GARFIELD, N.J. — New York City-based Ready Capital has closed a $5 million loan for the acquisition and stabilization of an 11-bay industrial property in Garfield, located in Bergen County. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement program at the property.
GLENDALE, ARIZ. — Ready Capital has closed a $4.3 million bridge-to-Freddie Mac financing for the acquisition, renovation and stabilization of an apartment community in Glendale. Upon acquisition, the undisclosed sponsor will implement a capital expenditure plan for the property’s 42 units and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 24-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL loan program.
CLEVELAND — Ready Capital has closed a $6 million loan for the acquisition, renovation and stabilization of a 108-unit, four-property multifamily portfolio in the Shaker Heights submarket of Cleveland. The undisclosed borrower plans to implement a capital improvement program to renovate the units, common areas and exteriors of the Class B properties. The nonrecourse loan features a floating rate and a three-year term.
CINCINNATI — Ready Capital has closed an $8.9 million loan for the acquisition, renovation and lease-up of a 197-unit, two-property manufactured housing portfolio within Cincinnati’s Butler County. The buyer plans to remove abandoned homes, purchase new homes and address deferred maintenance. The three-year, floating-rate loan includes a facility to provide future funding for capital expenditures.
NEW ORLEANS — JLL Capital Markets has secured $31.3 million in refinancing for Hibernia Tower, a 175-unit, 23-floor multifamily tower in New Orleans’ Central Business District. Jesse Wright, Robert Tonnessen, Kenny Cutler and Joshua Odessky of JLL represented the borrower, a partnership between New Orleans-based HRI Properties and New York-based Almanac Realty, to secure the three-year, floating-rate loan through New York-based Voya Investment Management. Built as an office building in 1921, the owner purchased the historic landmark in 2005 and later completed a renovation of the tower into a multifamily property. Today, Hibernia Tower offers one-, two- and three-bedroom units averaging 767 square feet. Units feature granite countertops, expansive windows, stainless steel appliances and hardwood flooring. Community amenities include a rooftop deck with pool, community room, fitness center, onsite management, controlled access, bike storage and reserved parking in the onsite structured garage. The property also includes a ground-floor undisclosed bank branch and 29,000 square feet of office space. HRI Properties uses the office space as its headquarters. The property was about 93 percent occupied at the time of sale. Located at 812 Gravier St., Hibernia Tower is located near restaurants including Bar Marilou, The Daily Beet, Maypop, tM breads and …
DENTON, TEXAS — New York City-based Dwight Capital has provided a $25.8 million loan for the refinancing of Majestic Parc, a 217-unit apartment complex located in the North Texas city of Denton. Built between 2018 and 2019, the property consists of six three-story buildings on a 10-acre site. Amenities include a pool, fitness center, community room and walking trails. Daniel Malka of Dwight Capital originated the financing. Fisher Wells of Greysteel arranged the debt. The borrower was not disclosed.
TALLAHASSEE, FLA. — Ready Capital has closed the $10.1 million acquisition and stabilization financing for a 160-unit multifamily property in Tallahassee. The financing is a non-recourse, interest-only, floating-rate loan with a 24-month term and two extension options. The loan includes a facility to provide the unnamed borrower with future funding for capital expenditures. The name of the property was not disclosed.
DALLAS — New York City-based Ready Capital closed an $8.5 million loan for the acquisition, renovation and stabilization of a 64-unit multifamily property in the Kessler submarket of Dallas. The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The name of the sponsor and property were not disclosed.
BREWSTER, MASS. — New York City-based Ready Capital has closed a $9.2 million loan for the refinancing, renovation and stabilization of a 132-unit multifamily property in the Cape Cod community of Brewster. The undisclosed sponsor plans to convert the property from assisted living to an age-restricted community (55+ with no services). The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility to fund future capital expenditures.
FORKS TOWNSHIP, PA. — New York City-based Black Bear Capital Partners (BBCP), a subsidiary of Black Bear Asset Management (BBAM), has arranged a $19.7 million construction loan for Sullivan Parke, a 102-unit multifamily project in the Lehigh Valley community of Forks Township. The borrower is a partnership between Ashley Development Corp. and BBAM. The four-building property will offer amenities such as a fitness center, outdoor grilling areas and storage spaces. Bryan Manz, Emil DePasquale, Brandon Harris and George Pektor of BBCP arranged the loan through Churchill Real Estate.