NORWICH, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4 million loan for the refinancing of a 59-unit apartment building located at 206 Washington St. in Norwich, located in the southeastern part of the state. Robert Damigella of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.99 percent for seven years and a 30-year amortization schedule, on behalf of the undisclosed borrower.
NORWALK, IOWA AND OMAHA, NEB. — NorthMarq has arranged $73.2 million in FHA debt for the refinancing of a three-property, 721-unit multifamily portfolio in Norwalk, Iowa, and Omaha. Torrey Pines and Old Market Lofts are both located in Omaha. Built in 1998, Torrey Pines features 264 units. Old Market Lofts was originally constructed in 1901 as a warehouse but was redeveloped into 265 apartments in 2002. High Pointe is situated in Norwalk, just south of Des Moines. The 192-unit property was built in 2000. All three communities were eligible for HUD’s 223(a)(7) refinance program. Loan amounts range from $16.5 million to $34.8 million, and each loan features a 35-year term and amortization period. Brett Hood of NorthMarq’s Chicago office arranged the loans on behalf of Monitor Finance.
RANCHO CUCAMONGA, CALIF. — NorthMarq has arranged $31 million in refinancing for Merrill Gardens Rancho Cucamonga, a seniors housing property located at 9942 Highland Ave. in Rancho Cucamonga. Built in 2018 on 4.2 acres, the property features 112 independent living, assisted living and memory care units. Stuart Oswald and Gordan Mickelson of NorthMarq secured the permanent, fixed-rate loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a five-year term on a 30-year amortization schedule. The property is a joint venture between Merrill Gardens and AEW Capital Management LP.
AUSTIN, TEXAS — NorthMarq has provided a $2.7 million Freddie Mac acquisition loan for Village Flats, a 48-unit apartment complex located at 8930 Galewood Drive in North Austin. According to Apartments.com, the property was built in 1980 and offers one-bedroom units. Chase Johnson of NorthMarq originated the financing through Freddie Mac’s Small Balance Loan program on behalf of the undisclosed borrower.
PHILADELPHIA — JLL has arranged a $220 million construction loan for a 452,000-square-foot healthcare project that will be located at 1101 Chestnut St. in downtown Philadelphia’s Center City district. Jefferson Health will occupy the 19-story ambulatory clinic, which is expected to be complete in the first quarter of 2024. Chad Orcutt and Jim Galbally of JLL arranged the debt through a syndicate of banks on behalf of the development team, a joint venture between National Real Estate Advisors LLC, Joss Realty Partners, SSH and Young Capital.
LEXINGTON, KY. — Randall Waddell of NorthMarq has arranged the $4.7 million refinancing of Fortune Plaza Industrial Center, a 50,000-square-foot industrial property located at 2473 Fortune Drive in Lexington. The transaction was structured with a five-year term and a 25-year amortization schedule. NorthMarq arranged financing for the borrower, an entity doing business as Fortune Plaza LLC, through its relationship with an unnamed regional bank. The loan includes a period of interest-only payments and future funding capabilities.
SANTA ROSA, CALIF. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both a local bus stop and a Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco. Bercut Smith led the JLL Capital Markets team in the financing.
PHENIX CITY, ALA. — Trillium Capital Resources has arranged financing for two real estate properties in Phenix City. The properties include Windsweep Luxury Apartments, a 108-unit apartment community, and a 103,680-square-foot industrial property. Trillium originated a $7.8 million Fannie Mae loan for Windsweep. The 10-year, non-recourse loan included a fixed 3.63 percent interest rate. The borrower was not disclosed. For the industrial transaction, Trillium arranged a $2.2 million loan through an unnamed regional bank on behalf of The Memory Co., a designer and marketer of licensed sports related gifts, collectibles and home décor. The five-year loan features a fixed 4.2 percent interest rate. Trillium Capital Resources is a commercial mortgage banking firm with offices located in Columbus, Ga., Atlanta and Jacksonville, Fla.
CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.
NEW YORK CITY — Progress Capital has arranged a $15 million acquisition loan for a development site located at 124-132 E. 125th St. in Harlem. The site is situated near public transit outlets and several recreational areas such as McNair Park, Alice Kornegay Triangle and Harlem Art Park. The borrower, locally based developer Maddd Equities, plans to construct a building of an undisclosed size that will feature retail and other types of commercial space. Brad Domenico of Progress Capital arranged the loan, terms of which included two years of interest-only payments, through Metropolitan Bank.