Loans

Ready Capital Provides $8M Acquisition Loan for Vacant Retail Property in Miami

by Alex Tostado March 26, 2019

MIAMI — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.

March 26, 2019

Loans Multifamily Texas

NXT Capital Provides $29M Acquisition Loan for Plano Apartments

by Taylor Williams March 26, 2019

PLANO, TEXAS — Chicago-based NXT Capital has provided a $29 million first mortgage loan for the acquisition of a 250-unit apartment community in Plano. The property is located within half a mile of U.S. Highway 75 and offers a pool, fitness center, outdoor grilling area, business center, tennis court, media room and an indoor basketball court. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.

March 26, 2019

Loans Retail Washington Western

PSRS Arranges $1.4M Acquisition Loan for 13,000 SF Retail Center in Pullman, Washington

by Amy Works March 26, 2019

PULLMAN, WASH. — PSRS has secured $1.4 million in financing for the acquisition of Edison Center, a two-building retail property located at 588 and 594 S.E. Bishop Blvd. in Pullman. Nine tenants occupy the 13,000-square-foot strip retail center. Kostas Kavayiotidis and Grady Seldin of PSRS arranged the recourse, full-leverage, 10-year loan with a 25-year amortization schedule. Standard Insurance provided the capital.

March 26, 2019

Loans Midwest Ohio Retail

Berkadia Arranges $19M Construction Loan for Retail Property in Strongsville, Ohio

by Kristin Harlow March 26, 2019

STRONGSVILLE, OHIO — Berkadia has arranged a $19 million loan for Royalton Collection, a 74,000-square-foot retail development in Strongsville. HomeGoods will anchor the property, along with Panera Bread and Outback Steakhouse outparcels. Dan Geuther of Berkadia arranged the loan with CIBC Bank on behalf of the borrower, New York-based Somera Road Inc. The three-year loan represents a 73 percent loan-to-cost ratio.

March 26, 2019

Loans Multifamily Northeast Pennsylvania

Arbor Realty Trust Arranges $6.4M Refinancing for Multifamily Property in Philadelphia

by David Cohen March 25, 2019

PHILADELPHIA — Arbor Realty Trust has arranged a $6.4 million loan to refinance a 39-unit multifamily property in Philadelphia. Located at 1555 S. 15th St., the property was built in 2018 and includes a shared backyard as well as gourmet-style kitchens. Jared Stein of Arbor’s New York City office secured the seven-year, fixed-rate DUS loan on behalf of the undisclosed borrower. The lender was Fannie Mae. Terms of financing include two years of interest-only payments.

March 25, 2019

Acquisitions Connecticut Loans Multifamily Northeast Seniors Housing

CoastalStates Bank Provides $6.5M Acquisition Financing for Assisted Living Community in Connecticut

by David Cohen March 25, 2019

DANBURY, CONN. — CoastalStates Bank has provided a $6.5 million senior loan for a 48-unit assisted living community in Danbury, approximately 60 miles northeast of Manhattan. The borrower is Woodbine Senior Living. The loan will be used for the acquisition and stabilization of the 42,198-square-foot facility. Woodbine Senior Living partnered with Locust Point Capital Inc. and affiliates, which provided a $3.8 million preferred equity investment.

March 25, 2019

Loans Multifamily Texas

Ready Capital Provides $38.9M Acquisition Loan for Metro Houston Apartments

by Taylor Williams March 25, 2019

PASADENA, TEXAS — New York City-based Ready Capital (NYC: RS) has provided a $38.9 million loan for the acquisition, renovation and stabilization of a 504-unit apartment community located in the eastern Houston suburb of Pasadena. The nonrecourse loan, some proceeds of which will be used to implement a capital improvement program, carried a 36-month term with two extension options and a floating interest rate. The borrower was not disclosed.

March 25, 2019

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $43.2M Sale of Apartment Complex in Tampa, Provides Freddie Mac Loan to Buyer

by Alex Tostado March 25, 2019

TAMPA, FLA. — Berkadia has arranged the $43.2 million sale of Allister Place, a 384-unit multifamily community in Tampa. Located at 4939 E. Busch Blvd., Allister Place was built in 1986 and offers amenities such as a clubhouse, business center, storage space, 24-hour fitness center, swimming pool and poolside cabanas. Cole Whitaker and Jason Stanton of Berkadia represented the seller, Aspen Square, in the transaction. The buyer is a joint venture between GMF Capital and The Michaelson Group. Berkadia’s South Florida team provided a 10-year, Freddie Mac acquisition loan to the buyer. The $34.6 million loan features a fixed interest rate and five years of interest-only payments followed by a 30-year amortization schedule.

March 25, 2019

Arizona Loans Multifamily Seniors Housing Western

Grandbridge Arranges $25M Financing for 340-Unit Seniors Housing Community in Arizona

by Amy Works March 25, 2019

GLENDALE, ARIZ. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged $25 million in financing for Thunderbird Senior Living, a 340-unit community in Glendale. The refinancing was secured through an agency lending program. Richard Thomas, Meredith Davis and Kim Huffstutler originated the loan.

March 25, 2019

California Loans Multifamily Western

PSRS Secures $4.4M Loan for Kenmore Commons Apartment Building in Koreatown

by Amy Works March 25, 2019

LOS ANGELES — PSRS has arranged a $4.4 million loan for Kenmore Commons, an apartment building located in the Koreatown area of Los Angeles. The building features 22 recently renovated units. William DeFanti of PSRS’ Los Angeles office secured the high-leverage, non-recourse loan, which features no prepayment penalty after the 12th month. The borrower was not disclosed.

March 25, 2019

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