PHILADELPHIA — Black Bear Capital Partners has arranged a $17.5 million loan for the refinancing of a portfolio of five multifamily properties totaling 239 units in Philadelphia. The properties are located at 4619-4621 Chester Ave.; 4601 Chester Ave.; 419-429 S. 48th St.; 241 S. 47th St.; and 4416-18 Osage Ave. Peapack-Gladstone Bank provided the loan, specific terms of which were not disclosed, to New Horizons Housing, an owner-operator of more than 800 units in Philadelphia and Columbus, Ohio. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the financing.
LOS ANGELES — Ready Capital has closed a $13.7 million loan for the acquisition, renovation and stabilization of a Class C apartment community in Los Angeles’ Eastern San Fernando Valley submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate the interiors of the 85-unit property and improve curb appeal. Additionally, the borrower plans to address deferred maintenance issues. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.
TAMPA, FLA. — Ready Capital has closed a $30.1 million loan for the acquisition, renovation and lease-up of an approximately 250,000-square-foot, Class B office property in Tampa. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. The name of the borrower and property were not disclosed. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Planned property improvements include new signage, HVAC upgrades, curb replacements and the buildout of rent-ready speculative suites.
COLLEGE STATION, TEXAS — New York City-based Arbor Realty Trust Inc. (NYSE: ABR) has provided a $10 million bridge loan for the acquisition of Vintage at College Station, a 200-unit apartment community in College Station. The newly remodeled property is located about two miles from Texas A&M University’s campus and features one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops, wood flooring and walk-in closets. Amenities include a pool, fitness center, outdoor grilling areas, business center and a dog park. Stephen York of Arbor originated the loan. The borrower was not disclosed.
OMAHA, NEB. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest rate.
LOS ANGELES — Ready Capital has closed a $24 million refinancing for a 100-unit apartment community located in the Hollywood submarket of Los Angeles. The undisclosed borrower will use loan proceeds to retire existing debt, construct additional units and renovate existing units at the property. Capital improvements include kitchen, bathroom and living area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and flexible prepayment. The loan includes a facility to provide future funding for capital expenditures and interest shortfalls.
ATLANTA — Ready Capital has closed a $53.6 million loan for the acquisition, renovation and stabilization of a 294-unit, Class B multifamily property in Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. The borrower and property name were not disclosed. 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. The renovations planned at the property include new granite countertops and kitchen cabinets; updates to bathrooms, lighting and paint; and common area and exterior upgrades including a remodeled clubhouse, pool, fitness center, new property signage and an updated playground.
TUCSON, ARIZ. — Ready Capital has closed $3.8 million in bridge-to-Freddie Mac agency financing for the acquisition, renovation and stabilization of a 56-unit apartment property located in Tucson’s Acaso submarket. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the asset’s interior and exterior. The non-recourse, floating-rate loan features a 24-month term, two extension options and flexible prepayment. It 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 program.
HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan. The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units and 5,522 square feet of commercial space. Construction is underway, and completion is scheduled for the fourth quarter. The Estate Cos. acquired the five-acre site for $15.3 million in August 2020 and received site plan approval in December. The community will include 245 studios and six one-bedroom units ranging in size from 340 to 600 square feet. Community amenities will include a pool with sundeck, fitness center and clubhouse. Monthly rents will start in the $1,200s. Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit. The adaptive reuse development is the first project to be introduced as part of the new Alture brand of The Estate Cos., which focuses on value-add opportunities and repositioning older assets.
WINTER HAVEN, FLA. — Pintar Investment Co. has secured $9.3 million in refinancing for Lake Lucerne, a 56-unit single-family rental home community in Winter Haven. LendingHome, a San Francisco-based lender for residential investors, provided Pintar with the loan. Pintar chose LendingHome in 2019 to supply a $6.3 million acquisition loan, and Pintar selected LendingHome again to refinance the bridge loan. Built in 2019, Lake Lucerne’s homes feature four-bedroom floor plans averaging 1,678 square feet. Each home features a dedicated two-car garage and a lot size that averages 6,500 square feet.