JERSEY CITY, N.J. — Columbia Pacific Advisors Bridge Lending, a division of Columbia Pacific Advisors, has provided a $48.2 million loan for the acquisition and redevelopment of a warehouse property in Jersey City into a film production studio. Industry Go, a partnership of Criterion Group and Ones Stop Properties, will use the funds to acquire two warehouse buildings at 14-16 Burma Road and 150 Theodore Conrad Drive and convert them into a 180,777-square-foot film production studio. Planned renovations include full structural reinforcement, raising the roof heights to at least 50 feet, repowering and adding new HVAC systems.
CAPE CANAVERAL, FLA. — LV Lending, a local private lender, has provided a $4.2 million refinancing loan for a 7.7-acre vacant site in Cape Canaveral, a town on Florida’s Space Coast. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-story, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the mortgage broker.
SANTA FE, N.M. — CBRE has secured $49.7 million in construction financing for the development of South Meadows, a market-rate multifamily apartment complex in Santa Fe. Peter Gineris and Chad Ricks of CBRE’s Capital Markets’ Debt & Structured Finance team originated the loan through the firm’s FHA lending platform on behalf of Storm River, the owner/developer. The loan for the Class A, garden-style apartment project is funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program. The transaction provides an interest-only construction period of 27 months with a 40-year, non-recourse and fully amortizing permanent loan. Located at 2800 S. Meadows Blvd., the development will feature 10 three-story residential buildings, offering a total of 240 units, and a single-story clubhouse/leasing office. Community amenities will include a pool and spa with ramada; picnic and barbecue areas with grills; dog park; bike racks; mail center; fob access to amenity areas; detached garages; carports; a maintenance building; and secured perimeter fencing. Each unit will feature stainless steel, energy-efficient appliances, pantries, kitchen islands, entry closets, storage units, USB outlets, washers/dryers, oversized bathtubs, walk-in shower stalls, walk-in closets, nine-foot ceilings, crown molding, hard-surface premium flooring, private patio/balcony and ceiling …
ASHEVILLE AND KANNAPOLIS, N.C. — Hall Group has received $77 million in construction financing for The Reserve at Gashes Creek in Asheville and Graces Reserve in Kannapolis, both of which are under construction. Highland Mortgage Co. provided a $62 million HUD 221 (d)(4) construction loan and Morrison Avenue Capital Partners provided $15 million of equity. Multifamily Select Inc. arranged the loan on behalf of Hall Group and will manage both properties upon completion. The Reserve at Gashes Creek will include 190 units offering one-, two- and three-bedroom floor plans along with 12 garages and 16 storage units. Six of the 22 acres are preserved by a conservation easement. The property is situated along U.S. Highway 74, about six miles southwest of downtown Asheville. Graces Reserve is situated on 17 acres at 2200 Roxie St. NE, 25 miles north of downtown Charlotte. The property will offer 240 one-, two- and three-bedroom floor plans along with 36 garages and 48 storage units. Communal amenities at both properties will include pools, sundecks with cabanas, electric vehicle charging stations, grilling areas, fire pits, car care centers, dog parks, playgrounds and clubhouses. Clubhouses will include concierge package delivery systems, pet spas, designer kitchen spaces, cyber …
PORT ST. LUCIE, FLA. — Berkadia has provided a $24.5 million Fannie Mae refinancing loan of a construction take-out loan for Torino Lakes Townhomes in Port St. Lucie. Mitch Sinberg and Matt Robbins of Berkadia originated the 10-year, fixed-rate loan with an interest-only payment period on behalf of the borrower, Rich Properties, a local developer that delivered the community in 2019. The property offers two- and three-bedroom floor plans, which include hardwood floors, walk-in closets, granite countertops, stainless steel appliances and a kitchen island. Communal amenities include a fitness center, swimming pool, spa, playground, clubhouse, walking/biking trails and a media center with a movie theater. Torino Lakes Townhomes is located at 5511 NW Sandhill Trail, eight miles north of downtown Port St. Lucie.
NEW YORK CITY — Kearny Bank has provided a $28.3 million loan for the refinancing of a 12-building multifamily portfolio in the Union Square and West Village neighborhoods of Manhattan. The portfolio spans nearly the entire block of 17th Street between Union Square and Irving Place, including 11 garden-style townhome buildings as well as a 24-unit building located on Cornelia Street in the West Village. John Leslie and Patrick Rhea of ABS Altman Warwick arranged the loan, which carries a fixed interest rate of 3.5 percent with three years of interest-only payments, on behalf of an undisclosed borrower.
EVERETT, WASH. — KeyBank Commercial Development Lending and Investment (CDLI) has arranged $13.7 million in construction financing on behalf of Compass Health to develop Broadway Permanent Supportive Housing, an affordable housing property in Everett. The borrower is a community-based healthcare agency that integrates behavioral health and medical care services to support clients. Situated next to the Compass Health campus, the project will be a five-story, 82-unit permanent supportive housing facility that will provide services for mentally ill homeless people. The facility will feature four floors of housing above 3,000 square feet of commercial space with offices for services, management and administration. All units, which will include kitchens and baths, will be 388-square-foot studios, except for a three-bedroom manager’s unit. Residents will participate in a coordinated chemical dependency or mental health treatment plan and will have access to case management connecting them with supportive services on-site and at the Bailer Center facility, located next door. A portion (66) of the units will be limited to people earning 30 percent or less of the area median income (AMI), including eight vouchers reserved for homeless veterans, and 15 units will be allocated for people earning 50 percent of AMI or less. Brett Sheehan …
WICHITA, KAN. — KeyBank Community Development Lending and Investment has provided a $10 million construction-to-permanent loan to Steele Properties for the acquisition and renovation of Shadyway Plaza in Wichita. Steele Properties, based in Denver, is a real estate investment company that acquires, rehabilitates and constructs affordable housing. Built in 1979, Shadyway Plaza serves elderly and disabled residents. The seven-story building includes 100 one-bedroom units, all of which are income-restricted under low-income housing tax credit regulations at 60 percent of area median income. Monroe Group Ltd., Steele’s sister company, will manage the property. Steele plans to spend $3.7 million on renovations, including a new roof and doors as well as upgrades to the security features, HVAC system, community room and common area lighting. In addition to the $10 million loan, financing included 4 percent tax credits allocated by the Kansas Housing Resources Corp., tax-exempt bonds issued by the city of Wichita and $4 million of tax credit equity provided by the National Development Council. Sarah Geis of KeyBank structured the financing. The 4 percent tax credit is designed to subsidize 30 percent of the low-income unit costs in a project.
HURON, S.D. — Dougherty Mortgage LLC has provided a $5.5 million Fannie Mae loan for the refinancing of Wheatgrass Village in Huron in eastern South Dakota. Constructed in 2018, the 81-unit property consists of one three-story apartment building and two two-story rental townhomes. The property also includes two single-story garage buildings. The 12-year loan features a 30-year amortization schedule. Wheatgrass Village LLC was the borrower.
LEXINGTON, KY. — Bellwether Enterprise Real Estate Capital LLC has provided a $36.3 million permanent loan through Fannie Mae’s seniors housing program for the refinancing of Legacy Reserve at Fritz Farm. The community opened in Lexington in summer 2017, featuring 144 independent living, 33 assisted living and 15 memory care units. The borrower is owner-operator Atlas Senior Living. John Powell of Bellwether’s Chicago office originated the 12-year, fixed-rate loan on behalf of Atlas. The property is situated across the street from Bayer Properties’ Summit at Fritz Farm mixed-use development.