HARTFORD, CONN. — KeyBank Community Development Lending and Investment has provided a $14 million construction loan for the Phase II redevelopment of Westbrook Village, an affordable housing community in Hartford, Connecticut. Additionally, Key Community Development Corp. has provided $12.7 million in low-income housing tax credit equity for the project. The borrowers, Pennrose and The Cloud Co., are leading a five-phase redevelopment project of Westbrook Village, a 40-acre plot near the University of Hartford. The plot currently contains mostly vacant apartment and commercial buildings which were completed in the early 1950s. Those buildings are being leveled and replaced by new multifamily and retail constructions. Phase I of the project, which includes 75 housing units, is slated for completion this summer. Phase II of the construction will comprise six buildings with individual units leased at varying rates based on area median income (AMI). Of the 60 units, 45 will be affordable and 15 will be market rate. Of the 45 affordable units, 12 will be for supportive housing designated for individuals and families with incomes at or below 25 percent of AMI; 24 will be designated for individuals and families with incomes between 25 percent and 50 percent of AMI; and nine …
SEASIDE HEIGHTS, N.J. — Procida Funding has provided a $10 million construction loan to The Mabie Group to finance the reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights. The coastal city is located about 65 miles east of Philadelphia. Dating back to the early 1920s, the pier was previously home to a number of small eateries, arcades, amusement games and rides but was ravaged by Superstorm Sandy in 2012 and finally destroyed by a fire in 2013. Proposed plans call for the transformation of the currently vacant boardwalk into an entertainment destination featuring a 17,500-square-foot multi-tier bar and restaurant, a concert venue and several small retail buildings. The construction schedule has not been disclosed.
KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona. Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property. The sponsors, CREDE and two institutional equity capital partners, started construction on the site in October 2018 and are expected to complete the project in October. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. Centennial Bank provided a senior construction loan. George Smith Partners represented the borrower in securing the financing, while Bill Swackhamer arranged in the transaction in-house for Pearlmark.
CHICAGO, COLUMBUS, INDIANAPOLIS AND CINCINNATI — JLL Capital Markets has arranged $130 million in post-acquisition financing for a 22-building logistics portfolio totaling 3.8 million square feet. Built between 1966 and 2016, the properties are located in the Chicago, Columbus, Indianapolis, Louisville and Cincinnati markets. The portfolio is approximately 90 percent leased to 52 tenants. Kristian Lichtenfels, Eric Tupler, Matt Schoenfeldt and Ken Martin of JLL arranged the loan on behalf of the borrower, a U.S. subsidiary of a publicly traded Canadian real estate company. A national balance sheet lender provided the 10-year loan, which features a fixed rate of 3.1 percent. Loan proceeds will be used to place debt on the portfolio as it was purchased in an all-cash transaction.
NEW YORK CITY — Progress Capital has arranged an $85 million loan to refinance Union Crossing, a 275,000-square-foot mixed-use development in the Port Morris neighborhood of the Bronx. LibreMax Capital provided the floating-rate loan, which will be used to replace the original construction loan and fund potential tenant improvements and leasing commissions during lease-up. Located at 825 East 141st St., the building was originally constructed in 1916 as a major baking facility for the Great Atlantic & Pacific Tea Company. A partnership of the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management purchased and redeveloped the property in 2016 to include retail, office and industrial space. Nonprofit affordable housing developer Westhab is the property’s first office tenant, taking 8,233 square feet of space. Brad Dominico of Progress Capital arranged the loan.
BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a southeastern suburb of Philadelphia. The 30-year loan is fully amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.
STRATFORD, CONN. — Coastal States Bank has provided a $13.1 million acquisition loan to affiliates of Woodbine Senior Living to purchase a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.
KENNESAW, GA. — JLL has arranged $34.6 million in acquisition financing for Barrett Pavilion, a 458,740-square-foot retail center in Kennesaw, 22 miles northwest of downtown Atlanta in Cobb County. The borrower and buyer is a partnership between Lincoln Property Co. and Stockbridge. Tarik Bateh and Jennifer Swanson of JLL negotiated the four-year, floating-rate loan through Prime Finance. Margaret Caldwell and Margaret Jones of JLL represented the seller, a partnership between Nuveen Real Estate and SITE Centers Corp., in the sale. Barrett Pavilion is situated on approximately 55 acres near the interchange between Ernest W. Barrett Parkway and Interstate 75 near Kennesaw State University. Barrett Pavilion’s anchor tenants include Target, AMC Theatres, Jo-Ann Fabric and Crafts, Best Buy, buybuy BABY, Old Navy, Ulta Beauty, Total Wine & More and REI.
TAMPA, FLA. — Cushman & Wakefield has arranged $30 million in financing for the acquisition of Tri-County Business Park, a collection of 14 light industrial buildings in Tampa totaling 492,235 square feet. The buyer and borrower is a joint venture between South Florida-based companies Biscayne Atlantic and Genet Property Group Inc., which acquired the property for $36.9 million. Jason Hochman and Michael Ciadella of the Cushman & Wakefield Equity, Debt & Structured Finance team represented the joint venture in securing a fixed-rate loan from BankUnited Inc. The loan includes funds for the full acquisition as well as future funds for property improvements and leasing-related expenses. The seller is BAR JCR Tampa Flex Owner LLC. Located at 13300 McCormick Drive, the buildings offer varying clear heights with grade-level and dock-high loading. Bay sizes range from 1,000 to 25,000 square feet. Tri-County Business Park was a 78 percent leased at the time of sale.
TALLAHASSEE, FLA. — Arbor Realty Trust Inc. has provided a $7.4 million Fannie Mae Green Rewards loan for Sabal Court Apartments in Tallahassee. The 12-year acquisition loan features a fixed interest rate and a 30-year amortization schedule. Sam Schwass of Arbor’s New York City office originated the loan. Located at 2125 Jackson Bluff Road, Sabal Court was built in 1967. The two-story multifamily complex features one-, two- and three-bedroom apartments, as well as a picnic area, pool and playground. Florida State University and Tallahassee Community College are each less than two miles away from the property. No details were disclosed about the improvements the undisclosed borrower is planning to satisfy the Green Rewards program.