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Orange-County-Global-Medical-Center-Santa-Ana-CA
CaliforniaHealthcareLoansWestern

CBRE Arranges $58.2M Refinancing for Healthcare Portfolio in Orange County, California

by Amy Works

SANTA ANA AND ANAHEIM, CALIF. — CBRE has arranged a $58.2 million loan for the refinancing of a five-property healthcare portfolio in Orange County. Sabrina Solomiany and Zack Holderman of CBRE’s Debt & Structured Finance platform secured the loan on behalf of Pacific Coast Holdings Investment, the owner of the portfolio. Jonathan Bloch and Jennifer Eiteljorg of Brownstein Hyatt represented the borrower in the financing transaction. The portfolio consists of three acute-care hospital leased to KPC Healthcare, one long-term acute care hospital leased to Kindred Healthcare and a vacant medical office building. Orange County Global Medical Center, South Coast Global Medical Center, Kindred Hospital and the vacant building are located in Santa Ana; and Anaheim Global Medical Center is located in Anaheim. The 621,000-square-foot, 703-bed portfolio was more than 97 percent leased at the time of refinancing.

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St. Joseph Apartments
DevelopmentLoansMarylandMultifamilySoutheast

Phillips Realty Capital Secures $58M Construction Financing for Apartment Project in Upper Marlboro, Maryland

by Julia Sanders

UPPER MARLBORO, MD. — Phillips Realty Capital has secured $58 million in debt and equity financing for the construction of St. Joseph Apartments, a four-story, 268-unit multifamily project in Upper Marlboro. Mark Remington and Alec Jenkins of Phillips Realty arranged a $45.1 million construction loan through United Bank on behalf of the borrower, Varsity Investment Group. Additionally, Remington and Jenkins sourced a $12.8 million preferred equity investment by FCP. St. Joseph Apartments will be located one mile from the Largo Metro Station and near Woodmore Town Center, which has a Wegmans, Costco and Best Buy. Phillips Realty Capital is Bethesda, Md.-based commercial real estate finance firm. Varsity Investment Group is a commercial real estate development company specializing in student housing, market-rate, mixed-use and retail development. United Bank is a community bank and subsidiary of United Bankshares Inc.

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LoansMultifamilyNew YorkNortheast

Black Bear Capital Arranges $95M Loan for Refinancing of Manhattan Apartment Complex

by Taylor Williams

NEW YORK CITY — Locally based financial advisory firm Black Bear Capital Partners has arranged a $95 million loan for the refinancing of a 134-unit apartment complex located at 261-275 Amsterdam Ave. on Manhattan’s Upper West Side. The 12-story property was originally built in 1905 and features a mix of studio through six-bedroom units, as well as 20,837 square feet of retail space. Bryan Manz, Brandon Harris and Philip Bowman of Black Bear Capital Partners arranged the financing through Morgan Stanley on behalf of the borrower, Laub Realty. The loan carried a fixed interest rate of 3.55 percent and 10 years of interest-only payments.

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DelawareLoansMultifamilyNortheast

Dwight Capital Provides $50.7M HUD-Insured Loan for Refinancing of Delaware Multifamily Asset

by Taylor Williams

WILMINGTON, DEL. — New York City-based Dwight Capital has provided a $50.7 million HUD-insured loan for the refinancing of Residences at Justison Landing, a 214-unit multifamily asset in Wilmington. Built on 2.6 acres in 2008, the waterfront property consists of two seven-story apartment buildings, ground-floor retail space leased to eight tenants and a three-story parking garage. Amenities include a community lounge, fitness center and concierge services. Josh Sasouness of Dwight Capital originated the financing through HUD’s 223(f) program on behalf of the undisclosed borrower.

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Affordable HousingIllinoisLoansMidwestMultifamilySeniors Housing

Bellwether Enterprise Provides $28.5M in Financing for Renovation of Affordable Seniors Housing Asset in Chicago

by Kristin Harlow

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has provided a $28.5 million FHA 221(d)(4) construction and permanent loan, along with 4 percent low-income housing tax credits for the renovation and preservation of Heiwa Terrace in Chicago. The affordable seniors housing community includes 200 units and is located at 920 W. Lawrence Ave. The borrower, the Japanese American Service Committee, originally developed the property in 1978 using the HUD 202 program to create housing for low-income seniors. The renovation will replace all mechanical systems, fully modernize the building and significantly upgrade the units. The first floor will be redesigned to improve circulation and natural lighting. The borrower is also renewing a long-term Section 8 contract for residents. Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan.

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LoansMultifamilyTexas

KeyBank Provides $30M Agency Acquisition Loan for El Paso Multifamily Property

by Taylor Williams

EL PASO, TEXAS — KeyBank Real Estate Capital has provided $30 million in Freddie Mac acquisition financing for Bungalows at North Hills, a 342-unit multifamily property in El Paso. Built on 18 acres in 2009, the property features studio, one-, two-, three- and four-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling areas. Caleb Marten and Chris Neil of KeyBank originated the financing. The borrower was a real estate private equity firm based in New England. The property has since been rebranded as Forty649 North Hills Apartments.

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63-Pitts-St.-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheast

Parkview Financial Provides $30M Construction Loan for Manhattan Apartment Project

by Taylor Williams

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $30 million construction loan for a 59-unit apartment project at 63 Pitts St. on Manhattan’s Lower East Side. The 12-story building will house 11 studios, 39 one-bedroom units and nine two-bedroom residences, with 18 units to be designated as affordable housing. Amenities will include a rooftop deck, gym, package room and onsite laundry facilities. The borrower expects to complete the project in July 2022.

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LoansMultifamilyNortheastPennsylvania

Asia Capital Funds $28.8M Loan for Refinancing of Historic Heinz Multifamily Building in Pittsburgh

by Taylor Williams

PITTSBURGH — Global real estate private equity firm Asia Capital Real Estate has funded a $28.8 million bridge loan for the refinancing of Heinz at 950 North Shore, a 151-unit multifamily building in downtown Pittsburgh. The property was originally built in 1930 as part of the Heinz manufacturing complex and was converted to residential use in 2017. Amenities include bike and kayak storage, a fitness center, game room, business center and outdoor grilling areas. Asia Capital provided the loan, which carried a loan-to-value ratio of 79.8 percent and a two-year initial term with three one-year extension options, to borrower MCM Co. Inc.

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LoansMultifamilyOregonWestern

Dwight Capital Provides $33M HUD Financing for Multifamily Portfolio in Oregon

by Amy Works

SALEM AND CORVALLIS, ORE. — Dwight Capital has closed $33 million in HUD financing for a portfolio of five market-rate apartment complexes in Oregon. Totaling 557 units across 26 acres, the portfolio includes Brighton Park Apartments, Salem Parkway Apartments and West Salem Apartments in Salem and Crystal Lake Apartments and The Riviera in Corvallis. The five loans qualified as green/energy-efficient housing and benefitted from a reduction in mortgage insurance premium, according to Dwight Capital. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction.

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IndustrialLoansSelf-StorageTexas

Terrydale Capital Arranges $1.2M Acquisition Loan for Self-Storage Asset in Lindale, Texas

by Taylor Williams

LINDALE, TEXAS — Terrydale Capital, a Dallas-based financial intermediary, has arranged a $1.2 million acquisition loan for a self-storage asset in Lindale, located outside of Tyler in East Texas. Cody Baker of Terrydale Capital arranged the loan, which carried a fixed 4.25 percent interest rate for five years, a 25-year amortization schedule and one year of interest-only payments, through an undisclosed bank. The borrower was also undisclosed.

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