Loans

Graystoke Receives $16.9M Acquisition Loan for The Landing at Saddlerock Multifamily Property in Wenatchee, Washington

by Amy Works July 19, 2024

WENATCHEE, WASH. — Graystoke Capital Partners has received $16.9 million in acquisition financing for The Landing at Saddlerock, a garden-style apartment property located at 1105 Red Apple Road in Wenatchee, approximately midway between Seattle and Spokane. Tony Nargi and Brock Knapp of JLL’s debt advisory team originated the seven-year, fixed-rate, near-stabilization. Fannie Mae loan, which JLL Real Estate Capital will service. Formerly known as Eleven01 at Saddlerock, The Landing at Saddlerock features 84 one-, two- and three-bedroom units featuring quartz countertops, stainless appliances and nine-foot ceilings. Community amenities include a leasing office, dog run, gazebo, gas grills and access to local trail systems. At the time of sale, the property was 82 percent occupied and 85 percent leased. The community opened in December 2023. Fortified Property Solutions, Graystoke’s integrated property management company, will manage the asset. The seller and price were not disclosed.

July 19, 2024

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

Berkadia Arranges $12.8M in LIHTC Equity Financing for Affordable Housing Project in Annville, Pennsylvania

by Taylor Williams July 19, 2024

ANNVILLE, PA. — Berkadia has arranged $12.8 million in Low-Income Housing Tax Credit (LIHTC) equity financing for Carmany Place Apartments, a 48-unit affordable housing project in Annville, an eastern suburb of Harrisburg. The property will consist of three buildings with 30 two-bedroom units and 18 three-bedroom units that will be reserved for households earning between 20 and 80 percent of the area median income. Brian Blanchard of Berkadia secured the equity on behalf of the sponsor, Völker Development. Fulton Bank purchased the tax credits and also provided construction debt for the project.

July 19, 2024

Loans New York Northeast Retail

Red Oak Capital Holdings Funds $8.6M Acquisition Loan for Upstate New York Shopping Center

by Taylor Williams July 19, 2024

IRONDEQUOIT, N.Y. — Red Oak Capital Holdings has funded an $8.6 million bridge loan for the acquisition of Irondequoit Plaza, a 205,000-square-foot shopping center located near Rochester. Built on 21 acres in 1980 and last renovated in 2005, the center was roughly 95 percent leased at the time of sale to tenants such as Citizens Bank, Dollar Tree, Dunkin’ and Big Lots. Polaris Funding arranged the debt through Red Oak on behalf of the sponsor, Sky Capital Group, which also purchased the adjacent Wegmans supermarket. That property is not collateralized by the loan, which was structured with a three-year term and a 65.6 percent loan-to-value ratio. Michael Cleeman of Cleeman Realty Group represented Sky Capital Group in the purchase of the Wegmans store, which totals 102,337 square feet. Sam Seelenfreund, also with Cleeman Realty, represented the undisclosed seller in the Wegmans deal. The combined purchase price was $16.5 million.

July 19, 2024

Development Loans Mixed-Use New York Northeast

Bayview PACE Provides $7M in Financing for Adaptive Reuse Project in Hudson, New York

by Taylor Williams July 19, 2024

HUDSON, N.Y. — Bayview PACE has provided $7 million in C-PACE financing for an adaptive reuse project in Hudson, about 35 miles south of Albany. Pocketbook Hudson is a conversion of the historic Pocketbook knitting mill factory dating to the 1890s into a 70,000-square-foot mixed-use property. Now under construction, the $42 million project will include a 40-room hotel, wellness center, lounge, restaurant, bar and café, as well as spaces devoted to artwork, affordable retail and nonprofit offices. Bayview’s long-term C-PACE financing for Pocketbook’s energy and resiliency components was facilitated with Energy Improvement Corp., the New York State nonprofit that administers C-PACE.

July 19, 2024

Hospitality Loans Northeast Rhode Island

KSL Capital Partners Receives $72M Loan for Refinancing of Rhode Island Hotel

by Taylor Williams July 18, 2024

NEWPORT, R.I. — KSL Capital Partners has received a $72 million loan for the refinancing of Hotel Viking, a 208-room hospitality property located in the coastal Rhode Island city of Newport. The hotel offers an indoor pool, fitness center and more than 14,000 square feet of indoor and outdoor meeting and event space. A joint venture between Smith Hill Capital and Bain Capital provided the debt.

July 18, 2024

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Provides $17.1M for Construction of Supportive Housing Development in Indianapolis

by Kristin Harlow July 18, 2024

INDIANAPOLIS — Merchants Capital has provided $17.1 million in construction financing for The Marvetta & Anthony Grimes Family Center, a 36-unit supportive housing development in Indianapolis. The property will serve households recovering from addiction. Merchants Capital provided $9.5 million in Low-Income Housing Tax Credits (LIHTC) equity financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority included a $750,000 Development Fund Loan in addition to 9 percent LIHTC financing as part of the Emerging Developer 2023 Rental Housing Tax Credit General Set-Aside. Additional partners included First Merchants Bank and The National Bank of Indianapolis. The developer, 2 Thirty-Eight Properties LLC, is building the project in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Cos. is the development consultant and general contractor. RealAmerica Management will serve as the property manager. Volunteers of America Ohio and Indiana and Seeds of Hope will provide onsite services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services. The development will comprise two two-story buildings with 24 two-bedroom units, 12 three-bedroom units and an onsite daycare center. Tenants will be referred …

July 18, 2024

Development Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $76.2M Bond Financing for Seniors Housing Community in Chapel Hill, North Carolina

by John Nelson July 17, 2024

CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metropolitan area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement nursing facility that will total approximately 122,000 square feet. The project will bring a progressive new care model to Carolina Meadows and will include a total of 90 beds, comprised seven 12-person households with the possibility of dual-occupancy in one unit in six of the households. Each unique household is designed to resemble a home, and include a living room, kitchen, den and direct access to outdoor spaces. Upon completion of the project, which is scheduled for April 2026, Carolina Meadows will transfer residents from its existing health center to the new health center.

July 17, 2024

Loans Michigan Midwest Multifamily

Matthews Capital Markets Arranges $8.7M Loan for Refinancing of Detroit Apartment Building

by Kristin Harlow July 17, 2024

DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has arranged an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the apartment building rises 21 stories with 221 units. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.

July 17, 2024

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Hunt Capital Arranges $13.2M Equity Financing for Affordable Seniors Housing Project in Stafford, Texas

by Taylor Williams July 16, 2024

STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.

July 16, 2024

Loans Multifamily New Jersey Northeast Seniors Housing

Ziegler Arranges $42.5M Bond Financing for Seniors Housing Property in Freehold, New Jersey

by Taylor Williams July 16, 2024

FREEHOLD, N.J. — Ziegler has arranged $42.5 million in bond financing for the acquisition of Applewood, a continuing care retirement community (CCRC) in Freehold, an eastern suburb of Trenton. Located on approximately 44 acres, Applewood opened in 1990 and offers 300 independent living units, 37 assisted living units, 11 memory care units and 60 skilled nursing units. The acquisition was completed utilizing a mix of tax-exempt and taxable debt. The borrower is FellowshipLIFE, a nonprofit owner-operator of CCRCs in New Jersey.

July 16, 2024

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