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San-Giovanni-Phoenix-AZ
ArizonaLoansMultifamilyWestern

Tower Capital Arranges $40M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works

PHOENIX — Tower Capital has arranged $40 million in acquisition financing for San Giovanni, an apartment community in Phoenix. The non-recourse loan provides the undisclosed borrower with a fixed 3 percent interest rate based on a 30-year amortization schedule, as well as a flexible step-down prepayment structure. The 2001-vintage asset features 300 apartments and is encumbered by a Land Use Restriction Agreement (LURA) that mandates 70 percent of the units must remain affordable until 2033. Located at 6901 W. McDowell Road, San Giovanni features 50 one-bedroom, 150 two-bedroom and 103 three-bedroom units, two swimming pools, a fitness facility, business center, clubhouse with leasing office, outdoor areas with barbecue grills, assigned covered parking, controlled access and a children’s playground.

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LoansMultifamilySoutheastVirginia

Ready Capital Closes $16.8M Loan for Multifamily Property in Portsmouth, Virginia

by John Nelson

PORTSMOUTH, VA. — Ready Capital has closed on a $16.8 million loan for the acquisition, renovation and stabilization of a 148-unit, Class B multifamily property in downtown Portsmouth. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and implement utility reimbursement. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

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IndianaLoansMidwestMultifamily

JLL Arranges $26.9M Loan for Refinancing of Indianapolis Apartment Community

by Kristin Harlow

INDIANAPOLIS — JLL Capital Markets has arranged a $26.9 million loan for the refinancing of The Lakes Apartments in Indianapolis. The 232-unit apartment community consists of 15 buildings. Units average 998 square feet. Amenities include a clubhouse, pool, outdoor kitchen, fitness studio, business center, pickleball courts, pet walking area and car care center. Matthew Schoenfeldt of JLL arranged the loan on behalf of the borrower, NTS Development Co. JLL will service the Freddie Mac loan through its status as a Freddie Mac Optigo lender. The loan features a seven-year term and a fixed interest rate.

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Cinelease Studios
DevelopmentGeorgiaLoansOfficeSoutheast

Woodvale, Timber Hill Secure Financing for Movie Production Campus Expansion in Covington, Georgia

by Julia Sanders

COVINGTON, GA. — A joint venture between Atlanta-based Woodvale LLC and Chicago-based Timber Hill Group has secured an undisclosed amount of construction financing and recapitalization for the expansion of Cinelease Studios – Three Ring, a TV and film production media campus in Covington. Eastdil Secured arranged the financing through Los Angeles-based CIM Group. Pattillo Construction Corp. is the general contractor for the project. The development cost was not disclosed. CIM Group provided a $72 million loan for the development. The loan will be used for the recapitalization of existing Phase I operations and the construction of Phase II. Phase I of the Cinelease Studios was completed in October 2020, with the construction of its second phase slated to start in the first quarter of 2022. Phase I included 233,000 square feet across six sound stages. The project was fully occupied within a month of completion to three production companies: Lionsgate Films, Paramount Pictures and Skydance Media. Phase II will span 336,800 square feet, including 144,000 square feet of sound stages, 92,800 square feet of mill space, 70,000 square feet of office space and 30,000 square feet of third-party vendor storage spread across 90 acres. Amenities will include eight sound stages …

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Ready Cap
KentuckyLoansMultifamilySoutheast

Ready Capital Closes $7.1M Loan for Three-Property Multifamily Portfolio in Metro Louisville

by Julia Sanders

LOUISVILLE, KY. — Ready Capital has closed on a $7.1 million loan for the acquisition, renovation and stabilization of a 120-unit, three-property multifamily portfolio in the Jefferson County submarket of metro Louisville. The properties’ names were not disclosed. Upon acquisition, the sponsor will implement a capital improvement plan to renovate the properties, including renovations to the unit interiors, building exteriors and common areas, as well as amenity upgrades. The loan was a non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

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LoansMultifamilyNortheastPennsylvaniaSeniors Housing

Ziegler Arranges $39.4M Bond Financing for Pennsylvania Seniors Housing Operator

by Taylor Williams

BALA CYNWYD, PA. — Ziegler has arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three continuing care retirement communities in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. The portfolio totals 482 independent living units, 56 personal care units, 118 assisted living units and 178 skilled nursing units. Proceeds refinance existing bonds from 2015 and fund capital expenditures, among other uses.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $35.3M in Financing for Boston Affordable Housing Properties

by Taylor Williams

BOSTON — MassHousing has provided $16.5 million in tax-exempt construction and permanent financing and $18.8 million in bridge loan financing for Bancroft Dixwell Apartments in Boston. As part of the capital improvement program, the borrower, Urban Edge, will merge the 45-unit Bancroft Apartments in the Roxbury neighborhood with the 33-unit Dixwell Apartments in Jamaica Plain. Of the 78 units, 75 percent are restricted to households earning 60 percent or less of the area median income. The development team includes NEI General Contracting, Davis Square Architects, WinnCos., Construction Services Consultation Co. of New England, Schwarzschild Consulting and Klein Hornig.

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Affordable HousingLoansMultifamilyNew YorkNortheast

Rockport Mortgage Arranges $86.6M in Financing for Affordable Housing Property in Hempstead, New York

by Taylor Williams

HEMPSTEAD, N.Y. — Rockport Mortgage has arranged $86.6 million in financing for Park Lake Apartments, a 240-unit affordable housing property located in the Long Island community of Hempstead. Park Lake Apartments consists of 14 two-story buildings on an 11-acre site. The borrower is an entity controlled by Metropolitan Realty Group and Silver Street Development Corp. The proceeds of the loan, in connection with equity from the sale of the 4 percent Low-Income Housing Tax Credit, will be used acquire and rehabilitate the property. Rockport Mortgage arranged the loan, which was structured with a fixed interest rate and a 40-year amortization schedule following the two-year construction period, through HUD’s 221(d)(4) program. Renovations are expected to last about 18 months and will include upgrades to cabinets, countertops, appliances and fixtures, flooring and utility systems.

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IndustrialLoansSelf-StorageTexas

Terrydale Capital Arranges $24.2M Acquisition Loan for South Texas Self-Storage Portfolio

by Taylor Williams

DALLAS — Dallas-based Terrydale Capital has arranged a $24.2 million acquisition loan for a portfolio of self-storage properties located in South Texas. The portfolio consists of eight existing facilities, four vacant sites and one site that is under construction. Cody Baker of Terrydale Capital arranged the five-year loan, which carried a fixed interest rate of 3.25 percent, two years of interest-only payments and a 25-year amortization schedule. An undisclosed correspondent bank provided the loan. The borrower was also not disclosed.

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Ready Cap
FloridaLoansMultifamilySoutheast

Ready Capital Closes $8.1M Loan for Multifamily Community in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — Ready Capital has closed an $8.1 million loan for the acquisition, renovation and stabilization of a 113-unit multifamily property in Jacksonville. Upon acquisition, the sponsor will renovate units and property exteriors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The borrower and property name were not disclosed.

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