GRAND FORKS, N.D. — Colliers Mortgage has provided a $10.9 million HUD-insured loan for the acquisition and rehabilitation of a three-property, 182-unit affordable housing portfolio in Grand Forks. University Square comprises 60 units, Columbia Square South includes 72 units and Columbia Square East features 50 units for seniors. All units are covered by Section 8 Housing Assistance Payments (HAP) contracts. The properties will undergo $13.6 million in renovations. Additional funding comes from low-income housing tax credits, housing incentive funds from the North Dakota Housing Finance Agency and tax-exempt bonds, which were underwritten by Colliers Securities LLC. The borrower, Schuett Grand Forks LP, is an entity controlled by The Schuett Cos. Inc., which will also manage the properties. The 40-year loan features a 40-year amortization schedule.
WASHINGTON, D.C. — Grosvenor has obtained an $82.1 million loan to refinance 1500 K Street, a 262,190-square-foot mixed-use building in Washington, D.C. Eastdil Secured arranged the loan through Helaba on behalf of Grosvenor. Built in 1928, 1500 K Street comprises offices and retail space. The property is situated near the McPherson Square Metro station and the White House, as well as Washington, D.C.’s downtown and East End districts. Grosvenor recently invested $20 million to renovate the property, including updates to the lobby, fitness center, tenant lounge, HVAC system, roof and rooftop lounge.
ALLENTOWN, PA. — Bellwether Enterprise Real Estate Capital has arranged a $20 million loan for the renovation and construction of Cityplace North & South, a 204-unit apartment complex in the Lehigh Valley city of Allentown. The North Building is a conversion of a hotel into apartments that opened in early 2020, and the South Building is ground-up construction. An undisclosed life insurance company provided the loan. The borrower was also not disclosed.
PLANO, TEXAS — Ziegler has arranged $197.7 million in bond financing for The Outlook at Windhaven Forefront Living, a seniors housing community in Plano. The property, which is in development, will comprise 153 independent living apartments, 30 independent living cottages, 32 assisted living units and 24 memory care units. The financing comprises $109.5 million of tax-exempt bonds, $88.2 million of tax-exempt mandatory paydown securities and $1.3 million in taxable bonds, all of which were sold publicly to institutional investors. The borrower is Forefront Living.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a portfolio of 23 light industrial buildings totaling 711,399 square feet that are located throughout the Houston area. The properties provide access to major transportation arteries such as Interstates 10, 45 and 610, as well as the Sam Houston Tollway and U.S. Highways 290 and 59. The Class B portfolio was 76 percent leased at the time of sale to 125 tenants with footprints ranging in size from 833 to 24,439 square feet. The seller and sales price were not disclosed. Los Angeles-based lender PCCP LLC provided a $72 million acquisition loan for the deal.
CHERRY HILL, N.J. — Bellwether Enterprise Real Estate Capital has arranged a $40 million loan for the permanent financing of a 192-unit apartment and townhome community located outside of Philadelphia in Cherry Hill. The newly built property offers one-, two- and three-bedroom units, and amenities such as a pool, rooftop terrace, fitness center, dog park and a clubhouse with a billiards room, lounge and bar area. An undisclosed life insurance company provided the loan. The borrower was Montgomery Group.
ILLINOIS — Walker & Dunlop Inc. has structured $57.6 million in HUD-insured loans for the refinancing of three skilled nursing facilities in Illinois. Joshua Rosen of Walker & Dunlop led the origination team. The first transaction consisted of a $15.6 million loan for Avantara Park Ridge, a 154-bed community in Park Ridge. Walker & Dunlop also arranged a $28.7 million loan for Moraine Court Supportive Living, a 185-bed community in Bridgeview, and a $13.3 million loan for Aperion Care Elgin, a 101-bed property in Elgin. The borrower was undisclosed.
SOUTH TEXAS — VIUM Capital has provided a $17.1 million bridge-to-HUD loan for the refinancing of an undisclosed skilled nursing facility in South Texas. The financing also provides equity-out proceeds and covers transaction costs. The loan features a 60 percent loan-to-value ratio and partial recourse that disappears upon submission to HUD. The borrower leased the property in 2017, exercised its purchase option in 2018 and continued to improve operating performance during the COVID-19 pandemic. The name and location of the facility were not disclosed.
NEW YORK CITY — Meridian Capital Group has arranged a $147 million loan for the refinancing of three New York City self-storage facilities. The names and unit counts of the facilities, all of which were built in 2017, were not disclosed. Drew Anderman and Ben Nevid of Meridian Capital arranged the loan through Slate Asset Management on behalf of the borrower, Saratoga Springs-based Prime Group.
NEW YORK CITY — Regions Bank has provided an undisclosed amount of financing for a 255-unit transformational housing project in Brooklyn. Nonprofit housing operator HELP USA is leading the development, which will consist of two buildings with 184 and 71 units. Of those, 154 residences will be reserved for individuals who meet the homeless and substance abuse criteria for housing. The site will eventually house four buildings and span a full city block along Blake Avenue. BNY Mellon has also provided $62 million in equity for the project. A construction timeline was not disclosed.