CHELSEA, MASS. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.
CHICAGO — JLL’s Capital Markets group has arranged a $296 million loan for the refinancing of 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket. The 35-story property was originally built in 1987 and underwent an $85 million renovation in 2019. The office tower offers a riverfront location and is served by a variety of public transportation options. Amenities include a fitness center, tenant lounge, conference center, parking garage and bike parking. Lettuce Entertain You operates a restaurant and event space at the property. Tenants include the American Bar Association and Foley & Lardner. “As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” says Keith Largay, senior managing director with JLL. Largay, along with Danny Kaufman and Michael Halbach of JLL, represented the borrower, a joint venture partnership between Hines, American Realty Advisors (ARA) and Diversified Real Estate Capital LLC. The team placed the five-year, floating-rate loan with Nuveen Real Estate. Dallas-based Hines is a privately owned global real estate investment firm that oversees …
RADFORD, VA. — Preston Hollow Capital has provided $34 million in construction financing for The Highlander, a 124-room on-campus hotel in Radford. Preston Hollow worked with Radford University and the Radford University Foundation to secure the financing. Preston Hollow’s investment includes a $34 million Sustainability Bond, which is a designation that allows investors to invest directly in obligations that finance socially beneficial and sustainable projects. Sustainability Bonds were adopted based upon sustainability framework guidance from the International Capital Markets Association and the United Nations Sustainable Development Goals. Located at 700 E Main St., The Highlander will serve Radford University’s new hospitality program. The Highlander will also feature a rooftop restaurant and a 4,000-square-foot conference space, which the university will use to host business conferences, expos and events. The Highlander is slated to be complete by 2022. The borrower is Provident Resources Group, the not-for-profit owner of The Highlander. SB Ballard Inc. is the general contractor, and Blur Group is the architect. Aimbridge Hospitality will manage the Highlander upon completion. Preston Hollow Capital is a Dallas-based independent specialty municipal finance company that supports local communities through infrastructure financing.
HOUSTON — NorthMarq has arranged an acquisition loan of an undisclosed amount for Westchase Royal Oaks, a 250,000-square-foot office building in Houston. Warren Hitchcock of NorthMarq placed the five-year loan, which was structured with two years of interest-only payments followed by a 25-year amortization schedule. In addition, the financing featured a 70 percent loan-to-value ratio and a fixed interest rate of 3.75 percent. The borrower and the direct lender were not disclosed.
NOVI, MICH. — Dwight Capital has provided a $34.5 million HUD 223(f) loan for the refinancing of Central Park Estates, a 254-unit townhome-style apartment property in Novi. Built between 2001 and 2003, the property consists of 43 buildings. Amenities include a clubhouse, basketball court, community room, fitness center, playground and tennis court. Josh Hoffman and Kevin Lifshitz of Dwight Capital originated the loan, which qualified for a Green Mortgage Insurance Premium reduction set at 25 basis points.
NEW YORK CITY — Houlihan-Parnes Realtors LLC has received a $3.3 million loan for the refinancing of a 10,000-square-foot retail property in the Inwood area of Manhattan. A local bank provided the loan, which was structured with a fixed interest rate of 3.5 percent for the first 24 months of the five-year term and the option to extend the loan for an additional five years. Houlihan-Parnes owns the property in partnership with ISJ Management.
DENVER — Berkadia has brokered the sale of 16 Penn, a mid-rise apartment community located in Denver. Denver-based The Burgwyn Co. sold the asset to an undisclosed entity for $39 million. Located at 1615 Pennsylvania St., 16 Penn features 99 apartments in a mix of one- and two-bedroom floor plans with in-unit washers/dryers and private balconies. Community amenities include a fitness studio, media room, community kitchen, courtyard with a fireplace and grills, and a library. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the transaction. Matt Schildwatcher of Berkadia Denver secured a $32 million, four-year, interest-only bridge loan for the buyer.
REDMOND, WASH. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.
CLINTON, MD. — JLL Capital Markets has secured a $44.5 million loan for The Landing at Woodyard, a newly redeveloped, 210,000-square-foot shopping center located in the Washington, D.C. suburb of Clinton. JLL worked on behalf of the borrower, Meritus Realty Ventures, to place the 10-year, fixed-rate CMBS loan with Morgan Stanley Real Estate. Loan proceeds were used to repay the existing bridge loan and fund remaining tenant improvements for the tenants that recently signed new leases. Meritus has owned Landing at Woodyard since 2016. The center is currently 95 percent leased and has a tenant roster including Aldi, Chick-fil-A, Marshalls, Popeyes, Ross Dress for Less, Burlington and Panera. Situated at 8801 Woodyard Road, Landing at Woodyard is located at the intersection of Branch Avenue and Woodyard Road. The project was renamed The Landing at Woodyard partially due to its proximity to Andrews Air Force base, which is just two miles away. Max Herzog, Marko Kazanjian and Daniel McIntyre of JLL represented the borrower.
SAN DIEGO — PCCP has provided a $76 million senior loan to an affiliate of Sares Regis Group for the purchase and renovation of LIT Cortez Hill (formerly known as AVA Cortez Hill), a multifamily property in downtown San Diego. AvalonBay sold the property for an undisclosed price. Located at 1399 Ninth Ave., the 15-story building features 299 apartments and 1,670 square feet of ground-floor retail space. The unit mix is 97 studios, 117 one-bedroom and 85 two-bedroom units, all with private patios or balconies and ranging from 570 square feet to 1,059 square feet. The property features 30,000 square feet of outdoor amenity space with full-size basketball and tennis courts, resort-style pool and spa, fitness center, resident lounge, 13 laundry rooms and a ground-floor market.