INDIANAPOLIS — FM Capital has provided a $6 million bridge loan for the acquisition of a retail center in Indianapolis. The 182,056-square-foot property is comprised of two buildings and an outparcel. The asset is approximately 89 percent occupied. Tenants include Shoppers World, Dollar Tree and Dollar General. The borrower was not disclosed.
PLANO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $40 million business recapitalization loan for Heart to Heart Hospice, a Plano-based organization that operates 36 properties across Texas, Michigan and Indiana. Todd McNeill and Kevan McCormack of MCA arranged the loan, specific terms of which were not disclosed, through Cerberus Capital Management LP.
SAN ANTONIO — New York City-based Ready Capital (NYC: RS) has originated a $25.8 million loan for the acquisition, renovation and stabilization of a 392-unit apartment community located in the Far North Central submarket of San Antonio. The nonrecourse loan carries a floating interest rate, 36-month term and flexible prepayment options. The capital improvement program will upgrade both the unit interiors and common areas. The sponsor was not disclosed.
HOUSTON — BMC Capital has closed an $18 million loan for the cash-out refinancing of an undisclosed, Class B multifamily property in the Houston area. The nonrecourse loan featured a fixed 5.25 percent interest rate, 10-year term and a 30-year amortization schedule. The borrower was not disclosed.
MARLBOROUGH, MASS. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough. Located in Middlesex County, the property currently houses four tenants with Starbucks as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.
DENVER — HFF has arranged $75 million in financing for The Confluence, a 34-story luxury residential tower located 1441 Little Raven St. in downtown Denver. The borrower is a partnership between National Real Estate Advisors, acting on behalf of a client, and PMRG, which recently merged with Madison Marquette. Josh Simon and Rob Rizzi of HFF secured the 10-year, fixed-rate loan through a life company lender. The borrower plans to use loan proceeds to retire existing construction debt. Completed in 2017, The Confluence features 287 units in a mix of one-, two- and three-bedroom. Units average 1,052 square feet with high-end finishes, including granite and marble countertops, soaking tubs, floor-to-ceiling windows, hand-scraped hardwood floors, walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen, catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.
COSTA MESA, CALIF. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in the Eastside submarket of Costa Mesa. The asset features 52,000 square feet of Class B retail and office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.
SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 apartments above. The use of the financing was not disclosed.
CHAMPAIGN URBANA AND NORMAL, ILL. — Ready Capital has provided an $11.9 million loan for the acquisition and renovation of a 79-unit, 276-bed student housing portfolio at the University of Illinois at Urbana-Champaign and Illinois State University. The borrower plans to extensively renovate the unit interiors. The nonrecourse, fixed-rate loan features a three-year term.
SPRINGBORO, OHIO — NorthMarq Capital has arranged a $4.3 million loan for the refinancing of South Pioneer Industrial, a 131,000-square-foot industrial building in Springboro. MCM Electronics occupies the facility, which is located at 405 S. Pioneer Blvd. Noah Juran of NorthMarq arranged the five-year loan, which features a 25-year amortization schedule. A local bank provided the loan.
