NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.
IEHP, National CORE Provide $1.5M for Construction of Day Creek Senior Villas in Southern California
RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plan (IEHP) has partnered with National Community Renaissance (National CORE) to provide $1.5 million for the construction of Day Creek Senior Villas in Rancho Cucamonga, approximately 40 miles east of Los Angeles. Through this partnership with National CORE, one of the nation’s largest nonprofit developers of affordable housing, the health plan will receive access to 10 apartment units in the facility. These units will provide permanent housing for homeless seniors who are IEHP members transitioning out of long-term care. “It is a sad statement that one of the fastest-growing segments of homeless adults is seniors,” says Karen Hansberger, IEHP’s chief medical officer. “Seniors coming out of skilled nursing facilities many times have no safe place to call their home.”
WASHINGTON, D.C. — Berkadia has provided a $250 million Freddie Mac loan for the refinancing of Meridian at Mt. Vernon Triangle, a 783-unit apartment complex in Washington, D.C. The loan features 10 years of interest-only payments. The property offers studio, one- and two-bedroom floor plans, which feature full-size washers and dryers. Communal amenities include underground parking, a fitness center, rooftop pool with sundeck, outdoor lounge and a grilling area. The 14-story community is located at 425 L St. NW, one mile east of downtown D.C. J. Tyler Blue and Paul Wallace of Berkadia originated the loan on behalf of the undisclosed borrower.
FISHERS, IND. — Mortgage banking company Merchants Capital has provided $11 million for the construction of SouthPointe Village, a 62-unit affordable housing community in Fishers, a suburb of Indianapolis. Located at 11144 Lantern Road, the project will be available for renters who earn 50 to 80 percent of the area median income. In addition to the 30-month loan, there are $1.2 million in low-income housing tax credits, enabling the development to be constructed with rents lower than market value. Rents at SouthPointe Village will range from $650 to $950 per month for a one-bedroom unit and $760 to $1,100 per month for two-bedroom units. Additionally, 25 percent of units will be set aside for the developmentally disabled, with the help of local organizations such as Janus Development Services, Outside the Box, Opportunities for Positive Growth and Insights Consulting. Merchants provided the construction loan on behalf of RealAmerica Cos.
LEBANON, PA. — Walker & Dunlop has provided $20.4 million in Fannie Mae permanent financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, located in between Harrisburg and Reading. The property features one- and two-bedroom units and amenities such as a clubhouse, fitness center and common outdoor green space. John Banas, Kris Wood. John Wilson, Rhett Saltiel, and Erik DiGirolamo of Walker & Dunlop provided the 10-year, fixed-rate loan to the borrower, multifamily owner-operator Boyd/Wilson.
NEWPORT NEWS AND PRINCE GEORGE, VA. — NorthMarq has provided a $41.8 million refinancing loan for a three-property apartment portfolio in Newport News and Prince George. The 10-year Freddie Mac loan features a fixed interest rate below 3 percent, five years of interest-only payments and a 30-year amortization schedule. The 724-unit portfolio comprises the 232-unit Reserve at Deer Run Apartments and the 272-unit Newport Commons Apartments in Newport News, as well as the 220-unit Jefferson Pointe Apartments in Prince George. Bob Harrington and Paul Whalen of NorthMarq originated the loan on behalf of the undisclosed borrower.
CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have structured $31 million in financing for the renovation of Carnegie Tower at Fairfax in Cleveland. Built in 1976, the affordable seniors housing property rises 12 stories and features 171 units. It is a project-based Section 8 building and is situated on two acres next to Cleveland Clinic. Units come in one- and two-bedroom floor plans and are reserved for residents age 62 and older. KBREC provided a $14 million HUD construction-to-permanent loan while KBCM sold $17 million of tax-exempt bonds. Additionally, KeyBank Community Development Corp. provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project. Robbie Lynn, Kelly Frank, Ryan Olman and Sam Adams of KeyBank structured the financing on behalf of the borrower, Columbus-based National Church Residences. The project will preserve the building as affordable housing and ensure the long-term viability of the development, according to KeyBank.
CHICAGO — Associated Bank has provided an equity investment totaling $9.4 million of low-income housing tax credits and federal historic tax credits for the rehabilitation of Major Jenkins Apartments in Chicago’s Uptown neighborhood. The two apartment buildings, originally constructed in 1928, are connected and each rise four stories. Upon completion of the renovations, there will be 156 units designated for individuals who are homeless, at risk of homelessness, physically disabled or have chronic or mental illnesses. The units will be further broken down by resident income. There will be 40 units designated for residents earning up to 30 percent of the area median income (AMI), 54 units for those earning up to 50 percent of AMI and 62 units for those earning up to 60 percent of AMI. Completion is slated for the first quarter of 2022. Teresa Rubio of Associated Community Development LLC managed the equity investment on behalf of the borrower, nonprofit developer Mercy Housing Lakefront. Associated Bank partnered with RBC Community Investments for the financing.
ROSWELL, GA. — Red Oak Financial has provided a $9.7 million refinancing loan for Village Festival Shopping Center, a 56,921-square-foot retail center in Roswell. Proceeds from the two-year bridge loan will be used to renovate the property, which sits on seven acres at 10930 Crabapple Road, 25 miles north of downtown Atlanta. The borrower and owner, Phoenix Ten Properties LLC, will introduce shopping, dining and event options at the property. A timeline for renovations was not disclosed. Gary Bechtel of Red Oak Financial originated the loan on behalf of the borrower.
DALLAS — JLL has provided an undisclosed amount of Fannie Mae acquisition financing for Los Altos Trinity Green, a 324-unit apartment community in West Dallas. Built in 2019 as Alta Trinity Green, the property is part of the 24.8-acre Trinity Green residential district that features proximity to multiple office hubs and retail options. Units come in studio, one-, two- and three-bedroom formats. Amenities include a pool, outdoor lounge, rooftop deck, clubhouse and game room, fitness center and a dog washing station. Susan Hill and Cortney Cole of JLL originated the financing, which was structured with a 10-year term, a fixed interest rate of 2.62 percent and five years of interest-only payments, on behalf of the borrower, Houston-based investment firm Barvin. The seller was Wood Partners.