Loans

Ziegler Arranges $35.7M Bond Financing for Seniors Housing Expansion in Greenville

by Alex Tostado February 17, 2020

GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. Upstate Senior Living Inc. is the owner and operator of the community, which opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent living apartments and a 13,000-square-foot amenities building, as well as renovations to existing dining facilities and common areas. Greystone has served as development consultant to The Woodlands at Furman since its inception.

February 17, 2020

Georgia Loans Office Southeast

Ready Capital Closes $26.9M Acquisition Loan for Office Building in Atlanta

by Alex Tostado February 17, 2020

ATLANTA — Ready Capital has closed a $26.9 million acquisition loan for a 216,000-square-foot office building in Atlanta’s Cumberland/Galleria submarket. The undisclosed borrower plans to make various upgrades to the property including new elevators, conference rooms and a café. The three-year, non-recourse loan offers a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

February 17, 2020

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 105-Unit Multifamily Asset in Fort Worth

by Taylor Williams February 17, 2020

FORT WORTH, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for Monterrey Apartments & Townhomes, a 105-unit multifamily asset in Fort Worth. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling stations and a playground. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending for borrower JARS Monterrey 105 LLC.

February 17, 2020

Loans Retail Utah Western

Ready Capital Closes $2.2M in Financing for Retail Asset in Draper, Utah

by Amy Works February 17, 2020

DRAPER, UTAH — Ready Capital has closed a $2.2 million loan for the acquisition, renovation and lease-up of the 25,000-square-foot in-line retail space portion of a Class B neighborhood shopping center in Draper. At the time of financing, the property was 63 percent occupied, but 98 percent leased due to a dark Whole Foods Market space. The non-recourse, fixed-rate loan features an 84-month term and 36 months of interest-only payments. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement minor capital expenditures and will attempt to negotiate a new lease with Whole Foods Market.

February 17, 2020

Healthcare Loans Texas Walker & Dunlop

Walker & Dunlop Provides $13M HUD Loan for Refinancing of Skilled Nursing Facility in Lubbock

by Taylor Williams February 14, 2020

LUBBOCK, TEXAS — Walker & Dunlop has provided a $13 million HUD loan for the refinancing of Crown Point Health Suites, a skilled nursing facility in Lubbock. The property was built in 2011 and features 96 units. Kevin Giusti of Walker & Dunlop structured the financing through HUD’s LEAN 232/233(f) program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The borrower was not disclosed.

February 14, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $26M Acquisition Loan for Multifamily Community Near Atlanta

by Alex Tostado February 14, 2020

JOHNS CREEK, GA. — Walker & Dunlop has provided a $26 million Fannie Mae acquisition loan for The Reserve at Johns Creek Walk, a 210-unit multifamily community in Johns Creek. The 10-year loan features five years of interest-only payments. The borrower was JLL Income Property Trust. The Reserve at Johns Creek Walk is situated on nine acres at 6215 Johns Creek Commons, 29 miles northeast of downtown Atlanta in north Fulton County. The property offers one-, two- and three-bedroom floor plans and communal amenities such as a 24-hour cyber café, 24-hour fitness center, conference room, pool, outdoor kitchen, pet spa, playground and a car care center. Jim Cope and Benjy Krosin of Walker & Dunlop originated the loan on behalf of the borrower.

February 14, 2020

Acquisitions Loans Office Oregon Western

Libertas Cos. Receives $41.4M Loan to Acquire Harrison Square Office Building in Portland

by Amy Works February 14, 2020

PORTLAND, ORE. — Portland-based Libertas Cos. has received $41.4 million in financing for the purchase of Harrison Square, an office building in Portland’s South Central Business District. The company used loan proceeds to acquire the building and provide a portion of future leasing costs. Located at 1800 SW First Ave., Harrison Square features 187,000 square feet of office space and a 265-space below-grade parking garage. Renovated in 2019, the property consists of two six-story buildings connected on each level via a sky bridge. At the time of sale, the property was 93 percent leased. Zachary Kersten and Casey Davidson of JLL Capital Markets secured the six-year, floating-rate loan with a national money-center bank for the borrower.

February 14, 2020

Loans Multifamily Southeast Virginia

Ready Capital Closes $10.5M Acquisition Loan for Apartment Property in Norfolk

by Alex Tostado February 13, 2020

NORFOLK, VA. — Ready Capital has closed a $10.5 million acquisition loan for a 250-unit, Class B apartment property in Norfolk. The borrower will use a portion of the loan to address deferred maintenance and upgrade unit interiors. The non-recourse, three-year loan comes with two extension options and flexible prepayment. Further details of the property were not disclosed.

February 13, 2020

Industrial Loans Northeast Pennsylvania

Ready Capital Closes Two Acquisition Loans for Industrial Properties in Pennsylvania

by Alex Patton February 13, 2020

NORRISTOWN AND PERKASIE, PA. — Ready Capital has closed two loans for the acquisition, renovation and lease-up of two Class B, industrial properties in Pennsylvania. The properties are located in Norristown and Perkasie, two northern suburbs of Philadelphia. The two buildings comprise approximately 220,000 square feet. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. The nonrecourse loans are structured with floating interest rates, 36-month terms, two extension options, flexible prepayment and facilities to provide future funding for capital expenditures, tenant leasing costs and interest and operating shortfalls. The loan amounts, property names and sponsors were undisclosed.

February 13, 2020

California Loans Office Western

Ready Capital Closes $14.5M Loan for Acquisition, Renovation of Office Building in San Francisco

by Amy Works February 13, 2020

SAN FRANCISCO — Ready Capital has closed a $14.5 million loan for the acquisition, renovation and lease-up of an approximately 30,000-square-foot, Class B office building located in San Francisco’s SOMA district. Upon acquisition, the undisclosed sponsor plans to implement capital expenditures to convert the building to premier creative office/industrial hybrid. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for capital expenditures, leasing costs and interest shortfalls.

February 13, 2020

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