BEDFORD, N.H. — New York City-based Dwight Capital has provided a $27 million loan for the refinancing of Bedford Hills Apartments, a 144-unit community located near Manchester in the southern part of the Granite State. Built in 2016, the property comprises four residential buildings and a clubhouse/leasing office on a 13-acre site. Other amenities include a pool and a courtyard with a grilling area. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.
CROWN POINT, IND. — Greystone has provided a $44 million bridge loan for the acquisition of Hidden Creek Apartments in Northwest Indiana’s Crown Point. The 432-unit apartment complex was built in 1976 and renovated in 2006. The garden-style community is comprised of 12 three-story buildings along with a clubhouse. Amenities include a pool, fitness center, playground, banquet room, lounge and tennis courts. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 24-month term and two six-month extension options. Greystone intends to transition the bridge loan secured by the property to permanent HUD-insured financing. Bayshore Properties was the borrower.
DES PLAINES, ILL. — Ready Capital has closed a $10.7 million loan for the acquisition, renovation and stabilization of a 120-unit multifamily property in Des Plaines. The undisclosed borrower plans to implement a capital improvement program to address deferred maintenance and renovate unit interiors, building exteriors and common areas. The nonrecourse loan features a floating rate and a three-year term.
DALLAS — Lubbock-based multifamily investment and development firm Madera Residential has acquired Armstrong at Knox, a 165-unit apartment community located in the Knox-Henderson area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge and a business center. Jon Wooton, Mike Bryant and Victoria Langston of CBRE arranged $47.9 million in acquisition financing through a fund sponsored by CBRE Investment Management on behalf of Madera Residential.
DALLAS — New York City-based Ready Capital has closed a $23.4 million loan for the acquisition, renovation and stabilization of an unnamed 218-unit multifamily property in South Dallas. 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.
BOSTON — A partnership between True North Management Group and Boston-based Celera Properties has purchased a two-building office complex in the northern Boston suburb of Andover with plans to convert the property into a life sciences facility. The complex spans 233,726 square feet. Greg LaBine and Martha Nay of JLL arranged a $35.3 million floating-rate loan through OceanFirst Bank on behalf of the partnership. Proceeds will be used to acquire and reposition the complex.
AURORA, COLO. — Prime West has received $90.4 million in combined joint venture equity and construction financing for Claro at High Point, an apartment community located within an Opportunity Zone in Aurora. JLL Capital Markets worked on behalf of the developer and borrower to arrange Opportunity Zone joint venture equity through Bridge Investment Group Holdings, along with securing construction financing from a national bank. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team represented the developer in the financing and equity transaction. Situated within the High Point master-planned community, Claro at High Point will feature 365 apartments in a mix of one-, two- and three-bedroom floor plans with balconies or patios, central air conditioning, full-sized washers/dryers, kitchen islands and dishwashers. On-site amenities include a pool and spa with cabanas, co-working area, clubhouse, controlled entry, fitness center, off-leash dog park, dog wash and a bike repair and ski tune shop. RATIO Architects is serving as project architect and Catamount Constructors is serving as general contractor for the project. Completion is slated for summer 2023.
LA JOLLA, CALIF. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla. JLL represented the borrower, Monarch Senior Living, in arranging the loan. Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1.9 million and a median household income of $200,001. Alanna Ellis and Bercut Smith led the JLL Capital Markets debt team that represented the borrower.
LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.
BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.