Loans

KeyBank Provides $10.2M HUD Financing for Livermore Healthcare Skilled Nursing Facility in California

by Amy Works July 20, 2021

LIVERMORE, CALIF. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a healthcare real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio of 35 skilled nursing properties, which included the Livermore Healthcare facility. Livermore Healthcare features 30 units and 83 beds. The property was originally built in 1966 and underwent minor renovations in 2019, including the installation of new vinyl flooring in several common area rooms and hallways. John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Group structured the financing.

July 20, 2021

California Loans Office Retail Western

Ready Capital Closes $23.5M in Refinancing for Nine-Property Office/Retail Portfolio in Los Angeles

by Amy Works July 20, 2021

LOS ANGELES — Ready Capital has closed $23.5 million in refinancing for the renovation and lease-up of a nine-property retail and office portfolio located in the Frogtown, Echo Park and Glassell Park neighborhoods of Los Angeles. The undisclosed sponsor plans to complete capital improvements on each of the nine properties, increasing the rentable square footage and leasing up each asset. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and facilities to provide funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

July 20, 2021

Loans Multifamily Northmarq Southeast Virginia

NorthMarq Arranges $7.8M Loan for Main2323 Apartments in Richmond

by Julia Sanders July 20, 2021

RICHMOND, VA. — NorthMarq has arranged a $7.8 million loan for Main2323, a 71-unit multifamily property in the historic Shockoe Bottom neighborhood in downtown Richmond. Mike Lowry of NorthMarq arranged the Freddie Mac loan, which was structured with a 10-year term and a 30-year amortization schedule. The undisclosed borrower is using the fixed-rate loan as a cash-out refinance. Renovated in 2016, Main2323 is a two-building property that was originally built in 1917. The property was 98 percent occupied at closing. Community amenities include a saltwater pool, courtyard and roof deck, internet, clubroom, fitness area and secured parking available.

July 20, 2021

Iowa Loans Midwest Multifamily

Colliers Provides $12M Loan for Refinancing of Apartment Complex in Mason City, Iowa

by Kristin Harlow July 20, 2021

MASON CITY, IOWA — Colliers Mortgage has provided a $12 million Fannie Mae loan for the refinancing of The River in the northern Iowa town of Mason City. Constructed in 2020, the 133-unit property includes both apartment units and townhome units. Amenities include a fitness center, indoor bike storage, underground parking, a lounge, community room and dog wash. The 10-year loan features a 30-year amortization schedule. The River Mason City LLC was the borrower.

July 20, 2021

Iowa Loans Midwest Multifamily Northmarq

NorthMarq Originates $9M Acquisition Loan for Multifamily Property in Dubuque, Iowa

by Kristin Harlow July 20, 2021

DUBUQUE, IOWA — NorthMarq has originated a $9 million Freddie Mac loan for the acquisition of Radford Place Apartments in Dubuque, a city in eastern Iowa along the Mississippi River. The 108-unit, three-story property was built in 2010. Dan Trebil and Bill Mork of NorthMarq’s Minneapolis office structured the 10-year loan, which features two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed.

July 20, 2021

Connecticut Loans Multifamily Northeast

Greystone Provides $15.3M in HUD-Insured Financing for Connecticut Multifamily Portfolio

by Taylor Williams July 20, 2021

NEW BRITAIN, MERIDEN AND MIDDLETOWN, CONN. — Greystone has provided multiple HUD-insured loans totaling $15.3 million for the refinancing of a portfolio of three multifamily properties totaling 278 units in Connecticut. The properties are located in New Britain, Meriden and Middletown. Each of the nonrecourse loans carries a fixed interest rate and 35-year terms and amortization schedules. Leor Dimant of Greystone originated the financing packages on behalf of the undisclosed borrower, which will use a portion of the proceeds to continue ongoing improvements.

July 20, 2021

Florida Hospitality Loans Southeast

Madison Realty Capital Provides $105M Acquisition Loan for Four Seasons Hotel Miami

by Julia Sanders July 19, 2021

MIAMI — Madison Realty Capital, a New York City-based private real estate equity firm, has provided a $105 million loan to Miami-based developer Fort Partners for the acquisition and renovation of the Four Seasons Hotel Miami located in the city’s Brickell district. Located at 1435 Brickell Ave., Four Seasons Hotel Miami is a 221-room hotel that anchors a 70-story, mixed-use tower. The tower also features Class A office space, residential condominiums, an Equinox health club, retail space and a parking garage. Fort Partners plans to renovate the property by enhancing room configurations, the pool deck and lobby, as well as upgrading the food and beverage options. Millennium Partners developed the property in 2003 and Handel Architects led the design. The acquisition marks the fourth Four Seasons property in Fort Partners’ South Florida portfolio alongside hotels located in Surfside, Fort Lauderdale and Palm Beach. In 2019, Madison Realty Capital provided a $210 million loan to Fort Partners for its construction of the Four Seasons Hotel and Private Residences Fort Lauderdale. Jim Dockerty, Kevin Davis and Mark Fisher of JLL arranged the financing on behalf of Fort Partners.

July 19, 2021

Loans Multifamily New York Northeast

Emerald Creek Capital Provides $27M Bridge Loan for Two SoHo Multifamily Buildings

by Taylor Williams July 19, 2021

NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $27 million bridge loan for two multifamily buildings totaling 33 units in the SoHo area of Manhattan. The first building rises eight stories and houses 11 units, and the second property stands six stories and consists of 22 newly renovated apartments and two ground-floor retail units. Mike Cleaver of Emerald Creek Capital originated the financing on behalf of the undisclosed borrower.

July 19, 2021

Arizona Loans Multifamily Western

Tower Capital Arranges $59M in Refinancing for Apartment Asset in Goodyear, Arizona

by Amy Works July 19, 2021

GOODYEAR, ARIZ. — Tower Capital has secured $59 million in refinancing for a Class A multifamily community located in Goodyear. The name of the borrower was not released. Provided by a debt fund/life company, the loan features a 70 percent loan-to-value ratio and a 10-year fixed term with five years of interest-only payments followed by a 30-year amortization schedule. At the time of financing, the property was more than 96 percent occupied.

July 19, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $36.7M Loan for Multifamily Community in Phoenix’s Deer Valley

by Amy Works July 19, 2021

PHOENIX — Ready Capital has closed $36.7 million in financing for the acquisition, renovation and stabilization of a 240-unit apartment property located in Phoenix’s Deer Valley submarket. Upon purchase, the undisclosed borrower plans to fully renovate the remaining legacy units of the property and upgrade exteriors and common areas to help drive the property to stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 19, 2021

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