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.
PHOENIX — Ready Capital has closed $11.7 million in financing for the acquisition, renovation and stabilization of a 98-unit, Class B apartment community in Phoenix’ Southwest Valley submarket. Upon acquisition, the undisclosed borrower will update the unit interiors and perform exterior capital expenditures. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.
DURHAM, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the three-year loan, which included a floating interest rate and two, one-year extension options. Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen. Along with the multifamily and retail aspects, The University Hill redevelopment also …
SUWANEE, GA. — Ready Capital has closed a $14.6 million loan for the acquisition, renovation and stabilization of a four-suite, 131,000-square-foot office property in Suwanee, about 33.4 miles north of Atlanta. The name and address of the property was not disclosed. Ready Capital closed the non-recourse, interest-only loan that features a floating interest rate, 48-month term and one extension option. The financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement an exterior capital improvement plan to address deferred maintenance and improve curb appeal.
SAN JOSE, CALIF. — CIM Group has provided a $150 million refinancing to AMCAL Equities and Star America for The Grad, a 1,039-bed student housing community located near San Jose State University. The 19-story property offers fully furnished studio, two-, three- and four-bedroom units. Shared amenities include 14,889 square feet of ground-floor retail space, study rooms, a computer lab, fitness center, swimming pool and bicycle storage. Bryan Gortikov of Gortikov Capital arranged the financing.