BUFFALO, N.Y. — Gantry has arranged a total of $22.4 million in refinancing loans for two properties in Upstate New York. In the first transaction, a regional bank and a correspondent life insurance company provided a 10-year loan at a fixed interest rate of 3.1 percent to an undisclosed borrower. That loan provided permanent financing for a multi-tenant, mixed-use property located in an affluent suburb of Buffalo. The same lender provided a nonrecourse loan at a 10-year, fixed interest rate with a 30-year amortization. That loan provided permanent financing for a multifamily property located in the Hudson Valley region. Tom Grzebinski and Jack Stelianou of Gantry arranged the loans.
SUNNY ISLES BEACH, FLA. — Berkadia has arranged a $97 million construction loan for Las Marinas Apartments, a planned two-building, 256-unit complex in Sunny Isles Beach. New York Life Real Estate Investors provided the 15-year, fixed-rate loan with five years of interest-only payments. The lender has also committed to fund up to an additional $15 million subject to the satisfaction of certain undisclosed conditions. Each building will stand 17 stories and offer 128 units. The borrower and developer, The Brunetti Organization, will also use some of the loan proceeds to construct an eight-story, 860-parking space garage and a new seawall, as well as upgrade the adjacent Marina del Mar apartment complex. Marina del Mar was originally constructed in 1962. Las Marinas Apartments is located at 100 Kings Point Drive, 18 miles north of downtown Miami. Brunetti expects to break ground on the new multifamily buildings in July, with delivery expected 24 months thereafter.
CHANDLER, ARIZ. — NorthMarq has arranged a $46 million construction loan and $27.5 million mezzanine equity investment for a Class A speculative office project in Chandler. Bank OZK provided the loan to an affiliate of Douglas Allred Co. An insurance company, with NorthMarq as correspondent, provided the mezzanine equity. Situated within Park Place, a 200-acre master-planned business park assembled and developed by Douglas Allred Co., the new project will feature two three-story buildings totaling 300,000 square feet and an 800-stall parking structure. The concrete tilt-up buildings will offer 10- to 12-foot ceiling heights, high-quality finishes and a 6/1,000 parking ratio. Completion slated for October 2021. San Diego-based Douglas Allred Co. begin assembling and developing Park Place in 2007 and to-date has completed 1.5 million square feet of office, manufacturing and retail space within the assemblage. The office buildings total 1.2 million square feet and are 95 percent leased to mostly national companies.
GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.
NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.
SAN MARCOS, TEXAS — KeyBank Real Estate Capital’s Community Development Lending and Investment (CDLI) division has secured $50 million of private placement financing for Riverstone, a planned 336-unit affordable housing community in San Marcos. The borrower, Louisville, Ky.-based LDG Development, plans to deliver the property by June 2022. The 18-acre property will feature 12 apartment buildings, a one-story clubhouse, pool and equipment room and two clusters of detached garages. The apartments will comprise one-, two-, three- and four-bedroom layouts, and all apartments will be reserved for residents earning 60 percent or less of the area median income (AMI). Austin-based Capital Area Housing Finance Corp. issued $43.5 million of activity bonds for the project. The remaining $6.5 million portion of the financing is a balance sheet loan provided by KeyBank. David Lacki and Alton Tinker of the KeyBank CDLI team structured the financing.
INDIANAPOLIS — KeyBank Community Development Lending and Investment has secured $27.7 million of construction financing, $13.2 million of tax credit equity and $18.4 million of Freddie Mac permanent financing for the development of a 210-unit affordable seniors housing property in Indianapolis. Herman & Kittle Properties was the borrower. Known as The Reserve at White River, the project will include two four-story buildings, 14 cottage-style, single-story buildings and a 5,000-square-foot clubhouse. The project will use income averaging so that 150 units will be set aside for tenants earning 60 percent of the area median income (AMI), 51 units will be set aside for those earning 50 percent AMI and nine units will be reserved for those making 70 percent of AMI. All of the units will be restricted to residents age 55 and older, with 21 of the units accessible for those with special needs. Kyle Kolesar, Victoria O’Brien and Robbie Lynn of KeyBank structured the financing.
IRVINE, CALIF. — A joint venture between Hines and a global investment management firm has received $182 million in refinancing for Intersect, a mid-rise, four-building, Class A office campus in Irvine. Kevin MacKenzie, John Chun and Nick Lench of JLL Capital Markets placed the three-year, interest-only financing with MetLife Investment Management. The borrower plans to use the loan proceeds to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. Situated on 15 acres, Intersect comprises four buildings, totaling 452,060 square feet, at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Located in the heart of the Irvine Business Complex, the property features a restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features include indoor and outdoor workspaces; a fitness center with Peloton bikes, classes, locker rooms, spin studio and outdoor yoga lawn; private tenant terraces; a 40-seat, stadium-style conference center; and a 16-person board room. The Intersect also offers 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.
NEW YORK — Greystone has provided a $43.9 million loan for the refinancing of a three-property seniors housing portfolio in Upstate New York. Centers for Care was the borrower. The three skilled nursing facilities total 323 beds and include Ontario Center for Nursing and Rehabilitation in Canandaigua; Steuben Center for Nursing and Rehabilitation in Bath; and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the loan. Terms of the loan were undisclosed.
CINCINNATI — Merchants Capital has secured a $57 million FHA/HUD Section 221(d)(4) loan for 4th & Race, a 264-unit apartment community currently under development in downtown Cincinnati. The project is slated to open in the first half of 2021. Merchants secured the new construction loan on behalf of the developer, Flaherty & Collins Properties. The new loan represents the multifamily component of the project, which will also feature 20,000 square feet of retail space and a five-story parking garage. The residential portion will sit atop the retail and parking components. Amenities will include a sky deck, pool, fitness center, yoga room, gaming area and club room. Flaherty & Collins worked concurrently with the city of Cincinnati, the Port Authority of Greater Cincinnati and the Cincinnati Center City Development Crop. to bring the project to life. FHA/HUD Section 221 (d) (4) loans are used exclusively for the construction or substantial rehabilitation of multifamily properties. Eligible assets include market-rate, low-to-moderate income and subsidized multifamily properties.