Loans

MassHousing Provides $25M in Financing for Renovation of Affordable Housing Community in Boston

by Taylor Williams September 3, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $25 million in financing for the renovation of Morse Apartments, a 99-unit community located in the Brookline neighborhood of Boston. The financing, which includes tax-exempt housing revenue bonds and Low Income Housing Tax Credits, will preserve the affordability of the community for another 75 years. The borrower was Brookline Housing Authority. Morse Apartments was constructed in 1973 at 90 Longwood Ave. and is reserved for low-income senior citizens. Renovations are expected to be complete by summer 2022.

September 3, 2020

Hawaii Loans Multifamily Seniors Housing Western

Lancaster Pollard Provides $33M Fannie Mae Refinancing for Seniors Housing Asset in Honolulu

by Amy Works September 3, 2020

HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The Plaza at Punchbowl is located on the slopes of Punchbowl Crater, an extinct volcanic tuff cone located in the heart of the city. The Punchbowl Crater is known for being home to the National Memorial Cemetery of the Pacific, a U.S. armed services memorial that draws millions of visitors each year.

September 3, 2020

Development Loans New Jersey Northeast

Procida Funding Provides $52M Construction Loan for Multifamily Project in North Bergen, New Jersey

by Taylor Williams September 2, 2020

NORTH BERGEN, N.J. — Procida Funding has provided a $52.5 million construction loan for Manhattan Transit Village North Bergen, a 214-unit multifamily project in North Bergen Township, located across the Hudson River from Manhattan. The property will be located adjacent to the Tonnelle Avenue public transit station and will feature a mix of studio, one- and two-bedroom units, as well as a pool and a fitness center. The borrower and developer was the Demetrakis Family. Specific loan terms were not disclosed.

September 2, 2020

Loans Office Texas

CIM Group Provides $190M Bridge Loan for Refinancing of Metro Dallas Office Complex

by Taylor Williams September 2, 2020

FARMERS BRANCH, TEXAS — Los Angeles-based CIM Group has provided a $190 million bridge loan for the refinancing of International Plaza, a 780,000-square-foot office campus located in the northern Dallas metro of Farmers Branch. The Class A property consists of a 13-story building and a 15-story building that were recently upgraded to offer new indoor and outdoor amenities. Rob Rubano, Greg Napper and Brian Share of Cushman & Wakefield arranged the loan, which was structured with a five-year term and a floating interest rate. The borrower, Taconic Capital Partners, acquired the asset in 2018.

September 2, 2020

Development Florida Loans Multifamily Southeast Student Housing

Joint Venture Receives $65M in Construction Financing for Student Housing Community Near University of Florida

by Alex Tostado August 31, 2020

GAINESVILLE, FLA. — A joint venture between 908 Group, Scannell Properties and Atlantic American Partners has received $65 million in construction financing for an unnamed development of a 604-bed student housing community near the University of Florida in Gainesville. First Merchant’s Bank, First Financial Bank and Old National Bank provided the construction loan for the community. TSB Capital Advisors acted as special advisor in the financing. The project will offer a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities will include ground-floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center. The community is scheduled for completion in fall 2022. Humphrey’s & Partners designed the asset, and Arco-Murray is the general contractor. Houston-based multifamily operator Asset Living will manage the community upon completion.

August 31, 2020

California Loans Multifamily Seniors Housing Western

Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles

by Kristin Harlow August 31, 2020

LOS ANGELES — Paragon Mortgage has funded a $16.3 million loan to refinance All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service.

August 31, 2020

Industrial Loans Self-Storage Texas

Talonvest Arranges $12.7M in Refinancing Loans for Self-Storage Properties in Texas

by Taylor Williams August 31, 2020

AUSTIN AND SOUTHLAKE, TEXAS — Talonvest Capital Inc. has arranged two bridge loans totaling $12.7 million for the refinancing of two self-storage facilities in Texas. The properties total 1,339 units across 161,670 net rentable square feet. One of the properties is located at 11000 Lakeline Blvd. in Austin, and the other is located at 2030 E. Continental Blvd. in the Fort Worth suburb of Southlake. An undisclosed life insurance company provided the funds to the borrower, a partnership between Houston-based self-storage developer The Jenkins Organization and its private equity partner, Clark Investment Group.

August 31, 2020

Loans Multifamily New York Northeast

Berkadia Arranges $5.2M Bridge Loan for Multifamily Conversion Project in Albany

by Taylor Williams August 31, 2020

ALBANY, N.Y. — Berkadia has arranged a $5.2 million bridge loan for Albany Apartments. The undisclosed borrower will use the proceeds to acquire and convert the building, which was originally constructed as a townhouse-style hotel, into a 112-unit multifamily community with studio, one- and two-bedroom floor plans. John Sigeti of Berkadia arranged the nonrecourse, interest-only loan, which was structured with a 24-month term and a 75 percent loan-to-value ratio.

August 31, 2020

Loans Midwest Minnesota Multifamily ORIX Seniors Housing

Lancaster Pollard Provides $25M Refinancing for Chaska Heights Senior Living in Minnesota

by Kristin Harlow August 28, 2020

CHASKA, MINN. — Lancaster Pollard Mortgage Co. has provided a $25 million loan for the refinancing of Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included tax-increment financing from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the community. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction. The fixed-rate financing, which carries a 35-year term, also funds renovations.

August 28, 2020

Loans Michigan Midwest Office

Bernard Financial Group Arranges $5.6M Refinancing for Office Property in Farmington Hills, Michigan

by Kristin Harlow August 28, 2020

FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged a $5.6 million loan for the refinancing of a 72,607-square-foot office property in Farmington Hills. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, Duke & Duke LP. Securian Life Insurance Co. provided the loan.

August 28, 2020

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