GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.
NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.
SAN MARCOS, TEXAS — KeyBank Real Estate Capital’s Community Development Lending and Investment (CDLI) division has secured $50 million of private placement financing for Riverstone, a planned 336-unit affordable housing community in San Marcos. The borrower, Louisville, Ky.-based LDG Development, plans to deliver the property by June 2022. The 18-acre property will feature 12 apartment buildings, a one-story clubhouse, pool and equipment room and two clusters of detached garages. The apartments will comprise one-, two-, three- and four-bedroom layouts, and all apartments will be reserved for residents earning 60 percent or less of the area median income (AMI). Austin-based Capital Area Housing Finance Corp. issued $43.5 million of activity bonds for the project. The remaining $6.5 million portion of the financing is a balance sheet loan provided by KeyBank. David Lacki and Alton Tinker of the KeyBank CDLI team structured the financing.
INDIANAPOLIS — KeyBank Community Development Lending and Investment has secured $27.7 million of construction financing, $13.2 million of tax credit equity and $18.4 million of Freddie Mac permanent financing for the development of a 210-unit affordable seniors housing property in Indianapolis. Herman & Kittle Properties was the borrower. Known as The Reserve at White River, the project will include two four-story buildings, 14 cottage-style, single-story buildings and a 5,000-square-foot clubhouse. The project will use income averaging so that 150 units will be set aside for tenants earning 60 percent of the area median income (AMI), 51 units will be set aside for those earning 50 percent AMI and nine units will be reserved for those making 70 percent of AMI. All of the units will be restricted to residents age 55 and older, with 21 of the units accessible for those with special needs. Kyle Kolesar, Victoria O’Brien and Robbie Lynn of KeyBank structured the financing.
IRVINE, CALIF. — A joint venture between Hines and a global investment management firm has received $182 million in refinancing for Intersect, a mid-rise, four-building, Class A office campus in Irvine. Kevin MacKenzie, John Chun and Nick Lench of JLL Capital Markets placed the three-year, interest-only financing with MetLife Investment Management. The borrower plans to use the loan proceeds to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. Situated on 15 acres, Intersect comprises four buildings, totaling 452,060 square feet, at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Located in the heart of the Irvine Business Complex, the property features a restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features include indoor and outdoor workspaces; a fitness center with Peloton bikes, classes, locker rooms, spin studio and outdoor yoga lawn; private tenant terraces; a 40-seat, stadium-style conference center; and a 16-person board room. The Intersect also offers 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.
NEW YORK — Greystone has provided a $43.9 million loan for the refinancing of a three-property seniors housing portfolio in Upstate New York. Centers for Care was the borrower. The three skilled nursing facilities total 323 beds and include Ontario Center for Nursing and Rehabilitation in Canandaigua; Steuben Center for Nursing and Rehabilitation in Bath; and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the loan. Terms of the loan were undisclosed.
CINCINNATI — Merchants Capital has secured a $57 million FHA/HUD Section 221(d)(4) loan for 4th & Race, a 264-unit apartment community currently under development in downtown Cincinnati. The project is slated to open in the first half of 2021. Merchants secured the new construction loan on behalf of the developer, Flaherty & Collins Properties. The new loan represents the multifamily component of the project, which will also feature 20,000 square feet of retail space and a five-story parking garage. The residential portion will sit atop the retail and parking components. Amenities will include a sky deck, pool, fitness center, yoga room, gaming area and club room. Flaherty & Collins worked concurrently with the city of Cincinnati, the Port Authority of Greater Cincinnati and the Cincinnati Center City Development Crop. to bring the project to life. FHA/HUD Section 221 (d) (4) loans are used exclusively for the construction or substantial rehabilitation of multifamily properties. Eligible assets include market-rate, low-to-moderate income and subsidized multifamily properties.
TUCSON, ARIZ. — Greystone has provided $91.3 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans to refinance a 1,406-unit multifamily portfolio in Tucson. Dan Wolins of Greystone originated the separate transactions for the borrower, HSL Properties. The financings all carry 10-year terms at a fixed rate, 30-year amortization and five years of interest-only payments. The non-recourse loans refinance four properties in Tucson: the 242-unit Canyon Creek, the 256-unit Ridgepoint, the 336-unit Catalina Canyon and the 572-unit Sycamore Creek.
CHANDLER, ARIZ. — KeyBank Real Estate Capital (KBREC) has provided $25 million in fixed-rate, Fannie Mae financing for LEDG Capital, a real estate investment firm specializing in affordable housing throughout the country. The borrower will use loan proceeds to acquire and renovate Chandler Village Apartments, an affordable multifamily property in Chandler. Robbie Lynn of KBREC’s Commercial Mortgage Group and Steve Sparks of KBREC’s Community Development Lending team structured the financing, which features a 17-year term followed by a 35-year amortization schedule. Built in 1972 on eight acres, Chandler Village Apartments features 127 garden-style apartments spread across 11 two-story residential buildings with covered parking. The property was encumbered by a land use restriction agreement (LURA) that expired on Dec. 31, 2019. As part of the acquisition and renovation, the Arizona Department of Housing plans to grant 4 percent Low-Income Housing Tax Credits (LIHTC) and execute a new LURA that will continue to restrict all units to tenants earning no more than 50 percent of the area median income. The new LIHTC restrictions will apply for a 15-year compliance period and a 15-year extended-use plan, likely ending in 2050.
AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.