HUTCHINSON, KAN. — Arbor Realty Trust Inc. has provided a $1.6 million Fannie Mae loan for the refinancing of Sandhill Properties in Hutchinson, about 50 miles northwest of Wichita. The 48-unit, garden-style property features amenities such as a swimming pool, basketball court and carports. Eugene Yanovskiy of Arbor originated the 12-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower was not disclosed.
BOULDER, COLO. — Hunt Real Estate Capital has provided a Fannie Mae conventional multifamily loan in the amount of $39 million to refinance a manufactured housing community in Boulder. The borrower is a diversified real estate investment firm. The 10-year loan has a 30-year amortization and 114-month yield maintenance. Developed in 1970, Boulder Meadows MHC is a 638-unit multifamily/mobile home park community. On-site amenities include a swimming pool, tennis court, playground, clubhouse/recreational building, basketball court, security, leasing office and public water/sewer. At the time of financing, the property was 99 percent leased.
LOS ANGELES — Wilshire Skyline has received $25 million in refinancing for The Line Lofts, a newly completed multifamily community in Los Angeles’ Hollywood neighborhood. Mark Wintner of HFF arranged the 10-year, 4.45 percent fixed-rate loan through a correspondent life insurance company for the borrower. Located at 1737 N. Las Palmas Ave., The Line Lofts feature 82 lofts and flats, ranging from 415 square feet to 1,477 square feet, featuring luxury kitchens and baths, double-pane architectural windows, wood-grain plank flooring and atrium-style outdoor balconies. Zoltan Pali of SPF:architects designed the property. Common area amenities include The Sky Lounge, a penthouse-level lounge providing views of the city; The Retreat, an indoor/outdoor recreation center with a kitchen and lofted library, which opens to the outdoor pool and spa deck; The Wellness Spot, a lobby-level gym; and ground-floor retail.
NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an upscale boutique hotel brand.
ROCK HILL, S.C. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $17.5 million in financing for the construction of HarborChase of Riverwalk, an 88-unit assisted living and memory care community in the Charlotte suburb of Rock Hill in South Carolina. An affiliate of OZ Real Estate is providing the capital on behalf of the borrower, private equity firm Bridgeforth Capital. HarborChase of Riverwalk, expected to open mid-2019, will feature 63 assisted living units and 25 memory care units. The development will be part of Riverwalk Carolinas, a master-planned community that will include more than 1,000 single-family homes and 550 apartments, as well as retail and restaurants. Additional amenities include recreational trails and outdoor spaces. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig and Timothy Hosmer.
WAYCROSS, GA. AND PARAGOULD, ARK. — North Avenue Capital has closed two acquisition loans totaling $16.8 million for properties in Georgia and Arkansas. USDA Rural Development Business & Industry funded the loans on behalf of the undisclosed borrowers. In Waycross, North Avenue arranged $7.3 million in financing for the acquisition of a 51,548-square-foot mixed-use center. Enhanced Resource Corp., a business management operation, anchors the property. Other tenants include Surchero’s Fresh Grill, AppleCare, Bone & Joint Institute and Southeastern Credit Union. In Paragould, North Avenue arranged a $9.3 million acquisition loan for a 579,015-square-foot, single-tenant industrial facility. Arkansas-based LA Darling occupies the property, which it has leased for more than 50 years. LA Darling, a Berkshire Hathaway subsidiary, is a retail merchandising solutions firm that builds out physical displays and fixtures for chains such as Walmart and Best Buy.
VERNON HILLS, ILL. — NorthMarq Capital has arranged $8 million in refinancing for Emerald Pointe Apartments in Vernon Hills, a northern suburb of Chicago. The 120-unit apartment property is located at 695 Westmoreland Drive. Brett Hood of NorthMarq arranged the fixed-rate Fannie Mae loan, which features a seven-year term.
NORWALK, CONN. — Cronheim Mortgage has arranged an $11.5 million refinancing for SoNo Square, a 94,472-square-foot mixed-use property in Norwalk. Cronheim secured the financing on behalf of borrower SoNo Square Associates, an affiliate of Westport-based David Adam Realty. The lender was undisclosed. Terms of the financing include three years of interest-only payments and a 30-year amortization schedule. The tenant roster at SoNo Square includes Lilian August Design warehouse, West Marine and Barteca Restaurants LLC, the owner of the Barcelona Wine Bar and Bartaco chains.
LANDISVILLE, PA. — RED Capital Group has secured a $7.8 million construction loan for Tobacco Road apartments, an adaptive reuse of a historic building in Landisville. The loan will be used to develop the currently vacant brick property into a 66-unit apartment community. The structure, a former tobacco warehouse, consists of four connected buildings and was built in the early 1900s. The property is listed on the National Register of Historic Places. RED Capital Group secured the financing on behalf of developer, S. B. Conrad. The lender was undisclosed. When completed, the complex will include a mix of one-, two- and three-bedroom units.
COLUMBIA, S.C. — Mag Mile Capital has arranged a $12.1 million bridge loan for St. Andrews Apartments, located at 601 St. Andrews Road in Columbia. The loan features an initial funding of $9.7 million with a 79 percent loan-to-value ratio and a $2.3 million future funding with a three-year initial term and two one-year extension options. Rob Bernstein of Mag Mile originated the deal, while Prabhat Jayara, Ian Carlos and Elizabeth Skrynecka, also of Mag Mile, provided the underwriting and closing services. The borrower, Cohen Investment Group, is utilizing the loan to make capital improvements to the property, increase the net operating income and secure either a CMBS or agency take-out or sale at exit. Constructed in 1974, the two-story property features 224 units in a mix of one-, two- and three-bedroom and townhouse-style layouts, a clubhouse, swimming pool, fire pit, volleyball court and playground.