SPARTA, N.J. — Genworth Financial has provided a $12 million construction loan for an 80,000-square-foot ShopRite supermarket and an adjacent 15,000-square-foot ShopRite Wine & Spirits store in Sparta, a city located about 45 miles west of New York. The loan carries a 20-year term and 20-year amortization schedule. David Fryer of G.S. Wilcox & Co. arranged the loan on behalf of the borrower, a partnership between Sparta 283 Realty LLC and Ronetco Supermarkets Inc. Construction is slated for completion in October 2019.
EVANSVILLE, IND. — Merchants Capital has secured $21.4 million for the renovation of Carriage House of Evansville, a Section 8 housing development in southern Indiana. The financing involved a Fannie Mae mortgage-backed security as collateral for new tax-exempt bonds (M.TEB). Additionally, PNC Bank provided 4 percent low-income housing tax credits. Fannie Mae’s M.TEB solution provides borrowers with a lower interest rate and significant savings over the life of the loan, offering a loan-to-value ratio of up to 90 percent. This type of loan can be used to finance the construction, acquisition or rehabilitation of multifamily affordable housing properties. CRG Residential is the general contractor for the renovations. Updates include new flooring, cabinetry, countertops, energy-efficient light fixtures, bathroom renovations and new appliances. Plans also call for the addition of a bark park, picnic area, fitness center and internet café. Gene B. Glick Co. is the borrower. Carriage House of Evansville dates back to 1978 and serves tenants at 60 percent of the area median income or less. Renovations are set to begin immediately.
EDINA, MINN. — NorthMarq has arranged a $17.4 million Freddie Mac loan for the refinancing of York Place Apartments in Edina. Built in 2009, the 114-unit apartment property is located at 3121 W. 69th St. Dan Trebil of NorthMarq arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.
ASHEVILLE, N.C. — Greystone has provided a $16 million HUD construction loan for White Oak Grove Apartments, a 113-unit apartment complex in Asheville. The borrower and developer is White Oak Grove Associates. The loan provides 85 percent of the project costs and carries a fixed interest rate during the construction period, followed by a 40-year term with amortization. HUD’s 221(d)(4) loan product enables construction or substantial rehabilitation of multifamily projects with long-term, fixed, low-rate financing. The community also will be built to comply with HUD’s Energy Star requirement to achieve a Green Mortgage Insurance Premium (MIP) reduction. The community will consist of 10 garden-style walk-up buildings, with 12 one-bedroom units averaging 743 square feet and 101 two-bedroom units averaging 1,138 square feet. Community amenities will include a fitness room, community room, business center, dog park, picnic areas and green space throughout. The project is planned for completion in 2020.
RICHMOND, TEXAS — CBRE has arranged a $34.1 million loan to refinance The Delaney at Parkway Lakes, a 207-unit independent living, assisted living and memory care community in Richmond, approximately 25 miles southwest of downtown Houston. The borrower was a joint venture between Blue Moon Capital Partners and LCS Real Estate. The community is situated on more than 10 acres and construction was recently completed. Aron Will and Austin Sacco of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments. A national bank provided the funds.
DEARBORN, MICH. — Mag Mile Capital has arranged a $22.5 million loan for the refinancing of two hotels in Dearborn. The first is a 107-room Holiday Inn Express located at 24041 Michigan Ave. and the second is a 102-room Staybridge Suites located at 24105 Michigan Ave. The borrower, Malik Abdulnoor of Stellar Hospitality, opened both hotels less than three years ago. Francisco Nacorda of Mag Mile Capital arranged the 10-year, nonrecourse loan with a fixed interest rate of 3.9 percent and a 25-year amortization schedule. An undisclosed investment bank provided the loan.
BOULDER, COLO. — JLL has arranged $8.7 million in bridge financing for the acquisition of two flex buildings in Boulder. The borrower is Ivy Realty. Leon McBroom of JLL Capital Markets team secured the three-year, floating-rate loan with two one-year extensions. A regional lender provided the funds. Located at 5300 and 5305 Sterling Drive, the properties total 46,702 square feet. Beginning in the summer of 2020, Ivy Realty plans to start converting the buildings into creative office space for use by large single tenants. The borrower previously repositioned the adjacent building at 5360 Sterling Drive with a similar strategy. Built in 1983, 5300 Sterling Drive is currently a two-story industrial warehouse consisting of 19,904 square feet. 5305 Sterling Drive, which was constructed in 1996, is a two-story, 26,798-square-foot, Class B flex building.
VIENNA, VA. — Phillips Realty Capital has arranged a $67 million refinancing loan for a 199,097-square-foot Tier III data center and office building in Vienna. The borrowers acquired the building in 2016 and immediately began renovations. The funds are being used to refinance the initial construction loan as well as add 130,000 square feet of raised floor, including an 8 MW expansion of critical power. The data center is categorized as a Tier III center due to having 99.982 percent operational time and not more than 1.6 hours of downtime per year, according to The Uptime Institute. The property also features a “N+1 configuration,” which gives the building 72-hour power outage protection. The building is located 17 miles west of Washington, D.C. William Lawson, Adam Bieber, and Harmon Handorf of Phillips Realty Capital arranged the loan through EagleBank on behalf of the borrowers, Element Critical, Safanad and Industry Capital.
NEW YORK CITY — Amerant Bank has provided a $47 million acquisition loan for a 15-story multifamily and retail building in Manhattan. The residential portion of the property offers a mix of one- and two-bedroom apartments, while the retail portion is leased to boutique tenants. The loan was provided to a partnership between Ashkenazy Acquisition Corp, and Black Spruce Management. Additional terms of the loan were undisclosed.
RENO, NEV. — Propero Seniors Housing Equity Fund III has partnered with Mission Senior Living to fund the construction of Mission Mountain Vista, a 130-unit independent living community in Reno. A combination of equity provided by Propero and a bank loan funded the $22 million construction project. The Propero structure offered Mission Senior Living an equity solution that minimized the amount of upfront capital and provided a clear path to ownership. Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital.