TALLMADGE, OHIO — KeyBank Real Estate Capital has provided a $14.5 million Freddie Mac loan for the refinancing of a 101-unit seniors housing property in Tallmadge, just east of Akron. Built in 2016, Danbury Tallmadge offers independent living, assisted living and memory care. Lee Delaveris of KeyBank originated the loan. Danbury Senior Living was the borrower.
MERIDEN, CONN. — Rockport Mortgage, a Massachusetts-based multifamily finance firm, has arranged a $26 million loan for Yale Acres, a 162-unit affordable housing community in Meriden, about 20 miles south of Hartford. Proceeds of the loan will be used to renovate 155 existing units and fund construction of an additional seven. The financing was originated through HUD’s 221(d)(4) program and carries a fixed interest rate and a 40-year amortization schedule. An affiliate of Meriden-based Carabetta Cos. will act as the general contractor on the project, which is slated for completion in 2021.
ROCHESTER, N.Y. — Money360, a California-based direct lender, has provided a $13.2 million bridge loan to refinance a multifamily property in Rochester, a city located about 70 miles east of Buffalo. The property includes ground-floor retail space. The non-recourse, three-year loan features a fixed interest rate with an interest-only amortization schedule. Ken Wood of Money360 originated the loan.
SEATTLE — CBRE has secured a $160 million permanent loan for McKenzie Seattle, a 40-story for-rent residential property located at 2202 Eighth Ave. in Seattle. Completed in August 2018, the elliptical tower features 450 apartments in a mix of studio, one-, two- and three-bedroom penthouse layouts and 379 parking spaces. On-site amenities include a fitness center on the 39th floor, a common area with deck on the 40th floor, a private spa retreat and a 24/7 tenant concierge. Wild Ginger, a restaurant, occupies the ground-floor retail space. David Stinebaugh and Mark Capeloto of CBRE’s Seattle office arranged the financing for the borrower, a subsidiary of Seattle-based Clise Properties. The fixed-rate, 10-year loan was closed as the property approaches stabilized occupancy. Northwestern Mutual Life Insurance Co. provided the financing.
BAYTOWN, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $15 million loan for the refinancing of a 255-unit multifamily community in Baytown, an eastern suburb of Houston. Brandon Brown of LMI Capital placed the loan, which carried a fixed interest rate of 4.18 percent and three years of interest-only payments. The borrower and property name were not disclosed.
MIAMI — JLL has arranged a $300 million construction loan for the development of 830 Brickell, a 56-story, 1 million-square-foot office tower in Miami’s Brickell district. MSD Partners provided the four-year loan to the developers, a joint venture between OKO Group and Cain International. Located at 830 SE First Ave., 830 Brickell is slated for completion in early 2022. The property is situated next to a MetroMover station, as well as Brickell City Centre, a $1.5 billion, 506,000-square-foot mixed-use development.
ORANGETOWN AND CLARKSTOWN, N.Y. — Cushman & Wakefield has placed $94 million in acquisition financing for Bradley Corporate Park, a 17-building industrial and flex complex in Orangetown and Clarkstown, about 25 miles north of New York City. The property totals approximately 1.2 million square feet. John Alascio, Gideon Gil, Steve Kohn, Sridhar Vankayala, Zachary Kraft and Emily Johansen of Cushman & Wakefield represented the borrower, New Jersey-based investor Angelo Gordon & Onyx Equities, in the transaction. Bank of America provided the loan. Specific loan terms, including the interest rate and amortizations schedule were not disclosed.
JERSEY CITY, N.J. — JLL has arranged $42.5 million in financing for RIVET, a 163-unit multifamily property located in Jersey City, less than one mile from the New Jersey City University campus. The loan refinanced existing construction debt on the property, which includes retail space. Commercial tenants include Five Guys, a nail salon and a pharmacy. Jon Mikula and Michael Klein of JLL represented the borrower, a joint venture between The Hampshire Companies, Claremont Cos. and Circle Squared Alternative Investments. The lender was undisclosed.
HALTOM CITY, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for The Oaks at Jane Lane, a 109-unit multifamily property in Haltom City, a northern suburb of Fort Worth. Dougherty secured the loan, which was structured with a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, Red & White Jane Lane LLC.
BARTLETT, ILL. — Associated Bank has provided a $19.1 million loan to developer Logistics Property Co. LLC for the construction of additional facilities at Brewster Creek Logistics Park in Bartlett. Plans call for the development of two Class A distribution facilities totaling 414,000 square feet. The properties will be located on the northeast corner of Stearns and Munger roads at the entrance to the 670-acre park. Formerly a gravel quarry, the village of Bartlett worked with Elmhurst-Chicago Stone Co. in 1999 to redevelop the site into a business park. Andy Roberts of Associated Bank handled the loan arrangements and closing.
