NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 studio and one-bedroom apartments, including 250 age-restricted units. Rob Meehan and Jon Morales of Greystone originated the loan.
SEATTLE — Mesa West Capital Partners has provided $52 million in first mortgage debt to a joint venture between Rise Properties Trust and Cigna Investment Management. The funds will be used for the purchase and repositioning of Joseph Arnold Lofts, an apartment community in Seattle. Built in 2013, “The Joe” features 131 units in a mix of studio, one- and two-bedroom with floor-to-ceiling windows. Community amenities include a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas. The sponsor has a moderate renovation program planned for the property that will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the lounge/game room, improvements to the lobby and new landscaping. Joshua Westerberg of Mesa West Capital originated the financing for the sponsor.
ROBBINSDALE, MINN. — Dougherty Mortgage LLC has provided a $42.3 million HUD 221(d)(4) loan for the construction of Parker Station Flats in Robbinsdale, just northwest of Minneapolis. The apartment property will include 198 market-rate units. Dougherty originated the 40-year, fixed-rate loan on behalf of the borrower, Parker Station Flats LLC. The project also received tax-increment financing from the Robbinsdale Economic Development Authority and various environmental grants from the state of Minnesota, Hennepin County and Metropolitan Council.
MORENO VALLEY, CALIF. — DWG Capital Group and Newmark Knight Frank have closed a programmatic equity joint venture with an initial $25 million investment with Denver-based JCR Capital, on behalf of Los Angeles-based Crystal Asset Management. The funds will be used for Vista Springs, a 212-unit apartment development located at 21550 Box Springs Road in Moreno Valley. Built in 1989, the 174,360-square-foot property features one- and two-bedroom units with in-unit washers/dryers and central heating and air. Community amenities include a fitness center, playground, swimming pool, two spas and an on-site leasing office. The $25 million equity line was deployed for Crystal Asset Management’s expansion into the Inland Empire market that commenced with the $39.5 million acquisition of Vista Springs. Judd Dunning of DWG Capital Group and Brian Bowis of Newmark Knight Frank’s Capital Markets team closed the programmatic equity joint venture. Eric Flyckt and Aaron Beck of NorthMarq’s San Diego office arranged the debt, which will fund 100 percent of the renovation budget.
FORT WAYNE, IND. — NorthMarq has arranged a $5.9 million loan for the acquisition of Coldwater Crossing in Fort Wayne. The 89,980-square-foot retail property, anchored by Dollar Tree, is located at 5315-5515 Coldwater Road. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a regional bank.
ST. PETERSBURG, FLA. — Love Funding has secured a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed 296-unit apartment complex in St. Petersburg, 24 miles southwest of Tampa. The project, to be located at 3000 34th St S., was financed through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) loan insurance program. The developer and borrower, Tampa-based Phillips Development & Realty, will have low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Atlanta-based Reese Vanderbilt & Associates is the design architect, and the general contractor is Birmingham-based Capstone Building Corp. Tampa-based Ovation Management will manage the property. Sur Club is located in St. Petersburg’s Skyway Marina district, five miles south of downtown St. Petersburg and adjacent to Interstates 275 and 375 and U.S. Route 19. The complex will feature an interior courtyard, two swimming pools and an attached parking garage.
TEMPLETON, CALIF. — Dougherty Mortgage has partnered with Community Health Care Centers of the Central Coast (CHCCC) to obtain $16.2 million in public and private financing for a new healthcare clinic and expanded community services in Templeton. CHCCC provides healthcare services to the Central Coast’s vulnerable and at-risk residents. Located at 1330 Las Tablas Road in Templeton, the clinic, which is open and welcoming new patients, will meet more of the needs in the community for primary care, dental and behavioral health services. The project was financed through two United States Department of Agriculture Rural Development programs. Half of the total investment was provided to CHCCC through the department’s Community Facilities Loan program, with the remaining $8.1 million invested as a loan guarantee to Dougherty Mortgage.
WALTON, KY. — Trez Forman Capital has provided a $38.8 million construction loan for two spec industrial buildings totaling 776,820 square feet in Walton, a city in northern Kentucky approximately 20 miles south of downtown Cincinnati. The borrower, SFG Walton KY LLC, is developing the buildings on a 55-acre site within Logistics Park 75, near the intersection of Interstates 75 and 71. The first building will span 544,320 square feet and feature two tenant bays of equal size. The second will span 232,500 square feet also with two bays of the same size. The space has the ability to be subdivided to accommodate a wide variety of tenants. Each structure features 36-foot clear ceiling heights and multiple dock-high doors. The lot is situated 15 miles from Amazon’s Prime Air Cargo Hub at Cincinnati/Northern Kentucky International Airport. A timeline for completion was not disclosed. Brett Forman and Russ Holland of Trez Forman Capital originated the loan on behalf of the borrower.
MIDDLESEX, N.J. — Procida Funding has provided a $39 million construction loan to Forte Real Estate Development for the construction of The View at Middlesex, a 200-unit apartment property located approximately 30 miles southwest of New York City. Located at 220 and 232 Lincoln Blvd, the 255,000-square-foot building will feature 140 one-bedroom units, 60 two-bedroom units and 17,000 square feet of amenity and commercial spaces on the ground floor. Additional details of the loan and the construction schedule were undisclosed.
NEWBURGH, IND. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.7 million loan for the acquisition of Bell Oaks in Newburgh, a suburb of Evansville. Schnucks grocery store anchors the 95,000-square-foot shopping center. Dan Rosenberg and Matt Terpstra of Cohen arranged the 10-year, fixed-rate loan with Goldman Sachs. Midland Atlantic Properties was the borrower.