LORAIN, OHIO — FM Capital has arranged a $4.5 million loan for the refinancing of Pinebrook Tower Apartments in Lorain, about 30 miles west of Cleveland. Located at 1235 Shaffer Drive, the apartment community includes 168 units along with a swimming pool and tennis courts. Noam Temchin and Jonathan Kramer of FM Capital arranged the 10-year loan on behalf of the borrower, Rokhel Investment Group Holding LLC. Sabal provided the loan.
HOUSTON — Los Angeles-based Thorofare Capital has provided a $15.9 million bridge loan for the acquisition of a 234,215-square-foot warehouse and distribution building in Houston. The property features 25-foot clear heights and 25 dock-high doors. The undisclosed borrower will use a portion of the proceeds of the loan, which was structured with a 45-month term and an extension option, to fund capital improvements.
LOS ANGELES — Gantry has secured a $43 million loan through a correspondent life company lender to refinance a four-building industrial portfolio for a 15-year term. Totaling 430,000 square feet, the four assets are fully leased and well-positioned in Los Angeles, Orange County, Ventura and the Inland Empire industrial submarkets. Mark Ritchie and Josh Natker of Gantry’s Los Angeles office secured the financing on behalf of a private investor. The loan structure features a roughly 50 percent loan-to-value ratio and an interest rate below 2.5 percent.
GRAND JUNCTION, COLO. — Colliers Mortgage, part of Colliers International | U.S., has closed a $15.9 million HUD 213 loan for the new construction of Village Cooperative of Grand Junction, an age-restricted cooperative project in Grand Junction. The 62-unit property will be age restricted to residents with heads of household 62 years of age or older. The community will include community decks, outdoor fire pits, interior bar areas and a fitness center. The 40-year, fully amortizing loan was arranged for the borrower, Village Cooperative of Grand Junction.
BINGHAMTON, N.Y. — Houlihan-Parnes Realtors LLC has arranged a $19.4 million loan for the refinancing of a 602-unit multifamily portfolio in the Binghamton area. The portfolio consists of 13 properties that range in size from eight to 144 units and include both garden-style suburban communities and urban buildings. The nonrecourse loan was structured with a fixed interest rate of 2.98 percent for five years. The undisclosed borrower intends to use a portion of the proceeds to fund capital improvements. Ed Graf and Ted Sannella led the transaction for Houlihan-Parnes.
KAILUA-KONA, HAWAII — Berkadia Seniors Housing & Healthcare has provided a $16.6 million refinancing for a 123-unit assisted living community in Kailua-Kona, located on the west coast of the Hawaii Island. Jay Healy secured the 35-year loan through HUD’s 232/223(f) program. The financing retired an $11.7 million Berkadia bridge loan funded in August 2017 to facilitate the acquisition and subsequent $4.5 million renovation completed in early 2020. The borrower was also able to utilize HUD loan proceeds to pay off the remaining balance of the unsecured seller financing, as well as some outstanding partnership debt. The borrower, a Washington-based owner-operator, previously managed the building on behalf of the seller. At the time of purchase, occupancy was well below its potential due primarily to capital expenditure needs. As part of the remodel, the buyer addressed all deferred maintenance, updated the common areas and installed solar panels for both electricity and hot water. As a result, the new owner was able to push rents and bring occupancy up to 87 percent, a number which is expected to continue to increase as COVID-depressed occupancy improves across the sector.
MAGNOLIA, TEXAS — Austin-based Stratus Properties (NASDAQ: STRS) has received construction financing for the initial phase of Magnolia Place, a mixed-use development located northwest of Houston. Veritex Community Bank provided the three-year, $14.8 million construction loan for Phase I. The first phase of development will revolve around the construction of two retail buildings totaling 19,000 square feet, five pad sites and various pieces of infrastructure. In addition, construction is underway on a 95,000-square-foot store for regional grocer H-E-B at the adjoining 18-acre site. At full buildout, Magnolia Place will consist of four retail buildings totaling 35,000 square feet, five retail pad sites, 194 single-family homes and 500 multifamily units.
AVON, MASS. — Axiom Capital Corp. has arranged a $10 million loan for the refinancing of a cold storage facility in Avon, located south of Boston. Built in 1988 and renovated between 2009 and 2012, the property features a clear height of 30 to 32 feet, 25 dock doors and 5.3 million cubic feet of storage space. An undisclosed life insurance company provided the seven-year, fixed-rate loan to the borrower, an undisclosed private owner/developer. The property has been leased to a global cold storage operator since 2013.
ANCHORAGE, ALASKA — Greystone has provided a $22.5 million bridge loan to refinance Aspen Creek Senior Living, an assisted living facility in Anchorage. Stella Plotkin of Greystone originated the loan on behalf of the borrower, Spring Creek Holdings. The floating-rate, interest-only bridge financing features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing. Completed in 2019, Aspen Creek Senior Living features 96 beds, with 21 designated for memory care residents.
PHILADELPHIA — PCCP LLC has provided an $80 million senior loan for the refinancing of 123 South Broad Street, a 705,500-square-foot office building located within Philadelphia’s Center City district. The 30-story building was originally constructed in 1928 and is currently leased to a roster of 92 tenants. The borrower was a joint venture between SSH Real Estate, Quilvest Capital Partners and Young Capital. Ryan Ade and Jim Cadranell of JLL arranged the financing. Ownership will use a portion of the proceeds to fund capital improvements, including the addition of amenities like a fitness center, rooftop deck and shared conference space.