YONKERS, N.Y. — ACRES Capital has provided a $31.5 million construction loan for a 126-unit multifamily project located at 56 Prospect St. in Yonkers, a northern suburb of New York City. Units will feature modern appliance packages, high-end finishes and private balconies in select units, and amenities will include a rooftop terrace, courtyard and 130 parking spaces. Completion is slated for July 2023. Marty Reasoner of ACRES Capital provided the 30-month loan, and Andrew Milbank of Berko & Associates arranged the debt. The borrower was Melville, N.Y.-based Regency Apartment Ventures.
DALLAS — Metro Boston-based Tremont Mortgage Trust (NASDAQ: TRMT) has provided a $50 million first mortgage bridge loan for the acquisition of 10000 NCX, a 15-story, 296,000-square-foot office building located at 10000 North Central Expressway in Dallas. Colliers International arranged the loan on behalf of the sponsor, Charter Holdings. The loan was structured with a three-year initial term and two one-year extension options that are subject to the borrower meeting certain conditions. According to its property page, 10000 NCX was built in 1986 and was 80 percent leased at the time of sale. The building also offers amenities such as a fitness center, deli, break room and onsite storage space. The seller was Dallas-based Westdale Real Estate.
WATERTOWN AND NEWTON, MASS. — PCCP LLC has provided a $39.8 million loan for the refinancing of a portfolio of three life sciences and creative office buildings totaling 124,946 square feet in Watertown and Newton, two western suburbs of Boston. The two Watertown properties were built in the 1940s and total 43,344 square feet. The Newton property was constructed in 1900, renovated in 2017 and consists of 81,602 square feet. The borrower, Massachusetts-based KS Partners LLC, will use a portion of the proceeds to fund capital improvements. The portfolio was 94 percent leased at the time of sale.
PHILADELPHIA — Eastern Union has arranged $9.7 million in financing for a 218,961-square-foot flex portfolio in Philadelphia. The portfolio consists of three waterfront buildings with both office and industrial space. The financing comprises a $5.2 million acquisition loan and a $4.5 million credit facility to cover renovations and leasing costs. The borrower was a partnership between Michael Bauer of New York City-based BASH Capital and Joseph Cunane of West Chester, Pennsylvania. Marc Tropp of Eastern Union originated the financing.
Berkadia Secures $51.2M Financing for Affordable Housing Acquisition, Redevelopment in Metro Atlanta
JONESBORO, GA. — Berkadia has secured $51.2 million in financing for the redevelopment of Riverwood Townhouses, a 282-unit affordable housing development in Jonesboro, about 18.3 miles south of downtown Atlanta. Vitus, a national developer and owner of affordable housing, recently acquired the property for $30.5 million from an entity doing business as RWood Holdings LLC. Tim Leonhard of Berkadia secured both $25.9 million in acquisition bridge financing and $25.3 million in permanent financing used to rehabilitate the property. The bridge loan had a 4.3 percent adjustable interest rate and was provided through Berkadia’s proprietary bridge lending platform. The permanent loan was provided through Freddie Mac’s affordable housing program. Located at 681 Flint River Road, Riverwood Townhouses features one-, two-, three- and four-bedroom units. All the units are rent restricted to 60 percent of area median income. Community amenities include a business center and computer lab, clubhouse, community room, playground and picnic area. The property will be undergoing interior and exterior renovations as part of the redevelopment.
HENDERSON, NEV. — ACRES Capital Corp. and George Smith Partners have provided a $37.5 million loan to fund the construction of The Watermark, a mixed-use multifamily property in Henderson. The borrower is Nevada-based Strada Development Group. Located at 215 S. Water St., The Watermark will feature 151 residential units and accompanying parking spaces, 9,928 square feet of retail space, 14,725 square feet of restaurant space and 11,923 square feet of office space. The property is situated in downtown Henderson’s Water Street District that features a mix of boutique shops, restaurants and nightlife venues. Chris Hetzel of ACRES’ Los Angeles office originated the loan, which features an initial term of 24 months.
SAN ANTONIO — Lument has provided a $29.4 million bridge loan for the acquisition of Limestone Oaks, a 401-unit apartment and townhome community in northwest San Antonio. The property was originally built in 1981, renovated in 2007 and acquired by the undisclosed seller in 2013. Colin Cross and John Sloot led the transaction for Lument. John Brickson of Old Capital Lending arranged the debt. The borrower was locally based owner-operator DJE Texas Management Group.
MUKILTEO, WASH. — CBRE Senior Housing has arranged $19.5 million in financing for Harbour Pointe Senior Living, a 106-unit assisted living and memory care community in Mukilteo, approximately 25 miles north of downtown Seattle. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living operates the community. The community, originally acquired by the owners in 2015, sits directly adjacent to Paine Field, a once-commercial airfield that is now primarily used as a Boeing assembly plant. Home to generations of former Boeing employees, the Harbour Pointe neighborhood is an affluent pocket of Mukilteo with numerous local amenities, including the nearby Harbour Pointe Golf Club. CBRE Senior Housing originated a seven-year, floating-rate loan with four years of interest-only payments through its Freddie Mac Optigo lending program.
LANSING, MICH. — Dwight Capital has provided a $23 million loan for the construction of City View Apartments in Lansing. Upon completion, the five-story building will include 117 apartment units and 3,500 square feet of ground-level retail space. Amenities will include a fitness center and parking garage. Adam Sasouness of Dwight originated the loan on behalf of the undisclosed borrower.
NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $15 million first mortgage bridge loan for a 300,000-square-foot mixed-use building located in the Flushing neighborhood of Queens. The property consists of 22 floors of hotel space, 10 levels of medical office space and 50,000 square feet of retail and event space. The building also features 300 below-grade parking spaces. Dean Wang of Emerald Creek Capital originated the financing on behalf of the borrower, Fleet Financial Group.