WOBURN, MASS. — Locally based mortgage banking firm Fantini & Gorga has arranged a $9.2 million permanent loan for Woburn Rehabilitation & Nursing Center, a 140-bed healthcare facility in the northern Boston suburb of Woburn. The loan was placed with correspondent Eastern Mortgage Capital, which structured the transaction through the FHA’s 232/223(a)7 program. The borrower was not disclosed.
PHILADELPHIA — New York City-based Ready Capital has closed a $6.3 million loan for the acquisition and stabilization of a 40,000-square-foot industrial property in South Philadelphia. The nonrecourse, interest-only loan carried a 48-month term with one extension option, as well as a facility to fund future capital improvements. The borrower was not disclosed.
ORANGEBURG, S.C. — Patterson Real Estate Advisory Group has secured joint venture equity via Pacolet Milliken to develop the first phase of Shamrock Commerce Center, an industrial park in Orangeburg that will ultimately span 2 million square feet across 200 acres. Patterson also secured separate debt financing via United Community Bank, which provided a senior construction loan. The equity and debt financing amounts were not disclosed. Appian Investments/NAI Earle Furman plans to break ground soon on Building A, which will be an approximately 535,000-square-foot industrial facility. Building A will sit on approximately 50 acres at the interchange of Interstate 26 and US Highway 301, about 76.4 miles from the Port of Charleston. Slated for completion by the fourth quarter of 2022, the property will be a cross-dock facility with 36-foot clear heights.
SOUTH BEND, IND. — Ready Capital has closed a $66.7 million loan for the acquisition, renovation and stabilization of a 400-unit multifamily property in the Granger submarket of South Bend. The buyer plans to renovate unit interiors, building exteriors and common areas. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.
ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of an unnamed 310-unit apartment community in Arlington. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-moth term, two extension options and a facility to fund future capital expenditures. The undisclosed sponsor plans to implement a value-add program.
LAS VEGAS — Ready Capital has closed $26 million in financing for the acquisition, renovation and stabilization of a 278-unit apartment in the Central Las Vegas submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement program for deferred maintenance and renovating unit interiors, building exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension and options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.
ORANGE, CONN. — New Jersey-based Cronheim Mortgage has arranged a $10 million permanent loan for a 137,670-square-foot industrial facility in Orange, located in the southern coastal part of the state. Formerly occupied by Sam’s Club, the property was recently converted to a van and truck parking facility for Amazon. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the 10-year, interest-only loan on behalf of the undisclosed borrower.
ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of a 310-unit apartment community in Arlington. The nonrecourse, interest-only loan carried a floating interest rate, a 36-month term, two extension options, flexible prepayment options and a facility to fund future capital improvements. The name of the property and the borrower were not disclosed. Renovations will be focused on unit interiors, building exteriors and amenity spaces.
PHILADELPHIA — Los Angeles-based Thorofare Capital has provided a $17.7 million construction loan for a 72-unit multifamily project that will be located near Temple University in Philadelphia. The property will feature an average unit size of 881 square feet and will also house 16,339 square feet of retail space. Additional development details, including the name of the borrower, were not disclosed. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart led the transaction for Thorofare Capital.
RAMSEY, N.J. — New York City-based Ready Capital has closed a $12.5 million loan for the acquisition and renovation of an unnamed, 92,000-square-foot industrial building in the Northern New Jersey community of Ramsey. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.