WILLOW STREET, PA. — Black Bear Capital Partners has arranged an $11 million acquisition loan for The Villas at Willow Run, a 72-unit multifamily asset in Willow Street, located roughly midway between Philadelphia and Harrisburg. The 12-building property was completed in 2019. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the loan, which carried a 3.74 percent fixed interest rate and 10 years of interest-only payments, through Morgan Stanley. The borrower was Laub Realty, an owner-operator with more than 2,000 multifamily units and 1 million square feet of commercial space in its portfolio.
COLUMBIA, S.C. — Ready Capital has closed the financing for the acquisition, renovation and stabilization of a 152-unit, Class C multifamily property in southeast Columbia. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The financing also includes a facility to provide future funding for capital expenditures.
LOS ANGELES — Ready Capital has closed $6.9 million in financing for the acquisition, renovation and stabilization of an apartment community located in the Van Nuys submarket of Los Angeles. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate all 23 units. Renovations will include repairing flooring, upgrading cabinets, upgrading electrical and plumbing, and installing new appliances. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.
WEST PALM BEACH, FLA. — Tricera Capital, a Miami-based real estate investment firm led by Ben Mandell and Scott Sherman, has obtained a $50.8 million loan for The Press, a mixed-use project in West Palm Beach. The transaction refinances an existing loan and provides Tricera with the necessary funding to complete the redevelopment of the Palm Beach Post campus. Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera through Chicago-based Monroe Capital LLC. Law firm Polsinelli served as Tricera’s legal representative for the transaction. Located on more than 11 acres at 2751 S. Dixie Highway, The Press is an adaptive reuse project in which nearly all existing structures are being preserved. The property includes a 125,000-square-foot retail component known as the Shops at the Press and an adjacent 140,000-square-foot office building branded as Workspaces at the Press. Tricera finalized a long-term lease with Joseph’s Classic Market to anchor Shops at the Press, and the company expects to deliver the Joseph’s space by summer 2022. Joseph’s, a family-owned Italian specialty market founded in 2005, is leasing more than 15,000 square feet. Tricera also completed a lease with retailer Tipsy Salonbar, a South Florida-based …
SPRING, TEXAS — NorthMarq has arranged a $3.8 million acquisition loan for Louetta Creek Plaza, a 26,472-square-foot retail center in the northern Houston suburb of Spring. Tenants at the property include State Farm, Snowflake Donuts, Expro Nails, Leslie’s Pool Supplies and Pizza Zone. Travis Fite of NorthMarq arranged the fixed-rate loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also not disclosed.
BETHESDA, MD. — JLL Capital Markets has arranged the capitalization for a Class A multifamily development located at 7000 Wisconsin Ave. in Bethesda, which is less than 10 miles from Washington, D.C. JLL Capital Markets arranged the land partnership between Starr Capital and Woodfield Development, and secured the joint venture development capital. The 7000 Wisconsin Ave. high-rise development will stand 12 stories tall, consist of 181 one- and two-bedroom units and include 6,090 square feet of ground-floor retail space. The property includes finishes such as two-toned shaker cabinetry, quartz countertops and stainless steel appliances. Community amenities include a coworking lounge, fitness center, game room, courtyard and a rooftop lounge. The multifamily property is positioned near Bethesda Metro Station and over 11 million square feet of office space, 250,000 plus private-sector employees and 530,000 square feet of retail and dining offerings. Travis Anderson, Cory Fowler, Susan Carras, Brian Crivella, Walter Coker and Robert Jenkins of JLL arranged the transaction.
CINCINNATI — NorthMarq has arranged a $7.5 million loan for the refinancing of River Bend Apartments in Cincinnati. The 120-unit apartment community is located at 163-181 Anderson Ferry Road. The property was built in 1971 and renovated from 2016 to 2020. Noah Juran of NorthMarq arranged the 15-year loan with one year of interest-only payments followed by a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
CHESTNUT HILL, MASS. — Berkadia has provided a $42.9 million Freddie Mac loan for the refinancing of Hancock Estates, a garden-style apartment community located in the western Boston suburb of Chestnut Hill. The property totals 88 units, according to Apartments.com. Hancock Estates offers one- and two-bedroom floor plans and amenities such as a community garden, resident lounge, fitness center and outdoor picnic areas. Robert Lipson of Berkadia originated the 15-year loan on behalf of the borrower, Massachusetts-based Chestnut Hill Realty.
NEW YORK CITY — Ariel Property Advisors has arranged a $6.9 million loan for the refinancing of a 20-unit portfolio of multifamily and retail properties in Brooklyn and Queens. Dime Community Bank provided the loan, which carried a 3.65 percent interest rate with $3 million in cash-out proceeds. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the financing on behalf of the undisclosed borrower. The names and addresses of the properties were also not disclosed.
ATLANTA — Ready Capital has closed a $28.8 million loan for the acquisition, renovation and stabilization of a 240-unit, Class B, garden-style multifamily property in the Briarcliff submarket of Atlanta. The name of the property and borrower was not disclosed. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and property exteriors. The sponsor also plans to add washers and dryers to each unit. The non-recourse, interest-only, floating-rate loan features a 36-month term, extension options and flexible prepayment, as well as a facility to provide future funding for capital expenditures.