TUCSON, ARIZ. — Greystone has provided an $18.8 million Fannie Mae DUS loan to refinance a multifamily property in Tucson. Judah Rosenberg in Greystone’s Los Angeles office originated the transaction. Greystone represented the property owners — GJP Financial, Berger Investment Group and Robson Communities — in the transaction. The $18.8 million loan, which refinances a bridge loan that was used to purchase the property in 2017, carries a 10-year term, fixed rate and 30-year amortization with two years of interest-only payments. Located near the University of Arizona and Pima Community College’s West Campus, The Ledges at West Campus was originally built and operated as student housing. The current owners began converting the property to conventional multifamily housing when it acquired the asset in 2017. Today, the Ledges offers pet-friendly units in a mix of one- to four-bedroom layouts, stainless steel appliances, in-unit laundry and private patios and balconies. On-site amenities include two pools, spa, clubhouse, business center and on-site storage.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
FORT LAUDERDALE, FLA. — JLL has arranged $127.5 million in financing for EON at Flagler Village, a two-phase multifamily complex in Fort Lauderdale. JLL worked on behalf of the developer and borrower, Alta Developers LLC, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies LP. Loan proceeds will be used to pay the existing construction loan on Phase I and will fund the construction of Phase II. Brian Gaswirth and Reid Carleton of JLL’s Capital Markets team represented Alta in the transaction. EON at Flagler Village is within walking distance of the new Virgin (formerly Brightline) train station in Fort Lauderdale. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units and 3,320 square feet of retail. Amenities include a pool, outdoor grilling stations, fitness center and yoga room, pet facilities, a game room and lounges. Phase II, which is currently under construction, will consist of 270 residential units and 2,400 square feet of retail space. The second phase is anticipated to open by spring 2021.
PLEASANT PRAIRIE, WIS. — Associated Bank has provided a $33.1 million loan for the construction of a 590,525-square-foot industrial building within Stateline 94 Business Park in Pleasant Prairie. Fresenius Kabi, a healthcare company specializing in lifesaving medicines and technologies, will occupy the building upon completion in July 2020. The borrower and developer, Bluepoint 94 LLC, is a joint venture between Venture One Real Estate and CRG. Clayco will serve as general contractor. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.
COLLIERVILLE, TENN. — Herbert J. Sims & Co., Inc. (HJ Sims) and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower for the development at 3382 Grand Central Circle E. is Retirement Cos. of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 percent pre-sold. Construction has commenced throughout the campus. The apartments will be delivered in stages, with the first resident occupancy planned for June 2021. The health campus is slated for completion in April 2021. Nine of the garden homes are already completed, with seven more currently under construction. REES Architects and Renaissance Group served as architects. Memphis-based Dalhoff Thomas design studio assisted as landscape architect. Linkous Construction Co. Inc. is the general contractor. Greystone is the project manager, with RCA as asset manager. Sims and Duncan-Williams were co-managers on the transaction, which was structured as …
HOLMDEL, N.J. — Meridian Capital Group has arranged a $200 million loan for the refinancing of Bell Works, a 1.4-million-square-foot, class A office campus in Holmdel, located approximately 30 miles south of New York City. A balance sheet lender provided the loan, which the borrower, a partnership between Somerset Development Group and Adarsan Holdings, will use to complete capital improvements and pay off existing debt. Located at 101 Crawford’s Corner Road, the former research and development facility for Bell Labs and Alcatel Lucent is comprised of four six-story buildings with ground-floor retail space. The building was redeveloped from the Bell Labs scientific research center and current tenants including software companies iCIMS and WorkWave, as well as Guardian Life Insurance and Jersey Central Power & Light. Drew Anderman, Josh Berman and Eli Serebrowski of Meridian arranged the loan.
NEW YORK CITY — CIM Group has provided a $120 million construction loan for the redevelopment of 685 Fifth Avenue, a 115,330-square-foot multifamily and retail property in Manhattan. The borrower, a partnership of developer-owners SHVO, Bilgili Group and Deutsche Finance, will redevelop and rebrand the residences as 69 Mandarin Oriental and will construct 10 additional floors for the tower. Originally built in 1928, the 20-story building was the former headquarters of Gucci, and current retail tenants include apparel and accessory retailers Coach, Stuart Weitzman and Tag Heuer. Construction is slated for completion in 2021.
CHESTERFIELD, MO. — NorthMarq has arranged a $12 million loan for the refinancing of Hilltown Village Center in Chesterfield, a western suburb of St. Louis. Anchored by Schnucks grocery store, the 141,889-square-foot retail center is located at 101 Hilltown Village Center. Jeff Chaney of NorthMarq arranged the 15-year, fixed-rate loan on behalf of the borrower, RIJO Inc. A life insurance company provided the loan, which is amortized over 25 years.
DALLAS — Truist Financial Corp., the entity formed by the merger of BB&T and SunTrust, has provided a $39.1 million Fannie Mae acquisition loan for Reserve at White Rock, a 312-unit apartment community in Dallas. The Class A property was built in 2000 in multiple phases and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, social area with a lounge and kitchen, theater room, business center, outdoor grilling stations, conference room and a jogging trail. Evan Hom of Truist originated the loan, which carries a 10-year term, four years of interest-only payments and a 30-year amortization schedule, on behalf of a New York-based private equity firm. Reserve at White Rock was 95 percent occupied at the time of the loan closing.
NEW HAVEN, CONN. — Marcus & Millichap has arranged $6 million in financing for Retreat at Southern Connecticut, a rehabilitation facility in New Haven. The facility specializes in mental health services and substance abuse rehabilitation, and the loan will be used to increase treatment options and hire more than 150 new staff members. Stonehenge Capital provided the loan, terms of which were undisclosed. Robert Noeldechen of Marcus & Millichap handled the debt placement.