TEXAS — Lancaster Pollard Mortgage Co. has placed two bridge loans totaling $42 million for the recapitalization of a five-property portfolio of skilled nursing facilities located throughout Texas. In the first transaction, Lancaster Pollard provided a $12 million loan with a 12-month term for two facilities in South Texas. The transaction refinanced existing debt and provided equity-out proceeds. In the second transaction, Lancaster Pollard worked with syndicate partner MB Financial Bank to secure a $30 million, 30-month bridge loan for three facilities in South Texas. Scott Blount, Chris Mauger and Eric Sengpiel of Lancaster Pollard placed the debt on behalf of the borrower, Arboretum Group. The specific names and locations of the properties were not disclosed.
IRVING, TEXAS — Hunt Capital Partners, in partnership with Saigebrook Development and O-SDA Industries, has obtained $8.4 million in federal low-income housing tax credits for the development of Canova Palms, an affordable seniors housing project in Irving. The three-story property will feature 58 units. Of those, 50 will be reserved for seniors who earn up to 30, 50 and 60 percent of the area median income. Maker Bros. is the general contractor, and Miller Slayton Architects Inc. is the architect for the project. Construction began in mid-May and is slated for completion in May 2020.
ST. LOUIS PARK, MINN. — Dekel Capital has arranged a $41 million bridge loan for Central Park West, a 199-unit multifamily property in St. Louis Park. Ares Real Estate Group, which manages debt funds, provided the financing that will be used to retire the existing construction loan and provide for the continued lease-up and stabilization of the property. The community is currently 81 percent leased. Central Park West features a mix of studio, one-, two- and three-bedroom units. Property amenities include a clubhouse, business center, pool, fitness room and outdoor seating areas.
WINSTON-SALEM, N.C. — Hunt Real Estate Capital has provided an $18.8 million loan for the refinancing of Villages at Wake Forest, a student housing community near Wake Forest University in Winston-Salem. Hunt originated the 10-year loan through Fannie Mae with three years of interest-only payments followed by a seven-year amortization schedule. The borrower, Wake Forest Student Housing Associates LLC, purchased the asset in April 2018 and in January 2019 constructed an additional 20 bedrooms. Villages at Wake Forest now features 270 beds within 69 units, each with three or four bedrooms set within cottage-style buildings. Community amenities include a pond, outdoor lounge area and a fire pit. Wake Forest University has a three-year live-on campus requirement, but students who study abroad during the fall semester can petition the school to allow them to live off-campus, which many Village at Wake Forest’s residents take part in.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $50 million first mortgage loan for the development of a mixed-use project in Brooklyn that will include 41 residential units and 12,625 square feet of ground-floor retail space. An office building and additional development site located in the borough’s Broadway Triangle neighborhood partially collateralize the loan. According to local media sources, the borrowers were Abraham Brach and Parkview Management, which will use the proceeds to retire existing debt and fund construction of the mixed-use property. Construction is expected to be complete by the fourth quarter.
HOWELL, N.J. — JLL has arranged a $46.5 million loan for the refinancing of Greenleaf at Howell, a 290,000-square-foot retail power center in Howell, approximately 30 miles east of Trenton. Aaron Appel, Jonathan Schwartz, Keith Kurland, Brett Rosenberg, Adam Schwartz and Brandon Krupetsky of JLL placed the debt through JPMorgan Chase on behalf of the borrower, Sun Equity Partners LLC. A B.J.’s Wholesale Club anchors the property, which is located at the intersection of U.S. Route 9 North and Lanes Mill Road. Approximately 87,000 people live within a three-mile radius of the center, which sees a daily traffic count of roughly 40,000 vehicles.
WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and Manhattan, has received a $35.8 million loan for a redevelopment project in Worcester that will convert a former courthouse into a 117-unit multifamily building. Roughly 35 percent of the new units will be designated as workforce housing residences, while basic floor plans will consist of 23 studio apartments, 52 one-bedroom apartments, 31 two-bedroom apartments and 11 three-bedroom apartments. Amenities will include a fitness center, resident lounge and personal storage space. MassHousing provided the financing, which consists of a $12.2 million, tax-exempt permanent loan, a $19.1 million bridge loan and $4.5 million in funding from the agency’s Workforce Housing Initiative. An affiliate of Trinity will manage the project, with Tocci Building Corp. serving as general contractor and Bohler serving as the civil engineer. The courthouse was originally built in 1845.
DALLAS — Locust Park Capital, a New York City-based investment banking and capital advisory firm, has arranged a $3 million loan for the refinancing of a retail property in Dallas that is net-leased to CVS. Kenneth Lee of Locust Park Capital originated the five-year loan, which carried a fixed 4.95 percent interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower.
GAINESVILLE, FLA. — Park Partners Residential, a joint venture between Rosemurgy Properties and Giles Capital Group, has received $38.8 million in financing for two student housing communities near the University of Florida in Gainesville. Värde Partners has provided a $27.3 million loan for The Niche community and an $11.5 million loan for The Nook. Both properties recently underwent renovations and offer a combined total of 1,356 beds. Elliott Throne and Jesse Wright of HFF worked to place the financing on behalf of the borrower.
MIAMI — Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building, known as 4141 International Design Center, was built in 1961 and used to be used as a design hub housing more than 150 designers and architects. A timeline for construction was not disclosed.