Loans

Dwight Capital Finances $27.4M HUD Loan for Drayton Mills Lofts in Upstate South Carolina

by John Nelson November 4, 2020

SPARTANBURG, S.C. — Dwight Capital has provided a $27.4 million HUD loan for Drayton Mills Lofts, a 289-unit multifamily community in Spartanburg. The HUD 223(a)(7) loan is a refinancing of the existing HUD 221(d)(4) loan that Grandbridge Real Estate Capital financed in 2014, the same year Westbridge Partners and TMS Development purchased the 118-year-old Drayton Mill. The former textile mill now features a 60-foot saltwater lap pool, two-story fitness center, walking trails and community rooms. Individual apartments come with large mill windows and 17-foot tall natural wood ceilings in one-, two- and three-bedroom floor plans. Rental rates range from $1,088 to $1,899. Also within the 203-acre Drayton Mills complex is 60,000 square feet of commercial and event space known as Drayton Mills Marketplace. Tenants include Bareknuckle Barbershop, Bella Late, Burn Boot Camp of Spartanburg, Dray Café, Edward Jones, Holiday Brewing, 1800 Drayton Catering & Events, Pi-Squared Pizza, Sparkle City Chiropractic, Palmetto Proactive Healthcare and The Lauren Ashley Collection Salon and Bar.

November 4, 2020

Acquisitions Loans Multifamily Seniors Housing Southeast Virginia

M&T Realty Capital Provides $17.1M Acquisition Loan for Seniors Housing Community in Sterling, Virginia

by John Nelson November 4, 2020

STERLING, VA. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower, Avanath Capital Management. The financing features 10 years of interest-only payments and a fixed interest rate of 2.58 percent. Amenities at Cascades Village include community room with a kitchen, library, TV room, movie theater, beauty parlor, onsite dentist and podiatrist, exercise room, sitting porch and a patio with a grill and a gazebo.

November 4, 2020

Illinois Industrial Loans Midwest

Cushman & Wakefield Secures $55.8M in Acquisition Financing for Suburban Chicago Industrial Portfolio

by Kristin Harlow November 3, 2020

CHICAGO — Cushman & Wakefield has secured $55.8 million in acquisition financing for the Regent O’Hare Industrial Portfolio in Elk Grove Village. CIBC provided the financing on behalf of the borrowers, Investcorp International Realty Inc. and Brennan Investment Group. Regent O’Hare includes eight industrial buildings totaling 955,460 square feet. The portfolio is 92 percent leased by roughly 55 tenants. Jeff Altenau, Gideon Gil and Zach Yarnoff of JLL represented the borrowers. Loan terms were not disclosed.

November 3, 2020

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $38.4M in HUD Financing for Skilled Nursing Portfolio Near Chicago

by Kristin Harlow November 3, 2020

PALATINE, WAUKEGAN, ELGIN AND CHICAGO, ILL. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed property in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed asset in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment schedule and terms ranging from 30 to 34 years.

November 3, 2020

Industrial Loans Michigan Midwest Self-Storage

Alliant Credit Union Provides $18M Acquisition Loan for Self-Storage Portfolio in Michigan

by Kristin Harlow November 3, 2020

DETROIT AND GRAND RAPIDS, MICH. — Alliant Credit Union has provided an $18 million loan for the acquisition of a six-property self-storage portfolio located in the metro Detroit and Grand Rapids areas. Pogoda Cos. was the borrower. The 10-year loan features 30 months of interest-only payments followed by a 30-year amortization schedule. Shoy McKen of Lev Capital arranged the loan with Alliant.

November 3, 2020

Development Loans Multifamily Texas

JPI Receives Construction Financing for 424-Unit Jefferson at The Grove Apartments in Frisco

by Taylor Williams October 30, 2020

FRISCO, TEXAS — JPI has received construction financing for Jefferson at The Grove, a 424-unit apartment community in Frisco. Jefferson at The Grove is part of a larger residential and commercial master plan in Frisco that will consist of more than 17 acres of open space, five planned parks and more than four miles of trails. Units will feature 10-foot ceilings, glass-enclosed showers and large bathtubs, walk-in closets, private yards and balconies, granite countertops, hardwood-style flooring, designer cabinetry, stainless steel appliances and full-sized washers and dryers in all units. Amenities will include a pool with cabanas, fitness center with a spin studio, private courtyards and a dog park. The opening is scheduled for spring 2022.

October 30, 2020

Loans Multifamily Northeast Pennsylvania

JLL Provides Agency Loan for Refinancing of 136-Unit Multifamily Asset Near Philadelphia

by Taylor Williams October 29, 2020

PHOENIXVILLE, PA. — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Westridge Gardens, a 136-unit multifamily asset in Phoenixville, a northwestern suburb of Philadelphia. Renovated in 2017, the property consists of 15 buildings housing one-, two- and three-bedroom units on a 13-acre site. The average unit size is 986 square feet, and each residence offers in-unit washers and dryers and outdoor patio space. Communal amenities include a pool, sport court and a playground. Ryan Ade, Jamie Leachman and Travis Hess originated a 10-year, fixed-rate loan for the acquisition on behalf of the borrower, Relative Properties LLC.

October 29, 2020

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $81.4M Refinancing for Rockwood Retirement Communities in Spokane, Washington

by Amy Works October 29, 2020

SPOKANE, WASH. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission for Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction of a redevelopment project currently underway at Rockwood at Whitworth. The first phase, currently underway, calls for demolition of a portion of The Manor building to be replaced by 48 new assisted living apartments and 24 new memory support apartments. The second phase includes demolition of the remaining portions of The Manor building, the healthcare center, two duplexes and two courtyard homes to construct 117 new independent living apartments, an underground parking garage and additional common and administrative areas. Following the completion of Phase II, all existing buildings of the Whitworth community will be replaced other than the remaining 18 Courtyard Homes and four duplex units.

October 29, 2020

Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $82M Refinancing Loan for New Multifamily Community in Fort Lauderdale

by Alex Tostado October 28, 2020

FORT LAUDERDALE, FLA. — Walker & Dunlop has arranged an $82 million refinancing loan for The Rise Flagler Village, a 348-unit multifamily community in Fort Lauderdale. The developer and borrower, Rescore Property Corp., which is a private REIT managed by Encore Capital Management, opened the community in April. The property offers studio to three-bedroom floor plans averaging 888 square feet. Communal amenities include a pool, garden area, clubroom, fitness center, yoga room, dog park and a dog washing station. The community also features 4,200 square feet of ground-level retail space and an eight-story parking garage. Rents range from $1,495 per month to $4,525. Eric McGlynn of Walker & Dunlop originated the loan on behalf of Rescore. New York-based Square Mile Capital Management LLC provided the loan.

October 28, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Associated Bank Provides $29M Construction Loan for Senior Living Development in Bloomington, Minnesota

by Kristin Harlow October 28, 2020

BLOOMINGTON, MINN. — Associated Bank has provided a $29 million loan for the construction of a 133-unit senior living development in Bloomington. Dubbed ThePOINTE Bloomington, the independent living community is the second of a two-phase project on a 7.5-acre site. Phase I, currently under construction, is the 118-unit Cherrywood Pointe community that features assisted living and memory care. ThePOINTE will rise five stories. Amenities will include a pickleball court, outdoor pool, clubhouse, community room, fitness center, kid’s playroom, craft room, business center and rooftop deck. United Properties is the developer. Jim Vitt of Associated Bank handled the loan closing.

October 28, 2020

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