NEW ROCHELLE, N.Y. — Greystone has arranged a $14 million ground lease and a $21 million leasehold construction loan for a 75-unit multifamily project that will include 7,300 square feet of commercial space in New Rochelle, a northern suburb of New York City. Leasehold construction financing refers to a loan to develop a building on land that is ground-leased. RMWC, an investment advisory firm with four offices across the country, provided the loan to the borrower, locally based developer The Young Cos. Drew Fletcher and Matt Klauer of Greystone placed the debt and also arranged the ground lease with Haven Capital.
SOUTH BEND, IND. — Columbia Pacific Advisors Bridge Lending has provided a $66 million bridge loan to fund the acquisition of Prosper Apartments in South Bend. The 739-unit, garden-style apartment community is located at 3001 E. Jefferson Blvd. The property comprises 28 buildings across 47 acres. Amenities include a theater room, fitness center, indoor pool, billiards room, playground, dog park and community room. H&A Properties was the borrower. The property was 99 percent leased at the time of loan closing. Loan terms were not disclosed.
Greystone Funds $50.1M Bridge Loan for Acquisition of Six-Property Skilled Nursing Portfolio in Ohio
OHIO — Greystone has provided a $50.1 million bridge loan for the acquisition of a six-property skilled nursing portfolio in Ohio. The communities total 719 beds and are located in Berea, Cleveland, Clyde, Kent and Waterville. Fred Levine of Greystone originated the floating-rate, interest-only loan through Greystone’s nonrecourse bridge loan program. Greystone says it will work with the borrower to secure a permanent HUD-insured loan for the skilled nursing portfolio as soon as possible. The borrower was undisclosed.
LONG ISLAND CITY — Locally based developer Tishman Speyer has received a $425 million green bond refinancing for The JACX, a 1.2 million-square-foot office complex in the Long Island City neighborhood of Queens. Built in 2019 and fully leased at the time of closing, The JACX consists of two 26-story office towers connected by a five-story base. According to the developer, the property represents the single largest addition to the supply of office space in Long Island City since the opening of the Citicorp Building in 1990. The development houses more than 50,000 square feet of retail space, including a food hall with nine culinary concepts, a restaurant by chef Dan Kluger and an upscale grocer. Other amenities include a fitness center operated by The Wright Fit, a landscaped public plaza, access to multiple public transit lines and a 175-space bike parking area with showers. MdeAS Architects designed the building to LEED Silver certifications, and environmentally friendly features include a 100,000-gallon stormwater reclamation system and an air filtration system. These assets made the property eligible for the green bond refinancing, which Bank of America originated. The transaction retires existing construction debt with permanent CMBS financing. “Tishman Speyer is dedicated to …
FORT WORTH, TEXAS — Bellwether Enterprise Real Estate Capital has provided an undisclosed amount of Freddie Mac financing for the preservation of Metro 7000, a 206-unit affordable housing property in Fort Worth. The borrower, Comunidad Partners, plans to invest more than $1 million in physical upgrades to the garden-style property. In addition, Comunidad will introduce social services, including telehealth, concierge resource referral, resident council meetings, youth education services, health and wellness education and economic advancement education. Anthony Tarter of Bellwether structured the financing.
WORCESTER, MASS. — Marcus & Millichap Capital Corp. (MMCC) has placed a $5.1 million loan for the refinancing of a 46-unit multifamily property located at 44 Byron St. in Worcester. Robert Damigella of MMCC arranged the loan, which carried a 10-year term, fixed interest rate of 3.5 percent and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
CHICAGO — Associated Bank has arranged a $57.2 million loan for the construction of a 22-story apartment tower located at 513 S. Damen Ave. in Chicago. Marquette Cos. is developing the project, which is situated in the Illinois Medical District and within walking distance of Rush University Medical Center. The development will include 279 studios, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, coworking space, tenant lounge, rooftop deck, dog park, dog wash and bike storage. Completion is slated for March 2023. Elizabeth Hozian of Associated Bank arranged the loan with Wheaton Bank & Trust.
OVERLAND PARK, KAN. — BMC Capital has arranged a $57 million loan for the refinancing of Promontory Apartments in Overland Park. The 291-unit, four-story apartment community was built in 2018. Noah Laredo and Clark Finney of BMC’s Dallas office arranged the Freddie Mac loan through Community Preservation Corp. The loan features a fixed interest rate of 2.8 percent for 10 years, a 30-year amortization schedule and five years of interest-only payments. Launch Development was the borrower.
NEW YORK CITY — Commercial lender BHI, a division of Israel’s Bank Hapoalim, has provided a $31.1 million acquisition loan for a seniors housing community in Southern New Jersey. The name and location of the property, which has 110 units and is licensed for 130 beds, were not disclosed. Amenities include five living rooms, a library, game room, tea room, three dining rooms and a beauty salon. The borrower was Lionstone Care. The seller was also not disclosed.
CHICAGO — Sterling Bay, Harrison Street and institutional investors advised by J.P. Morgan Global Alternatives have secured a $125 million construction loan for ALLY, a life sciences project in Chicago. Bank OZK provided the financing. Construction is slated to begin this month. Located at 1229 W Concord Place, ALLY will feature 280,000 square feet of Class A medical research lab and creative office space. The life sciences project will be in Lincoln Yards, a 53-acre, mixed-use development created by Sterling Bay. Lincoln Yards was formerly an industrial site that is being redeveloped into a mixed-use community with build-to-suit office developments, retail opportunities, proposed 606 bike trail extension and future residential and hospitality opportunities. When complete, Lincoln Yards will feature affordable housing, create over 23,000 permanent onsite jobs and generate $4.1 billion in economic output for the city of Chicago. ALLY at 1229 W Concord Place is located off the North Branch Chicago River and has private outdoor space on every floor. Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, says the project brings many benefits. “Lincoln Yards is close to several of Chicago’s most notable medical research institutions, and we are excited to expand …