CHATHAM, N.J. — M&T Realty Capital Corp. has provided a $12.1 million FHA-insured loan to refinance a 108-bed skilled nursing facility in Chatham, located approximately 25 miles west of New York City. The loan was completed under the U.S. Department of Housing and Urban Development’s Section 232/223(f) program. The 35-year, fully amortizing loan features a fixed rate of 3.26 percent. The borrower and name of facility were not disclosed. Paula Quigley, Matt Pipitone and Jennifer Kooney of M&T Realty Capital led the transaction. Quigley also serves as the FHA/HUD program manager for M&T Realty Capital Corp.
CHANDLER, ARIZ. — NorthMarq has negotiated the sale of Soleil Apartments, a multifamily property located near Dobson and Ray roads in Chandler. Phoenix-based 3rd Ave Investments acquired the asset from Soleil Chandler Apartments LLC for $40.1 million. Built in 1995, Soleil Apartments features 188 units in a mix of one-bedroom, two-bedroom and three-bedroom layouts. The buyer plans to upgrade the unit interiors and exterior common areas to provide current and future residents with more modern amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix Investment Sales team represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix debt/equity team arranged a $33.2 million NXT loan for the acquisition.
NEW YORK CITY — JLL has arranged a $20 million refinancing loan for 16 West 36th Street, a 67,271-square-foot office building with ground-floor retail in Midtown Manhattan. An undisclosed life insurance company provided the loan to the borrower, Windsor Management Corp., which has owned the building since the 1940s. Windsor recently invested in renovations of the building’s office suites with new glass walls, new bathrooms, polished concrete floors and finished kitchens. Steven Klein and Alex Staikos of JLL arranged the loan.
ORONO, MAINE — Tremont Mortgage Trust has provided an $18.1 million loan for the refinancing of Orchard Trails, a 576-bed student housing community located near the University of Maine in Orono. The floating-rate loan includes an initial funding of approximately $17 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options. Originally built in 2006, the community offers four-bedroom units alongside shared amenities including a study lounge, clubhouse, game room, state-of-the-art fitness center, basketball and volleyball courts and an outdoor grilling station. The borrower was undisclosed.
LISBON AND MINERAL RIDGE, OHIO — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s Lean mortgage insurance program totaling $24 million for the refinancing of The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Both properties feature dining, housekeeping and laundry services. Residents have access to onsite healthcare services such as dentistry, podiatry, optometry, audiology, psychology and medical imaging. Cambridge provided a fully amortized 30-year loan for the Lisbon property and a 35-year loan for the Minera Ridge asset. The FHA/HUD Lean Section 232 program — which helps finance nursing homes, assisted living facilities as well as board and care facilities — provides lenders with protections against losses as the result of borrowers defaulting on their loans. HUD adopted the Lean model to simplify the loan application process and to reduce the amount of time it takes for qualified borrowers to obtain funding.
PACIFICA, CALIF. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. Completed in 1966, Fairmont Shopping Center was remodeled in 2015 and 2018.
TUCSON, ARIZ. — Greystone has provided an $18.8 million Fannie Mae DUS loan to refinance a multifamily property in Tucson. Judah Rosenberg in Greystone’s Los Angeles office originated the transaction. Greystone represented the property owners — GJP Financial, Berger Investment Group and Robson Communities — in the transaction. The $18.8 million loan, which refinances a bridge loan that was used to purchase the property in 2017, carries a 10-year term, fixed rate and 30-year amortization with two years of interest-only payments. Located near the University of Arizona and Pima Community College’s West Campus, The Ledges at West Campus was originally built and operated as student housing. The current owners began converting the property to conventional multifamily housing when it acquired the asset in 2017. Today, the Ledges offers pet-friendly units in a mix of one- to four-bedroom layouts, stainless steel appliances, in-unit laundry and private patios and balconies. On-site amenities include two pools, spa, clubhouse, business center and on-site storage.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
FORT LAUDERDALE, FLA. — JLL has arranged $127.5 million in financing for EON at Flagler Village, a two-phase multifamily complex in Fort Lauderdale. JLL worked on behalf of the developer and borrower, Alta Developers LLC, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies LP. Loan proceeds will be used to pay the existing construction loan on Phase I and will fund the construction of Phase II. Brian Gaswirth and Reid Carleton of JLL’s Capital Markets team represented Alta in the transaction. EON at Flagler Village is within walking distance of the new Virgin (formerly Brightline) train station in Fort Lauderdale. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units and 3,320 square feet of retail. Amenities include a pool, outdoor grilling stations, fitness center and yoga room, pet facilities, a game room and lounges. Phase II, which is currently under construction, will consist of 270 residential units and 2,400 square feet of retail space. The second phase is anticipated to open by spring 2021.
PLEASANT PRAIRIE, WIS. — Associated Bank has provided a $33.1 million loan for the construction of a 590,525-square-foot industrial building within Stateline 94 Business Park in Pleasant Prairie. Fresenius Kabi, a healthcare company specializing in lifesaving medicines and technologies, will occupy the building upon completion in July 2020. The borrower and developer, Bluepoint 94 LLC, is a joint venture between Venture One Real Estate and CRG. Clayco will serve as general contractor. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.