 and spans 9,282 square feet. An undisclosed life insurance company provided the loan to a commercial investor that also requested anonymity.
CLEVELAND — Cleveland-based KeyBank Community Development Lending and Investment has provided a $74 million bridge loan for the acquisition of four Section 8 subsidized affordable housing properties in Tennessee. Matthew Haas, Timothy Gerstmann and Jonathan Woodland of KeyBank originated the financing. SDG Housing Partners, a Manhattan Beach, Calif.-based affordable housing development company, received the loan. The four properties include Ramblewood in Clarksville (112 units); Margaret Robinson in Hermitage (100 units); Ridgebrook in Knoxville (144 units); and Hickory Forest in Nashville (90 units). The borrower will be seeking bonds and 4 percent LIHTC credits to be moderately renovated and units upgraded in the next 12 to 18 months with agency financing provided by KeyBank.
JOHNS ISLAND, S.C. — Newmark has secured a $53 million construction loan for The Dunlin, Auberge Resorts Collection at Kiawah River, a 72-room hotel project in Johns Island. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the loan through United Bank on behalf of the borrower, Kiawah River Hospitality Group. Construction on the project is slated for completion by 2024. The Dunlin is located within the Kiawah River master-planned residential resort community. The project will be situated along the 12-mile riverfront, offering 2,000 acres of nature trails and marshlands. The hotel will feature a branded restaurant and lounge and over 10,000 square feet of event space, including a 5,200-square-foot wedding hall. Resort amenities will include a pool with cabanas, full-service spa and a riverfront swim and fitness facility. The Dunlin will be the newest addition to the Auberge Resorts Collection’s portfolio of luxury hotels, resorts and residences.
ORLANDO, FLA. — Trez Capital has provided a $42.2 million construction loan for The Ritz-Carlton Residences, Orlando, Grande Lakes project. Ben Jacobson of Trez Capital originated the loan on behalf of the borrower and project developer, Unicorp National Developments Inc. The Ritz-Carlton Residences will offer 37 three- and four-bedroom residences with pools in a gated community. Community amenities will include a private, owners-only clubhouse; full-service spa; 18-hole golf course; 11 restaurants and bars; water sports and hiking and nature trails. Located at 4012 Central Florida Parkway, the project is situated 20.2 miles from downtown Orlando and 9.3 miles from Orlando International Airport. The project is part of the Grande Lakes master-planned community, which includes the Ritz-Carlton Orlando Grande Lakes resort.
SAN ANTONIO — New York City-based Lument has provided a $17.9 million bridge loan for the acquisition of Park at Colonnade, a 211-unit multifamily community in San Antonio. Built in 1970, the garden-style property houses 18 studios, 86 one-bedroom residences, 94 two-bedroom apartments and 13 three-bedroom units. Amenities include a clubhouse, two pools and a dog park. Phil Frasca of Lument originated the nonrecourse, interest-only loan, which carried a three-year term and a 75 percent loan-to-cost ratio. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — CBRE has arranged the recapitalization and refinancing of a portfolio of eight acute care hospitals located throughout Massachusetts in a transaction valued at $1.7 billion. Specifically, the properties are located in the Brighton and Dorchester areas of Boston, as well as in Methuen, Haverhill, Brockton, Fall River, Taunton and Ayer. Steward Health Care System occupies the hospitals. Under the terms of the transaction, the owner of the portfolio, Medical Properties Trust Inc. (NYSE: MPW), will enter into a joint venture with an affiliate of Macquarie Asset Management, which will acquire a 50 percent interest. Keith Harris, Lee Asher, Chris Bodnar, Ryan Lindsley and Jordan Selbiger of CBRE negotiated the equity restructuring on behalf of Medical Properties Trust. James Millon of CBRE arranged a loan of an undisclosed amount for the refinancing of the existing debt on the portfolio.
PHILADELPHIA — Greystone has provided a $20 million HUD-insured loan for the refinancing of Croydon Hall Apartments, a 127-unit multifamily property near Philadelphia’s University City neighborhood. Originally built in 1925 and renovated in 2012, the property houses one, two- and three-bedroom units. Jason Yuen of Greystone originated the financing, which was structured with a fixed interest rate, 35-year term and a 35-year amortization schedule. The borrower was an entity doing business as 49th & Spruce Associates LP.
BOZEMAN, MONT. — Montana-based BlackRidge Cos. has obtained $50.9 million in construction financing for the development of 2131 Graf, a garden-style apartment community in Bozeman. Located at the intersection of Graf Street and South 19th Avenue, 2131 Graf will include 195 residential units, including 72 one-bedroom units, 97 two-bedroom units and 26 three-bedroom units. Community amenities will include a clubhouse with a community room, fitness center, spa, barbecue grilling stations, a firepit, lawn games and an onsite management office. Completion is slated for September 2023. Jennifer Quigley of Berkadia Denver secured the permanent construction financing on behalf of the borrower. The 221(d)(4) construction loan, financed through HUD’s green building program, features a 40-year term and 3.03 percent interest rate.
PLANO, TEXAS — CIM Group, a Los Angeles-based lender and owner-operator, has provided a $73 million loan for the refinancing of Legacy Commons, a 287,044-square-foot office campus located north of Dallas in Plano. The property, which was originally constructed in 1998 as the headquarters for Dr. Pepper, comprises three buildings and an undeveloped 5.3-acre site within the Legacy master-planned development. The borrower, a partnership between Taconic Capital Advisors and Champion Partners, acquired Legacy Commons in 2019 and subsequently implemented $10 million in capital improvements. The campus now features a renovated lobby and main entrance, as well as an outdoor courtyard and amphitheater, lounge and meeting area and a fitness center.
WACO, TEXAS — Dallas-based Terrydale Capital has arranged an $11.2 million acquisition loan for an undisclosed multifamily property in Waco. Culby Culbertson of Terrydale Capital arranged the loan through a correspondent bank on behalf of the undisclosed borrower. The loan was structured with a fixed interest rate of 3.53 percent for five years, a 25-year amortization schedule and one year of interest-only payments