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.
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.
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.
