LINCOLN, NEB. — Petros PACE Finance LLC has provided a $1.7 million commercial property-assessed clean energy (CPACE) loan for the construction of the Lincoln Sports Facility, a 92,000-square-foot project in Lincoln. Manzitto is the developer. The project, which will incorporate energy-saving measures in the construction, will include eight basketball courts that can be converted into volleyball courts as well as a 5,000-square-foot athletic training center. The facility will host practice games and regional tournaments for area youth. Energy-efficient features include lighting, roofing, windows and heating and cooling systems. CPACE is a financing structure in which building owners borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill, according to the U.S. Department of Energy.
BRICK, N.J. — Lancaster Pollard Mortgage Co. has provided a $17.3 million HUD loan to refinance Willow Springs, a skilled nursing facility in Brick, located in New Jersey’s northern coastal region. The borrower was local investment firm Tryko Partners LLC, which purchased the community from its developer, NuVision Management, in 2013 and subsequently rebranded it. At that time, Willow Springs featured 148 skilled nursing beds with expansion potential and an assisted living component that could accommodate 23 clients. Tryko then implemented a $1 million improvement plan that delivered an expanded rehabilitation facility with cutting-edge equipment and technology and updated common areas, patient rooms and assisted living accommodations.
SPRINGFIELD, MASS. — CIT Group Inc. has arranged a $24.7 million acquisition loan for a medical office complex located in the western Massachusetts city of Springfield. The borrower was a joint venture between Los Angeles-based Kayne Anderson Real Estate Advisors and Chicago-based MBRE Healthcare. The property consists of multiple buildings that house a mix of service providers, including ambulatory surgery, women’s health, ophthalmology, urology, podiatry and sleep medicine. The seller was not disclosed.
LORAIN, OHIO — American Street Capital (ASC) has arranged a $2.8 million loan for the refinancing of a 109-unit apartment community in Lorain, about 30 miles west of Cleveland. Built in 1972 and renovated in 2018, the property consists of seven two-story buildings on nearly five acres. There are 67 two-bedroom units and 42 one-bedroom units. The average unit size is 672 square feet. Igor Zhizhin of ASC arranged the five-year, fixed-rate loan with a correspondent CMBS lender. The borrower was not disclosed.
MIAMI — Dockerty Romer & Co. has arranged a $53.1 million permanent loan for the refinancing of Mayfair in the Grove, a three-story mixed-use asset in Miami’s Coconut Grove neighborhood spanning 281,066 square feet. Situated adjacent to the Mayfair Hotel & Spa, the property features office and retail space spread across three buildings. Mayfair in the Grove was 94.1 percent leased at the time of financing to tenants including Sony Music, Sapient Technologies, Regus and General Electric. Craig Romer and Chris Romer of Dockerty Romer, a RECA (Real Estate Capital Alliance) member, arranged the 10-year, fixed-rate loan through Guggenheim Partners on behalf of the borrower, Whalou Properties Management.
LITTLE ROCK, ARK. — Grandbridge Real Estate Capital has provided a $26.1 million construction loan for The Residences at Harbor Town Apartments, a planned 175-unit community in Little Rock. Alan Tapie of Grandbridge’s Atlanta office originated the loan through HUD’s 221(d)(4) program, which is the agency’s flagship loan product for the construction of new market-rate apartments and affordable housing projects. The loan will feature a 40-year term, fixed interest rate and a 40-year amortization schedule. Situated along the Arkansas River, The Residences at Harbor Town will be within walking distance of the Clinton Library and downtown Little Rock. The property will be situated behind the planned Rock City Yacht Club and will add 80 more boat slips to the marina, according to development plans on the yacht club’s website. The borrower/developer and construction timeline were not disclosed.
AUSTIN, TEXAS — HFF has arranged a loan of an undisclosed amount for the refinancing of the 278-room Aloft Austin Downtown and the 144-room Element Austin Downtown, the first dual-branded hotel in Austin that opened in July 2017. The property is located near the Sixth Street Entertainment District, the University of Texas at Austin and the State Capitol Building. Danny Kaufman, Christopher Carroll, Jeff Bucaro, Nicole Aguiar and Doug Opalka of HFF placed the debt through PGIM Real Estate Finance on behalf of the borrower, Indiana-based White Lodging. Proceeds from the loan, which carried a 10-year term and a fixed interest rate, will be used to retire the existing construction loan, repatriate a portion of sponsor equity and cover closing costs.
SAN ANTONIO — California-based direct lender Money360 has closed a $4.4 million bridge loan for the refinancing of an undisclosed office property in San Antonio. The loan featured a 24-month term, a fixed interest rate of approximately 7.8 percent and a loan-to-value structure of 69.8 percent. The borrower was not disclosed.
NORWALK, CONN. — Los Angeles-based Thorofare Capital has provided a $53.5 million loan for the refinancing of a 198-unit apartment community in Norwalk, located between Stamford and Bridgeport in coastal Connecticut. The name of the property, which includes 10,350 square feet of retail space and a 228-space parking garage, was not disclosed. The nonrecourse loan carries a five-year term and a floating interest rate. The borrower was also undisclosed.
CHICAGO — Knighthead Funding LLC has provided a $14.3 million construction loan for Roselle Apartments, a multifamily development in the Chicago submarket of Glendale Heights/Lombard. Noah Properties Chicago is the developer. Completion is slated for the first quarter of 2020. Roselle will feature 72 two-bedroom townhomes. The nonrecourse loan has an 18-month term. Knighthead Funding originates loans for its managed real estate debt funds and Knighthead Annuity & Life Assurance Co.