NEW YORK CITY — Emerald Creek Capital has provided a $55 million bridge loan for the historic Tammany Hall building in the Union Square area of Manhattan. The 73,113-square-foot building recently underwent an $85 million capital improvement program. Jeff Seidler of Emerald Creek originated the financing. Egor Petrov of Estreich & Co. served as the financial intermediary on behalf of the borrower, a subsidiary of Reading International Inc., which will use the proceeds to refinance existing debt and fund tenant improvements.
FLAGSTAFF, ARIZ. — Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a build-for-rent housing developing in Flagstaff. The structured transaction includes $37.6 million in bridge financing as part of a joint venture partnership. St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City-based Dome Equities as a capital partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlop’s Capital Markets group identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution. Developed in 2020, Bungalows on Pine Cliff features detached one-, two- and three-bedroom rental homes averaging 1,097 square feet. Community amenities include a leasing center, clubhouse, modern kitchen, fitness center, dog washing station, gas fire pits with seating areas, bocce ball court, dog park, barbecues and two electric car charging stations.
PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.” The name of the community and borrower were not disclosed.
BELLEFONT, PA. — Lument has arranged a $35.6 million construction loan for Centre Care Rehabilitation and Wellness Service, a 240-bed skilled nursing facility in Bellefonte, located in the central part of the state. The new facility will replace an existing 240-bed property that was deemed unsuitable for substantial renovations due to its age and location. Miles Kingston of Lument arranged the construction financing through First National Bank on behalf of the borrower, Complete Healthcare Resources Eastern.
WHITE PLAINS, N.Y. — NorthMarq has provided a $5.6 million Freddie Mac loan for the refinancing of Franklin Square Apartments, a 141-unit multifamily asset in White Plains, a northern suburb of New York City. The property was built in 1990 and features one- and two-bedroom units, many of which were recently renovated. Robert Ranieri of NorthMarq originated the 10-year, interest-only loan on behalf of the undisclosed borrower.
MINNEAPOLIS — Colliers Mortgage has provided a $20.8 million Fannie Mae loan for the refinancing of Rana Village, a 113-unit apartment complex in Minneapolis. The six-story building was constructed in 2019. Amenities include a playground, fitness center, business center and covered parking. The fixed-rate loan features a 10-year term and a 30-year amortization schedule. Rana Village LLC was the borrower.
CAMAS, WASH. — Parkview Financial has provided a $42 million construction loan to Kirkland Development for the construction of The Ledges at Columbia Palisades, a multifamily community located at 19801 E. Ascension Loop in Camas. Slated for completion in 2022, the project is entitled for 90 apartments and 51 condominiums. Situated on 1.3 acres, the 192,701-square-foot, two-building development will consist of five stories and two partially subterranean parking levels with 231 parking spaces. The apartment component will offer 18 studio, 51 one-bedroom and 21 two-bedroom units with an average size of 715 square feet. The condominium portion will consist of 42 two-bedroom units averaging 1,226 square feet and nine three-bedroom units averaging 2,102 square feet. Community amenities will include a lobby, lounge, mail room, bike room, fitness center, two pools, a roof deck, dog washing station and car washing station.
BEVERLY HILLS, CALIF. — Gantry has secured $20 million to recapitalize the signature Beverly Hills location of Saks 5th Avenue. The loan was originated with one of Gantry’s correspondent life insurance company lenders and secured on behalf of the private client property owner. Situated on Wilshire Boulevard, the property is a landmark location for the luxury retailer. Saks 5th Avenue men’s and bridal departments occupy the entire building while the remaining departments are located in Saks’ separate building immediately east across Bedford Drive. The subject property also includes an adjacent parking structure. Braden Turnbull and Josh Natker of Gantry’s Los Angeles office placed the 25-year loan for the borrower.
SAN DIEGO — Thorofare Capital has funded an $18 million loan for a joint venture between New York-based Taconic Capital Advisors and Triangle Capital Group for the purchase of The Spreckels Building in San Diego. Located at 121 Broadway in the Gaslamp District, The Spreckels Building features 217,173 square feet of office, retail and theater space. The six-story building was built in 1912 and most recently renovated in 1982. The property was designated as one of San Diego’s historic sites in 1972 and placed on the National Register of Historic Places in 1975. Marc Renard led the Cushman & Wakefield team that represented the seller, a family trust associated with Jacquelyn Littlefield, while the buyer was self-represented in the transaction. CBRE will serve as the property’s manager under the new ownership.
TUALATIN, ORE. — Tower Capital has arranged a $15.6 million acquisition and rehabilitation loan for an apartment community located in Tualatin, a suburb of Portland. The undisclosed borrower acquired the property in an off-market transaction. The asset features 74 units in a mix of one-, two- and three-bedroom floor plans with outdoor balconies or patios. The borrower plans to implement a capital improvement program to upgrade the remaining 66 partially renovated units. Interior renovations will include installation of stainless steel appliances, lighting fixtures, plumbing fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, tile backsplashes in the kitchen and new electrical plates. Community amenities include picnic areas, barbecuing stations and natural scenic paths. The three-year bridge loan features a floating interest rate starting at 3.2 percent based upon a 75 percent loan-to-cost ratio. Additionally, Tower Capital introduced the borrower to a limited partner that provided $4 million of capital with a 10 percent preferred return and graduated waterfall structure.