FORT WORTH, TEXAS — Lument has provided a $13.9 million bridge loan for the acquisition of Saddlehorn Vista, a 192-unit multifamily community located about 10 miles west of downtown in Fort Worth. Built in 1985, the garden-style property consists of 96 one-bedroom units, 80 two-bedroom residences and 16 three-bedroom apartments. John Sloot and Colin Cross of Lument originated the loan, and John Brickson of Old Capital Lending arranged the debt. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Saddlehorn Vista was 98 percent occupied at the time of the loan closing.
ERIE AND MECHANICSBURG, PA. — HJ Sims has arranged $47.6 million in financing for Bethany Village Retirement Center and Springhill, two seniors housing properties that are respectively located in Mechanicsburg and Erie. Bethany Village includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill features 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. The borrower was Asbury Communities Inc.
LYNWOOD, WASH. — Commercial mortgage banking firm Gantry has arranged a $32.5 million loan to refinance a newly completed, privately built student housing community adjacent to Edmonds College in Lynwood, located about 17 miles north of Seattle. Triton Court offers 104 units with 220 total beds, including more than 13,000 square feet of retail space and more than 15,000 square feet of office space. The property is the result of a quasi-public/private partnership, wherein a private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Gantry’s Mike Wood and Alex Saunders 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 competitive, fixed interest rate with payments on an interest-only basis for the 10-year loan term. Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm
DENVER — JLL Capital Markets has arranged $49 million in financing for the acquisition of Aspire 7th & Grant, an apartment property located at 670 N. Grant St. in Denver’s Capitol Hill neighborhood. Leon McBroom led the JLL team that represented the borrower, an unnamed institutional fund, to secure the seven-year, fixed-rate loan through Northwest Mutual Real Estate Investments. Built in 2020, Aspire 7th & Grant features 178 studio, one- and two-bedroom units that average 882 square feet. Community amenities include a sky terrace with an outdoor fireplace, chef-inspired kitchen with a dining area, eighth-floor club area, rooftop business center, second-floor garden deck with a resort-style pool, fitness center, yoga studio, indoor pet spa and grilling lounge.
FALLS CHURCH, VA. — Pacific Western Bank has provided a $127.5 million senior construction loan for an affiliate of the Wolff Co., which acquired three existing office towers in Falls Church, currently known as Skyline Towers. The company purchased the property in late 2019 with the intention of converting all three buildings into 675 rental apartments with ground floor retail space. The Skyline Towers will include a portion of the apartment units as live/work apartments, as well as dedicated office space. The project is located adjacent to a Target store and a fitness facility.
HOUSTON — NorthMarq has arranged a $32 million loan for the refinancing of Gessner Apartments, a 500-unit community in southwest Houston. Warren Hitchcock of NorthMarq arranged the fixed-rate loan, which was structured with a seven-year term and two years of interest-only payments followed by a 25-year amortization schedule. The borrower and direct lender were not disclosed.
NEWARK, N.J. — PGIM Real Estate, the real estate investment and financing business of PGIM, has provided $178 million in fixed-rate debt for the refinancing of a national portfolio of five manufactured housing communities. The properties total 1,731 sites and are located in Massachusetts, New Jersey, Illinois and Florida. Amenities of the portfolio, which was 99 percent occupied at the time of the loan closing, include pools, fitness centers, putting greens, clubhouses, bocce ball courts and dog parks. In addition, four of the five properties feature age restrictions. The borrower was Chicago-based Hometown America. Bellwether Enterprise arranged the debt.
HUNTSVILLE, ALA. — Cushman & Wakefield has arranged $30.2 million in construction financing for The Hamlet at MidCity, a single-family rental community in Huntsville. Mike Ryan, Brian Linnihan, Richard Henry and J.P. Cordeiro of Cushman & Wakefield secured the three-year, floating-rate loan through Regions Bank on behalf of the developer, Middleburg Communities. The Hamlet at MidCity will include 120 standalone cottages and 55 separate duplex buildings totaling 230 units. Floor plans will range from one- to three-bedrooms, with an average unit size of 1,259 square feet. Community amenities will include a saltwater pool, outdoor grilling common areas, fitness center, dog park, pet spa and fire pits. Located on Old Monrovia Road off Highway 72, the property is a half-mile north of MidCity District, an $850 million mixed-use development that when complete will contain 400,000 square feet of office space and 350,000 square feet of retail space.
ATLANTA — JLL’s Capital Markets group has arranged a $421.8 million refinancing for Piedmont Center in Atlanta. The 2.2 million square foot, 14-building, Class A office complex is located on Piedmont Road NE in Atlanta’s Buckhead submarket. Proceeds from the loan were used to purchase four additional office buildings within the complex and to refinance the debt of Ardent’s existing holdings within Piedmont Center. The tenant roster includes technology, healthcare and professional services companies. The area is served by a MARTA Station that provides transportation throughout the city of Atlanta, as well as several thoroughfares such as Georgia 400 and Peachtree, Roswell and Lenox roads. The office space is located four miles north of Midtown, which offers amenities from museums to shopping to recreation. JLL’s Capital Markets team represented the borrower, The Ardent Cos., in the transaction to secure the floating-rate loan from a bank lender. Matt Casey and Ed Coco led the JLL Capital Markets team, while JLL’s brokerage team of David Horne and Jeff Taylor won the assignment to lease buildings five through eight. “Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace …
CLEVELAND — Berkadia has arranged a $72.9 million loan for the refinancing of The Beacon in Cleveland. Located at 515 Euclid Ave., the high-rise multifamily property features one- and two-bedroom units. Amenities include a pool, fitness center, rooftop sky lounge, dog park and onsite restaurants. Mark Vogel and Dan Geuther of Berkadia arranged the loan on behalf of the borrower, Ohio-based Stark Enterprises. Global investment firm KKR provided the seven-year loan, which features a 4 percent interest rate and a 65 percent loan-to-value ratio.