BISHOP, CALIF. — Marcus & Millichap Capital Corp. has secured $5.2 million in acquisition financing for a retail building located at 1320 N. Main St. in Bishop. Grocery Outlet occupies the 20,000-square-foot, single-tenant property, which was built in 2019. Richard Knorr of Marcus & Millichap Capital Corp. arranged the 10-year fixed-rate loan, which has a 60 percent loan-to-value ratio and a 3.25 percent interest rate. The name of the borrower was not released.
SCOTTSDALE, ARIZ. — Greystone has arranged a $140 million loan package for both the refinancing and expansion of Maravilla Scottsdale, a seniors housing community in Scottsdale. Phase I of the community comprises a fully stabilized, 217-unit independent living, assisted living and memory care property. Opened in 2012, the community has received multiple awards, including being named Best 50+ CCRC Community by the National Association of Home Builders (NAHB), Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine. Phase II of Maravilla Scottsdale is a planned 193-unit independent living community on the same parcel as Phase I that will overlook the TPC Scottsdale Golf Course. Spread over 11 acres with multiple common area spaces, the latest phase is scheduled for completion in mid-2023. Greystone’s seniors housing capital markets team, led by Cary Tremper and Matt Miller, arranged the financing from a national bank on behalf of Senior Resource Group LLC.
SUNNYVALE AND MENLO PARK, CALIF. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is located one mile from Valley Health Center and less than a mile from Highway 82. Silver Oaks offers 26 one- and two-bed units, totaling 43 beds. The property is directly across from the Menlo Park VA Medical Center and is less than a mile from Highway 101. Bercut Smith, Lauren Sackler and Ace Sudah led the JLL Capital Markets debt advisory team representing the borrower.
ATLANTA — Aztec Group has secured $31.8 million in acquisition financing for Residences at City Center, a 182-unit apartment community in downtown Atlanta. The financing is a non-recourse, 75 percent loan-to-value loan. Brell Tarich and Charles Penan of Aztec Group secured the loan on behalf of the borrower, South Florida-based AWP Real Estate. Built in 1993, Residences at City Center is situated adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. The new ownership group plans to make significant upgrades to the apartment community.
NEW YORK CITY — MetLife Investment Management has provided a $70 million permanent loan for the refinancing of 21 West Street, a 33-story apartment tower in Manhattan’s Financial District. The pet-friendly property offers 293 units in one-, two- and three-bedroom formats and amenities such as a fitness center, rooftop deck, community lounge with a playroom and catering kitchen and a 24-hour lobby attendant. Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno and Triston Stegal of Walker & Dunlop arranged the financing on behalf of the borrower, locally based owner-operator Rose Associates. The 12-year loan was structured with a fixed rate and interest-only payments for the entire term.
GLOUCESTER CITY, N.J. — New Jersey-based mortgage banking and advisory firm Progress Capital has arranged a $25 million loan for the refinancing of River Pointe Apartments, a 141-unit complex in the Southern New Jersey community of Gloucester City. The borrower, Cyzner Properties, acquired the garden-style community in 2017 with plans to renovate the 11 buildings, but eventually decided on a complete demolition and rebuild. Amenities now include a fitness center, clubhouse with a business center and party room, communal garden and a dog park. Kathy Anderson of Progress Capital arranged the nonrecourse loan, which carried a 30-year amortization schedule and 24 months of interest-only payments, on behalf of Cyzner Properties. The direct lender was not disclosed.
OAKLAND PARK, FLA. — Greystone has provided an $11.1 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Oakwood Apartments, a 124-unit multifamily property in Oakland Park. Kyle Jemtrud of Greystone originated the loan on behalf of 61-34 Madison Real Estate LLC. The nonrecourse loan carries a 15-year term and a 30-year amortization period, as well as a fixed interest rate and a 55 percent loan-to-value ratio. Built in 1971, Oakwood Apartments is a garden-style apartment community with four buildings featuring one- and two-bedroom units. Community amenities include an onsite pool and laundry facilities.
WOODBURY, N.Y. — New Jersey-based Cronheim Mortgage has arranged a $13 million loan for the refinancing of a 55,000-square-foot retail property on Long Island. Located along the Jericho Turnpike in the community of Woodbury, the property is fully occupied by grocer Stop & Shop. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the 10-year, nonrecourse loan, which carried a fixed interest rate and four years of interest-only payments. The borrower was full-service firm Woodpath Associates LLC. Texas-based Aurora National Life Assurance Co. provided the loan.
SAN DIEGO — PSRS has arranged the $3.8 million cash-out refinancing of a multi-tenant industrial property in San Diego’s Miramar neighborhood. Built in 1985, the 30,355-square-foot asset is 100 percent leased. Jennifer Mustard of PSRS secured the credit union execution, which provided the undisclosed borrower a 3.5 percent interest rate, 10-year term and $1 million cash out for other investments.
LAYTON, UTAH — PSRS has secured $5 million in refinancing for a 655-unit self-storage facility in Layton. William DeFanti of PSRS arranged a nonrecourse loan with a seven-year term and 30-year amortization. The lender provided prepayment flexibility along with a 3.45 percent interest rate.
