MADISON, WIS. — Ready Capital has closed a $9.2 million loan for the acquisition, renovation and deconversion of a 152-unit fractured condominium property in Madison. The undisclosed borrower plans to acquire 84 of the Class B property’s units and implement a capital improvement plan. Planned upgrades include landscaping, amenity and common area improvements and painting. The floating-rate loan features a 36-month term and includes a facility to provide future funding for capital expenditures and additional unit buyouts.
SAN FRANCISCO — Ready Capital has closed $104 million in refinancing for a multifamily property located on the border of San Francisco’s SOMA and Mission districts. The name of the borrower was not released. Loan proceeds will be used to retire existing debt and cover interest costs as the 200-unit property is leased up. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for interest shortfalls.
CHINO, CALIF. — BridgeCore Capital has funded a $8.2 million loan for the refinancing of an industrial property in Chino. The undisclosed borrower required a bridge loan to refinance a maturing loan and to fund a partnership buy-out. The non-recourse loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding. The pay-rate structure allowed the borrower to decrease the amount of the interest reserve in order to allocate the needed loan proceeds to fund the partnership buy-out. The 76,421-square-foot property is owner-occupied by a multi-generational luxury furniture manufacturing family.
COLORADO SPRINGS, COLO. — RMR Mortgage Trust (NASDAQ: RMRM) has arranged a $34.3 million first mortgage, floating-rate bridge loan for the refinancing of an office and industrial asset in Colorado Springs. The property includes a 191,000-square-foot office building and a 97,000-square-foot industrial building located at 10125 and 10205 Federal Drive. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Essex Financial Group, which advised the sponsor, Flywheel Capital of Denver. An initial advance of $29 million was funded at closing with future advances of up to $5.3 million available for tenant improvements, leasing commissions and capital expenditures. The loan features a three-year initial term and a one-year extension option, subject to the borrower meeting certain requirements.
LOS ANGELES — Ready Capital has closed $23.8 million in refinancing for the renovation and lease-up of an office property located in the Studio/Universal Cities submarket of Los Angeles. The undisclosed borrower will use the loan to refinance an existing loan, build out speculative suites, fund capital improvements and lease the vacant space at the 75,000-square-foot, Class B property. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide additional funding for capital improvements, tenant leasing costs and interest shortfalls.
ATLANTA — Berkadia has secured $11 million in financing for the development of Intrada Westside, a 143-unit affordable housing property in Atlanta. Carolyn Whatley, Lloyd Griffin and Frank Brown of Berkadia secured financing on behalf of the developer, Missouri-based Vecino Group. The $11 million forward commitment for permanent financing through Fannie Mae’s MTEB Program features a 15-year term with a 35-year amortization schedule. The property is planned to be constructed over a period of 18 months. Located in Grove Park, the Intrada Westside site offers access to Donald Lee Hollowell Parkway Northwest, which connects the primary area to downtown Atlanta. Amenities will include a leasing center that includes spaces for a fitness and business center, as well as a central laundry room, elevators, a playground, picnic and outdoor seating areas. The development also has 9,000 square feet of retail space. Intrada Westside’s site is in a Qualified Census Tract, Opportunity Zone and the Hollowell Tax Allocation District. The affordable restrictions will accommodate families who earn 50, 60 and 80 percent of area median income (AMI) and 25 units will receive project-based rent subsidy designated for homeless youth between the ages of 18 and 24. Vecino Group helped bring together the …
DALLAS AND SAN ANTONIO — JLL has arranged $48.5 million in financing for a four-building, 505,719-square-foot industrial portfolio that includes cold storage space in Dallas and San Antonio. The portfolio includes two net-leased assets in infill submarkets at 3551 Dan Morton Drive in Dallas and 2001 S. Laredo St. in San Antonio that were acquired in January in a sale-leaseback with custom food manufacturer Surlean Foods. Christopher Drew, Maxx Carney, Reid Carleton, Jeremy Womack and Jarrod McCabe of JLL arranged the three-year, floating-rate loan on behalf of the borrower, MDH Partners. An undisclosed local bank provided the funds.
CHICAGO — Ready Capital has closed a $29.1 million loan for the refinancing and stabilization of a newly delivered multifamily portfolio throughout metro Chicago. The Class A portfolio consists of four properties and 118 units in the western and northern Chicago suburbs. Loan proceeds will be utilized to retire the existing construction loan, provide a cash-out at close and an earnout will be made available upon the properties achieving a pre-determined performance threshold. The floating-rate loan features a 24-month term. Borrower information was undisclosed.
NEW YORK CITY — New York City-based Ready Capital has closed a $78.7 million bridge loan for the acquisition, renovation and stabilization of a portfolio of four multifamily properties totaling 540 units in New York’s Hudson Valley region. Christopher Peck, Scott Aiese, Rob Hinckley, Marko Kazanjian, Alex Staikos, Nicco Lupo and Andrew Cohen of JLL arranged the funds, a portion of which will be used to fund capital improvements to the unit interiors and amenity spaces. The borrower was Aker, Baxter and Pearlmark. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and flexible prepayment options. The financing also includes a facility to provide future funding for capital expenditures and interest shortfalls.
HENDERSON, NEV., AND AURORA, ILL. — PGIM Real Estate, on behalf of its U.S. core-plus debt fund, has provided a $41 million loan facility to Dalfen Industrial for the acquisition of a Class A industrial portfolio in the Las Vegas and Chicago metro areas. Totaling 438,000 square feet, the portfolio includes AirParc South and Suncrest Commerce Center in Henderson, plus Butterfield Logistics Center in Aurora. The loan features a three-year term with two one-year extension options. Trevor Arnholt of PGIM Real Estate originated the loan on the firm’s behalf.