HOUSTON — New York City-based Ready Capital has closed a $21.3 million loan for the acquisition, renovation and stabilization of an unnamed, 282-unit apartment complex in Houston. 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 undisclosed sponsor plans to implement a value-add program.
TUCSON, ARIZ. — Ready Capital has closed $11.1 million in financing for the acquisition, renovation and stabilization of a 96-unit apartment community in the West University submarket of Tucson. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan curing deferred maintenance and renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
KEARNEY, NEB. — Colliers Mortgage has provided a $3.7 million Fannie Mae loan for the refinancing of Park Meadow Apartments in central Nebraska’s Kearney. The 84-unit apartment community is situated near local parks, dining, shopping and entertainment spots. Units feature walk-in closets and balconies. The 12-year loan features a 30-year amortization schedule. Park Meadow Partners LLC was the borrower.
PHILADELPHIA — Kawa Capital Management, a Florida-based financial planning and advisory firm, has arranged a $25 million construction loan for a 146-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. Developed by Arts + Crafts Holdings and designed by JKRP Architects, the seven-story building will feature studio, one- and two-bedroom units and include 3,459 square feet of ground-floor retail space. Completion is slated for February 2023.
DAYTON, OHIO — Ready Capital has closed an $8 million loan for the acquisition and stabilization of a 196,000-square-foot industrial property in the Miamisburg submarket of Dayton. The buyer plans to address deferred maintenance and increase rents as tenants’ leases expire. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.
Nova Capital Arranges Construction Debt and Equity for 389-Unit Multifamily Project in Sachse, Texas
SACHSE, TEXAS — Los Angeles-based advisory firm Nova Capital has arranged construction debt and equity for the development of Miles One 90, a 389-unit multifamily project in Sachse, a northeastern suburb of Dallas. Nova Capital placed a $42 million loan with Bank OZK and an undisclosed amount of joint venture equity with an institutional investor. Miles One 90 will comprise four four-story residential buildings and amenities such as multiple pools and fitness centers, a game room, coffee bar, remote work lounge and an outdoor kitchen. Construction is scheduled to begin in January and to be complete in 2023. The borrower was Anthem Development, a division of Beck Ventures Co.
YONKERS, N.Y. — Walker & Dunlop has arranged a $160 million loan for the refinancing of Sawyer Place, a 438-unit multifamily property located outside of New York City in Yonkers. Built in 2020, the two-building complex features 31,000 square feet of ground-floor retail space, a 553-space parking garage and amenities such as a landscaped terrace, fitness center and an indoor theater. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Sean Bastian of Walker & Dunlop arranged the floating-rate, nonrecourse financing, which retires the original construction loan, through Mesa West Capital. The borrower was locally based development and investment firm RXR Realty.
MIAMI BEACH, FLA. — Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self-storage property in Miami Beach. Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and is inclusive of a facility to provide future funding for capital expenditures.
GLENDALE, WIS. — Aries Capital has arranged $21.9 million in joint venture equity on behalf of Cypress Equities for The Bayshore Residences in Glendale, a northern suburb of Milwaukee. The $73 million, 311-unit luxury apartment complex will be situated within Bayshore Town Center and adjacent to the recently redeveloped shopping destination known as Bayshore. The four-building project will include studios to three-bedroom units along with a pool and shared courtyard spaces. North American Development Group was the joint venture partner. A timeline for construction was not provided.
SAN ANTONIO — New York City-based Ready Capital has closed a $15.6 million loan for the acquisition, renovation and stabilization of an unnamed 268-unit apartment community in San Antonio. The nonrecourse, interest-only loan was structured with a floating interest rate, 24-moth term, two extension options and a facility to fund future capital expenditures. The sponsor was undisclosed.