DALLAS — New York City-based Ready Capital has closed a $33.2 million loan for the acquisition, renovation and stabilization of an unnamed 179-unit multifamily property in Uptown 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.
RICHMOND, VA. — Colliers has secured a total of $41.9 million in debt and equity for Commodore, a 173-unit multifamily project in Richmond’s Manchester neighborhood. Jeremy Thornton, Andrew Gibson, Nicole Sayers and Evan Mannis of Colliers sourced a $27.5 million loan with a regional bank on behalf of the developer, Capital City Real Estate, and helped raise $14.4 million in equity via an institutional partner. The lender and equity partner involved with the Commodore project were not disclosed. The seven-floor multifamily development will offer one-, two- and three-bedroom floorplans. The units will feature large windows and nine-foot ceilings with 80 percent of the units featuring balconies or terraces. Community amenities will include two stories of parking and bike storage, a pool, rooftop lounge, fitness center, two courtyards, dog wash and run and cold storage for grocery deliveries. The 173,000-square-foot project will also include 3,500 square feet of ground floor retail space. Construction is set to begin in the fourth quarter and slated for completion in the second quarter of 2023.
AVON, MASS. — New York City-based Ready Capital has closed a $6 million loan for the acquisition and renovation of a 60,000-square-foot warehouse in Avon, a southern suburb of Boston. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement plan to modernize the warehouse and convert a portion of the office suite into flex space.
RENO, NEV. — Ready Capital has closed $15.8 million in financing for the acquisition, renovation and stabilization of a 142-unit apartment property in downtown Reno. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, convert ground-floor retail space to apartment units, renovate building exteriors and upgrade the common area. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and includes a facility to provide future funding for capital expenditures and interest-and-carry shortfalls.
WHEELING, ILL. — Dwight Capital has provided a $55 million HUD 223(a)(7) loan for the refinancing of Mallard Lake Apartments in the Chicago suburb of Wheeling. The 481-unit apartment complex consists of 52 buildings. Amenities include a fitness center, community room, tennis court and pool. Keith Hoffman of Dwight originated the loan, which represented the largest HUD 223(a)(7) refinance in the state of Illinois, according to Dwight. The loan benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. The borrower was undisclosed.
ARLINGTON HEIGHTS, ILL. — Ready Capital has closed a $12 million loan for the acquisition and deconversion of a 72-unit, Class B condominium property in the Chicago suburb of Arlington Heights. The undisclosed buyer will deconvert the units and lease the property as traditional multifamily space. The nonrecourse loan features a floating rate and a two-year term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.
AUSTIN, TEXAS — New York City-based Ready Capital has closed a $3.2 million Freddie Mac loan for the acquisition, renovation and stabilization of a 32-unit apartment complex in North Austin. The nonrecourse, interest-only loan featured a floating interest rate, 24-month term, two extension options and a facility to fund future capital improvements. The name of the property and sponsor were not disclosed.
NEW ROCHELLE, N.Y. — Greystone has arranged a $77.2 million bridge loan for the refinancing of The Rockwell, a 114-unit apartment building in New Rochelle, a northern suburb of New York City. The property includes 21,000 square feet of retail space that is leased to CVS, Smokehouse Tailgate Grill, Finish Line PT and Kung Fu Tea. Drew Fletcher, Matthew Klauer and Jesse Kopecky of Greystone arranged the debt through Cerberus Capital Management on behalf of the borrower, a joint venture between locally based developer Young Cos. and private investor Phil Craft.
PITTSBURGH — New York City-based Ready Capital has closed a $17.4 million loan for the acquisition and renovation of a portfolio of two multifamily properties totaling 163 units in Pittsburgh. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term, two extension options and a facility to fund future capital improvements. The name of the sponsor and properties were not disclosed.
DENVER — Prime West has obtained $71.8 million in combined joint venture equity and construction financing for the development of Alloy Sunnyside, an apartment community at 4120-4158 N. Jason St. in Denver’s Sunnyside neighborhood. JLL Capital Markets arranged co-general partner capital with Angelo Gordon, limited partnership joint venture equity through a REIT and construction financing from a national money center bank for the borrower. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team secured the financing for the borrower. Slated for completion in early 2023, Alloy Sunnyside will feature 209 apartments in a mix of studio, one-, two- and three-bedroom layouts averaging 731 square feet. Units will offer in-unit washer/dryers, luxury vinyl tile hardwood flooring, walk-in closets, stainless steel appliances and private balconies. The community will feature 2,400-square-foot of ground-floor retail space, structured parking, a community entertainment room, fitness center, outdoor pool and sundeck, terrace lounge, dog wash station and parcel lockers. The project team includes Catamount Constructors as general contractor and RATIO Architects as architect.