MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
MEMPHIS, TENN. — Berkadia has arranged a $45 million Fannie Mae refinancing loan for Residences at Lakeview, an 827-unit apartment community located at 2774 S. Mendenhall Road in Memphis. Mitch Sinberg, Brad Williamson, Matthew Robbins, Scott Wadler and Mike Basinski of Berkadia originated the 10-year, fixed-rate loan on behalf of the borrower, a joint venture between New York City-based Atlas Real Estate Partners and Washington, D.C.-based West End Capital Group. Atlas-West End purchased the property in February 2021 and recently completed a value-add program at the community. Built in 1969, Residences at Lakeview features one-, two-, three- and four-bedroom units ranging from 400 to 1,628 square feet. Community amenities include a newly built clubhouse and pool, fitness center, four playgrounds, a dog park, onsite maintenance and management and package services.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.
PERU, ILL. — Associated Bank has provided a $6 million loan for the construction of Diamond Senior Apartments of Peru. The 56-unit seniors housing community will be located at 927 Wenzel Road in Peru, which is situated in North Central Illinois. Developed by 3 Diamond Development, the project will comprise 10 single-story buildings. All units will be restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to residents earning less than 30 percent of the area median income (AMI), while the remaining 44 units will be reserved for those who earn up to 60 percent of AMI. The development will also feature a separate building with an exercise room and community room. Teresa Rubio of Associated Community Development LLC managed the loan and closing.
PERU, ILL. — Associated Bank has provided a $6 million loan for the construction of Diamond Senior Apartments of Peru. The 56-unit seniors housing community will be located at 927 Wenzel Road in Peru, which is situated in North Central Illinois. Developed by 3 Diamond Development, the project will comprise 10 single-story buildings. All units will be restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to residents earning less than 30 percent of the area median income (AMI), while the remaining 44 units will be reserved for those who earn up to 60 percent of AMI. The development will also feature a separate building with an exercise room and community room. Teresa Rubio of Associated Community Development LLC managed the loan and closing.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.
MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
MEMPHIS, TENN. — Berkadia has arranged a $45 million Fannie Mae refinancing loan for Residences at Lakeview, an 827-unit apartment community located at 2774 S. Mendenhall Road in Memphis. Mitch Sinberg, Brad Williamson, Matthew Robbins, Scott Wadler and Mike Basinski of Berkadia originated the 10-year, fixed-rate loan on behalf of the borrower, a joint venture between New York City-based Atlas Real Estate Partners and Washington, D.C.-based West End Capital Group. Atlas-West End purchased the property in February 2021 and recently completed a value-add program at the community. Built in 1969, Residences at Lakeview features one-, two-, three- and four-bedroom units ranging from 400 to 1,628 square feet. Community amenities include a newly built clubhouse and pool, fitness center, four playgrounds, a dog park, onsite maintenance and management and package services.
SARATOGA SPRINGS, N.Y. — Financial advisory firm Axiom Capital Corp. has arranged a $12.3 million permanent loan for the acquisition of a 62,980-square-foot neighborhood shopping center in the upstate New York community of Saratoga Springs. The center sits on a 5.4-acre site, includes 298 parking spaces and is home to tenants such as Hello Nails and The UPS Store. The names of the locally based borrower, a family-owned development and management group, and direct lender, a local bank, were not disclosed.
SARATOGA SPRINGS, N.Y. — Financial advisory firm Axiom Capital Corp. has arranged a $12.3 million permanent loan for the acquisition of a 62,980-square-foot shopping center in the upstate New York community of Saratoga Springs. The center sits on a 5.4-acre site, includes 298 parking spaces and is home to tenants such as Hello Nails and The UPS Store. The names of the borrower, a family-owned development and management group, and the direct lender, a local bank, were not disclosed.