MONROE, N.J. — Provident Bank has provided a $35 million construction loan for a new warehouse in Monroe, located approximately 40 miles south of New York City. Situated on 28 acres, the property will offer 382,400 square feet of rentable space, including 34,000 square feet of office space. The building is 100 percent preleased. Axiom Capital arranged the loan on behalf of the borrowers, KRE Group and TCH Docks Corner Lane LLC.
NEWARK, N.J. — Cronheim Mortgage has arranged a $10 million financing loan for Ferry Plaza, a retail center in Newark. One America provided the loan, which carried a10-year term and a 22-year amortization schedule. Seabra Supermarket anchors the 63,433-square-foot retail center, which also houses a post office, bank and several other retailers and restaurants. Cronheim arranged the loan on behalf of the borrower, an entity affiliated with Urstadt Biddle Properties Inc.
TEWKSBURY, MASS. — JLL has arranged a $12.6 million loan for the refinancing of 554 Clark Road, a 102,200-square-foot industrial building in Tewksbury, a northern suburb of Boston. UniBank provided the fixed-rate loan, exact terms of which were undisclosed. The single-story facility was recently leased to Mycronic, a Swedish electronics assembly, display and packaging manufacturer. Brett Paulsrud and Amy Lousararian of JLL arranged the financing on behalf of the borrower, Oliver Street Capital.
RALEIGH, N.C. — HFF, a JLL company, has provided a $24 million Freddie Mac Green Advantage refinancing loan for Olde Raleigh Apartments in Raleigh. The 10-year loan features a floating interest rate. The borrower, Taurus Investment Holdings LLC, will use the proceeds to pay off existing debt. Details about energy-saving improvements were not disclosed. Olde Raleigh is located at 4000 Grand Manor Court, seven miles west of downtown Raleigh. The property offers one- through three-bedroom floor plans and was 94 percent occupied at the time of sale. Communal amenities include a swimming pool, grilling station, clubroom, fitness center, business center with conference lounge, car care center, pet wash station and a dog park.
HOOVER, ALA. — CHC Hotel Capital has arranged an $11.9 million acquisition loan for Residence Inn in Hoover. Local hotelier Chiman Patel in partnership with Kana Hotels purchased the 118-room property. Kana will manage the hotel. An undisclosed national lender provided the 10-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule. Blackstone sold the asset, which is located about 10 miles south of downtown Birmingham.
LANCASTER, CALIF. — Berkadia has secured $108.7 million in acquisition financing for Afton Property’s purchase of Sunset Ridge Apartments, an 800-unit, mixed-income, garden-style multifamily community in Lancaster. Berkadia originated the 15-year, fixed-rate loan, which was purchased by Freddie Mac. The financing features eight years of interest-only payments through Freddie Mac’s Targeted Affordable Housing program. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia’s Boca Raton, Fla., office secured the financing for the Los Angeles-based borrower. Built in four separate 200-unit phases between 1986 and 1988, Sunset Ridge features 800 units in a mix of one-, two- and three-bedroom layouts with fully equipped kitchens, pantries, dishwashers and ceiling fans. Community amenities include a laundry facility, on-site maintenance, a fitness center and swimming pool.
HOUSTON — Ready Capital Structured Finance has provided an undisclosed amount of acquisition financing for a 248-unit apartment community in Houston. A portion of the nonrecourse loan, which carries a floating interest rate and a 36-month term with two extension options, will be used to fund capital expenditures and stabilize the Class C property. The borrower and property name were not disclosed.
CHICAGO — Ready Capital has provided a $44.4 million loan for the acquisition and stabilization of a 473,000-square-foot Class B office building in Chicago’s East Loop. The nonrecourse, floating-rate loan will provide funds for the leasing costs associated with extending tenants long term and stabilizing the rent roll at market rents, according to Ready Capital. The loan features a 48-month term and a loan-to-cost ratio of 71 percent, with one extension option and flexible prepayment. The borrower was not disclosed.
Merchants Capital Secures $16M Construction Financing for Affordable Housing Property in Minneapolis
MINNEAPOLIS — Merchants Capital has secured $16 million in construction and permanent financing for The Redwell, a 109-unit affordable housing property in the North Loop District of Minneapolis. The financing includes a Merchants Bank of Indiana construction loan and a Fannie Mae mortgage-backed security as tax-exempt bond (M.TEB) forward loan. This type of Fannie Mae loan can be used to finance the new construction and rehabilitation of multifamily affordable housing properties. Financing also included $7.9 million in low-income housing tax credit equity. Schafer Richardson and WNC were the borrowers. The Redwell will rise six stories and include first-floor commercial space. The Minneapolis Public Housing Authority (MPHA) will provide 22 Section 8 vouchers whereby households will pay 30 percent of their income toward rent, with the balance paid by federal subsidies administered by MPHA. The remaining units will be priced at the fair-market rate for 60 percent of the area median income.
TAMPA, FLA. — Ready Capital has provided a $13.4 million acquisition loan to an undisclosed borrower for a 365,000-square-foot industrial building in Tampa. The borrower plans to renovate the property, including various interior repairs, HVAC replacement, roof repairs, fresh paint and parking lot maintenance. The non-recourse, floating-rate loan features a 36-month term, one extension plan and flexible prepayment options. Further details of the transaction were not disclosed.