MARBOROUGH, MASS. — EagleBridge Capital has arranged $2.7 million in acquisition financing for The Learning Experience, a 10,000-square-foot childcare learning center in Marborough. Located at 70 Simarano Drive, the single tenant leases the property on a long-term basis. The Learning Center has more than 300 locations across the country. Brian D. Sheehan and Ted M. Sidel of EagleBridge secured financing for the undisclosed borrower through a leading Massachusetts thrift institution.
LOS ANGELES — Meridian Capital Group has secured a $16.5 million refinancing for Kingsley Drive Apartments, a multifamily property in Los Angeles. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian arranged the seven-year loan featuring full-term interest-only payments. A life insurance company provided the capital. Located at 737 S. Kingsley Drive in Los Angeles’ Koreatown neighborhood, the five-story complex consists of 83 one- and two-bedroom apartments. Originally built in 1988, a portion of the apartments were renovated in 2016 and 2017 and feature quartz countertops, stainless steel appliances, wine coolers, tile flooring and updated fixtures. Community amenities include a pool, spa, fitness center, putting green and driving range.
DENVER — Knighthead Funding has originated a $10 million non-recourse loan for the construction of The Condor, a 28-unit townhome development in Denver’s Berkeley neighborhood. First Stone Development is the borrower. Located at 4469 Tennyson St., the three-level townhomes will range in size from 1,100 square feet to 1,800 square feet and will include an attached single-car garage and rooftop deck. This is the second loan Knighthead has funded for the borrower.
SKOKIE, ILL. — Meridian Capital Group has arranged a $6.3 million loan for the refinancing of Fairway Executive Building, a 64,000-square-foot office building in Skokie. Located at 8707 Skokie Blvd., the Class A property rises four stories. Features include an indoor parking garage, a redesigned lobby and a conference room. Weiss Properties purchased the asset as a distressed property in 2010 and invested significant funds to remodel and re-tenant the property. Gershon Friedman of Meridian arranged the 10-year CMBS loan, which features a 4.84 percent rate.
WAXAHACHIE, TEXAS — Greystone has closed a $23.7 million HUD loan for Hunter’s Cove Apartments, a 192-unit multifamily community located in the southern Dallas suburb of Waxahachie. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and a resident clubhouse. Ana Ramos of Greystone placed the 30-year loan, which featured a fixed interest rate and a 30-year amortization period. The borrower was not disclosed.
CORPUS CHRISTI, TEXAS — New York City-based Meridian Capital Group has arranged an $11.5 million acquisition loan for Wilson Plaza, a 270,000-square-foot office building in Corpus Christi. The 17-story property was built in 1927 and is considered the city’s first skyscraper. Jason Grimm, Noam Kaminetzky and Israel Schubert of Meridian Capital placed the five-year loan through a balance sheet lender on behalf of the borrower, The Tridium Group.
HOPKINSVILLE, KY. — Cohen Financial has arranged $18.2 million for the acquisition of the newly constructed Hopkinsville Town Center, a neighborhood retail center in Hopkinsville near the Kentucky-Tennessee border. Hobby Lobby, T.J. Maxx, Ross Dress for Less and Five Below are tenants at the 184,761-square-foot retail center. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the loan for the undisclosed borrower.
KINGSPORT, LAWRENCEBURG AND HUNTSVILLE, TENN. — Dwight Capital has provided $13.2 million in financing for the acquisition of three skilled nursing facilities in Tennessee. The portfolio includes Brookhaven Manor in Kingsport, Countryside Healthcare and Rehabilitation in Lawrenceburg and Huntsville Manor in Huntsville. The properties feature a combined 270 beds. Dwight Capital provided $12.3 million in bridge-to-HUD acquisition financing, as well as $855,000 in mezzanine financing, representing a combined total of more than 90 percent of the purchase price. The borrower was not disclosed.
LOS ANGELES — Walker & Dunlop has arranged $153.7 million in construction financing for Rise Koreatown, a seven-story multifamily property located off Wilshire Boulevard in Los Angeles’ Koreatown submarket. Boca Raton, Fla.-based Rescore Property Corp. is developing the property along with Los Angeles-based Cal-Coast. Rise Koreatown will feature 364 studio and one-bedroom apartments, averaging 649 square feet, catering to the young professional demographic. The property will also feature 52,000 square feet of ground-floor retail anchored by Zion Market, a Korean grocery chain. Kevin O’Grady and Eric McGlynn of Walker & Dunlop’s Capital Markets group structured both senior and mezzanine financing for the project.
PORTLAND, ORE. — Carnegie Capital has sourced and structured a $6.2 million cash-out refinancing for a 39-unit assisted living and memory care community in Portland. The original developer still owns and operates the community, which was 100 percent occupied at the time of the financing. The loan pays off the original construction financing. Further details on the community and borrower were not disclosed. Carnegie put together the loan in two tranches with a bank and private equity shop joining forces to complete the capital stack. The loan carries a fixed rate for three years, interest-only payment period and flexible exit options. JD Stettin, managing partner of Carnegie Capital, arranged the transaction.