SAN ANTONIO — New York City-based Ready Capital has closed a $20.2 million loan for the acquisition, renovation and stabilization of an unnamed, 208-unit apartment complex in the Far West submarket of San Antonio. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
BEVERLY HILLS, CALIF. — Gantry has secured $38 million in financing for the fee-simple interest in a parcel located at the corner of Rodeo Drive and Brighton Way in the Golden Triangle neighborhood of Beverly Hills. The fee-simple parcel is subject to a long-term ground lease with improvements consisting of an 18,380-square-foot high-street retail structure, which is occupied by Guess, Goyard, Bulgari, Wolford, Chrisofle and Bonpoint. Andy Bratt and Amit Tyagi of Gantry arranged the loan on behalf of the borrower, a private generational real estate family.
ENCINITAS, CALIF. — PSRS has secured $30 million in financing for Pacific Station, a recently renovated office and retail property in Encinitas. Pasha Johnson of PSRS arranged the financing for the undisclosed borrower. The non-recourse loan allowed the ownership to capitalize on the value created by converting the previously dark space into a modern office and retail community. The loan’s first three years of interest-only payments allow for maximized cash flow and its 10-year, fixed-rate term hedges against interest rate risk.
AUSTIN, TEXAS — iBorrow, a commercial bridge and direct lender, has provided a $13.9 million acquisition loan for an 86,910-square-foot office building located at 1200 E. Anderson Lane in North Austin. The three-story building sits on a 3.6-acre site and was fully leased at the time of the loan closing. The undisclosed borrower will use a portion of the proceeds to fund a capital improvement plan that is scheduled to be complete in October 2023.
OREGON AND MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an internal rate of return of 11 percent. Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC.
PASADENA, TEXAS — New York City-based Ready Capital has closed a $4.9 million loan for the acquisition, renovation and stabilization of an unnamed, 60-unit apartment complex in Pasadena, an eastern suburb of Houston. The nonrecourse, interest-only loan features a 24-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
NEW ROCHELLE, N.Y. — BRP Cos., the urban development arm of Goldman Sachs Asset Management, has received $294 million in construction financing for a mixed-income housing project in New Rochelle, a northern suburb of New York City. The development at 500 Main St. in the city’s downtown area will consist of 477 units in one- and two-bedroom formats, 119 of which will be dedicated as affordable housing. Specifically, 20 units will be reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences will be earmarked for renters earning 60 percent or less of AMI. The remainder of the units will be rented at market rates. The community will also feature 24,000 square feet of amenity space that includes a pool, fitness center, lounge and a rooftop deck. Demolition work is underway with vertical construction set to begin in mid-March, and the first units are expected to be available for occupancy by late 2024. Housing & Community Renewal, an economic development agency based in New York City, provided a $200 million construction loan for the project through its housing finance agency. In addition, Goldman Sachs provided $40.7 million in equity and $20.7 million in …
BLOOMINGDALE, ILL. — PlattPointe Capital has arranged a $3.8 million loan for the acquisition of Indian Lakes Hotel in the Chicago suburb of Bloomingdale. The six-story, 300-room hotel sits on nearly 15 acres. The borrower plans to rebrand the property as a Hilton DoubleTree. An undisclosed lender provided the 66-month loan, which features a 72 percent loan-to-value ratio. The loan marks Denver-based PlattPointe Capital’s first transaction in the Chicagoland area.
NANUET, N.Y. — IDB Bank has provided a $19 million loan for the refinancing of a 220,000-square-foot retail property located north of New York City. The property, which formerly housed a Macy’s but is now anchored by home improvement retailer At Home, sits adjacent to Shops at Nanuet, an outdoor lifestyle center owned by Simon Property Group. Chris Kramer, Dustin Stolly and Jordan Roeschlaub of Newmark placed the loan with IDB Bank on behalf of the borrower, a partnership between Metropolitan Realty Associates and New York-based private equity firm Angelo Gordon that acquired the asset in 2018.
LOUISVILLE, COLO. — Essex Financial Group has secured $7.9 million in financing for the acquisition of 1850 Dogwood, an industrial warehouse/production facility within Colorado Tech Center in Louisville. Ivy Realty is the borrower and buyer. Alternative Foods, a wholly owned subsidiary of Savencia Fromage & Dairy, fully occupies the 58,901-square-foot property. The company uses the property as a processing facility for plant-based foods. The facility features 20-foot clear heights, dock-high and drive-in doors, and infrastructure for the tenant’s food production and processing lines. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the five-year, fixed-rate loan for the borrower.