AVON, MASS. — Axiom Capital Corp. has arranged a $10 million loan for the refinancing of a cold storage facility in Avon, located south of Boston. Built in 1988 and renovated between 2009 and 2012, the property features a clear height of 30 to 32 feet, 25 dock doors and 5.3 million cubic feet of storage space. An undisclosed life insurance company provided the seven-year, fixed-rate loan to the borrower, an undisclosed private owner/developer. The property has been leased to a global cold storage operator since 2013.
ANCHORAGE, ALASKA — Greystone has provided a $22.5 million bridge loan to refinance Aspen Creek Senior Living, an assisted living facility in Anchorage. Stella Plotkin of Greystone originated the loan on behalf of the borrower, Spring Creek Holdings. The floating-rate, interest-only bridge financing features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing. Completed in 2019, Aspen Creek Senior Living features 96 beds, with 21 designated for memory care residents.
PHILADELPHIA — PCCP LLC has provided an $80 million senior loan for the refinancing of 123 South Broad Street, a 705,500-square-foot office building located within Philadelphia’s Center City district. The 30-story building was originally constructed in 1928 and is currently leased to a roster of 92 tenants. The borrower was a joint venture between SSH Real Estate, Quilvest Capital Partners and Young Capital. Ryan Ade and Jim Cadranell of JLL arranged the financing. Ownership will use a portion of the proceeds to fund capital improvements, including the addition of amenities like a fitness center, rooftop deck and shared conference space.
LYNNWOOD, WASH. — Gantry has arranged a $32.5 million refinancing for Triton Court, a student housing community located adjacent to Edmonds College in Lynnwood, roughly 17 miles north of Seattle. The property offers 220 beds alongside 13,000 square feet of retail and 15,000 square feet of office space. The newly built community is the result of a public-private partnership, wherein an undisclosed private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Mike Wood and Alex Saunders of Gantry worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a fixed interest rate with payments on an interest-only basis for the 10-year loan term.
MEMPHIS, TENN. — Berkadia has arranged the sale and financing of Waterview Apartment Homes, a 1,002-unit multifamily community in southeast Memphis. Patrick Jordan of Berkadia represented the seller, CapReit, in the transaction. Blue Magma Residential, a Tampa-based real estate firm, acquired the property for an undisclosed price. Charles Foschini and Christopher Apone of Berkadia arranged acquisition financing on behalf of Blue Magma. Arbor Realty Trust provided the $82 million bridge loan, which is a non-recourse, floating-rate, three-year, interest-only loan that includes two one-year extension options. Located at 6860 Quince Road, Waterview is located close to Interstate 240 and Bethel University and approximately 18.4 miles from downtown Memphis. Built in 1985, the property offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings and ceiling fans. Some units will include washers and dryers, wood-burning fireplaces and built-in bookshelves. Community amenities include a fitness center, 22 acres of lakes with water features, tennis courts, indoor and outdoor pools and spas and a sundeck and lounge area.
ROSELLE, ILL. — M&T Realty Capital Corp. has provided a $27.2 million HUD-insured loan for the refinancing of a 247-unit apartment complex in Roselle, a suburb of Chicago. The property name and specific details were undisclosed. Bob Kaplan and Carole Stafford of M&T’s Baltimore office originated the 35-year loan, which features an 80 percent loan-to-value ratio and a fixed interest rate of 2.4 percent. Len Deering of Deering Commercial Mortgage LLC arranged the loan.
HUMBLE, TEXAS — Greystone has provided a $27.6 million HUD-insured loan for the refinancing of Willowbend Apartments, a 228-unit multifamily complex located in the northern Houston suburb of Humble. Built in 2016, the 10-building property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, pet park and an outdoor kitchen with grilling areas. Eric Rosenstock of Greystone originated the financing, which was structured with a fixed interest rate and a 35-year term and amortization schedule, through HUD’s 223(f) program on behalf of the borrower, Partin Properties LLC.
NEW YORK CITY — Cushman & Wakefield has arranged a $106 million acquisition loan for an office condominium located at 12 MetroTech Center in downtown Brooklyn. The condo consists of five floors totaling 186,000 square feet that are situated within a larger building whose lower 25 floors are owned by the City of New York. Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez of Cushman & Wakefield arranged the five-year, interest-only loan through Starwood Property Trust on behalf of the borrower, an entity doing business as 60 Guilders. Doug Harmon, Adam Spies, Adam Doneger, Dan OBrien, Rachel Humphrey and Meaghan Philbin of Cushman & Wakefield brokered the sale of the asset.
REVERE, MASS. — Marcus & Millichap Capital Corp. (MMCC) has placed a $5 million loan for the refinancing of a 30-unit apartment building in Revere, a northeastern suburb of Boston. Robert Damigella of MMCC arranged the 20-year loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.
AMARILLO, TEXAS — New York City-based Dwight Capital has provided a $21 million HUD-insured loan for the refinancing of Ridgewood Apartments, a 240-unit property in Amarillo. The 10-building community was constructed in 2015 and features a pool, playground, business center, fitness center, basketball and volleyball courts and a party room. Daniel Malka of Dwight Capital originated the financing. The borrower was not disclosed.