NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.
BAKERSFIELD, CALIF. — CIT Group has arranged a $17.4 million loan for the acquisition of a three-building medical office portfolio in Bakersfield. Totaling more than 65,000 square feet, the fully leased properties are located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital. CIT’s Healthcare Finance unit served as sole leader arranger for the financing. The name of the borrower was not released.
ELMWOOD PARK, N.J. — JLL has arranged a $48 million construction loan for the third phase of Riverwalk, a project that will add 240 luxury rental units to the local supply of Elmwood Park, located in Bergen County. The previous phases of the Riverwalk master-planned community featured 158 units within two buildings that were constructed between 2012 and 2014, as well as retail, office and medical office space. The third phase will also include amenities such as a fitness center, business center, pool and clubhouse. Thomas Didio and Thomas Didio Jr. of JLL arranged the financing through Investors Bank and Provident Bank. Leasing is expected to begin in 18 to 24 months.
SANTA ANA AND ANAHEIM, CALIF. — CBRE has arranged a $58.2 million loan for the refinancing of a five-property healthcare portfolio in Orange County. Sabrina Solomiany and Zack Holderman of CBRE’s Debt & Structured Finance platform secured the loan on behalf of Pacific Coast Holdings Investment, the owner of the portfolio. Jonathan Bloch and Jennifer Eiteljorg of Brownstein Hyatt represented the borrower in the financing transaction. The portfolio consists of three acute-care hospital leased to KPC Healthcare, one long-term acute care hospital leased to Kindred Healthcare and a vacant medical office building. Orange County Global Medical Center, South Coast Global Medical Center, Kindred Hospital and the vacant building are located in Santa Ana; and Anaheim Global Medical Center is located in Anaheim. The 621,000-square-foot, 703-bed portfolio was more than 97 percent leased at the time of refinancing.
UPPER MARLBORO, MD. — Phillips Realty Capital has secured $58 million in debt and equity financing for the construction of St. Joseph Apartments, a four-story, 268-unit multifamily project in Upper Marlboro. Mark Remington and Alec Jenkins of Phillips Realty arranged a $45.1 million construction loan through United Bank on behalf of the borrower, Varsity Investment Group. Additionally, Remington and Jenkins sourced a $12.8 million preferred equity investment by FCP. St. Joseph Apartments will be located one mile from the Largo Metro Station and near Woodmore Town Center, which has a Wegmans, Costco and Best Buy. Phillips Realty Capital is Bethesda, Md.-based commercial real estate finance firm. Varsity Investment Group is a commercial real estate development company specializing in student housing, market-rate, mixed-use and retail development. United Bank is a community bank and subsidiary of United Bankshares Inc.
NEW YORK CITY — Locally based financial advisory firm Black Bear Capital Partners has arranged a $95 million loan for the refinancing of a 134-unit apartment complex located at 261-275 Amsterdam Ave. on Manhattan’s Upper West Side. The 12-story property was originally built in 1905 and features a mix of studio through six-bedroom units, as well as 20,837 square feet of retail space. Bryan Manz, Brandon Harris and Philip Bowman of Black Bear Capital Partners arranged the financing through Morgan Stanley on behalf of the borrower, Laub Realty. The loan carried a fixed interest rate of 3.55 percent and 10 years of interest-only payments.
WILMINGTON, DEL. — New York City-based Dwight Capital has provided a $50.7 million HUD-insured loan for the refinancing of Residences at Justison Landing, a 214-unit multifamily asset in Wilmington. Built on 2.6 acres in 2008, the waterfront property consists of two seven-story apartment buildings, ground-floor retail space leased to eight tenants and a three-story parking garage. Amenities include a community lounge, fitness center and concierge services. Josh Sasouness of Dwight Capital originated the financing through HUD’s 223(f) program on behalf of the undisclosed borrower.
CHICAGO — Bellwether Enterprise Real Estate Capital LLC has provided a $28.5 million FHA 221(d)(4) construction and permanent loan, along with 4 percent low-income housing tax credits for the renovation and preservation of Heiwa Terrace in Chicago. The affordable seniors housing community includes 200 units and is located at 920 W. Lawrence Ave. The borrower, the Japanese American Service Committee, originally developed the property in 1978 using the HUD 202 program to create housing for low-income seniors. The renovation will replace all mechanical systems, fully modernize the building and significantly upgrade the units. The first floor will be redesigned to improve circulation and natural lighting. The borrower is also renewing a long-term Section 8 contract for residents. Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan.
EL PASO, TEXAS — KeyBank Real Estate Capital has provided $30 million in Freddie Mac acquisition financing for Bungalows at North Hills, a 342-unit multifamily property in El Paso. Built on 18 acres in 2009, the property features studio, one-, two-, three- and four-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling areas. Caleb Marten and Chris Neil of KeyBank originated the financing. The borrower was a real estate private equity firm based in New England. The property has since been rebranded as Forty649 North Hills Apartments.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $30 million construction loan for a 59-unit apartment project at 63 Pitts St. on Manhattan’s Lower East Side. The 12-story building will house 11 studios, 39 one-bedroom units and nine two-bedroom residences, with 18 units to be designated as affordable housing. Amenities will include a rooftop deck, gym, package room and onsite laundry facilities. The borrower expects to complete the project in July 2022.