Loans

Greystone Provides $44M in Freddie Mac Financing for Seniors Housing Acquisition Near San Francisco

by Amy Works November 1, 2019

DALY CITY, CALIF. — Greystone has provided a $44 million loan for the acquisition of a 207-unit seniors housing property in Daly City, just south of San Francisco. Cary Tremper of Greystone originated the Freddie Mac loan. Senior Resource Group and its partners acquired the asset, formerly known as Monarch Village, now named Peninsula Del Rey. The four-story property was built between 2008 and 2011 and offers independent living and assisted living residences. Senior Resource Group has operated the community since 2012. The company develops, owns and/or manages 32 seniors housing communities in Arizona, California, Florida, Georgia, Oregon and Washington comprising 5,852 units. The seller was not disclosed.

November 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $28M Acquisition Loan for Seniors Housing Campus on Cape Cod

by Alex Patton November 1, 2019

BREWSTER, MASS. — Walker & Dunlop has provided a $28.3 million bridge loan for the acquisition of Pleasant Bay, a 25-acre seniors housing campus in the Cape Cod town of Brewster. The campus comprises The Woodlands at Pleasant Bay, a 59-unit assisted living community, as well as the 134-bed Pleasant Bay Nursing and Rehabilitation Center. Point Group Care operates the community. The specific borrower was not disclosed. The financing will cover approximately 90 percent of the acquisition costs, and the borrower plans to conduct renovations at the property. Featuring flexible prepayment options, the two-year loan includes interest-only payments for the entire life of the loan.. Joshua Rosen structured the debt using Walker & Dunlop’s bridge lending program, which utilizes the company’s own balance sheet to offer short-term, nonrecourse loans for properties that are being acquired or repositioned as part of a new business strategy.

November 1, 2019

Loans Multifamily Northeast Pennsylvania

JLL Arranges $23M Construction Loan for Multifamily Development in Wind Gap, Pennsylvania

by Alex Patton November 1, 2019

WIND GAP, PA. — JLL has arranged a $23 million construction loan for the development of Dream Lehigh Valley, a 200-unit apartment complex in the Lehigh Valley community of Wind Gap, located approximately 70 miles north of Philadelphia. A regional bank provided the floating-rate construction loan to the project’s developer, DLP Capital Partners. Dream Lehigh Valley will include nine residential buildings comprising one-, two- and three-bedroom apartments, as well as a two-story clubhouse with a lounge, game room, fitness center and pool. Construction is slated for completion in 2021. Michael Pagniucci and Jason Bond of JLL arranged the loan for DLP Capital Partners.

November 1, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Secures $4M Refinancing for Apartment Complex in Omaha

by Kristin Harlow November 1, 2019

OMAHA, NEB. — NorthMarq has secured a $4 million loan for the refinancing of New Keystone Apartments in Omaha. The 72-unit property is located at 7311 Wirt St. Josh Larsen of NorthMarq arranged the 10-year Freddie Mac loan, which features a 30-year amortization schedule and a fixed rate. The borrower was not disclosed.

November 1, 2019

Loans Multifamily Texas

Cohen-Esrey Receives $26M Loan for Multifamily Conversion Project in Texarkana

by Taylor Williams November 1, 2019

TEXARKANA, TEXAS — Cohen-Esrey Development Group has received $26 million in financing for the rehabilitation of Hotel Grim in downtown Texarkana, a project that will convert the historic hotel into a 93-unit multifamily building. Hotel Grim Apartments will feature studio, one- and two-bedroom floor plans. The project is expected to be complete in the spring of 2021. The lender was not disclosed.

November 1, 2019

California Development Loans Multifamily Seniors Housing Western

Parkview Financial Provides $28M Construction Loan for Age-Restricted Apartment Project in California

by Amy Works October 31, 2019

NATIONAL CITY, CALIF. — Parkview Financial has funded a $28 million construction loan for the development of Paradise Senior Apartments, a 126-unit age-restricted multifamily property in National City. The borrower is a San Marcos, Calif.-based private developer. Located at 2238 Sixth St., the project will include 116 one-bedroom units averaging 568 square feet and 10 two-bedroom units averaging 1,137 square feet for residents age 55 or older. Units will feature stainless steel appliances, wood cabinets, washers/dryers, balcony or patio, plank flooring and other upgrades. The community will feature on-site management, a lounge area, rooftop deck, fitness center and 10,000 square feet of ground-floor commercial space. Additionally, the project will feature one underground level of parking, as well as parking on the ground level, totaling 147 spaces. Construction for the project is slated to begin later this year with completion expected by the second quarter of 2021.

October 31, 2019

Loans Midwest Multifamily Ohio

Berkadia Arranges $67.5M Refinancing for Apartment Property in Cleveland

by Kristin Harlow October 31, 2019

CLEVELAND — Berkadia has arranged $67.5 million for the refinancing of Centric Apartments in Cleveland. The 272-unit apartment property, located in the University Circle neighborhood, features 28,000 square feet of commercial space. The building houses studios, one- and two-bedroom units with in-suite washers and dryers. Amenities include a sky deck, outdoor living space, grilling stations, bike storage, dog washing stations and covered parking. Commercial tenants include Tremont Athletic Club and Sweet Kiddles. Dan Geuther of Berkadia secured the permanent financing through Freddie Mac on behalf of Ohio-based Midwest Development Partners. Loan terms were not disclosed.

October 31, 2019

Loans New Jersey Northeast Office

Phillips Realty Arranges $28.7M Acquisition Loan for Office Building in Bridgewater, New Jersey

by Alex Patton October 31, 2019

BRIDGEWATER, N.J. — Phillips Realty Capital has arranged a $28.7 million acquisition loan for a 205,000-square-foot, Class A office building in Bridgewater, located approximately 30 miles southwest of New York City. Bridge Investment Group provided the non-recourse financing to the borrower, Legacy Investing LLC, which acquired the asset from Senior Housing Properties Trust for $47.5 million. The building was 59 percent leased to multinational health information technology and clinical research company IQVIA at the time of sale. William Lawson and Adam Bieber of Phillips Realty Capital structured and placed the loan.

October 31, 2019

Belmont-Shores-Mobile-Estates-Laguna-Beach-CA

California Loans Multifamily Seniors Housing Western

Greystone Funds $33.7M Freddie Mac Loan for 347-Unit Age-Restricted Community in Long Beach, California

by Amy Works October 30, 2019

LONG BEACH, CALIF. — Greystone has provided a $33.7 million Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit, age-restricted, manufactured housing and mobile home community in Long Beach. The borrower was Alamitos Bay Partnership LLC. The loan carries a 15-year term and 30-year amortization, and will fund capital improvements to the property’s common-area buildings. Dale Holzer of Greystone originated the transaction, with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

October 30, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

by Amy Works October 30, 2019

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted to residents age 55 or older, the 454-pad community features three single-story buildings containing the clubhouse/leasing office, fitness center and maintenance building. Built in 1974, the property underwent recent capital improvements including signage updates, a pool remodel, exterior painting, clubhouse A/C replacement, spa heater replacement, security cameras and upgraded power pedestals. The borrower plans to renovate the existing shuffleboards into a two-court pickleball arena with shaded bleachers. Tom Houlihan of Phoenix-based Sterling Mortgage and Investment arranged the financing for the borrower.

October 30, 2019

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